Houston housing market: Families struggle to buy homes in competitive market

Tough time for families looking to buy a home

Katy – In their 23 years of marriage, the Kallals said they’ve never seen anything like Houston’s current housing market.

The Kallals, who just moved to Houston from Chicago, are in the thick of looking for a home and said it’s like being in the fast and furious.

Looking to settle with their four kids in the Cinco Ranch area, the couple has missed out on four homes, including one where they not only offered $25,000 over the asking price, but they also sent a heartfelt letter to the seller to explain why they would be the perfect buyers.

“You’re not just selling to somebody with a checkbook,” is what Bill Kallal was trying to express in the letter. “You’re selling to somebody that has a heart, that has a family, that has a need.”

The seller went with a higher offer.

The Kallal’s realtor is Mary Watts who knows the Houston market well. Like most realtors, she’s been busy this year.

“My record was 81 showings in 36 hours and 27 offers,” she said.

Watts says right now the name of the game is speed and making sure your offer covers all the bases.

“When you have 27 offers, and all of them are $25,000 to $30,000 to $50,000 over the asking price, it really comes down to the very small details,” said Watts.

The Kallas said their advice to others would be to expect the house to move fast, but not the process.

“Don’t anticipate it to move quickly,” advised Holly. “It’s going to take a little bit of time.”

How long is this spike expected to last? Watts said with interest rates below 0.03%, coupled with a lack of inventory, she believes the spike will likely last through the end of 2021.

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Emmy Award-winning anchor, husband, dad, German Shepherd owner, Crossfitter, Game of Thrones junkie, chupacabra hunter.