If you are considering buying in the College Station real estate market, you’ve picked an interesting time to start your search. Not only is the market reeling from the surge of homebuying during 2020, school is back in session and businesses are opening back up.
Even if it weren’t for 2020, College Station would be a unique place to search for available homes. Here are 5 things that potential homebuyers should know about College Station real estate.
1. College Station is a University Town
The first thing homebuyers need to know about buying a house in College Station is that this is a “university” town. That means that the city ebbs and flows with the college semesters: the population grows during the school year and shrinks during the summer months.
It also means that there are a lot of rental properties for students, all of which are managed by property managers and homeowners. This puts consistent pressure on the real estate market, eating up what would otherwise be available inventory.
It also has an impact on the cultural makeup of neighborhoods, how property values are assessed, and where homebuyers ultimately want to live.
2. College Station Has Really, Really Low Inventory
During 2020 at the start of the pandemic, College Station’s inventory was already historically low. Now, in 2021, that inventory is even more reduced. Some months, the College Station market has less than 2 months of available inventory. Simply put, new construction and home sales just can’t keep up with demand.
The low inventory is also causing homes to move into closing at a record rate.
3. Bidding Over Asking Price is the New Normal
Because of low inventory and high demand, many of the home sales are happening well over asking price, oftentimes unseen. There are a lot of people looking to move to Texas right now because of our business-friendly state taxes and consistent growth.
Along with people looking to move here, there are a lot of investors that are looking to build a real estate portfolio during a healthy market. They’re also creating more demand and these buyers aren’t shy about going above asking price without an in person tour. If you’re planning to buy in College Station in 2021, be prepared to be aggressive with your offer as soon as a home hits the market.
For this type of negotiation, it really helps to have an experienced College Station realtor on your side.
4. New Homes Are Mostly Located in Master Planned Communities
College Station has a historic district, however, many of the new College Station properties are being constructed in master planned communities. The closer to Texas A&M campus, the more likely you’re going to find established neighborhoods with little new construction. It’s common for some houses to get remodels, but most of the new inventory in those historic areas are multi use, multifamily units.
Further south, homebuyers are much more likely to find new builds in up and coming master planned communities, or phase additions to existing ones.
5. Don’t Forget to Check Out Bryan, TX
Because the real estate market is so competitive right now, buyers can potentially find housing opportunities in nearby Bryan, TX. While it doesn’t have the same name recognition as College Station, Bryan is a nearby community that offers very similar real estate options at a slightly lower price point.
The best part about Bryan, TX is that – for the most part – you’ll be closer to Texas A&M University than in a lot of the prominent neighborhoods and subdivisions located in the southern part of College Station.