Years from now, what will people remember about the COVID-19 pandemic? Social tensions? Hand-washing jingles? Those following the economy will perhaps recall the housing market’s surprising resiliency.
Few expected such a rapid recovery in the housing market, especially after the last recession caused by the mortgage market collapse. Unlike last time, the housing market may end up the economic hero of 2020.
Read full article at Texas A&M RE Center.
Despite the toll the pandemic took on the Texas economy, the state’s housing market is faring well overall. Sales continue to rise, and new construction is up. While homeowners are confident about being able to pay their mortgages, renters, who generally have fewer financial resources, are less certain.
Markets all over Texas are having bidding wars in each and every house in all different price points. No exceptions. It’s really surprising to many of us even realtors alike. I hope it’s just short term and once the supply goes up eventually in spring-summer of 2021 things should come back down bit and normalize in 2022 possibly. We can only wait and see.
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