TYLER, Texas — They say cash is king, but in the East Texas housing market, buyers have to act at warp speed to even have a chance.
"I think we wrote the offer on the hood of the car. Like, we were like 'we're not leaving until the offer is submitted,'" said Rachel Johnson, a recent homebuyer.
It's the new normal - a housing market that's still red-hot, with fewer houses to go around.
For Johnson and her family, it became a rush just to find a place to live.
"I think we offered on seven houses in a matter of like, three weeks or something. We were offering on houses that we didn't even want necessarily," she said.
From 2020-21, 6% more homes were sold in five counties in East Texas. That's as the number of houses for sale dropped. There were nearly 40% percent fewer homes listed in 2021 than in 2020.
Along with the increase in sales, there is more interest in expensive homes - a trend that's common in Texas' larger cities, but a new one for East Texas
Leslie Cain, Owner of Leslie Cain Realty, says buyers are responding to the market by putting more skin in the game.
"We are seeing more cash and a higher down-payment," she said.
All cash offers, waived appraisals and no inspections are all common things in today's housing market. It makes it even harder for a traditional buyer to get ahead.
Rachel Johnson's family struggled to compete against all-cash offers.
"With our conventional loan, we [weren't] able to offer over asking price...if the home then doesn't appraise for the value that you offered, then your deal falls apart," Johnson said.
As for the reasons people are moving to East Texas, some are looking for more space inside, while others are looking for more space outside.
"We've heard that a lot, that they stared at their walls too long, and it was too tight of a space for their whole family," Cain said.
Whatever happens, remember - in today's market, it's a marathon and not a sprint.
"I would say be patient, because you don't want to get in a situation where you bought a house that you didn't actually want," Johnson said.