Clay Lee
Broker/Realtor®
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Archive for August, 2010
College Station I.S.D.’s rezoning for the 2011-12 School Year
August 31st, 2010 Categories: The Realtor's Life
As I recently reported, College Station will be opening two new schools in the district in the near future. Greens Prairie Elementary is set to open its doors in August 2011, and College Station High School will open in August 2012. To accomodate the opening of these new campuses, the school district has been hard at work on the daunting task of redrawing attendance zones. Not only do these attendance zones affect the new schools, they affect all College Station I.S.D. campuses – elementary through high school.
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Why College Station Homebuyers Should Be Wary of the 2-1 Buy Down
August 27th, 2010 Categories: The Realtor's Life
For those with good credit and the means, it is one of the easiest times in history to get into a new home. But for some, though the market is right, they find they just do not quite qualify for that new home loan. In a situation like this, it is tempting to consider the FHA 2-1 buy down. When a buyer applies for a loan, but doesn’t qualify for it at the current interest rate, the option of a 2-1 buy down is often put on the table. In this case, lenders will allow borrowers to temporarily “buy down” the interest rate on a mortgage. This allows a purchaser to reduce the initial interest rate on their mortgage by 2% the first year, 1% the next year, and 0% every year thereafter. (It is important to note that there is generally a fee in the form of discount points to buy down a mortgage.)
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Available College Station and Bryan Foreclosures – Act Now!
August 25th, 2010 Categories: The Realtor's Life
Home prices are starting to come down nationwide, while the foreclosure rate is rising dramatically. The number of available foreclosures in College Station, Bryan, and the surrounding areas has risen in July to include 14 additional properties on the market. While some foreclosures can be considered distressed properties, many of these cases are well-maintained homes, simply examples of owners who could not keep up the payments during these hard economic times.
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Existing-Home Sales Plunged in July, College Station and Nationwide
August 24th, 2010 Categories: The Realtor's Life
As I reported yesterday, July was a shaky month in the College Station and Bryan real estate market. There was some positive information, such as the average sales price remaining relatively steady. Further, days a home was on the market before selling was at a record low. However, the overall climate (unlike our current Texas weather) was cold and slow. An astonishing number of new homes were listed (450) but of those homes, only 98 went under contract. This trend is not simply affecting our local communities; it is one that can be seen on a larger scale across the United States. As rough as this may seem for our area, we are still seeing better numbers in College Station and Bryan than the rest of the nation is experiencing. For the country on the whole, existing-home sales plunged to their lowest level in 15 years in July as inventories soared. The main factors affecting the current housing market include absent government support and a shaky economy.
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College Station Home Sales Report for July 2010
August 23rd, 2010 Categories: The Realtor's Life
The recently reported monthly sales for July 2010 presented much positive (and some less positive) data. Though sellers have not been receiving nearly as much good news these days as buyers (considering the historically low interest rates buyers can receive, availability of homes on the market, and bargaining power), sellers did receive a highly refreshing experience in July. The average number of days on the market for a home was drastically low this past month – coming in at only 98 days. In fact, in the College Station/Bryan market, we have not seen numbers this low in years. Even in the more prosperous summer of 2006, average days on the market topped in at 109 in both June and July. Additionally, though it has dropped a bit, the monthly average sales price has stayed relatively even over the past few years. This proves that when a home is priced accurately and marketed correctly, it will sell, regardless of the surrounding real estate conditions!
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Investing in Real Estate in College Station and Bryan
August 19th, 2010 Categories: The Realtor's Life
With the stock market shaky and other returns failing to deliver on promises, more and more investors are looking towards real estate as a stable place to invest their money. And with good reason - these are the glory days of the real estate investor. Low prices, foreclosures, rock-bottom interest rates and stable rental markets have all created excellent buying opportunities. Investing in real estate is a longtime practice of the wise investor, but with this current climate in real estate, it is attracting new investors daily.
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Texas Home Sales up for Third Quarter in a Row
August 5th, 2010 Categories: The Realtor's Life
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 Texas Quarterly Housing Report is issued four times a year by the Texas Association of REALTORS® with MLS data compiled and analyzed by the Real Estate Center at our very own Texas A&M University.
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The Philosophy of Pricing your College Station Home
August 3rd, 2010 Categories: The Realtor's Life
When the time comes to price your home for sale, you may be tempted to start with the price you originally paid, add in a markup to reflect the various upgrades or repairs you made, and wait for the bids to roll in. Unfortunately, this strategy is not likely to be a successful one in today’s market. With many home sellers having to compete with foreclosures and overall low prices, College Station and Bryan home sellers need to – above all – price their homes aggressively.
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Now is THE Time to Buy, Here is Everything You Need to Know About Buying a Home!
August 2nd, 2010 Categories: Buying Real Estate
As I have been citing for the past few months, now is one of the best times in history to purchase a home. And with each passing day, that statement becomes more true. The current real estate forecast is set in (and expected to continue to be) a very strong buyer’s market. There was the tax credit, a current multitude of inexpensive foreclosures, incentives from home sellers galore, and mortgage rates that continue to drop to record lows. Still, deciding to purchase a home is a decision that requires careful consideration and planning. But in an effort to help you, I have compiled just about everything you need to know about the current market, and the preliminary planning you should do to get started on purchasing your home!
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