The CSISD Board of Trustees has held numerous public forums to discuss the rezoning, get feedback from College Station citizens, and attempt to solve this rezoning issue with as little disruption to the community as possible.  After these public forums, the Board continued to meet in an effort to process all of the feedback received.  As officially stated on the College Station rezoning website, the main goals of the Board and the CSISD rezoning committee were: to zone schools for a comparable composition of students, to establish feeder patterns for students in 5th-12th grade, and to zone schools for growth.  Their resulting recommendations involved the proposal of new elementary and secondary school zones.  To view the propsed elementary zones, please click here.  To view the proposed secondary school zones, please click here.

Additional details are available on the CSISD rezoning website: Rezoning for the 2011-2012 School Year.  For further background on how the committee arrived at each of their recommendations, community members are advised to view the video presentation submitted by the Rezoning Committee to the Board, located here.

The College Station I.S.D. school board will adopt the final attendance zone plans this fall.  Elementary, intermediate and middle school plans take effect in the fall of 2011, and the new high school attendance zones will take effect in 2012, once the new College Station High School opens.

If you have any concerns, questions, or if you are unsure of where your property lies in relation to the zones, you may consider attending one of the upcoming public forums.  They are as follows:

• Wednesday September 8th, AMCHS Auditorium at 7:00 p.m.
• Tuesday September 14th, AMCHS Auditorium at 7:00 p.m.
• Thursday September 16th, AMCHS Auditorium at 7:00 p.m.

As always, continue to check back for more expert real estate advice, College Station and Bryan community information, and other news that affects you!  If you have any questions about College Station school district zoning and how it affects your currently owned or potential real estate, feel free to contact me any time.

Clay Lee – Realtor

Century 21 Beal, Inc.

(979) 255-1839

clay@century21bcs.com

Timeless Service, Quality, and Experience Guaranteed

________________________________________________________

David F. Bottenfield
Broker/Owner Premier Properties
939 N. Augusta St.
Staunton, VA 24401
540-885-6708-Office,
540-480-4003-Cell
540-885-6637-Fax

This charming Bed and Breakfast hosted us for the 4 day trip in quintessential elegance. We could not have asked for a better host than David Bottenfield.
David Bottenfield, a long time Real Estate Broker and former Century 21 franchise owner, even took time to show us the old town and several of the old Civil War era buildings etc. I was FLOORED!!! David Bottenfield is easily one of the most knowledgeable Brokers about his market I’ve ever met! If you need an amazing place to stay, are planning a neat holiday, or want to talk about Staunton Real Estate call my new friend David Bottenfield! You’ll be glad you did.
I need to run now but more to come about David Bottenfield and whats going on in Staunton VA. Sorry Staunton, secrets out!

According to the National Association of Realtors, home resales dropped a record 27.2%—nearly twice as much as analysts had expected—to an annual rate of 3.83 million in July.  Meanwhile, inventories rose to 12.5 months from 8.9 months in June, pressuring already depressed home prices. Inventories are at their highest level in more than a decade.  As I mentioned yesterday, we are used to seeing a drop-off in sales towards the end of summer.  And historically, July is the peak inventory month in any given year – whether it is a slow market or not.  However, the combination of an early drop-off in sales and an unheard of peak in inventory flooding the market places pressure on those trying to sell. 

NAR analysts suggest that unemployment, foreclosures, and the increase in inventory is preventing many potential homebuyers from making a purchase.  Some are most likely worried about the huge financial obligation, while others are simply waiting for the prices to drop even further. 

On the whole, July existing-home sales dropped 29.5% in the Northeast, 22.6% in the South, 25% in the West and 35% in the Midwest.  The Texas economy, though affected like the rest of the nation, has remained stronger than most.  Additionally, our unemployment numbers are lower and locally, Texas A&M employment offers some respite for these issues.  This is a large part of why our housing market is less affected than the rest of the nation. 

As I noted yesterday, the College Station market experienced much good news that was unparalleled in the rest of the country.  This brings me back to my statement made: if a home is priced correctly and marketed well, it will sell at a great price within an average of 3-4 months.  So if you interested in selling your home, but are worried about the current state of the market, remember that no market is impossible.  Let me devise a plan to assist you!

Clay Lee – Realtor

Century 21 Beal, Inc.

(979) 255-1839

clay@century21bcs.com

Timeless Service, Quality, and Experience Guaranteed

________________________________________________________

The good news for buyers is: more available homes entered the market in July 2010 than in July of the previous two years.  In 2008, 442 new listings were accepted.  In 2009, we took on only 346 new listings.  But in 2010, we received an impressive 450 new listings.  As mentioned previously, if you are in the market for a new home, it is an optimal time to be in the buyer’s seat. 

