Home buyer Juan Gomez is having a hard time keeping up with North Texas real estate.
We met him at the latest place he and his wife Juliana had planned to make an offer for, but they were met with disappointment on Tuesday.
"It's already off the market," Gomez said. "It already has a contract on it."
Their mistake — which they have made "Not once, not twice, but three times" — is that they thought it over for a few days.
"The market doesn't even allow you to think right now," Gomez said. "You walk out, and it's gone."
"We literally are in a line to get into the house, and there is a line waiting for us to get out," he said.
It's gotten to the point many of Nuncio's clients are offering more than the asking price, and some have even been placing offers on homes sight unseen.
"This market is by far the craziest I have seen since I have been in this business," said Nuncio, who has been a Realtor in North Texas for 10 years.
It's all about supply and demand. Right now, experts say, we have about a four-month inventory of homes for sale in North Texas. In the really hot spots locally, there’s just a three-month supply.
Ideally, there would be twice as many homes for sale, said Bill Head, spokesman for the MetroTex Association of Realtors.
"A lot of the inventory numbers haven't been this low since 1990 or earlier," he said.
Part of the reason is that North Texas has caught the eye of investors. In fact, in the past four months, a single real estate mogul from the West Coast has snatched up more than 300 homes here. Head said that’s a huge grab — even in a large market.
"It's certainly overwhelming, that's for sure," Head said.
Speaking of overwhelming, as Juan and Juliana Gomez exited their latest missed opportunity on Tuesday, they entered their third month of house-hunting.
"On to the next one," Juan said. "The search continues."