West Lake Hills Real  Estate Market Forecast 2023

West Lake Hills Real Estate Market Forecast 2023

  • The Weiss Group
  • 12/19/22

West Lake Hills is a beautiful city northwest of Austin, Texas, that’s home to just over 4,000 people. Quaint and charming, West Lake Hills is known for its incredible luxury homes and proximity to the Colorado River. Those hoping to invest in West Lake Hills in the coming months will find themselves drawn to the nearby botanical gardens, parks, and pools, as well as the world-class dining and a quick commute to downtown Austin. Read on to learn about the latest trends expected to appear in West Lake Hills in 2023.

Anticipate strong demand

Markets in and around Austin have been some of the most competitive since spring 2020. Though rising interest rates have slowed down some buyers who have been on the fence, demand remains high in many areas. In 2022, demand has kept the West Lake Hills housing market fairly competitive, with some properties getting several offers and selling for over listing price. With many homes selling in only a few weeks, buyers interested in West Lake Hills real estate will want to partner with an expert team that can help them navigate the unique waters of the local market.

Inventory will remain modest

Photo courtesy of The Weiss Group

Inventory did not meet the same level as last year’s demand, and the coming year is likely to follow a similar trajectory. A large reason prices in West Lake Hills rose as they did in 2022 was that demand outweighed supply. With trends expected to stay the same throughout 2023, this is good news for sellers hoping to earn top dollar on their luxury properties. The key will be working with a real estate team that understands how prices fluctuate from month to month. There are pros and cons to listing in every season, so sellers should be aware of which one will move them closer to meeting their goals.

Prices are expected to climb

With demand remaining on the higher side and inventory lower, interested buyers and sellers can expect prices to continue climbing in 2023. West Lake Hills saw a considerable appreciation in the past twelve months, which has put more pressure on buyers hoping to invest. Potential buyers need to remember that strategic offers are going to be vital while demand is higher than inventory. For sellers, rising prices indicate a strong time to sell, but preparation is still important if they want their properties to stand out.

Home buying tips

For home buyers, the Austin market has proved tricky to navigate, especially as interest rates have started to rise. The help of a qualified real estate team can make the process simpler and is truly a buyer’s best option for finding their perfect West Lake Hills home. Whether it’s your first home or your fifth, the steps required are much easier to walk through with a professional by your side. Before you dive into the process, review some of the top tips for buying a home in West Lake Hills.

Determine your price range

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With trends leaning toward continued appreciation in 2023, buyers can expect to be more specific when it comes to their budget. Looking at monthly expenses, annual income, and any current debts can be a helpful place to start. From there, buyers should determine the amount they’re able and willing to put toward a monthly mortgage payment, accounting for interest as well. Down payments are important to factor in, as are closing costs and commission. 

Pick your top amenities

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Hand-in-hand with narrowing down the right price range is settling on top amenities. How much square footage are you looking for? Are you interested in a larger home on a smaller lot or more land with a modest property? Homes for sale in West Lake Hills and Austin as a whole come in a variety of architectural styles, from ultra-modern abodes to classic bungalows and traditional homes. If you’re hoping for the best of what luxury real estate has to offer, consider adding spa features, a gourmet kitchen, integrated technology, and an expansive outdoor entertainment area to your list of features.

Tips for sellers

Even when the market is favoring sellers, there are still steps homeowners can take to ensure they have a quick and successful sale. With trends pointing in all the right directions for 2023, sellers can expect to make strong returns on their investment if they’re willing to prepare their property in advance. Homeowners should start by having their property inspected and appraised to determine whether they need to schedule repairs or complete renovations to improve their home’s value

Set a realistic timeline

Timing matters when you’re selling on the West Lake Hills housing market, as the market changes from season to season, and changes you make to your property take time. Work with your real estate agent to create a timeline that meets your specific tasks and goals. From there, you can determine when you’ll need to have repairs, renovations, home staging, and photography completed.

Set the perfect price

It can be tempting to list at a high price when the market is hot, but sellers need to remember that buyers can be dissuaded from prices that are too high. A professional real estate group can provide a thorough home valuation to estimate what a home could realistically sell for. Sellers want to strike a balance between knowing the market trends and not short-changing the value of their home by pricing their home at a number that will draw in buyers.

If you’re hoping to buy or sell West Lake Hills real estate in the coming year, partner with the Weiss Group. A team of dedicated experts in the Austin luxury real estate market, the Weiss Group has walked countless clients through the process. Whether you’re relocating to West Lake Hills, hoping to make the most of the current market, or want to learn more about what Austin real estate can offer, The Weiss Group can help.

*Header photo courtesy of Shutterstock 


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