“Demand is heavily influenced by employment numbers, and those numbers will depend on how long our employers can sustain under shelter-in-place orders.”. But even that might not be enough for people who are unemployed for longer periods of time. "People locally, I can't see them changing their plans one way or another unless it gets much worse.". Already, experts are seeing slowdowns in home showings — which are now largely done virtually — and expect that permits for new construction might also drop. "That was shocking to me.". “We don't yet know what percentage of that downturn is a reflection of our members' commitment to narrowing down selections through virtual showings, sellers declining to allow their homes to be shown, or buyers unwilling or unable to move forward at this time,” Bulla said. 5 Reasons You’ll Want a Veteran-Friendly Real Estate Agent, Bundle Up! COVID-19 Case Map; Coronavirus in Texas The Texas real estate market is headed for a slowdown. JOHANNES EISELE/AFP via Getty Images. Amid market turmoil, investors tend to pull money out of the stock market and park it in safer, more stable U.S. Treasury bonds. Comptroller Glenn Hegar said last month that the state's unemployment rate could be headed for double digits, which could exceed the historic high of 1986's 9.2% unemployment rate. April 7, 202012 AM. Disclosure: The Texas Association of Builders, Texas Realtors and the Texas A&M Real Estate Center have been financial supporters of The Texas Tribune, a nonprofit, nonpartisan news organization that is funded in part by donations from members, foundations and corporate sponsors. But, at the same time, home prices increased 3.6%. unemployment rate could be headed for double digits. Mortgage interest rates have dipped, and the already sluggish luxury real estate market has depended in recent years on an injection of Chinese buyers. Yes, Houston would be hit harder, but Midland-Odessa would be hit even more,” said Torres. Click Follow Search to get alerts on new listings. “[Homeowners] might try to sell a home at the best price that they can, and that might be with a discount, and that could have an effect on home values.”. Three unrelated clients asked her this question, which she was legally unable to answer due to fair housing laws. A lot depends on how long the twin troubles last. The question is for how long. by Juan Pablo Garnham As Texans adjust to life under orders to stay at home during the new coronavirus pandemic — and scramble to cover expenses with incomes that were drastically cut or abruptly shut off — housing and real estate experts say it’s hard to predict what the parallel public health and economic crises will do to home values and sales. Contact her at email@example.com. These affluent buyers are worried about medical care, strikes, and more unrest back home, and are looking to the U.S. as a safer option. As a nonprofit newsroom, we rely on members to help keep our stories free and our events open to the public. Real estate broker Amy Kong is seeing fewer folks attending open houses marketed toward Asian buyers. Experts are concerned for … “This is going to be an important issue that we are going to face after the sudden stop [of the economy] ends.”. Chinese buyers may flock to the U.S. again for the same reasons. “We definitely will have a slowdown, but the question is how much and how long,” said Scott Norman, executive director of the Texas Association of Builders. Winter’s Home-Buying Game Has Changed.