Which neighborhoods in West Austin are experiencing the most changes in real estate demand?
In 2024, West Lake, Lakeway, Bee Cave, and Spicewood are undergoing a shift due to last year's wait-and-see buyer approach, leading to a slight decrease in home prices. However, Austin's charm continues to draw buyers, and with nearly four months of inventory now available. Spring is expected to bring increased activity, including areas like Dripping Springs, Liberty Hill, Rough Hollow and Kyle/Buda for their new construction deals and investment opportunities.
Which home improvements or renovations increase property value?
Updating kitchens, bathrooms, and outdoor living spaces, along with adding energy-efficient and smart home features, can yield significant returns. Sellers should consult a trusted realtor for advice on the best upgrades for their particular home.
What's your outlook for the local housing market in 2024?
I'm cautiously optimistic about the 2024 West Austin market, with economic signs pointing to potential Fed rate cuts benefiting buyers and refinancers. It's looking promising for first-time homebuyers, thanks to falling interest rates. We expect a market upswing as spring approaches, already evidenced by increased mortgage applications. For those thinking of selling in 2024, now is the ideal time to start planning.
