Graph by HiGeorge.
“What we’ve seen nationwide, but especially in Texas with the migration to Texas, is a huge housing boom like we’ve never seen before,” he says.
When buyers realized the game had gotten so extreme, Betbadal says they were more willing to bid higher on a home than they would have or accept less than they might have just to get into a home.
“It’s almost like house mania, if you will,” he says. “You just wanted to get in on something just so that you could.”
Another factor driving the demand for homes is an influx of people from other states, such as California and New York, who are looking for lower taxes and more space, says Whitehead, who’s been at Churchill for 11 years.
But that’s not the only reason.
“People know they can sell their house. That’s not an issue,” he says. “But where do you go? You’ve got a lot of pent-up hesitation because, I know I can sell, but where do I buy?”
As we slowly come out of COVID, Betbadal predicts homeowners will be more willing to move, which may result in more inventory.
“But it’s not necessarily going to solve all the problems,” he says. “It will be a little stream of homes. It won’t be the exact supply that’s needed, but it will hopefully help the situation.”
Like all markets, the pendulum will shift. Betbadal cannot predict the future, but as interest rates begin to rise and homes become more expensive as a result, the demand may be tempered.
“Maybe this is the beginning of normalization for the market,” he says.