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Did the Coronavirus Pandemic Crash the Real Estate Market?

Did the Coronavirus Pandemic Crash the Dallas-Fort Worth Real Estate Market?

Did the Coronavirus Pandemic Crash the Dallas-Fort Worth Real Estate Market? That is the question we have all been asking since the lockdowns began. Amid dire predictions, so far the DFW markets have outperformed much of the United States. That is encouraging. It is too early however to ignore the economic uncertainty amid business closures and high unemployment. But for now, the real estate market in DFW appears resilient.

Bold Claims

Here are the numbers: Zillow predicted 60% drop in home sales in April. Once the data started coming out, they “revised” their prediction to 44% drop. (Source)

Believing home values would go down, Zillow actually pulled their Zillow Offers home buying program. As part of cutting expenses, they also cut ad budget. (Source)

Compass laid off 15% of their workers. (Source)

Realogy: (owns Better Homes and Gardens, Century 21, Coldwell Banker, Corcoran, Sotheby’s) Cutting hours and salaries for the majority of their over 10,000 employees (Source)

Redfin cut 7% of staff and have laid off roughly 41% of their agents, and cut some salaries. And stopped RefinNow (Source)

But not everyone had such negative predictions.

Financial guru Dave Ramsey did not predict a major nationwide housing crash, and predicted it would be limited to markets that would not allow businesses to open and people to go to work. (Source)

Gary Keller the CEO of Keller Williams, had already been preparing his agents for a market “Shift” for the last few years, and continued that mantra when the pandemic hit. (Source)

Back in 2009 in the middle of the housing crash, he wrote a book called “SHIFT: How Top Real Estate Agents Tackle Tough Times.” (Source)

Over the last few years Keller Williams has invested hundred of millions into developing a new technology platform for KW agents and new training initiatives, and offering guidance on how to cut expenses. (Source)

Market Update: Median Home Values

(Note: It is possible for minor differences to exist between reports from different organizations)

Market Statistics from MetroTex Association of Realtors.

Local Market Update from North Texas Real Estate Information Systems, Inc. (NTREIS)

Collin County Market Review from the Collin County Association of Realtors (CCAR)

Real Estate in DFW

For real estate needs like buying or selling a home in Dallas, contact The Burke Team with Keller Williams. If you need help outside the areas they serve, they will assess your needs and find you an agent wherever you need, even outside the State of Texas.

Written by Daniel Burke

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