BCS Housing Market Question/Advice

2,491 Views | 13 Replies | Last: 6 yr ago by SchnauzerMom
bobinator
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AG
We're in the early stages of trying to plan to buy a house for the first time in the coming years and thought I would see if this board has any recommendations on who to talk to about housing costs and that sort of thing. I did a search and couldn't find anything similar, so apologies if this is brought up here often.

We don't want to buy something say this year and then it turns out there's a huge surplus of housing a year from now and we way overspent at the time because of the market. Does that make sense?

Any advice on good people to talk to about this sort of thing?
Aggie1205
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AG
It's actually a decent time to be buyer right now from what I have seen. Lots of rental places that didn't get leased have driven supply up.
Oogway
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I second that ^^^. In some of the rental housing markets that are further away from campus, there are some folks who built further south that are having second thoughts about renting out their first home due to a surplus of rentals. It can either sit empty or they can sell. I"ve seen a bunch from Holleman to Barron.
techno-ag
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AG
In general, prices go up. Tighter supply in BCS means higher prices than some other areas in the state. If you're young you might consider getting a duplex, living on one side and renting out the other. Don't forget the Real Estate board here.
SumAggie
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I would think it depends on what price range you are looking at. I think we will see a soft market in the lower end "starter" homes as they are normally the types of property that are rented to students? The market seems strong in the $250K to $500K range as that is the market families and professionals are looking at? I just saw yesterday where the median value in CS is $145 per square foot.
CS78
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More homes hitting the market due to softening in the rental market is a concern. But I don't think enough of them will be listed to absorb the demand in the starter home market. The majority of the rental home owners in places like Southwood valley, Edelweiss, etc have owned these homes for years. Many cash owners. Most of owners that do have loans have relatively low payments. I think most will choose to weather the storm by dropping rents if they have to. The demand from buyers is still really strong and there won't be any new builds any time soon. There's also nice rental demand from the people that would like to buy but can't afford the new prices or simply can't find anything. Just my opinion but prices might start to go flat for a while but I don't see them falling at all.
WheelinAg
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AG
I can't believe AgShacks are still being built...
CS78
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There's still people buying them. Doesn't make any sense to me either. Assume its out of town buyers that aren't well informed.
JP76
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I would also take rising interest rates into consideration when deciding to act or defer to the future. As far as single family starter homes, the only time I've seen prices decline drastically was during 1986-1991. The starter homes stylecraft built for 79-96k in 2004 are now currently selling in the 150-160 range. Same homes were 115-120 in 2010.



JP76
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WheelinAg said:

I can't believe AgShacks are still being built...


Where at ?
rsa
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AG
Interview at least 3 realtors. Choose someone who you are comfortable with and who you trust understands what it is you are looking for in a home. While you're at it, interview at least 3 local mortgage brokers (any realtor worth their salt can give you names of trusted local vendors). Local brokers are more responsive to market trends and to you as a client. This is one of the largest financial decisions you can make. Take your time and do your homework.
JR Ewing
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AG
Call Jmazz, Jeff Mazzolini. He is good people and can help you through the process...congrats! Home ownership is a real Blessing...best of luck to you!
WheelinAg
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AG
On Fairway and soon on Green in Bryan.
bobinator
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AG
Thanks for the advice everyone, we're definitely still in the research phase so all the info helps!
SchnauzerMom
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Contact Jeremy Montoya at TM5. We recently used him to purchase our first home. I couldn't have asked for someone better. I had some of the same questions you have, he was honest and realistic. He isn't someone that will "sugarcoat" things for you. I appreciated that. No one can predict the future market, but he was able to offer insight based upon what the market has done the past few years. The time of year you decide to buy will also influence things.
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