My wife is my realtor and good at what she does, but it is still tough to land a house in the Cypress area of Houston right now. Mostly just too many people competing to buy too few houses. This is an area where they are putting up a bunch of new homes, so I am almost wondering if the supply chain/construction lag may be pouring fuel on the fire when it comes to low supply? The home we looked at the other day, and offered 11% over asking on - thinking we were being borderline reckless/desperate - had over 60 showings on sat-sun, after being listed Friday. It is very stressful trying to land a decent house in the burbs right now. It's the perfect storm when you factor in mass adoption of work-from-home and flex schedules. Commuting 5 days a week was one of the only things keeping many people in these crime riddled, overpriced cities with crap schools.
One interesting thing has been what seems like a noticeable increase in homes going back on the market shortly after going under contract...I think a lot of people are paying $480-500k on a home in a bidding war, only to have the appraisal come back much much lower, scaring some of them off. It's not a crazy amount, but anecdotally does seem like an increase compared to recent years. A lot of people are naturally going to have second thoughts after offering $480k for a $435k home, only to have it appraise at $425k.