Real estate market at a standstill due to COVID-19

Local

HARLINGEN, Texas — It’s one of the biggest purchase many people will make, buying your dream home.

COVID-19 is changing all aspects of our lives including the housing market.

“Just so many unknowns at this time,” said realtor Azael Gomez “Understandably don’t want anyone to show their house. So, some are allowing for virtual tours. Some realtors are moving into online virtual tours and some are just holding off from selling.

COVID-19 can be spread from person to person. Realtors are considered essential employees. Azael Gomez is one of them and says the market now is at a stand-still.

“This is different we never had a pandemic that closes down the economy in our lifetime,” he said “One of the things that could cause is when things go back to normal could be a pent-up demand for buying, not enough inventory. But at the same time there could be a lot of buyers that don’t have a job and can’t buy anymore.”

For people looking to buy and sell now he urges people weigh their options. Gomez has been in the business for years and the pandemic now feels like the market crash in 2008.

“We also had Dolly, hurricane Dolly during the same year at the same time frame so it was a difficult time for us here as realtors and nobody was selling houses because they were damaged,” said Gomez.

With any crisis, Gomez believes there’s always a silver lining.

“There’s always opportunity in a crisis. The key question for any of us in real estate is where is my opportunity,” he said.

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