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Originally Posted by JManc
Austin probably won't anytime soon. Real estate there is out of control. Huge influx of people from expensive areas who think nothing of spending a half million+ on a modest house will keep prices high coupled with influx high paying jobs. The taxes there have to be insane.
Pretty much everywhere is plagued by investor beat the average buyer to the punch by putting in offers on a home before they hit the market...cash sight unseen.
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Yeah, property taxes are insane. There are many thousands of people here and in other places who have become wealthy on paper, but don't have the income or savings to pay the taxes.
Around here, I haven't personally seen properties being bought up by investors who don't live at the properties, although I would imagine it's happening to some extent. In my area of the city, the newcomers I'm meeting (like on my street, at HOA meetings, and online) are the highly paid executives and employees who want to live close in and who can afford just about anything. I'm betting you're correct that investors are a big part of the picture in many areas, and probably some parts of Austin (e.g., flipping activity). I just haven't seen them right around my area. The homes in my area are almost all owner occupied and people tend to stay put.
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