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A 2020 Texas Real Estate Market Preview
As we round out 2019, it’s important for businesses to look ahead at the upcoming year. While we face a lot of uncertainty in 2020, we can still look at projections and prepare for what is likely coming.
The Texas real estate market is slightly tricky, but the experts at Michael Page have some insight for businesses to digest.
As usually happens in any given year, real estate hiring will likely pick up in January of 2020. After the first quarter, however, many businesses will see some attrition due to standard bonus structures. As the election nears in Q4, we will see some hesitation in many businesses to make any changes as the nature of the market will be uncertain. After we have election results, though, December should see some normalization in the market.
Many people do expect some kind of recession to happen in 2020. We often see a drop in the economy in both election years and at the start of a decade. Since 2020 has these two factors at play, many are bracing for an impact. Experts do say, however, that any impending recession will not compare at all to the one we experienced in 2007-2008.
If a recession does occur, even one considered mild, this will surely affect hiring across all markets and industries, causing a slight slowdown.
Why Texas is Different
The real estate market in Texas is a little unique. Here, real estate is very much family-oriented. Therefore, businesses only want to hire when they are sure they can keep these people on for an extended time. These businesses like to do right by their people, which is commendable, but also adds some complication.
Additionally, the Texas real estate market is strong and has been for a long time. As such, management is reluctant to make changes. “If it isn’t broken, don’t fix it,” tends to be the mindset here.
These factors can be a detriment to the industry, as Texas real estate is typically behind the curve compared to other markets. Reacting only when absolutely necessary is not always the most prudent way to operate, so some businesses find themselves left behind.
How to Respond
Because the nature of the market will be so uncertain in 2020, it is a good idea to have some outside help. Texas real estate is an individual and niche market, so having expert help that understands the way it ebbs and flows can be invaluable, especially next year.
Forging a relationship with one of our expert Recruitment Consultants can make all the difference in this case. Our team is localized, but also have national and even global knowledge which can provide essential insight as you make hiring decisions next year. With in-depth knowledge of the talent pool and market trends, we can assist any Texas real estate businesses as they navigate growth trends in 2020 and beyond.