The housing market is slowing down due to the coronavirus pandemic.
As home listings have decreased by about 5%, listing prices have increased due to the low demand and stay-at-home orders issued in Texas counties.
In the Houston-area, there are fewer people listing homes for sale, according to the Houston Association of Realtors.
According to Chairman John Nugent, real estate workers, who were designated as “essential workers” by Gov. Greg Abbott, are highly encouraged to use online resources such as Zoom to conduct virtual open houses and sending documents electronically.
However, even with social distancing protocols in place, real estate experts are still unsure when the market will begin to bounce back.
"We don’t yet know what percentage of that downturn is a reflection of our members’ commitment to narrowing down selections through virtual showings, sellers declining to allow their homes to be shown, or buyers unwilling or unable to move forward at this time,” said Cindi Bulla, Texas Realtors Chairman.
With the market in a bit of a struggle, experts are unsure when things will improve and if there will be a surge of foreclosures.
For those open to buying a foreclosure, there is availability with interest rates at an all-time low.