In 2023, we saw a fairly dramatic shift in the market value of homes in the Austin-Round Rock MSA, as in the price for which homes will buy and sell at, reducing by 13% on average over the course of the year. It also took longer for homes to sell - according to the Austin Board of Realtors (ABoR), in September 2023, homes spent an average of 65 days on the market, up 24 days from September 2022 across the Austin-Round Rock MSA, and new listings decreased 7.0% year over year.

That said Austin is still a very valuable market, in 2023 Austin (along with three other Texas markets: DFW, Houston, and San Antonio) was once again a real estate trendsetter when it comes to residential, commercial, and land markets in the U.S, outranking every U.S. real estate market (ref. Texas Real Estate Research Center). Even with the reduction in valuation that we’ve seen in the last year, homes in Austin have increased in value by over 50% since 2021. That kind of return on investment is tough to match, especially considering that homeownership provides a much broader value proposition to the homeowner than just the dollar value of the home. 

So, when it comes to our home’s value, the value we as individuals and families place in our homes, what contributes to that? What is the value of home?

For almost a decade we at TRS have worked to understand how do we, and our clients, value home.

And why do we want to make changes to it?

What do we hear? 

Our family is growing - we are having a baby! Value = Family

Our family is growing - our parents are moving in! Value = Caring for our seniors

We need more space for when family members come to visit Value = Hospitality

We want to be able to better entertain guests - Values = Community, friendship and belonging

I need a formal home office - like yesterday, yesterday I needed a formal home office - Values = Productivity and provision

We want to enjoy the green outside when we are indoors - Values = Nature and health

We want to create a “wow” moment when people enter our home - Values = Joy, creativity and aesthetic

The list can go on and on, but ultimately what we find to be the value of home is in happy, healthy and thriving families and livelihoods, a place where we create belonging for our family members, guests, and community; a place where we can be productive and growing individuals, a place that represents our own personal  values and aesthetic, a reflection of who we are, and a place where we find beauty, peace and joy.

What is the value of home ownership? It gives us control and autonomy, with the flexibility and freedom to create the space that will align with our personal value of home and the land on which it resides. 

In the last year, to further the expertise we can bring to the table on home and the value of home, I finally got my real estate license and became a REALTOR(R) (the capitalization being a National Association of REALTORS (NAR) trademark, not a personal preference).

Just this year NAR updated their Code of Ethics, the Preamble for which provides beautiful and somewhat dramatic language on the value of home, and establishes their unique perspective on the value of home and the land on which it resides:

Under all is the land. Upon its wise utilization and widely allocated ownership depend the survival and growth of free institutions and of our civilization. REALTORS® should recognize that the interests of the nation and its citizens require the highest and best use of the land and the widest distribution of land ownership. They require the creation of adequate housing, the building of functioning cities, the development of productive industries and farms, and the preservation of a healthful environment. Such interests impose obligations beyond those of ordinary commerce. They impose grave social responsibility and a patriotic duty to which REALTORS® should dedicate themselves, and for which they should be diligent in preparing themselves. REALTORS®, therefore, are zealous to maintain and improve the standards of their calling and share with their fellow REALTORS® a common responsibility for its integrity and honor.

We hope to bring that drive and dedication to help people make the best use of their home and property, for our clients and all we interact with in 2024. 

Contact us to learn more about our Services and how we can help you to create the best value for your home and land, in alignment with your own personal values and priorities.

For anyone like myself who likes to “nerd out” on the data- check out the 2024 Texas Real Estate Forecast - Texas Real Estate Research Center (tamu.edu) 

And you can find the full text of the newly released Code of Ethics for the National Association of Realtors on the NAR website 2024-nar-coe-standards-of-practice-2023-12-21.pdf

Looking forward to connecting with you in 2024, it is sure to be a great year!

- Annemarie Diaz and the TRS Team