If you are thinking about buying or selling a house in Bryan or College Station in the next few months, you might be wondering about what’s happening in these markets. I’m Myke Leatham and as a broker for Brazos County Realty, I stay on top of trends to help people make informed real estate decisions. Here’s what I’m seeing in the market now, and some emerging home trends to be aware of as we approach 2022.
The Market is Hot, and Getting Hotter
Across much of the United States, home values are on the rise. That’s because more people want to buy than there are homes available. This is due in part to the pandemic — where spending a lot of quality time at home led people to rethink their ideal home — and people fulfilling their desires to make their dream home a reality. In Bryan, for example, the median value of homes is $205,716 according to Zillow, and values have gone up 9% during the last year and are still rising. Moreover, in College Station, the median value is $274,636 according to Zillow, and values have gone up 7.8% during the last year and are also rising. If you are thinking about selling, this is good news, because we are experiencing what’s called a sellers’ market and this means that you could get more for your home at sale time than the asking price. If you are buying, however, you may be in competition with others for your dream home and end up paying more than you expected, which is why hiring a professional real estate agent is important now more than ever to start buying or selling a house.
Beware of Buyers’ Remorse
While buyers may feel competition rising, at the same time, once they land that dream home, they may question if the price is really worth it. Like a seller’s market, this is a situation that real estate agents are finding across much of the United States. Specifically in our South Central region, in a recent report from real estate experts from HomeLight, nearly 50 percent of agents said that they are seeing this scenario come up. I, along with other agents, am advising my clients to be honest about their budgets and how much home they can afford. A clear assessment of the market can help us predict how the final sale price might differ from the asking price.
Real Estate Supply is on the Rise
Another trend in the current market is that more listings will likely be added in the coming months. That’s due to high prices combined with FOMO (fear of missing out), a situation that is spurring sellers to take action and put their homes on the market. This trend is prevalent across the United States, and in our area, more than 46 percent of agents in the HomeLight report said that it’s something to be aware of.
Especially in the post-COVID world, the real estate market is in flux. If buying or selling is on your mind, hiring a real estate professional is your best strategy to set yourself up for success.