The real estate market in Texas, and specifically in Houston, has been impacted by the COVID-19 pandemic like many other industries. However, despite the challenges, the market has remained active and homes are still being bought and sold. Here is a look at how real estate is being sold during the COVID-19 pandemic in Texas, with a focus on Houston home buyers.
One of the most significant changes in the real estate market during the pandemic has been the shift to virtual showings and open houses. In-person showings and open houses can pose a risk for both buyers and sellers, so many agents and brokers have turned to virtual tours and video walkthroughs to showcase properties. This has made it easier for buyers to view homes from the safety of their own home, and has also allowed them to get a better sense of the layout and features of a home without having to physically visit it.
Another change that has been seen in the real estate market during the pandemic is an increase in the use of technology. Many agents and brokers have turned to online tools and platforms to streamline the buying process and make it easier for buyers to submit offers, negotiate terms, and complete paperwork. This has helped to keep the market moving despite the challenges posed by the pandemic.
Despite these changes, the real estate market in Texas, and specifically in Houston, has remained strong. According to the Houston Association of Realtors, the number of homes sold in the Houston area increased by 8.3% in 2020 compared to the previous year. This is largely due to the strong demand for housing in the region, as well as low mortgage rates which have made it more affordable for buyers to enter the market.
Houston home buyers in particular have been active during the pandemic, with many looking to take advantage of the low mortgage rates and strong demand for housing. In addition to single-family homes, there has also been strong demand for townhomes and condos, which can be more affordable options for first-time buyers or those looking to downsize.
One factor that has impacted the real estate market in Texas during the pandemic is the lack of inventory. Many sellers have chosen to delay listing their homes due to concerns about the pandemic, which has led to a shortage of available homes on the market. This has caused some buyers to face competition and may have contributed to the increase in home prices in some areas.
Despite these challenges, the real estate market in Texas and Houston has remained strong during the COVID-19 pandemic. With the use of technology and virtual showings, it has been possible for buyers and sellers to continue to buy and sell homes safely and efficiently. And with demand remaining high and mortgage rates remaining low, it is expected that the market will continue to be active in the coming months.