How real estate is being sold during COVID-19 in 2021 in Houston

The COVID-19 pandemic has brought significant changes to the real estate market, and Houston, like many other cities, has seen a transformation in the way properties are bought and sold. In this article, we will explore the impact of the pandemic on the Houston real estate market, highlighting key trends and shifts in demand. Let’s delve into how the real estate industry has adapted to these challenging times.

The rise of houston house buyers

Houston house buyers have emerged as a vital solution for those looking to sell their homes during the pandemic. In March 2021, despite a declining sales trend due to a shortage of available homes, home prices in the U.S. reached an all-time high. The National Association of Realtors reported that the median sales price for completed homes by early April had reached an impressive $329.1 thousand, marking a significant 17.2 percent year-over-year increase. Although home sales in March were down by 3.7 percent compared to February, there’s no need for panic. The real estate industry has undergone a substantial transformation in response to the pandemic, shifting not only property viewings but also the buying process itself into remote mode. Nowadays, almost everyone has access to mechanisms for online sales, and even those without their own online infrastructure can leverage third-party platforms.

Changing preferences in the Houston real estate mmmarket

One of the most notable changes in the Houston real estate market is the increased demand for new homes. People are now looking for properties they can move into immediately, bypassing the traditional route of buying a house and then renovating it over the course of a year and a half. The pandemic has accelerated the desire to own a modern smart home with reliable high-speed internet connectivity. Some real estate firms report that as many as 7 out of 10 inquiries are for new or fully renovated and upgraded properties.

Major changes in demand for real estate in Houston:

• Brighter and More Spacious Properties: People are gravitating toward properties with larger rooms, open spaces, and the ability to work remotely from home. These features contribute to an improved quality of life, especially when more time is spent indoors.
• Turnkey Renovations: In 2020, there was a significant demand for homes that had undergone turnkey renovations. In the capital city, for example, sales of houses with quality repairs increased by 65% in the overall market and by 70% in the business class.

A shift in property preferences

Another noticeable change in demand is the type and size of properties that are currently in demand. The pandemic has instigated a desire for more freedom, space, and access to fresh air. Quarantine in 2020 made people rethink their living situations, revealing shortcomings in their homes. Many realized the importance of having a garden, patio, or spacious terrace for outdoor enjoyment. Features that were once considered optional have now become vital for enhancing the quality of life.

Conclusion

In conclusion, the COVID-19 pandemic has had a profound impact on the priorities of homebuyers in Houston. People are now considering larger homes or properties in the countryside with spacious plots of land. The trend of having family members in separate living spaces has also gained traction during the pandemic. These changes in preferences are a testament to the adaptability of the real estate market and its ability to respond to the evolving needs of its clientele.