COLLEGE STATION  – College Station was the only city in Texas to make Kiplinger’s list of top ten great cities for raising families.

The findings were based on job growth, healthy economies and vibrant local culture. Additional information such as areas already filled with families with children, quality of public schools, low crime rates, and amount of parks and recreation were then taken into consideration.

“Great public schools and low crime are not the only draws of this small Texas city,” said Kiplinger. “College Station has also seen steady wage growth and a low unemployment rate of 6.9 percent. Plus, there are plenty of cultural and athletic events at Texas A&M University, an interactive children’s museum, and dozens of parks and playgrounds on the shores of nearby Lake Bryan.”

Susan

979-764-2100

Century 21 Beal, Inc.

The CSISD Board of Trustees has held numerous public forums to discuss the rezoning, get feedback from College Station citizens, and attempt to solve this rezoning issue with as little disruption to the community as possible.  After these public forums, the Board continued to meet in an effort to process all of the feedback received.  As officially stated on the College Station rezoning website, the main goals of the Board and the CSISD rezoning committee were: to zone schools for a comparable composition of students, to establish feeder patterns for students in 5th-12th grade, and to zone schools for growth.  Their resulting recommendations involved the proposal of new elementary and secondary school zones.  To view the propsed elementary zones, please click here.  To view the proposed secondary school zones, please click here.

Additional details are available on the CSISD rezoning website: Rezoning for the 2011-2012 School Year.  For further background on how the committee arrived at each of their recommendations, community members are advised to view the video presentation submitted by the Rezoning Committee to the Board, located here.

The College Station I.S.D. school board will adopt the final attendance zone plans this fall.  Elementary, intermediate and middle school plans take effect in the fall of 2011, and the new high school attendance zones will take effect in 2012, once the new College Station High School opens.

If you have any concerns, questions, or if you are unsure of where your property lies in relation to the zones, you may consider attending one of the upcoming public forums.  They are as follows:

• Wednesday September 8th, AMCHS Auditorium at 7:00 p.m.
• Tuesday September 14th, AMCHS Auditorium at 7:00 p.m.
• Thursday September 16th, AMCHS Auditorium at 7:00 p.m.

As always, continue to check back for more expert real estate advice, College Station and Bryan community information, and other news that affects you!  If you have any questions about College Station school district zoning and how it affects your currently owned or potential real estate, feel free to contact me any time.

Clay Lee – Realtor

Century 21 Beal, Inc.

(979) 255-1839

clay@century21bcs.com

Timeless Service, Quality, and Experience Guaranteed

________________________________________________________

According to the National Association of Realtors, home resales dropped a record 27.2%—nearly twice as much as analysts had expected—to an annual rate of 3.83 million in July.  Meanwhile, inventories rose to 12.5 months from 8.9 months in June, pressuring already depressed home prices. Inventories are at their highest level in more than a decade.  As I mentioned yesterday, we are used to seeing a drop-off in sales towards the end of summer.  And historically, July is the peak inventory month in any given year – whether it is a slow market or not.  However, the combination of an early drop-off in sales and an unheard of peak in inventory flooding the market places pressure on those trying to sell. 

NAR analysts suggest that unemployment, foreclosures, and the increase in inventory is preventing many potential homebuyers from making a purchase.  Some are most likely worried about the huge financial obligation, while others are simply waiting for the prices to drop even further. 

On the whole, July existing-home sales dropped 29.5% in the Northeast, 22.6% in the South, 25% in the West and 35% in the Midwest.  The Texas economy, though affected like the rest of the nation, has remained stronger than most.  Additionally, our unemployment numbers are lower and locally, Texas A&M employment offers some respite for these issues.  This is a large part of why our housing market is less affected than the rest of the nation. 

As I noted yesterday, the College Station market experienced much good news that was unparalleled in the rest of the country.  This brings me back to my statement made: if a home is priced correctly and marketed well, it will sell at a great price within an average of 3-4 months.  So if you interested in selling your home, but are worried about the current state of the market, remember that no market is impossible.  Let me devise a plan to assist you!

Clay Lee – Realtor

Century 21 Beal, Inc.

(979) 255-1839

clay@century21bcs.com

Timeless Service, Quality, and Experience Guaranteed

________________________________________________________

The good news for buyers is: more available homes entered the market in July 2010 than in July of the previous two years.  In 2008, 442 new listings were accepted.  In 2009, we took on only 346 new listings.  But in 2010, we received an impressive 450 new listings.  As mentioned previously, if you are in the market for a new home, it is an optimal time to be in the buyer’s seat. 

