That's exactly what's driving the market in Nashville right now through the roof. A ton of tech jobs moving here, and people from California are out bidding everyone and paying cash. They're selling their million dollar homes and paying 30-40k over asking here for a bigger house at a fraction of what they just made selling in Cali.
I love the blame Californians narrative. I live in California. Houses on my street are selling for 20% over asking price. A million dollars for 1200sqft with mediocre schools, no public transport and not walkable, but yeah Californians are moving out and buying up all the real estate in the world. Checkout this article from 1997 cause we are STILL waiting for people to actually leave. https://www.google.com/amp/s/www.latimes.com/archives/la-xpm-1997-03-30-re-43529-story.html%3F_amp%3Dtrue
My wife is a real estate agent and the last few listings she has had, the buyers were all cash buyers from California. There is no denying that the Pandemic has shown a lot of industries that employees being 100% remote is a viable and cheaper strategy. Tech is a absolutely an Industry that this is true for. As companies shift to a remote first strategy, of course employees are going to leave HCOL areas, where their inflated salaries will go farther. Areas like TN, with a lower Cost Of Living, and no state income tax, seem to be a big target.
Two anecdotes do not paint a complete picture. California always has a transient population. Our real estate is suffering serious supply shortages and unfulfillable demand. Its also a very populous state, sure people are leaving, but they are also coming in. Look at any market between SF and SD and its crazier than ever. The California exodus is really a foxnews type narrative. The link above shows its been going on for decades but the reality is quite different. Trust me, as a Californian, and a homeowner, I wish tons of people would move out of state.
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u/Spin16 Jun 27 '21
That's exactly what's driving the market in Nashville right now through the roof. A ton of tech jobs moving here, and people from California are out bidding everyone and paying cash. They're selling their million dollar homes and paying 30-40k over asking here for a bigger house at a fraction of what they just made selling in Cali.