The roads filled with loud horns are now empty! The sixth street feels empty like never before. Most of the famous places are turned into health-care zones which is the outcome of COVID-19 in Austin. The energy of Austin has drastically come down due to this outbreak. It has changed the lives of people in so many ways and what could be the scenario for real estate? That’s what we are about to look into this blog post!
COVID-19 is taking a steady rampant across Austin’s housing market and real estate sector. It has also ended up 11 years of economic expansion. Austin’s market is deeply affected by this pandemic, but the effects will fall apart shortly. In early February, Austin board of realtors reported that the home sales have improved towards 6.8 but after the outbreak of pandemic social distancing has made a huge effect on the home sales market.
Since COVID-19 viruses are more crowded than the people of Austin, it has started building its own territory on many surfaces. To keep buyers away from the virus, most of the sellers have come up with a virtual tour option. The virtual tours are great in navigation and most of the tours are bound together with AI which makes it human friendly! Users can simply install them in their smartphones and look out for their property by staying behind their protected zones.
Reduced sales activity
On taking a look at Zillow and enriched real estate tools, the sales activity after the mid of the march has reduced in home sales. Like many people, this recession will follow up a great come back! Austin markets are triggered down by the COVID-19 and it can improvise soon when the virus finds a way out of humankind!
But people are looking out for more increased activity when it comes to planning for the purchase stage. Since Austin is one of the best places to have a peaceful living in Texas, many great thinkers use this phase of pandemic and make their moves in buying or proper eyeing on a property. Austin’s housing marketing will find its way back to normal because there are no huge fallbacks out of this situation. Both commercial and residential real estate are finding it a little difficult to move ahead with sales.
The stats are suggesting this situation will recover soon because Austin has got a history of 152 people moving in every day for the past decade. This recession will have short term effects and no long-term breakdown in the financial markets. Most of the financial experts are expecting the real estate market to flourish within the Q4 of 2020 since Austin has got a strong fundamental economic background. In the last decade from 2010 to 2019, the home sales are improved the median home prices improved from $193,520 to $318,000. So, this downturn due to pandemic will fade away and Austin’s market will soon bloom back to the way it was! Prospecting homebuyers need to wait and resume to purchase your property in a few weeks.