Real Estate Agent · Georgetown/Austin and Houston TX · Member since 2019 · 4 posts · 6 votes
Howdy Bigger Pockets Peeps, As an agent in Austin TX, I have felt the inundation of California Natives to the Hill Country of Texas. This exodus has only just started but it has had a fairly significant impact on our market giving us a large amount of demand for both rental and luxury properties and a lack of supply (30% less supply than Q3 2019). Have my people inlaces like Nevada,Tennessee, Florida experienced this as well ? I am just curious about the current state of home demand in California and if the home prices will somewhat plateau or if they will depreciate. I feel that it is important to point out how geographically amazing California is, meaning that there will always be some demand to live there even if you are overpaying and taxed out the wazoo. Lastly, I have a question for all of my Californians, are as many people truly considering leaving the state as the internet is making it sound ?
To answer your question as someone living in the Bay Area: I am definitely considering leaving California, and I know a lot of people who want too also. My reasons are not only due to insane taxes and HCOL , but also for political reasons that I just can't wrap my mind around anymore. One reason I am staying for now is I can make way more money here with my current job , to help with starting REI.
"I want to leave California because it's too expensive, but I want to stay because I make so much money." Classic!
Lender · Asheville, NC · Member since 2016 · 1k+ posts · 1k+ votes
5y
Answering the original OP, as a lifelong Californian I can confirm that, like anywhere, there is a mix of people who plan to stay and people who are leaving. There are many factors driving both decisions: jobs, family, property values, rising rents, lack of housing, traffic, business opportunities, wildfires, politics....you name it. As long as I've been a homeowner in northern CA I've seen people blame rising housing costs on "wealthy bay area and southern CA residents buying our homes for cash." There is always a situation triggering migration here and elsewhere. There is still huge demand here. Housing prices are not dropping, I constantly have people interested in our rental properties and a waiting list for those properties that are still going through rehab. And, anecdotally, you'd be surprised what you can get for your money in this part of the state compared to other desirable areas like Boise, Coeur d'Alene, Bend, Denver, etc. California is a HUGE state with a massive population. Yes, lots of people are leaving but it's having no negative impact on our housing prices at all.
Investor · Reno, NV · Member since 2017 · 66 posts · 39 votes
5y
After I lived through the Tamarrack and Caldor fires, and then the outcome of the recall. I think there is a tsunami coming from CA. It comes down to are you willing to give up your freedom for staying puy and ignoring the changes?
Investor · Thousand Oaks, CA · Member since 2017 · 302 posts · 123 votes
5y
California Produced 44% of all new jobs in the US in August 2021. California is now number one in the US in its fight against Covid-19. We were able to collect 100% of all rents during Covid with State-backed support for any Tenant that fell behind due to covid-19 Vacancies are at an all-time low as we need to build additional housing units. Green Loans are now available to add improvements like Solar Roofs,100% full battery backups and EV charging on our properties. all loans make money available to rebuild from fires etc. Governor Newsome Signed SB9 so now any homeowner with a larger lot zoned Singal Family dwelling can now add an additional Dwelling unit for no more than a $900 permit and Get that single-family Zoned property subdivided and sold as separate property. this will accelerate Real estate for the next 3 years. The 3 years ownership requirement has started this month with the signing of SB9. It's a boom for us in Real Estate investing and new home development. All owners of property in California now have a big opportunity to build additional housing units to rent out Subdivd its single-family properties and sell. Banks will now also fund these construction projects as it creates a separate asset to collateralize loans..