Back HomeIs it the best time to sell your home?
Timing is everything in real estate, especially when it comes to putting your home on the market. Selling a home at the right time leads to more offers and a higher selling price. And with the increasing demand for homes nowadays, you might be wondering: “Should I sell my house right now?”
If you’re considering selling your College Station, TX property, here’s what you need to know.
College Station, TX real estate market at a glance
Located in Brazos County, College Station is more than just a college town. It is also one of the best places to live in. Home to Texas A&M University, one of the biggest universities in the country, College Station offers a prime location, a wide selection of amenities, diverse culture and entertainment, and a relatively low cost of living.
College Station’s real estate market in 2021 saw plenty of action from both buyers and sellers. As interest rates remained low, many buyers saw the opportunity to own real estate here. More work-from-home opportunities also fueled the need for privacy and additional space – aspects that many homes here can aptly provide.
The vibrant town has investors looking at College Station as well. According to Texas A&M Today, the average monthly rent for a one-bedroom unit in this top college town went from $899 in November 2020 to $959 in October 2021.
The low housing inventory and strong demand for College Station real estate spell good news for sellers. Buyers from different markets are showing interest in the Bryan-College Station area. Home values increased by 13.46% in the fourth quarter of 2021 as compared to the previous year, with the median price sitting at $281,900. The number of active listings decreased by 77%, which contributed to the rise in demand.
Signs that you should sell your property
Selling a home is a huge decision, especially since this is one of your most important and valuable assets. Maximize your returns from this property by knowing the signs indicating that it’s the right time to sell.
Your needs and wants have changed
One of the main reasons why people sell their homes is because they’ve outgrown them. Whether it’s overcrowding brought about by a new addition to the family or the lack of storage, if your current space no longer fits your needs, then this may be the sign for you to put your home on the market.
Downsizing is another reason why homeowners choose to sell their homes. Empty nesters, for one, have more space than they need and often look for smaller homes to save more money and to gear up for retirement.
Looking for a change in scenery? Moving to a new location is one more common reason, from trying a completely different city or moving into a more rural community.
The real estate market is in your favor
A seller’s market is also the perfect time to list your property. Since the demand for homes is high, there is a huge opportunity for multiple offers and a higher sales price.
Study your local real estate market and gather as much information as you can. See how long a similar home in your area typically stays on the market and the price they were sold at. It helps to check out the estimated value of your home, the mortgage interest rates, and the housing inventory in your area, as well.
You’re financially ready
A key indicator of being financially ready to sell your home is equity. Your equity is the percentage of your property that you really own. If you took out a mortgage to buy your current home, your equity increases as the mortgage is paid off each month.
Financial readiness is crucial, especially if you plan on moving to a bigger property. Having enough equity (at least 50%) certainly helps in buying your next home. The profit you make from your sale can be used for a larger down payment, resulting in a smaller monthly mortgage payment.
While the current real estate market may say that the best time to sell is now, the decision to sell ultimately depends on your personal situation. If you’re not emotionally or financially ready to sell your home, it’s better to wait until the timing is really right. Selling a home at this time may also not be practical due to family, work, or other responsibilities.
Get expert tips for selling your home when you work with the skilled real estate agents of Berkshire Hathaway HomeServices Caliber Realty. They can help you make the most out of your home sale. Give them a call at 979.694.8844 or send an email to sales(at)bhhscaliber(dotted)com.
