As a natural result of the pandemic, the Texas Real Estate market is headed for a slowdown, with the first question being for how long. Experts are worried for regions like the Permian Basin and Houston, which can feel the economic effects of the pandemic as well as the low price of oil.
According to Sharon Brier, a renowed Greenwoodking Realtor from Houston, the situation is currently quite changing. “As a result of the pandemic, the market slowed down naturally and for those who are in a tight situation to sell, their prices were adjusted to show motivation. Some owners took their homes off the market. Real Estate is still considered an essential business however. It was an adjustment at first but HAR has put some guidelines in place. ONLY VIRTUAL open houses are allowed. (The feature Open House was eliminated from the website). “
Based on the last two decades, every major crisis that has come to Houston (e.g. 2008 stock crash, 2015 oil crash, Hurricane Harvey) has taken about 18 months to materially show up in the real estate market.Houstonproperties.com
From the above statement, as well as other sources, it can be understood that the economical crush and crisis’ effects have not yet been felt to it’s fullest extent. However, Houston has already started feeling the consequences of the pandemic.
“We’ve seen about 1,000 less homes on the market right now at this moment than we would have in 2019,” Klam said.”We’ve seen buyers pull back, not only because of what’s going on in relation to stay at home orders, but also many criteria have changed.”
However, Realtors are starting to utilize their online infrastructure in order to still benefit from their clients. Here is where the Tech industry comes to the rescue, providing platforms for businesses to enable them staying in touch with their clients and potential leads.
In the last three weeks, we have had a huge demand on Realtor personalised websites. Realtors also requested video creation for listing videos showcasing the properties for sale. Agents are starting to feel the decrease in sales, therefore are looking for easy solutions to establish an online name and presence to ride the wave during the crisis!Yullux.com
As reported by Sharon, many cities rely on platforms such as Zillow, however the Houston Board of Realtors currently uses a platform named HAR, where Realtors are able to manage listings. Zillow is said to have the 2nd place in Houston after HAR. Many agents are utilising online infrastructure to combat the crisis, some using more general platforms such as Zillow, HAR, Trulia, while others also play the extra safety card by getting their own website with their own listings and leads, in order to grow their own imagine instead of pushing their agency. In today’s highly competitive market, you can’t afford to push your agency instead of your own listings.
It is well known that general platforms such as Zillow, usually look for their own interest, by trying slowly slowly to remove agents in between their leads and the platform. This is where having your own website as a realtor, is the best investment you can make for yourself. Agencies such as Wulluw, offer realtors their own website and platform for as little as $75 monthly, giving agents no excuse but to invest in themselves and their business.
Companies like Wulluw are seeing a boom during Corona crisis as agents and agencies have realised the increased benefit of allowing clients to have a great customer experience viewing properties online, from their own website.Wulluw.com
Needless to say, that whenever there is a crisis there is always a bounce back of the market in the future. As a result, realtors take all precautions by building a strong backbone to their personal brand, waiting for better days to come.
If you are looking to buy or sell your house in the Houston area, you can contact expert Sharon Brier on 713.882.9800 or by email on firstname.lastname@example.org.