Brenham, located 68 miles from Houston and 46 miles from Cypress, is a quaint town of 17,000 that attracts thousands of visitors each year with its Texas Arts and Music Festival, gorgeous wildflowers fields, and a handful of craft breweries. The Brenham area is currently experiencing a balanced market where there is roughly the same number of homes on the market as there are interested buyers. But if the markets in nearby Houston and Cypress are any indication of the future, we can likely expect the Brenham real estate market to heat up in 2021.
Increasing Listing Prices
The median listing price of Brenham homes for sale was $294,500, up 5.3% over the previous year. This tracks with larger cities in Texas, though the price increase was less than what Houston is experiencing. In comparison, the median listing price of homes in Austin was $275,900 in March of 2021, up 12.6% from the previous year. As homes get more expensive in larger metros and as homeowners continue to leave larger cities to settle in suburbs or smaller towns, Brenham will likely see an influx of interested home buyers. Most real estate experts believe that Brenham’s real estate market will begin heating up again as the vaccinations roll out, and buyers and sellers are more willing to make changes now that their future is not as uncertain as it has been over the course of the last year.
Increase in Days on the Market
When the pandemic was at its peak, homes were flying off the market in nearly every region of the United States. While this trend has continued in many areas, it’s slowed a bit in Brenham. Homes have been selling after an average of 60 days on the market compared to 46 days on the market this time last year. This trend is the opposite of what Houston is experiencing, where homes stay on the market for an average of 28 days, down more than 30% from the previous year. As more sellers become confident of their financial futures, they will be more likely to put their homes on the market. This additional inventory will likely mean the time Brenham homes spend on the market before being purchased will continue to increase.
Buyers Will Continue to Look at Smaller Communities.
When the pandemic hit and millions of Americans began working from home, they quickly realized they could save money and reduce stress by moving from major metro areas like Houston and settling in smaller towns or suburbs. Though many will return to their offices either part or full time in 2021, the trend of settling in smaller communities will continue according to real estate professionals. Some will choose to return to their Houston or Cypress offices full-time during the week and retreat to their Brenham homes on the weekends while others will take advantage of flexible work policies and continue to work remotely from their Brenham home base. The demand for homes in smaller towns like Brenham will stay steady and the market will remain strong.
Continued Low Interest Rates Motivate Buyers and Sellers
One reason the real estate market got so hot during the pandemic was the record-low mortgage interest rates. Though they have started to edge upward, a 30-year fixed-rate mortgage is still hovering around the 3% mark, and a 15-year is even lower. Buyers who have not yet taken advantage of the rates will likely try and do so before they go up even further. Sellers will also be motivated by the low rates as they will likely need to purchase another property after theirs sells. As long as interest rates stay low, Brenham homes will continue to be in demand by buyers.
Tips on Buying Brenham Homes
Are you ready to buy a home in the Brenham area? Here are some tips to help you find and buy the house that best suits your needs.
◾ Get preapproved
No matter what the market is doing, it’s always a good idea to get preapproved for a mortgage before you begin looking at homes. Not only will this help you understand how much you can borrow, but it will also facilitate the loan process and show the seller you are serious about buying their home.
◾ Let go of perfection
It’s tempting to hold off until you can find a home that checks all your boxes, but that may not be possible in any market. With the likelihood of a continued strong market, it makes sense to invest now and make some improvements to a home instead of waiting for the ideal house to go on the market.
Tips on Selling Brenham Homes
Is selling Brenham real estate on your to-do list for 2021? Here’s how you can ensure the process is a smooth one.
◾ Price competitively
Pricing your home correctly is one of the most important parts of the listing process. The best way to arrive at a fair number is to have your Brenham real estate agent do a comparative market analysis to evaluate what other homes in the area have recently sold for.
◾ Invest in online marketing
Most home buyers find the houses they are interested in online. That’s why sellers need to invest in professional images and videography of their homes so they can create competitive online marketing campaigns and drive traffic to their listings.
Whether you plan to buy or sell Brenham real estate in 2021, the best piece of advice is to work with an experienced local real estate agent like Amanda Tatum. Amanda can act as your partner in the buying or selling process and successfully guide you through the entire transaction.