Trying to buy or sell a home in a turbulent economic time takes reliance on trusted professionals who are going to guide your decision-making by educating you along the way. Both buying and selling are complex business transactions with many moving parts. An experienced Realtor will know the pitfalls ahead and introduce you to trusted vendors and systems based on years of experience in a volatile market. After decades of experience working in every kind of economic climate, we know who the best people are to produce the results you want as a consumer. I have so many stories to illustrate that very point.
Recently, I listed a home where the county listed the incorrect square footage. It made a huge difference in value to correct that information. The seller netted significantly more money with that one little fix. My contacts at the appraisal district got the job done.
Buyer clients recently received a home full of furniture at no extra cost because I learned that the sellers were downsizing. They were thrilled to give this relocating family a head start by gifting furniture that would not fit in their next home. Win-win! The buyers saved BIG by not having to buy this lovely furniture.
Whether it is the right lender for the house you want to purchase (did you know they specialize?) or an honest handyman to make repairs that will make you home shine, our resources are the BEST in the business. The right team means more money in YOUR pocket when you go to buy or sell.
Posted by Laura Duggan, West Austin Properties, 512-750-2425, laura@westaustin.com
Pemberton Heights is a historic neighborhood located in Austin, Texas. Its history dates back to the early 20th century, and it is known for its beautiful tree-lined streets, historic homes, and proximity to downtown Austin.
One of the most popular and sought after neighborhoods in Austin, “the land that Pemberton Heights is situated upon was originally part of the George W. Spear League. After Spear’s death, the league was sold several times and eventually divided. What is known now as the Pease Mansion, or Woodlawn, was built by James B. Shaw in the 1850s on a section of the land. Shaw sold part of the large property north of where the mansion sits to Judge John Woods Harris in 1859, and eventually this portion was developed into Pemberton Heights by the Austin Development Company” as noted by the Pemberton Heights Neighborhood Association.
The neighborhood is named after one of Austin’s early mayors, Dr. Joseph Pemberton, who also owned land in the area. The initial development of Pemberton Heights began in the 1920s and continued through the 1930s. It was designed to be an upscale residential area, and many of Austin’s prominent citizens built homes there. The neighborhood’s design features wide streets, spacious lots, and a mix of architectural styles, including American Craftsman, Colonial Revival, Tudor Revival, and Mediterranean Revival.
With a ten minute commute to Downtown Austin, over the years, Pemberton Heights has been home to many influential and successful individuals, including politicians, business leaders, university professors, doctors, attorneys, and artists. Some of the city’s most prominent families have lived in the neighborhood, contributing to its historical significance. Many of these have been memorialized in the street names.
Pemberton Heights is known for its commitment to historic preservation and conservation. The neighborhood association and residents have worked to maintain the architectural integrity of the area and protect its natural beauty. They have a very strong neighborhood association with annual social activities that include a neighborhood picnic, annual garage sale and park gatherings.
In recent years, Pemberton Heights has continued to evolve while preserving its historical charm. New residents have moved in, and some older homes have been renovated or restored, maintaining the neighborhood’s appeal.
The neighborhood’s rich history and beautiful architecture continue to make it one of Austin’s most desirable places to live. Real estate statistics for Pemberton Heights can be found on our real estate market report in zip code 78703.
Mortgage interest rates have risen 11 times since March, 2022. Each time the rate increases, it raises the price of a home to a home buyer. Take a historical look at the rise and fall of rates.
For a comprehensive look at how the rates are affecting home prices and sales by zip code and price band, take a look at our monthly Market Report.
Laura Duggan, Broker, West Austin Properties, 3312 River Road, Austin, TX 78703, 512-750-2425
To understand the Austin residential market, it is important to look at the difference in median closed values over the prior two years.
In June of 2021, the median home closed price was $398,000.
In June of 2022, the median home closed price was $550,000, an increase of 38% in one year.
Then interest rates started to increase, companies began laying off some workers and investors who had been active in the market experienced declining values and expenses increasing.
During the next 10 months, prices began dropping and by March 2023, the median residential home sold for $442,250, a 10 month decline of 27%.
March 2023 was the low point for median close prices.
Since March, by the end of May, home values have increased to $465,000 or an increase of 5% over March 2023.
Current median home closed prices are approximately where closed prices were in June 2021, two years ago.
Median home closed prices have been increasing each of the last two months, however these value are still 15% below the highs of June 2022, one year ago.
Current median homes closed prices would need to increase 18.3% to reach the June 2022 levels.
The number of home sales in the Austin area year-to-date has increased steadily every year from 2013 to 2021. This year our year-to-date sales are behind what they were last year at this time.
Austin continues to have steady demand even though sales have slowed, but there many more homes for sale over last year at this time so buyers have more inventory to choose from.
Several factors have also slowed home sales. Rising interest rates are making homes more unaffordable than in the past when rates were historically low. Home prices have increased and some large employers have begun laying off employees leaving uncertainty about future employment.
In many cases, it is a better time to buy a home than it was this time last year. There are many more homes on the market giving buyers a better selection than they have had in the last several years. More homes means less competition. Buyers are not having to compete with so many other buyers for a home and therefore, they are actually paying much less. Even last Spring, buyers were paying thousands of dollars over the list price to win a bid for a home.
As always, real estate is local and varies by neighborhood and price range. We have been publishing statistics about our market in a monthly market report under the Market Report tab on our website since 2006. If you are interested in specific market data about your home, we are always happy to provide it.
Laura Duggan Broker, West Austin Properties 3312 River Road, Austin, TX 78703 laura@westaustin.com 512-750-2425
loves the unique nature of every transaction – every client and every house is a once in a lifetime combination of personality and architecture. more...
has real estate in her blood and a passion for serving home buyers and sellers. She is a native Austinite and a third-generation Realtor, seeking to continue a family legacy more...
delivers white-glove service to buyers and sellers in today’s fast-paced real estate market. Her approach to real estate is centered around building a lasting relationship with her clients. more...