The less positive numbers reflect monthly sales, and listings under contract.  Normally, we expect and are used to these numbers dropping at the end of summer, but this usually occurs in August.  Of the 450 new listings we received in July, only 98 went under contract this month.  This is much lower than usual, even for 2010.  This is especially the case when compared to the sales in April, which were inflated by the homebuyer tax credit-related spike.  Further, the total monthy sales were down quite a bit in comparison with years prior.  Total monthly sales in July 2008 were $61,873,310.  For July 2009, numbers were low at $47,453,045.  This July, numbers were substantially lower at only $30,773,396.  That is a reduction of over 50% of total sales compared to 2008. 

As always in the field of real estate, there will be some positive and some negative information.  It is usually dependent on whether you are in the buyer or seller position.  Important facts for sellers to take away from this article: if you are truly serious about selling your home, you must price it accurately.  If it is priced right, you can expect it to sell within 3-4 months, as proven in July.  If your home has been sitting on the market and is not being viewed often, or is just not selling, you may have priced it too high.  Selling your home quickly could be a matter of simply adjusting the price; however, this does not mean you can’t get a great deal for your home.  Call me and I can discuss the basics of your home, the price I recommend, and the marketing strategies I will employ to sell your home quickly at a price that is right for you!

                                                     Clay Lee – Realtor

Century 21 Beal, Inc.

(979) 255-1839

clay@century21bcs.com

Timeless Service, Quality, and Experience Guaranteed

________________________________________________________

It only took about 2 hours of waiting to get to the counter to pay and have his picture made for his new license at the Bryan College Station Departement of Motor Vehicles (DMV or DPS). To his right a man was renewing his license.  The man was just a little bit ahead of us in the process. The clerk behind the counter took his information and his picture and said “that will be $11″. The man handed her a credit card and with a snide voice the clerk said “we only accept cash or check.”  The man responded that he did not have any cash on him but he would hurry to the bank and would be right back.

Well you can guess what the clerk said. “You’ll have to come back tomorrow and stand in line again. We will be closed before you get back.”

My son looked over at me and quietly asked if he could give the man $11. Of course, I said yes.

The man graciously accepted the money and asked where he could return it. I gave him my business address and really had no idea if we would ever see the money again.

Today the man from the DPS counter walked in with our $11 and said “Thank you so much. You offered money to a stranger. There are good people out there.”

It was my pleasure to call my son and let him know the stranger repaid the $11.  Funny - my son was not surprised at all.

Susan Hilton

Century 21 Beal, Inc.

979-764-2100

It is just plain HOT in Texas whether you are selling real estate or ice cream!!!

Susan Hilton

CENTURY 21 Beal, Inc.

979-764-2100

Bryan/College Station, Texas Real Estate

Market Statistics

Let’s start with the question… What do YOU think about the Bryan College Station real estate market? I’d really like to know. Checkout the charts below.

We are beginning to see that the market may not be holding for our community. I know we all like to think we live in the BCS/TAMU Bubble but the rest of the world is pushing on our bubble.  Hopefully July was just a blip for the market but I don’t think so.  Thankfully Century 21 Beal is still actively selling and we are still ahead of last year’s business – I almost feel sorry for the other agents in town.

We see that sellers who really want/need to sell are listening to us, pricing the property to get it sold and they are selling. Other sellers are trying to “get what the house is worth” or “get what the comps show” or “get what they need”.   As much as I would like to say we have the power to control what buyers should pay – we don’t.  We don’t have any control over what buyers will pay and right now buyers are looking for “the deal” or “the perfect house”. There is so much to choose from – they can be choosy. 

Much to our dismay the number of properties sold in July 2010 versus July 2009 is down 38%  The inventory continues to climb and is at 1646 properties. This is 33% above this time last year. The only good thing we have seen is that the DOM (Days on Market) has decreased. My personal opinion on why this is happening is that real estate agents are taking listings out of MLS if they have been on the market a long time and then adding them back in. Then, when those listings sell the numbers are not real numbers. So, don’t get too excited over a decrease in Days on the Market it probably isn’t real.

Year to date the number of sales are only down about 1% over 2009 but remember YTD Jan – June we were up almost 9% until July’s production.

Since I have no crystal ball I can only provide you with my opinions and market statistics.  Below is what we know has happened.

• The Total Sales Volume in July 2010 was down 38% from July 2009 and down 50.3% from 2008.
• The Number of Homes Sold in July 2010 was down 37.8% from 2009 and down 47.7% from 2008.
• The Available Homes in July 2010 rose 33% from 2009 and was up 35% more than 2008.
• In July there were 189 residential properties sold
  • 119  single family
  • 21  condos
  • 7  manufactured homes with land
  • 8 patio/townhouse
  • 11 houses with acreage
  • 0 recreational
  • 17 new builder homes
  • 1  new builder homes with acreage
  • 5  new builder patio/townhomes

• Total sales were $30,773,396  (Was $61,873,310 in 2008)
• Buyers are in control.
• Inventory is high and sellers should try to work with every offer they receive.
• Buyers have many choices.
• Mortgages are available but nationwide more people have a credit score too low to get financing than last year.
• Interest rates are at historical lows but that is not causing more buyers to get into the market.
• CENTURY 21 Beal has the largest market share in Bryan College Station for properties that actually sell with 16.4% of the market so far this year and 16.9% in July 2010 alone!
• If you are ready to sell let’s get it done now!

