Considering buying a home? Consider the value.
Hopefully you have had a chance to read through my previous posts in this blog series. You’ve thought about your timeline, checked your credit score and have worked with a lender. You are a prepared and educated buyer who knows how much you want to spend (in this market it makes all the difference) and you are ready to go out to look at some amazing homes! As you enter into your earnest home search you need to consider the value of your potential purchase and how it will impact your decision.
Price per square foot? What does that mean right? More often than not, homes for sale are priced at a comparable price per square foot to the other homes that have recently sold in the neighborhood. The average price per square foot can vary widely between different cities as well as different neighborhoods within each city. The average price per square foot for homes in Bryan over the last month was about $113 and for homes in College Station it was about $137, and there will be differences in the average price per square foot for each neighborhood within each city as well.
Below is an example of what the same size home might cost in 4 different neighborhoods of College Station.
The finishes inside the home can also affect your price per square foot as well as the lot size. The time of year has an effect as well; homes selling during the peak season can command a higher price per square foot. Are you starting to see why having a well informed Realtor to help you with your home search is important?
That brings me to the last point in this blog: VALUE. Once you have found the perfect home and have made an offer there will be an appraisal - an evaluation of the value of the property - performed. You may absolutely love the home, or you may be very proud of all the work you put into the property you are planning to sell. The appraisal of a home does consider the average price per square foot as well as the lot size and the condition of the property. If the appraisal is lower than the offered price of the home, it may ultimately affect the purchase.
I would love to help you navigate the home buying process! Give me a call - I am here to help!
Michelle Peacock '94 | Realtor®
O: 979-703-1979 | C: 979-220-8033 | F: 979-703-1980
3091 University Dr. East Ste. 230 | Bryan, TX 77802
Your source for Bryan/College Station Real Estate