Are you considering buying or selling a home in Westlake, Texas? As one of the most affluent cities in Texas, Westlake is an idealistic and tight-knit community that consists of beautiful parks, chic coffee shops, and world-class eateries. Residents in Westlake fall in love with the beautifully constructed Mediterranean- and Spanish-style architectural homes built by celebrated and world-renowned architects. If you are considering buying a property in Westlake, or desire to capitalize on the value of your real estate investment, this guide is for you. Read on to discover everything you need to know about the ultra-luxury market in Westlake, Texas.
The real estate market in Westlake, Texas
The real estate market in Westlake saw a 43% gain in median home prices in 2021. However, the beginning of 2023 saw a slight dip in median home prices in the Westlake area. There were more homes listed on the market, and prices fell by 5.9%. Furthermore, homes were spending more days on the market before going under contract. With a cooling market, buyers ultimately have more options and negotiating power. As for sellers, they have more room and time to consider their next move.
Despite the market cooling down, the Westlake ultra-luxury real estate market remains a highly desirable one. With a thriving economy, outstanding job market, and immaculately crafted homes, Westlake will continue to be a great real estate investment. Moreover, the median home price is currently $4,022,051, which is higher than many other cities in the North Texas area. In addition, many of the luxury single-family homes, townhouses, and condos are priced well above that figure, even reaching a staggering $8 million.
The town of Westlake has seen significant growth in recent years and is projected to continue an upward trajectory. The job market in Westlake is doing very well, with a nearly 3% increase and an additional 40% over the next 10 years. This means that Westlake will continue to add more jobs. As more jobs are added, more people are likely to relocate to this upscale residential community. More housing developments are currently being planned and built to accommodate the rising population by the year 2040. The addition of family-friendly activities and affluent recreational options like the Vaquero Club continue to drive the high-end market in Westlake.
Things buyers need to know
Buying any new home can be a stressful process. Buying a property in the ultra-luxury market in Westlake is even more complicated. When buyers first consider purchasing a new luxury Westlake property, there are many things to consider, from the home values to the condition of the market. Currently, the real estate market in Westlake is cooling down, which means that buyers ultimately have more negotiation power and more options. They may be able to buy a home for less than the listed price. Because Westlake real estate is a great value with rising appreciation rates, your home’s value will likely increase over the next 10 or 20 years.
Things sellers need to know
If you are considering putting your luxury Westlake home on the market, you need to give your home the star treatment.
Stage your home
A home that has been professionally staged can get more views on the Multiple Listing Service (MLS), which can lead to an offer. Professionally staged homes tend to spend at least 73% less time on the market while selling for 25% above the asking price. This is because staging helps buyers visualize their future lives in the home. Work with a professional stager who can guide you on rearranging and adding decor and other items to highlight the natural beauty of your Westlake property.
Add professional photography
Generally, listings that have professional photography sell faster by up to 32%. This is because photography allows potential buyers to see your property without visiting it. If they are interested in making an offer or learning more, they can schedule a time for a private showing or make room in their schedule to attend the open house. Hire a professional photographer who has experience taking photos of luxury homes in Westlake. A professional photographer knows what camera angles and filters to use to capture your property in the best light possible.
Price it right
Aside from the photography, the first thing potential buyers will look at is price. Your Westlake property should be priced competitively and comparatively against similar luxury homes in the area. The key to finding the right price lies in considering the home’s value. Get your home appraised to determine the true and accurate value of your property. A qualified real estate agent from the Wall Team Realty Associates will then compile a comparative market analysis (CMA), which compares your home against other properties sold in Westlake within the past six months. A real estate agent can then recommend a price comparable to these properties. The right price will attract many buyers to your listing without the risk of turning them away because it is priced too high or too low.
Promote the listing
Listing your home on the Multiple Listing Service (MLS) can garner a lot of views. This is because the MLS syndicates your listing to various public real estate listing sites. Most real estate agents have access to the MLS, allowing them to view properties within a particular radius or homes within a certain price range.
You can promote your listing even further with marketing. For luxury homes, many sellers create comprehensive single-property websites. These pages showcase top-notch photography and videos, telling the story of the home. Sellers may also post photos and videos of their property on social media pages and in direct mailer campaigns. Consult with your real estate agent from the Wall Team Realty Associates, who can create a tailored and customized marketing strategy for your Westlake property.
Ready to buy or sell a home in Westlake, Texas?
Buying or selling a home in Westlake, Texas, can be a complicated and stressful venture with many variables to consider. That is why you need to be prepared to meet the often challenging demands of buying or selling a Westlake home in a competitive ultra-luxury market. Speak with an expert from the Wall Team Realty Associates who can guide you on everything from creative marketing and negotiation strategies to real estate insights. The Wall Team Realty Associates can help you achieve all of your real estate dreams.