The less positive numbers reflect monthly sales, and listings under contract.  Normally, we expect and are used to these numbers dropping at the end of summer, but this usually occurs in August.  Of the 450 new listings we received in July, only 98 went under contract this month.  This is much lower than usual, even for 2010.  This is especially the case when compared to the sales in April, which were inflated by the homebuyer tax credit-related spike.  Further, the total monthy sales were down quite a bit in comparison with years prior.  Total monthly sales in July 2008 were $61,873,310.  For July 2009, numbers were low at $47,453,045.  This July, numbers were substantially lower at only $30,773,396.  That is a reduction of over 50% of total sales compared to 2008. 

As always in the field of real estate, there will be some positive and some negative information.  It is usually dependent on whether you are in the buyer or seller position.  Important facts for sellers to take away from this article: if you are truly serious about selling your home, you must price it accurately.  If it is priced right, you can expect it to sell within 3-4 months, as proven in July.  If your home has been sitting on the market and is not being viewed often, or is just not selling, you may have priced it too high.  Selling your home quickly could be a matter of simply adjusting the price; however, this does not mean you can’t get a great deal for your home.  Call me and I can discuss the basics of your home, the price I recommend, and the marketing strategies I will employ to sell your home quickly at a price that is right for you!

                                                     Clay Lee – Realtor

Century 21 Beal, Inc.

(979) 255-1839

clay@century21bcs.com

Timeless Service, Quality, and Experience Guaranteed

________________________________________________________

According to the latest Texas Quarterly Housing Report, the volume of real estate sales in Texas increased for the third quarter in a row.  These conditions are not being reflected all across the nation, but it would appear that the Texas market is on a slight upswing.  

The period analyzed and covered in this report is April through June 2010, with results having been released very recently.  The study found that sales of existing single-family homes were up 14% compared to the same quarter in 2009.  Surprisingly, the median price of homes remained relatively the same at $149,200; this is excellent news for sellers who are worried about putting their home on the market during these uncertain times.  The growing strength of the Texas real estate market on the whole is demonstrated through the results of this study; it is encouraging to see this trend continue through 2010, and will be exciting to see the nation’s real estate market follow suit.

Two main factors contributing to the Texas market faring so well in comparison to the rest of the nation have to do with our job growth and our lower home prices.  To begin with, Texas has reported unparalleled job growth in 2010.  While our state and country are still in the midst of a recession, renewed job growth in the state is allowing homeseekers the financial stability needed to purchase a home.  Here in College Station and Bryan specifically, Texas A&M University’s presence (a government employer) has equaled relative job stability for many of our local community members.  This also contributes to the lower foreclosure rates we are seeing in the Brazos Valley.  The second factor spurring Texas home sales is Texas’ lower-than-national-average housing cost.  It is a well-known fact that real estate and land prices are considerably less expensive in Texas than in other areas of the nation.  Another study from the Real Estate Center at Texas A&M University explains that this is why our market is faring better than those of other states.  It also suggests that this is why the state’s economy is expected to continue to do better than the rest of the nation in the coming months.

In Houston and Dallas, residents spend just 18.6% of their income on shelter.  Compare that to San Diego, CA, where that number is an estimated 30.8%.  When Texans are able to spend more on non-housing goods and services, the state’s economy is strengthened and more people attracted.  Chief Economist Mark Doutzer at the TAMU Real Estate Center notes, “These results illustrate one of the key reasons the Texas economy outperforms the United States in terms of job growth almost every year.  The fact that Texans pay less of their income for housing means they have more to spend on other things that add to the overall quality of life.  Texas offers a lower cost of living than many places in the United States.  This allows Texas employers to be able to attract workers at a reasonable wage rate that allows them to compete successfully in the global economy.”

If you are a College Station or Bryan resident interested in putting your home on the market in light of the recent fact that our median price of homes has remained stable over the past year, please feel free to call me so that I can discuss your options and requests.  If you are  a citizen of another state interested in takind advantage of our fantastic (but less expensive) real estate and our steady job growth, I’ll be happy to aid you in all of your relocation needs.  Call me today!

Clay Lee – Realtor

Century 21 Beal, Inc.

(979) 255-1839

clay@century21bcs.com

Timeless Service, Quality, and Experience Guaranteed

________________________________________________________

So where to begin?  Many people determine their asking price by a combination of comparing to their neighbors’ homes and taking into account the sq. footage of their own home.  Say your next door neighbor recently sold their home for $115.00 per sq. foot.  You may be stuck on the idea that your home is surely nicer and therefore deserves at least $115-$120 per sq. foot.  But in today’s market, what is considerably more important than price per sq. foot is the overall price and deal on your home.

