HTX Real Estate Market Update– What is Changing?

ULR Friends and Family —

The coronavirus has fundamentally changed life as we know it, and we are getting questions from our buyers, sellers and friends about what this means from a real estate standpoint. While the Board of Realtors has released their preliminary numbers, as agents we are out there seeing some interesting trends that we wanted to make sure our clients and friends know:

The coronavirus pandemic is going to have long-reaching consequences—some of which might surprise you:

For example, there could be a reverse in recent trends of where people choose to live.

Over the past 30 years, people have increasingly preferred cities to suburban life. We have seen a major urbanization and draw to living closer to the office.  In fact, each new generation of young people has been more likely to move to cities and many stay even after getting married and having a family.

Post coronavirus, that may well change.

The obvious reason is health. Suburban areas are less crowded with less unavoidable interaction and possible exposure,

Another reason is that Stay Home—Work Safe orders can be harder to endure in an urban setting. By comparison, a property in the suburbs generally offers more space, a backyard, and easier access to areas for biking, jogging, and spending time safely outdoors.

Additionally, with the change coronavirus is causing to the workplace, many people will continue to work from home after the pandemic passes. Along with dropping gas prices, this makes commute times a much smaller issue.

Unsurprisingly, a Realtor report states that the pandemic is shaping key features people are now looking for in their future home. These include more bathrooms, bigger office space, bigger pantries, and more freezer storage.

With the pandemic still ongoing, we hope this information will be helpful if you were thinking of moving now or in the near future.

The Rental Market Remains Strong:

Many of our clients have investment properties that they are looking to lease, and have been hesitant to list in the current economy. Renters are actively looking, and although many people have been furloughed, as the economy comes back to life, that is starting to change. Now is a great time to lease and or list your rental property.

If you are interested in buying or leasing a home, you can see our listing of available properties here:

Click here for our available Houston properties

With home sales nearly stopping at the end of March, things are shifting. Demand is increasing with HAR reporting a 60% increased search traffic and inquires from this time last year. If you’ve been thinking of selling don’t worry, the market is still moving and we are anticipating an uptick as Realtors® and clients adapt to using virtual technology to safely market, tour, and close transactions.

According to a HAR report, prior to April, Houston home sales had been outpacing 2019’s record volume as buyers took advantage of historically low interest rates. Despite the slowdown in April, average sale price for 2020 are still running ahead of last year’s level.

Please do not hesitate to call or email us if you are wanting to buy, sell or lease. The pandemic is going to have long-term consequences and things are changing day by day, but we stay on top of Houston market conditions and trends. We can help you make a smart decision given your particular situation. So if you have any questions—if you’re buying, selling, leasing, or just looking for advice—reach out- we are here to help!

Your friends at ULR Properties