August 01, 2020

In May and June, the Hobby School of Public Affairs at the University of Houston asked members of Texas REALTORS® how the COVID-19 pandemic has affected their real estate businesses. Here are selected findings from the survey results. You can find the full report at uh.edu/hobby/realtors/.

How will the 2020 home sales market compare to 2019? 18% Decline dramatically 45% Decline a little 18% Stay the same 16% Increase a little 2% Increase dramatically

Top challenges once you can conduct business normally Lack of inventory Buyer access to financing Decline in buyers

Income expectations for 2020 23% Increase 19% No change 59% Decrease

51% of members lost transactions due to the pandemic

Are you worried about economic recovery? 50% Somewhat 29% Very

What threat does the pandemic pose to your business? 39% I’m adapting by learning new skills and strengthening client relationships 36% It’s a short-term hit; things will get back to normal 5% It’s going to put me out of business 20% Not sure

81% of members found the COVID-19 information from Texas REALTORS® helpful

Which concern is more important? 42% Risk that a loved one contracts COVID-19 58% Economic downturn

38% of members applied for a Paycheck Protection Program grant, an Economic Injury Disaster Loan, or both. Of those who applied, 63% received funds

23% of members applied for unemployment benefits and received payments 9% applied for unemployment benefits but had not received payments

1% of members contracted COVID-19 1% had a household member (other than themselves) contract COVID-19 38% know someone outside their household who contracted COVID-19

80% of property managers reported at least some tenants failing to pay timely rent in April and May

33% of members with active listings reported their clients were concerned about people entering their homes

30% of members experienced delays due to courts or government offices being closed

51% of members taken continuing education courses during the pandemic