Presley Jackson, an Austin real estate professional with United Real Estate, joined Studio 512 Host Rosie Newberry to discuss the current market and talk about one of his coming-soon properties.
Presley is a native Austinite and has been a licensed realtor since 2005.
What is the median sales price per home in the Austin greater area right now?
“Well, as of March this year, the median sales price of a home in the Austin greater area was around 450K. A year ago, the median sales price was around 521K. We started to see a decrease in the median value around July 2022. Although, in the past 3 months, the median sales price has been right around 450K so it does seem that the market is starting to stabilize.”
Do you think the market has bottomed out?
“The honest truth is that no one knows when we will hit rock bottom. It’s usually not until the market begins to show an increase in prices that we realize we hit rock bottom and are already on the way back up.”
When do you think the federal reserve will start lowering interest rates?
“Nobody knows for sure, but what I’ve been hearing is that the feds are going to pause its rate hikes by summer 2023. Then, starting around the end of 2023, the feds are expected to begin cutting the federal-fund rates. I spoke with my lender the other day and she said that she’s been hearing that rates will be in the low fives by the end of the year. So, we shall see.”
Do you think we will go into a recession and do you think home prices will be affected?
“I certainly hope we don’t, but I wouldn’t imagine home prices will decrease If we do have one. Out of all the recessions in history, there was only one recession where home values dropped and that was caused by the subprime mortgage crisis that occurred from 2007 to 2010. The only reason home prices dropped in that recession was because it had to do with the collapse of the housing market.”
What are some good strategies for a seller to sell their home in this market?
“Pricing is everything in this market. You have to pay close attention to similar properties in your area and price it accordingly; maybe a tad below your competition. Presentation and your curb appeal are important as well. Getting rid of clutter and personal pictures, and making it look as close to a model home as possible, will also help a great deal too. You want the buyer to be able to envision themselves there.”
“The most important thing though, is pricing, but everything plays a role. Inventory has tripled in the last year, so you want to make sure you have a competitive advantage and a good realtor like me that will showcase your property on shows like Studio512.”
Tell us about your lovely coming-soon property.
“Of course. We are at 2502 Ellise Ave, which is located in the Allandale area. If you’re not familiar with where that is, that’s in the north-central area of Austin between Burnet Road and Mopac. It’s a great community to be a part of and it’s right in the heart of Austin. It is a coming-soon listing, but my client is still willing to entertain offers right now as long as they are at the right price.”
“2502 Ellise has a price tag of $2.3 million. The property was built in 2019 and It’s just a little under 3000 square feet. It has four beds and three full baths. The master is on the main floor as well as the second room that is currently being used as my client’s home office. The third and fourth bedrooms are located on the second floor as well as the second living room.”
“This property is perfect for entertaining, it also has many updated appliances, fixtures, and smart home features. This home also features a beautiful pool and spa. A pool is a must-have in Texas.”
If you are thinking about buying or selling, call or text Presley Jackson at 512-576-9652. Send an email to Presley@UnitedATX.com.
This segment is paid for by United Real Estate and is intended as an advertisement. Opinions expressed by the guest(s) on this program are solely those of the guest(s) and are not endorsed by this television station.