How to buy a house in College Station, TX in today’s market
So, you’re thinking about buying a house in Texas – specifically in College Station – but aren’t quite sure if it’s the right time.
Buying a house is a huge investment and one that shouldn’t be taken lightly. If you want to be absolutely sure that you’re making the right decision, it’s wise to do your research first. Here are a few things to consider if you plan on purchasing a home in College Station, TX:
The College Station market is in your favor
According to July 2022 data from Realtor.com, College Station, TX was a buyer’s market. What exactly does this mean, and how does it affect you as a buyer?
A buyer’s market indicates that an industry, in its present state, benefits buyers over sellers. In real estate, it means there’s a greater supply of properties and lower demand, so it’s easier for buyers to secure a good deal. There’s also very little competition among buyers. Thus, sellers are less likely to increase the prices of their properties.
In a seller’s market, it’s the opposite. There are fewer properties up for sale and more demand, which often drives the prices higher.
If you want to buy a starter home, townhouse, or condo in College Station, do it now while the market is in your favor.
Listing prices in College Station increase year over year
Most people think homes rise in value over time, but this isn’t always the case. An economic curveball can quickly create unfavorable market conditions, and considering a property’s value is affected by its location, future prices are largely unpredictable. In other words, you can’t guarantee that your house will retain its initial value when you’re ready to resell it.
If the College Station market today is ideal for buyers, how will your purchase fare in, say, five years? Will your home appreciate or will it lag behind?
If we look at the data from Realtor.com, College Station, TX had a median listing home price of $339.9Kas of July 2022, which is higher than the previous year. In fact, median home prices show an upward trend of 18% year over year. This is generally a good sign: if you buy a home now, it’s unlikely to depreciate.Nonetheless, you’re better off keeping your property in top condition if you want to retain its value, given the unpredictability of the market.
On the other hand, if you’re looking for properties you can flip, now’s a great time to buy. You can probably get a fixer-upper for a low price and make strong profits once you renovate and sell the home.
Properties in College Station are more affordable than other Texas homes
If you’re in the process of buying a house in Texas, College Station is a good place to invest. For one thing, the properties are, on average, more affordable compared to most of the top cities in the state.
College Station currently has a $339,900 median home listing price, while Dallas sits at $529,000. Properties in College Station are also more affordable than:
- University Park ($1.8 million)
- Austin ($650,000)
- McKinney ($479,000)
- Fort Worth ($359,900)
- Houston ($350,000)
If you’re ready to buy property in College Station, here are some
Tips to make the most out of your purchase
Negotiate a fair price
Don’t be afraid to negotiate. There’s nothing worse than buying an overpriced property – especially during a buyer’s market.
Always factor in the hidden costs of home buying
When creating a budget for their dream property, many buyers neglect to include the hefty hidden costs.
Remember, apart from the down payment, you’ll still have to pay closing fees, including appraisal dues, title insurance expenses, broker fees, and interest. Then, you’ll need to account for inspections, taxes, and mortgage insurance fees – not to mention moving costs and maintenance.
It’s a lot, and if you don’t anticipate these extra expenses, you’ll likely be blindsided by how much you have to pay out of pocket. This is also another reason to negotiate that initial price.
Once you find a good property at the right price, lock it down. These homes don’t stay on the market for long, so you should let your Realtor know as soon as you’ve made up your mind.
Buying a house in Texas shouldn’t be stressful. If you’re looking for a hassle-free home-buying experience in College Station, TX, get in touch with our Realtors at Berkshire Hathaway HomeServices Caliber Realty. Call us at 979.694.8844 or send a message here.