Whether you realize it or not, where you set the price on your home limits the number of potential buyers who will be interested.  If your home is set at $405,000, you are most likely courting buyers who are looking in the $400,000-$500,000 range.  But bear in mind, your home is on the low end of this spectrum.  You could have one of the lesser desired homes in this price range!  If you decided to instead price it at $399,000, smart buyers will realize that it is a killer deal – whether they are searching in the $300,000-$400,000 or the $400,000-$500,000 range.

If you have already listed your home and it has been sitting on the market for more than 60 days, this is a good indicator that your asking price is too high.  And while no seller really wants to reduce their asking price, if you want to sell in this market, it can be a necessary action.  In fact, many people with homes on the College Station and Bryan markets already are slashing prices to catch buyers’ attention. 

So what kind of reduction should you consider?  Sellers naturally want to reduce the list price by as little as possible.  But bringing down a $175,000 house by $2,000 is a trinket that will hardly register with most potential buyers.  Selling in this market equates to bigger necessary reductions.  The current rules of thumb: if you are selling in the $100,000-200,000 range you should consider reducing the list price by $10,000.  Selling in the $200,000-350,000 range generally requires a reduction of $25,000 to get noticed.  If you are above the $350,000 mark, you will want to consider a reduction of $50,000.  And anything above $600,000 could potentially be reduced by up to $100,000.

Though this is not what most sellers wish to hear, and it is not always the case, it is a fact of today’s real estate environment.  It boils down to this: a seller does not want to keep chasing the market down, reducing a home’s price little by little and chasing buyers in the process.  If you truly wish to sell quickly you must follow this rule.  Pricing aggressively will most likely get you more bids, and in the end, this could raise your final price.

Additional tips:

• When pricing your home, stick with a number that is direct and memorable.  If you are considering $217,900, don’t!  Pick $200,000 or $225,000.
• Remember that most buyers search for homes in certain price ranges on the Internet.  You want to ensure that your home is coming up in the appropriate price range.
• Abandon your personal point of view.  Buyers don’t care how much you paid for the home or how many memorable memories you have in it. 

Having to price and reduce so aggressively to court buyers isn’t always the case for sellers.  But in our current state, it helps to price correctly.  If you would like to discuss the pricing or selling of your home, please feel free to contact me.  And as always, continue to check back for expert real estate advice!

For starters, here are the facts.  The mortgage rates have dropped to the lowest level on record for the fifth time in six weeks.  This makes homebuying and refinancing the most attractive and inexpensive in decades.  Freddie Mac says the average rate for 30-year fixed loans this week was 4.54 percent, down from 4.56 last week. That’s the lowest since Freddie Mac began tracking rates in 1971.  Additionally, the rate on the 15-year fixed loan dropped to 4 percent, down from 4.03 percent last week - and the lowest on record. 

Second, I wouldn’t continue to mention this if it were not a critical point in the current market trends: we are in a buyer’s market.  This means that sellers are more willing to court buyers, whether that means dropping the price, throwing in high-end appliance extras, or agreeing to upgrades.  Prospective buyers are in the proverbial driver’s seat, and have not experienced this level of bargaining power in decades.

 Important things to remember when looking to buy a home. 

• Start by polishing up your credit.  Get copies of your credit report, make sure everything is correct, and fix any problems you discover. 
• Estimate how much of a down payment you will be able to afford.  Most lenders like to see 20%, but there are a variety of public and private lenders who, if you qualify, offer low-interest mortgages that require a down payment as small as 3 percent of the purchase price.
• Be prepared for other necessary (though comparably minor) costs such as getting an inspection done, the application cost, and credit report costs.
• Figure out what neighborhood(s) or school districts you are most interested in.
• Find a good agent who can represent your interests in the search.  For example, I have been a Realtor in the Bryan/College Station region for over 10 years, have lived in this area for 15+ years, and have a track record for familiarizing myself with exactly what my clients want – and getting it for them! 

Finally, make sure you are completely prepared for the all-important financial aspect of this purchase.  There are many handy calculators to help determine how much house you can afford, and what you can expect your monthly mortgage payment to be.  CNNMoney offers such resources, and they are available here:

How much house can you afford?

What will your mortgage payment be?

Remember, it is wise to aim for a home you can afford, and to be knowledgeable and prepared with the facts on payments before you begin your search for a home.

