Home builders were swamped with buyers as the areas had strong job growth in 1997 and 1998. Shortages of lots, labor and building materials developed and buyers typically had to wait six months or longer for their new homes to be built. Builders raised home prices. Facing longer waits and higher prices, many home buyers turned to the used home market. Houston's home market has become a seller's market.
Sellers often have two or three buyers clamoring for the same house.
Selling a house in one day is not uncommon. In today's market, buyers have to be ready to act immediately if they find the right house, or else it could be scooped up by another buyer in a matter of hours. Home buyer Janet Hoffmann thought she had a deal to buy a home in Ashford Forest this summer. Hoffmann had agreed verbally to buy the modestly priced home, and thought the seller had agreed to the terms and was ready to sell. Hoffmann left a written contract with the seller, but the deal changed over the weekend.