What is happening with the Houston Housing market? The Greater Houston area with its strong economy and job growth is a strong sellers market (with a few exceptions of some locations where there are a large number of new construction or low demand for the area).   This means that there are more people looking to purchase a home than there are available properties.   Often, this results in multiple offer situations, with many buyers paying a lot more than the asking price.

We all know that in multiple offer scenario only one offer will result in a sale.  Therefore, you want to present your best offer, have a strong pre-approval letter, limit seller concessions, have a short contingency period and be very flexible with closing date.  Still, many buyers find themselves caught between a rock and hard place.  On the one hand, they gradually realize after losing out on a few properties how competitive the market is.   However, buyers have to keep in mind that a home with a sales price driven up by multiple offers, in most instances will not appraise.  The buyer is then stuck with either paying the difference out of pocket or walking away from the deal if the seller won't budge. 

Your buyer-representative should not only explain the pros and cons of these, but provide you with a detail buyer CMA analysis of that location within the last 90 days.  In a fast moving market, 90 days is a good indicator of how fast prices are increasing in that neighborhood.   

Buyers who want to find a property in this market, need to not only be able to act fast by looking at properties the first day they hit the market, but remain open to properties that are not in pristine condition.  Properties that are upgraded and in great shape tend to be the most competitive and drive up the highest offers.   Keep an open mind and look at homes, that with a few adjustments can meet your needs.  Nevertheless the decision of what properties to look at and how much to ultimately to pay, is always the buyers to make.