National home sellers learned a difficult lesson in June: if you want to sell right now, lower the price. The real estate website Trulia.com analyzed the home sales across the nation for June, and proved that it truly is a buyer’s market. They note that approximately 24% of all listings that were on the market as of July 1 had experienced at least one price reduction, up from 9% of all listings one month earlier. The average price drop is a stunning 10%.
Locally, our College Station and Bryan markets are (for the most part) reflecting this data. Since March 2010, 88 Bryan homes still listed on the market have reduced their asking price. In College Station, 141 homes have reduced their asking price during this same timeframe. Additionally, those seeking land/lots are sure to get a great deal. Many lots in the Bryan and College Station area have been reduced anywhere between 20-30%.
However, the College Station market seems more fit to withstand the current market trends. According to Trulia’s market data, the median sales price for homes in Bryan TX for Apr 10 to Jun 10 was $63,627 based on five home sales. Compared to the same period one year ago, the median home sales price decreased 17.7%, or $13,695, and the number of home sales decreased 58.3%. The average listing price for homes for sale in College Station TX was $232,714 for the week ending July 07, which represents an increase of 1.5%, or $3,476, compared to the prior week. Additionally, the properties for sale in College Station had a higher market value attributed to them, and College Station neighborhoods on the whole have higher average listing prices.
So what does all of this mean for home buyers and sellers in College Station? If you are currently looking to purchase a home in College Station or Bryan, there could not be a more advantageous time to do so. With prices being repeatedly reduced, buyers have their fair share of bargaining power.
If you are currently attempting to sell your home in the Bryan College Station region, the market points to considering a price reduction. This can be a difficult decision to make, however, so let’s go over the facts first. When does it make sense to lower the price?
Deciding whether to purchase a home, and deciding whether to reduce the asking price on a home you are selling are both very involved decisions. If you are interested in a consultation, have any general or specific questions, or simply need some help determining your best options, please feel free to call me. I can be reached at (979) 255-1839.
Clay Lee – Realtor
Century 21 Beal, Inc.
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