There is an interesting article in Business Insider written by a tech person who had moved from San Diego to Austin and regrets it . It ’ s titled : “ I moved my family from California to Austin , Texas , and regretted it . Here are 10 key points every person should consider before relocating .” The author mentions the harsh Texas heat , coupled with humidity , which , in the summer keeps you indoors and runs your AC 24 / 7 , while also bringing scorpions and the like , and being hard on the houses . Of course , he mentions the superhigh property taxes and high insurance costs . He talks about the very high cost of power and water , much higher than he had in California . Overall , he was surprised by the cost of living being much higher than he had anticipated . He mentions the travel difficulty , as Austin doesn ’ t have a large airport , requiring an extra “ hop ”. He laments the relative lack of public parks and spaces , to which he was used in California . While this is only the account of one high tech family who moved to Austin , and may not reflect everyone ’ s experience , some of the points are absolute .
We have investors who actually LIVE in Austin . They are absolutely not interested in investing in Austin . They live there . They know how little sense it makes to buy in Austin in 2021 . They seek investments in saner markets where the prices , rents , and property taxes , are in much better balance . We also have investor who live in Miami , Phoenix , AND Las Vegas , as well as Portland and Seattle , among many other places . All these investors wouldn ’ t dream of buying rental homes in the market they live in at this time . They know the insane sellers ’ market that exists there , and the waytoohigh prices .
This phenomenon is not new . Investors declare they want to “ Buy Low , Sell High ”. However , in reality , many investors end up “ Buying High and Selling Low ”. Right now , Austin is the darling market touted for its growth and Elon Musk . The people who are buying superhigh in a “ bonkers ” market , pumped by the media hype , will be the first ones to sell frantically when a recession hits , or even lose those homes to foreclosure . We have seen these scenarios throughout history , time and time again . You see the same phenomena in the stock market . People secretly love to “ Buy High ”. The reason is usually “ But this market will appreciate a lot !” Really ? You mean you know the future ? No one else does . Just because a market behaves a certain way , and even booms , it is not necessarily a guarantee of everlasting constant appreciation . We have seen it in many areas of the country .
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