Flash Sales

Our Houston area housing market is hot, hot, hot!  In many cases, as soon as a home hits the market, people are lined up to see it and put an offer in on it.  I had heard about this sort of thing happening in California and Florida years ago but we've never experienced it here in Texas. One of my clients called me last week to view a home in The Woodlands.  It had just come on the market that morning.  I had scheduled the showing for noon the same day it had been listed.  When we arrived, there was already one Realtor inside showing it, another one in the driveway waiting to show it, we were third in line and another buyer was waiting for his Realtor to show up.  It's not unusual to see homes in the greater Houston area receive contracts the same day they are listed, many with offers well above list price.  These are called Flash Sales.   There is a housing shortage in Houston.  New home starts were almost nonexistant from 2010-2011 and fewer homes have come on the market compounding the problem.  In February 2013, we saw a 15.5% increase in sales over the same month in 2012 with a 3.6% housing supply which is the lowest since December 1999. If you're in the market to purchase a home, be prepared.  Make sure your Realtor knows and understands the current market, have a preapproval letter in hand and be ready to make an offer if you find the home you want.