What Markets to look at now and post Pandemic?

[Jeff D.]

I'm located in NY and have been waiting on the sidelines for a few years now educating myself and waiting for the cycle to end.  Now seems like the right time to test the market and make lower offers.  I'm interested in Florida and Texas.  I understand it's still a bit early and there is no certainty anywhere.  Despite that, who here would like to give me their perspective and let me know how they feel about Florida and Texas (markets within).  I'm concerned with the collapse and effect of the oil refineries in Texas and the cruise industry in Florida.

[Ujwal Velagapudi]

@Jeff D. I've lived in Dallas for about a year, but have not invested in any RE here. I have spoken to a few broker & agent friends in the community, as well as folks who've lived here all their life. As I've gathered more data in Texas and more locally my Dallas market, you can see how big of a boom has taken place. It's crazy. I remember reading on BP about TX cities blowing up the last few years, but I see now a market that has really risen the past decade.

Houston and Dallas have been your #1 and #2 highest growth cities for the past decade, and Texas has been #1 as a state in total population growth. It seems the no income tax, great weather, big roads, etc. entice people? I do hear quite a few of the local neighborhoods being taken over by ex-Californians or ex-New Yorkers seeking a cheaper place, especially ones in the tech community that can work remotely. There has also been a lot of growth in terms of businesses moving here that are transplanting workers from higher cost of living cities. Agents have told me especially the Cali/SF buyers will purchase sight unseen, no negotiation just because the $.75M cost for a large home in Dallas would barely be an entry level home in SF. 

It's funny but I myself was literally thinking last night the two states I would probably want to settle down in are either Texas or Florida. I have not seriously looked into making any investment purchases here, but was in the market briefly for condos before feeling like they were a bit overpriced. But in my research and insight from people in the market, I would consider going slightly outside the main cities and speculate future (inevitable?) growth. It seems tiny outskirt towns just outside the main city have been prime for developers and are being plotted for expensive homes and slowly expanding more and more outward. Texas has a lot of land though, and I see new construction literally everywhere, which is the one thing that would worry me - a surplus of supply.