The real estate industry in Texas, like other sectors of the economy, has been affected by the COVID-19 pandemic and governments’ measures to mitigate the impact of the disease. However, according to an analysis by the University of Houston’s Hobby School of Public Affairs, real estate professionals in Texas have shown a remarkable resiliency and ability to adapt to social distancing guidelines to ensure minimal disruption to real estate transactions.
The school partnered with Texas REALTORS® in May and June to survey 1,200 members. About 80% of survey respondents primarily focus on residential, 5% focus on commercial, and 4% are property managers. Here are some of the survey’s findings:
- 55% believe that home prices will remain the same or improve over the next six months.
- 44% say that “lack of inventory” is the primary threat to their business, followed by “buyer access to financing” (34%) and “decline in buyers” (32%).
- 77% expect the number of foreclosures to increase.
- 62% did not apply for the Paycheck Protection Program or the Economic Injury Disaster Loan, while 13% applied for both grants.
- Respondents’ top policy priorities to support the real estate industry are job creation (34%), access to financing for homebuyers (27%), and ensuring liquidity in financial and lending markets (15%).
- 32% indicate feeling a high level of stress and 16% have a very high level of stress related to the COVID-19 pandemic.