The Houston real estate market lost most of its 2020 momentum in April with a 21% drop in year-over-year sales and a 20% drop in total as seen on a survey released by the Houston Association of Realtors.
Even though March was fraught with corona-virus related turmoil for some industries, Houston’s housing market continued to strive. The city only began to witness impacts of the pandemic during the last week of the month after some transactions were interrupted.
Despite being hit by the pandemic, Houston home prices were relatively steady with a median sales price for single-family homes getting a 2.4% rise with $251,000 being noted as the highest price ever for April of any year, but the average price was flat at $310,331.
There was a drop in sales volume for every price point, with significant changes in both the low and high ends of the market. A 31.4% fall was witnessed by homes values at $750,000 and above. There was also a fall on leasing activities with just 4.1% fewer single-family homes and 9.5% fewer condos leased in April.
It’s not out-pacing last year, it’s not keeping up quite with last year, but it’s closer than we expected.
Every situation comes with a solution, there have been some findings to understand how clients could coup during this period. I can think of 2 ways the Houston real estate market can keep moving despite the pandemic.
Virtual Tours: This is where technology has a vital role to play. A virtual tour software is put in place to be used by both buyers and sellers to provide a virtual view of the property where interested buyers are given the chance to click through a 360-degree virtual look inside the properties. No one can risk hosting an open house to receive buyers for showings. 3D virtual tours have been here before the pandemic used by very occupied buyers with a tight schedule and can’t come for a showing.
Cash Buyers: Amid the coronavirus pandemic, cash buyers can successfully start and complete a real estate purchase without having to visit the property. All you have to do as a seller is contact them and submit your property details and every other document required. What's the difference between cash buyers and other buyers? You don't need to work with an agent, which means no commissions, no need to lists your home on the tight and complicated market, you get a fast and fair cash offer and your home, so you can sell fast and walk away with your money. Cash buyers will study your property and have it appraised to provide a full cash offer for you.
If you’re in the Houston area and need to sell your home, you may want to consider the above-listed options. First of all, provide a 3D virtual tour of your property where buyers can view your property. Or you simply contact a cash buyer and get your home sold fast and for top cash.
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