Buying a home is a process that requires plenty of initial thought, planning, and consideration.  But by familiarizing yourself with the information presented above, it does not have to seem as daunting a task!  As always, consider me your one-stop-shop for expert real estate advice.  I will be happy to discuss the initial thought process behind your search, help you look at specific homes, or discuss any general questions you may have about purchasing a home.  Now is the best time in decades to be in the market to buy a home.  Allow me to help you with your dream!

   Clay Lee – Realtor  

Century 21 Beal, Inc.

(979) 255-1839

clay@century21bcs.com

Timeless Service, Quality, and Experience Guaranteed

________________________________________________________

A single foreclosure can decrease the value of homes within 250 feet by an average of 1%, according to a recent MIT study.  The study, which examined 1.8 million home sales from 1987 to 2009, also found that the typical foreclosed home has its post-foreclosure price slashed by an average of 27 percent.  Why do foreclosures cause such a large decline in the home sale price relative to other kinds of forced home sales?   The same study noted that if a house is sold after the death of an owner, the value drop 5-7%.  If a homeowner declares bankruptcy, the home price is affected by only 3%.

The main reason foreclosure has such impacting results on the surrounding homes is location.  For the same reason that the new high school being built in College Station is increasing property values of homes in the area, a foreclosure in one’s neighborhood will affect the surrounding homes.  The homebuyer also sees a few other factors in this situation.  One, the foreclosed home may be anywhere from poorly maintained to in a complete state of disrepair.  Neighborhood appearances enhance real-estate value, and ill-maintained houses make an area less desirable.  Secondly, even without visible deterioration, when a home is resold quickly at a discount, it affects whole neighborhood’s values.  A savvy homebuyer’s benchmark will usually include houses in the same neighborhood. 

Even though this study found that foreclosures only slightly dent surrounding property values, it does raise a few questions for concerned homeowners.  Whether or not there is a “tipping point” for neighborhoods such as these is an issue raised.  As foreclosure rates continue to rise in College Station and Bryan, this is a subject homeowners should be thoroughly aware of.

The real estate website Trulia tracks and lists foreclosure data (and home information) for each city.  In the past month alone, College Station has seen four foreclosed homes sell, and ten more join the market.  In Bryan, 18 foreclosed homes have been resold, and 34 additional foreclosed homes have entered the market.

If you are a homeowner affected by foreclosure and would like to discuss your options, such as a short sale, please call me at your earliest convenience.  If you are concerned about foreclosures in your neighborhood and have any questions regarding how it may affect you, don’t hesistate to contact me.  And as always, for expert real estate advice, whether you are buying or selling a home, continue to check back or call me for timely information!

Clay Lee – Realtor  

Century 21 Beal, Inc.

(979) 255-1839

clay@century21bcs.com

Timeless Service, Quality, and Experience Guaranteed

________________________________________________________

How to help our cause.  The BVFB has an event every month in which they gather the community together to raise food and awareness.  This month’s event is the Feast of Caring.  At this event, a modest meal of beans, rice, sausage, salad, and dessert is served.  This represents the best meal some of our neighbors in the Brazos Valley ever get.  The meal is free and served by local celebrities, but donations are gratefully accepted. 

The Feast of Caring is an annual event, and this year marks its 16th year as a part of our community.  This year’s Feast of Caring will be held on Wednesday, August 11th from 11:00-1:30 at the Brazos Center in Bryan.  We invite you to join us in raising awareness, sharing community fellowship, and alleviating hunger.  And we truly appreciate any help you can offer.  If you are interested in aiding us by sponsoring, we have many options available to meet your ability to give.   Feast of Caring sponsorship levels are as follows:

• Can – $100
• Case – $250
• Pallet – $500
• Truckload - $750
• Warehouse – $1,000

Warehouse level sponsorship includes your name and/or business logo on all media advertising of the event.  At all sponsorship levels, your name (or the name of your business) will be prominently displayed on a decorative can at the event, listed on a display banner at the event, and added to a thank ad which will be run in The Eagle after the event.  But most importantly, your sponsorship makes it possible to continue to feed the hungry in our community.  To sponsor, please contact Theresa Mangapora at: tmangapora@bvfb.org

The Feast of Caring is a remarkably impacting event in which members of our community are able to reach out and help our neighbors.  Of course, it is important to remember our Food Bank and neighbors affected by hunger year-round.  Please also consider sponsoring backpacks for children, a sack of groceries for seniors, or a box of food for a family. 

We hope to see you at the Feast of Caring on August 11th, 11:00-1:30 at the Brazos Center in Bryan. 

Clay Lee – Realtor  

Century 21 Beal, Inc.

(979) 255-1839

clay@century21bcs.com

Timeless Service, Quality, and Experience Guaranteed

________________________________________________________