Texas housing markets are hot right now, and in some cases, that’s a vast understatement. In parts of the state, homes are selling for tens of thousands of dollars or more above the asking price, sometimes immediately after a home goes on the market.
Texas Monthly Senior Editor Peter Holley was curious about what the bonanza has been like for real estate agents. He recently wrote about it for the magazine.
“These are folks who have been in the industry for years,” he told Texas Standard. “They’re shocked by what they’re seeing out there. For this article we wanted to capture that sentiment because we figured there was no better people to talk to than the experts who were used to how the housing market typically operates in Texas.”
What’s happening in Texas has been dramatic, with some prospective buyers waiting hours for a home viewing. But the problem isn’t exclusive to Texas; Holley says it’s happening elsewhere in the country and has intensified because of the pandemic as people look for more spacious homes.
Another wrinkle is a housing shortage, which means more people are competing for the same properties.
What makes Texas unique, he says, is how many of its cities have had pandemic real estate booms.
“Houston, Austin, obviously, and Dallas have become destinations for Californians and people all over the country seeking a more laid-back and open lifestyle,” he said.