By Rene Cantu
The pandemic brought about a whirlwind of anxiety over Houston homeowners, which remains to this day. Of the top ten most populous cities in America, Houston boasts the most homeowners. Because of that, the city’s real estate market has felt the impact of COVID-19 more profoundly.
A survey of Texas Realtors by the Hobby School of Public Affairs explored how the pandemic’s tentacles reached deep into Texas’s real estate market to stifle sales, throttle prices and strangle realtor income.
“The pandemic has forced the real estate industry to change how they do business, just as it has in other sectors,” said Sen. Kirk P. Watson, one of the principal investigators for the study, in a press release out of UH. “Almost two out of three said they have or might lose deals because of the pandemic. They are worried about the economy. Despite that, most realtors are relatively optimistic about the long-term prospects.”
The study conducted by the Hobby School can help local leaders make more nuanced and informed decisions related to general welfare, local economy and policy.
“The information was also important for the Texas Realtors Association, realtors, policymakers and the general public to decide the best course of action to mitigate the impact of the pandemic on the livelihood and wellbeing of Texans and Houstonians,” said Pablo Pinto, another principal investigator for the study.
A third principal investigator, Sunny M.C. Wong, chimed in to give his perspective on how this study helps Houston wade the waters of uncertainty, “Based on the survey results, we find that households’ financial stability and healthy labor market conditions are essential for supporting the real estate sector.”
“I think these results can help local leaders make better policy decisions that affect Houston,” Wong expanded.
Image: Getty Images/E+/Art Wager