Want to know more about what is going on in the Brazos Valley?  Checkout The Century Tree Reader. New posts, photos and community information is posted weekly if not daily!

Have you ever been driving around a neighborhood and wanted to know how much a house is selling for but you didn’t want to “bother” the agent or they weren’t there when you called? WE HAVE THE ANSWER!!!   Call 979-764-2121 and enter the street number and you can HEAR information about that house.

If you are reading this you must be interested in real estate. Think about taking that interest to the next step. Find out  what a career in real estate sales can offer you and your family. Yes a license is required and you will need to take classes to qualify to take the licensing  exam. All the courses can be taken online. Century21 International and Century 21 Beal offers the best success training in this area. Call  me at 979.764.2100 

Be sure to forward this email on to others you know and care about.

Share the knowledge that Bryan/College Station is NOT participating in a real estate recession!

And, we need your help – we need your referrals. CALL ME!

Susan Hilton

CENTURY 21 Beal, Inc.

http://susanhilton.com

404 H University Drive East w College Station, Tx 77840
Phone: 979-764-2100 w Fax:815-328-0575

According to the latest Texas Quarterly Housing Report, the volume of real estate sales in Texas increased for the third quarter in a row.  These conditions are not being reflected all across the nation, but it would appear that the Texas market is on a slight upswing.  

The period analyzed and covered in this report is April through June 2010, with results having been released very recently.  The study found that sales of existing single-family homes were up 14% compared to the same quarter in 2009.  Surprisingly, the median price of homes remained relatively the same at $149,200; this is excellent news for sellers who are worried about putting their home on the market during these uncertain times.  The growing strength of the Texas real estate market on the whole is demonstrated through the results of this study; it is encouraging to see this trend continue through 2010, and will be exciting to see the nation’s real estate market follow suit.

Two main factors contributing to the Texas market faring so well in comparison to the rest of the nation have to do with our job growth and our lower home prices.  To begin with, Texas has reported unparalleled job growth in 2010.  While our state and country are still in the midst of a recession, renewed job growth in the state is allowing homeseekers the financial stability needed to purchase a home.  Here in College Station and Bryan specifically, Texas A&M University’s presence (a government employer) has equaled relative job stability for many of our local community members.  This also contributes to the lower foreclosure rates we are seeing in the Brazos Valley.  The second factor spurring Texas home sales is Texas’ lower-than-national-average housing cost.  It is a well-known fact that real estate and land prices are considerably less expensive in Texas than in other areas of the nation.  Another study from the Real Estate Center at Texas A&M University explains that this is why our market is faring better than those of other states.  It also suggests that this is why the state’s economy is expected to continue to do better than the rest of the nation in the coming months.

In Houston and Dallas, residents spend just 18.6% of their income on shelter.  Compare that to San Diego, CA, where that number is an estimated 30.8%.  When Texans are able to spend more on non-housing goods and services, the state’s economy is strengthened and more people attracted.  Chief Economist Mark Doutzer at the TAMU Real Estate Center notes, “These results illustrate one of the key reasons the Texas economy outperforms the United States in terms of job growth almost every year.  The fact that Texans pay less of their income for housing means they have more to spend on other things that add to the overall quality of life.  Texas offers a lower cost of living than many places in the United States.  This allows Texas employers to be able to attract workers at a reasonable wage rate that allows them to compete successfully in the global economy.”

If you are a College Station or Bryan resident interested in putting your home on the market in light of the recent fact that our median price of homes has remained stable over the past year, please feel free to call me so that I can discuss your options and requests.  If you are  a citizen of another state interested in takind advantage of our fantastic (but less expensive) real estate and our steady job growth, I’ll be happy to aid you in all of your relocation needs.  Call me today!

Clay Lee – Realtor

Century 21 Beal, Inc.

(979) 255-1839

clay@century21bcs.com

Timeless Service, Quality, and Experience Guaranteed

________________________________________________________

So where to begin?  Many people determine their asking price by a combination of comparing to their neighbors’ homes and taking into account the sq. footage of their own home.  Say your next door neighbor recently sold their home for $115.00 per sq. foot.  You may be stuck on the idea that your home is surely nicer and therefore deserves at least $115-$120 per sq. foot.  But in today’s market, what is considerably more important than price per sq. foot is the overall price and deal on your home.

