Real estate sales in College Station and Bryan, Texas both declined in October. October was the second slowest month of the year (January being the slowest) and showed a total of 126 homes sold (same number of units as 2007 but sharply down from 2006) with a volume nearly 4 million lower than last year. Total sales volume for 2008 year to date is 2,239 units.
Interestingly the news isn't all bad for sellers as our average days on the market is down sharply from this time of year for both 2006 and 2007.
Our average sales price was $168,820.
In 2006 the sales flattened after September with October, November, and December having extremely low volume in contrast to other months. Interestingly in 2007 sales in October were actually much lower than sales in November and December. If this trend continues this year it could result in Bryan and College Station having a higher sales volume than in 2006 or 2007.
The take away? Homes are still selling with good homes being on the market less time total than in previous years. One of the homes I put on the market recently was on for less than 4 days before it had an offer only two percent lower than full asking price.
Does that quality of a real estate agents car indicate quality of service? It might, in a way you never though of before. I have some friends that bought several years ago (before they met me) from another agent in town and expounded enthusiastically about how she picked them up in her BMW and how beautiful it was. For some time now I've been trying to puzzle out why a ride in a nicer than average car would so excite someone. You see, I drive a nice car. It's a Toyota...nothing to get excited about you know. A, plain, highly functional, Highlander. Nope it's not a BMW, a Jaguar or a Mercedes. You see, when I went to the car lot to get a new car I could have had any one of those, but it didn't seem sensible. It was a waste of money to get something that extravagant. I've heard the horror stories of how costly the parts are and how long it takes them to get fixed along with how often they actually break down.
Bottom line? It just didn't make sense. I wasn't going to spend more to get a car that cost more to repair and was in the shop more often and didn't have good resale value.
Let's go back to my friends that bought with the other agent. She's driving a BMW....does it make sense? How can my friends trust the judgment of a real estate agent that can't even puzzle out that a flashy ride isn't worth paying more for? You see, I help my clients make the best real estate decision possible. Evaluating every bit of information we can get our hands on and negotiating based on that information as well.
The next time you get in a Bryan or College Station real estate agents car, give it a look! Have they got the sense to make a solid financial decision for themselves? Maybe the BMW ride could cost you money.
College Station and Bryan both have excellent chances of weathering out the current real estate storm rather nicely. Remember that while much of the nation was showing double digit annual gains in real estate prices Bryan real estate and College Station real estate was appreciating at a rather unspectacular 3-5%. While this wasn't an entirely exciting prospect for investors at the time many are now wishing that they had secured it at the time.
If your looking at a College Station condo, or a small house, for your student remember that, in addition to the 3-5% gain per year that we're still posting; you can collect rent from the other rooms that your student is not using, potentially depreciate the house and gain a tax advantage (always check with your CPA!) and/or potentially hire your student to look after your investment interests and manage the investments and collect a salary that would be taxed at a lower rate typically.
Good properties still go quickly! Call today for more information on great properties available.
Duplexes in College Station can be a great investment. Many student parents choose to include these amonst their search as you can get several bedrooms to rent out.
Currently there are 21 active listed duplexes in College Station. These range in price from 115K to 225K. Of those 21 listed more than half (11) are under 125K. This typically, of course, would be an older condo that would have two bedrooms per side. Still not a bad price for 4 bedrooms, and 2 full baths. Most of these were built between 1978 and 1980 and are in the Southwood Valley area. Most will need a bit of elbow grease and some paint at a minimum.
Newer duplexes are available in the upper price ranges. These duplexes were built since 2000 typically and have three bedrooms, two baths each side. Most are on the shuttle route and offer amenities typical in homes.
37 College Station duplexes sold in the last six months. These ranged inprice from 97,900 for a foreclosure (sold in 36 days for 95,000) to a package of 12 duplexes for a half a million. Of these 37 sold, all but 11 sold within 100 days, some within a matter of a few days, most within 60 days of listing.
For more information about available duplexes in College Station, or Bryan, contact Chris at (979)574-1084 or Coti (979)575-7765.
College Station real estate, Bryan real estate, and the surrounding areas are facing definately some tougher times in the past. Before you let the doom and gloom go to your head though, realize this: 60% of foreclosures are coming from 5 states in the United States. The information about real estate that you're hearing primarily comes from information in one of these states; California, Arizona, Florida, Georgia and Michigan. (MSNBC news article).
Texas is actually one of the strong real estate states with values rising modestly in many areas.
No doubt that the increasing layoffs and economic downturn will have an effect, but most real estate analysts believe it will be short lived here and make a minimal impact. The complete College Station Bryan real estate overview published by the Texas A&M Real Estate Center will give you statistics such as employment rates, housing costs comparisons and other useful data. For a quick market analysis look at this report, B-CS Economomy Still Going Strong, published 10/14/08 that states, in part, that Bryan College Station had the second strongest job growth in the state through August and is gaining jobs as opposed to the rest of the nations typical losses.
Remember that real estate is local. Bryan real estate tells a different tale than College Station real estate and both tell an entirely different story than California real estate.
For more information talk to a College Station real estate agent, such as Coti or I and we'll tell you what's happening up to date.