Yesterday, Sunday, March 22, 60 new homes were listed in the MLS which is about 50% more than the preceeding Sundays. While the homes coming to the market isn’t slowing, the number of them going under contract is a different story. While there is a bit of a lag with some agents changing the MLS status, it appears that the number of contracts over the last several days has dropped about 30% from the same time frame in the prior weeks.
I expect that Austin/Travis County will go into full stay-at-home mode this week and that Williamson County will follow a day or two later. Real estate will likely be classified as non-essential so we will grind to a halt. Construction will likely be considered essential so new home building will probably continue. There will be the occasional house that sells sight-unseen, but inspections and appraisals won’t be done (or shouldn’t be done is perhaps a better way to say it). Whether transactions that are ready to close will be able to finish the process after the stay-at-home order will depend upon how the title companies respond.
The Texas Association of Realtors has created a new contract Addendum that deals with covid-19 related delays so we will be working them into the contracts as needed, if the parties desire.
When the stay-at-home order is lifted, I expect the real estate market will come roaring back.
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