Whether you realize it or not, where you set the price on your home limits the number of potential buyers who will be interested.  If your home is set at $405,000, you are most likely courting buyers who are looking in the $400,000-$500,000 range.  But bear in mind, your home is on the low end of this spectrum.  You could have one of the lesser desired homes in this price range!  If you decided to instead price it at $399,000, smart buyers will realize that it is a killer deal – whether they are searching in the $300,000-$400,000 or the $400,000-$500,000 range.

If you have already listed your home and it has been sitting on the market for more than 60 days, this is a good indicator that your asking price is too high.  And while no seller really wants to reduce their asking price, if you want to sell in this market, it can be a necessary action.  In fact, many people with homes on the College Station and Bryan markets already are slashing prices to catch buyers’ attention. 

So what kind of reduction should you consider?  Sellers naturally want to reduce the list price by as little as possible.  But bringing down a $175,000 house by $2,000 is a trinket that will hardly register with most potential buyers.  Selling in this market equates to bigger necessary reductions.  The current rules of thumb: if you are selling in the $100,000-200,000 range you should consider reducing the list price by $10,000.  Selling in the $200,000-350,000 range generally requires a reduction of $25,000 to get noticed.  If you are above the $350,000 mark, you will want to consider a reduction of $50,000.  And anything above $600,000 could potentially be reduced by up to $100,000.

Though this is not what most sellers wish to hear, and it is not always the case, it is a fact of today’s real estate environment.  It boils down to this: a seller does not want to keep chasing the market down, reducing a home’s price little by little and chasing buyers in the process.  If you truly wish to sell quickly you must follow this rule.  Pricing aggressively will most likely get you more bids, and in the end, this could raise your final price.

Additional tips:

• When pricing your home, stick with a number that is direct and memorable.  If you are considering $217,900, don’t!  Pick $200,000 or $225,000.
• Remember that most buyers search for homes in certain price ranges on the Internet.  You want to ensure that your home is coming up in the appropriate price range.
• Abandon your personal point of view.  Buyers don’t care how much you paid for the home or how many memorable memories you have in it. 

Having to price and reduce so aggressively to court buyers isn’t always the case for sellers.  But in our current state, it helps to price correctly.  If you would like to discuss the pricing or selling of your home, please feel free to contact me.  And as always, continue to check back for expert real estate advice!

For starters, here are the facts.  The mortgage rates have dropped to the lowest level on record for the fifth time in six weeks.  This makes homebuying and refinancing the most attractive and inexpensive in decades.  Freddie Mac says the average rate for 30-year fixed loans this week was 4.54 percent, down from 4.56 last week. That’s the lowest since Freddie Mac began tracking rates in 1971.  Additionally, the rate on the 15-year fixed loan dropped to 4 percent, down from 4.03 percent last week - and the lowest on record. 

Second, I wouldn’t continue to mention this if it were not a critical point in the current market trends: we are in a buyer’s market.  This means that sellers are more willing to court buyers, whether that means dropping the price, throwing in high-end appliance extras, or agreeing to upgrades.  Prospective buyers are in the proverbial driver’s seat, and have not experienced this level of bargaining power in decades.

 Important things to remember when looking to buy a home. 

• Start by polishing up your credit.  Get copies of your credit report, make sure everything is correct, and fix any problems you discover. 
• Estimate how much of a down payment you will be able to afford.  Most lenders like to see 20%, but there are a variety of public and private lenders who, if you qualify, offer low-interest mortgages that require a down payment as small as 3 percent of the purchase price.
• Be prepared for other necessary (though comparably minor) costs such as getting an inspection done, the application cost, and credit report costs.
• Figure out what neighborhood(s) or school districts you are most interested in.
• Find a good agent who can represent your interests in the search.  For example, I have been a Realtor in the Bryan/College Station region for over 10 years, have lived in this area for 15+ years, and have a track record for familiarizing myself with exactly what my clients want – and getting it for them! 

Finally, make sure you are completely prepared for the all-important financial aspect of this purchase.  There are many handy calculators to help determine how much house you can afford, and what you can expect your monthly mortgage payment to be.  CNNMoney offers such resources, and they are available here:

How much house can you afford?

What will your mortgage payment be?

Remember, it is wise to aim for a home you can afford, and to be knowledgeable and prepared with the facts on payments before you begin your search for a home.

Buying a home is a process that requires plenty of initial thought, planning, and consideration.  But by familiarizing yourself with the information presented above, it does not have to seem as daunting a task!  As always, consider me your one-stop-shop for expert real estate advice.  I will be happy to discuss the initial thought process behind your search, help you look at specific homes, or discuss any general questions you may have about purchasing a home.  Now is the best time in decades to be in the market to buy a home.  Allow me to help you with your dream!

   Clay Lee – Realtor  

Century 21 Beal, Inc.

(979) 255-1839

clay@century21bcs.com

Timeless Service, Quality, and Experience Guaranteed

________________________________________________________