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What’s Happening in the Houston Real Estate Market?
Manage episode 156242306 series 1181693
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Today, I want to talk to you about a market condition that is starting to happen more often. This isn’t something that happened when Houston was in a seller’s market, but now that we’re in a balanced market, buyers have started making an offer on a home, executing a contract, and then continuing to look for homes.
If the buyer finds another home they like better, they will secure that home under contract and terminate the initial contract. The Texas real estate contract lets the buyer out during the termination option period with a very insignificant penalty to the buyer.
This drives sellers and agents crazy, but buyers have the upper hand in this market. We haven’t seen this happen before. Now, just having your home under contract is not a sure thing. It used to be that if problems arose during the home inspection and the buyer and seller couldn’t negotiate a deal, then the buyer would walk away.
That’s not happening as much anymore. Now buyers are just finding a home they like better, and they have a lot to choose from. In our current market, there are 5.5 sellers for every buyer to choose from.
If you have any questions, just give me a call or send me an email. I would be happy to help!
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