Quote:

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Breakdown of rough details on winning offers we have lost to in the last 4 months:
1st Lost Offer- $75k over asking, all-cash, 10-day close, no option period, no claw back
2nd Lost Offer- $50k over asking, all-cash, 14-day close, 4-month free lease back
3rd Lost Offer- $100k over asking, all-cash, 14-day close, no claw backs
4th Lost offer- $100k over asking, no realtor fee, all-cash, 14-day close, 2-month free lease back

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Wow - that's crazy. I keep seeing prices increase in the Heights as well. One of the popular local spec builders just paid $115/ft for a tear down lot down the street. So much for the "softening"...

Divergent economy. I think that's why this 'not a recession' is confusing people.

I have a client looking to finance $700K on a $950K purchase. He lost out of 3 or 4 houses even though we had underwritten the file, issued an approval letter subject to contract and appraisal. Obviously with prices rising in this market segment appraisal matters to a lender because financing is a percentage of the lower of appraisal or sales price. He lost the houses because he wouldn't waive the right to terminate due to appraisal. Once he did that and went well over list price he finally got a house under contract.

Here's a $1MM-$2MM new Heights home you can pick up without getting into a bidding war.

https://www.har.com/homedetail/714-e-13th-1-2-st-houston-tx-77008/3076086

Sellers have been trying to move it since last August (HAR days on market is a farce) and the carrying costs have got to be mounting.

"Heralded builder" Woodrock Homes.

NORTH TEXAS / DFW

For anecdotes see new post featuring May data. For some reason April data is not available.