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Texas A&M housing report shows home prices increasing in Bryan

Posted at 7:28 PM, Apr 20, 2022
and last updated 2022-04-20 23:11:34-04

BRYAN, Texas — If you are interested in buying a home in the Brazos Valley you’re in luck but, it may cost you a bit more.

It’s simple – supply and demand.

Jaime Stanley, owner and chief development officer of HōM Realty says there may have been more sales in 2021, but as for 2022 it’s a different landscape.

“The supply is down – we have way more buyers than we do properties to sell so if you go out on a Saturday and have a showing at 9 a.m., you are going to wait in line that looks like a garage sale," said Stanley.

According to the Q1 Quarterly Housing Report conducted by Texas A&M Real Estate Research Center, the average price for homes in the Bryan/College Station area has increased 13.7 percent at $269,000 + compared to last year.

Stanley attributes why exactly that number keeps rising,

“When you have a home that goes on the market on Friday and it has 14 offers by Saturday morning, those offers keep ticking up-and-up-and-up," said Stanley.

With more offers means a higher price hike even if the difference is just a day and goes into effect immediately.

“That’s labeled in our appraisal district and is labeled as the price, now the appraisers are going in and looking at all these prices and everything is appraising at this value," said Stanley.

On average, home listings and closed sales have been declining while a typical home will be on the market for an average of 82 days before its even sold – Stanley gives a few tips on what to look for when buying your next home in these circumstances.

“So the biggest advice I have for people coming into the market is to do your due diligence to find a good lender, especially someone local and someone who knows the area," said Stanley.

Stanley recommends when it comes to lenders and realtors – stay local, rather than going to a national chain that isn’t based in Bryan/College Station, and especially when it comes time to buy – have your money ready.

“Make sure you have that money set down for down payment… you may not have the highest offer but you can win in terms so putting down that earnest money; that good faith money in a bigger sum can a lot of times help because it shows you are invested and dedicated to that property.”