RICHARDSON (CBS11) – Multiple offers in a matter of hours: it’s become the norm in North Texas’ red hot housing market.READ MORE: Small Business Saturday Offers North Texans Another Day Of Deals And Steals
No surprise then that frustrated buyers are now looking to get creative to close the deal.
“I posted on our neighborhood social media,” says Richardson homeowner Jennifer Justice. Justice was able to avoid the new home bidding war by buying her childhood home from her mother. So, she wanted house-hunting friends to join her in the hometown she loves: but, in this market? Not having much luck with that.
“They’re having a very difficult time,” says Justice, who commutes to her law firm in Frisco. “They viewed a house, loved it, ‘let’s go ahead and make an offer’. Before noon that day, she went back to make an offer and it had already been sold to an investor.”
At least that house made it on the market. Many do not.
“I knew of a neighbor just down the street that owned two houses, and just a month before sold theirs, and I never even saw it on the market. I don’t know if they knew someone or if an investor swooped in there and got it really quickly.”READ MORE: TCU Falls 48-14 To Iowa State
So Justice had an idea that she hoped would give her friends a heads up that a home was coming on the market. She posted her friend’s search along with personal details like the fact that the couple is expecting a baby in June to NextDoor.
“I got one response…unfortunately, it was out of their range and needed more work than they could handle.”
Which brings up another concern: when there’s more buyers than houses, prices are sure to rise. And despite the fact that experts have warned that the market is in danger of overheating, it’s still showing no signs of cooling down.
And those rising prices are keeping many potential first time buyers, renting.
“Just in our neighborhood a couple of houses have been torn down and built back up and are selling for almost double some of our home values,” says Justice, “so that will be great for our home values in the long run but for first time home buyers, not so much.”MORE NEWS: Happy Black Friday! Experts Predict 159 Million People Ready To Shop This Weekend
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