THE TEXAS HOUSING MARKET
POST-COVID-19
Johnnie Morine
WWW.THEPOWERISNOW.COM
M
any Texan housing market experts foresee a slowdown in the housing market, but there is no way to tell how much and how long the effect will last. Before the coronavirus, the Texas housing market was one of the leading real estate markets in the country and had previously had five breaking records on a number of home sales as well as median prices. The home building industry in Texas has been solid over the years, with Texas having the highest number of building permits since 2019. Many economists are using the housing sector as a measure for the economy as a whole because the housing sector affects many job opportunities like that of builders, laborers, and several other professions. It also affects the moving companies and the furniture stores, which indicates that if the housing market experiences a boost, so will the economy. However, housing market experts foresee a slowdown in the showing of homes, which have begun to take a virtual turn.
l
37
pixabay.com
The coronavirus has had an effect on everyone’s life globally; there have been restrictions and new measures put in place to help people stay safe and healthy. Texans are also trying to adjust to the stayat-home order and, at the same time, trying to cover rising expenses. The coronavirus has caused a drastic cut in many people’s income, with unemployment rates soaring in the country. As a result, many housing and real estate agents state that it’s difficult to guess what the effect of the crises will be on the value of homes and also home sales.
