California Buyers Relocating – Hi there, Shana Acquisto, broker of Acquisto Real Estate in here today on TNT, we have had you ain’t top realtor in McKinney, Texas, here to talk about California buyers moving to McKinney, Texas. Yeah, you’re going to find out who the price points, when, why and what do they want? Why are they coming here? Let’s get started. Sure. Who are these people?
Well, I think a lot of them are people who have lived in California their whole lives. The real estate market is getting more and more expensive there. And a lot of them really aren’t able to make a living because California has been so shut down and then the taxes are just getting out of control there.
So business owners are wanting out families, their kids to learn in school. So they want to come to a place that’s more open where they can have an opportunity to educate their kids and have a business or have a job where they can make money and provide for their family. And a lot of what we’re seeing, so is people coming just because they like Texas values in the Texas culture. So they’re packing up and moving in our direction.
They are. And, you know, with our market being as crazy as it is, you know, we have so many people that are competing for the same home. Right. And then you have a California buyer or someone where, you know, to them this is a bargain. So they have cashed in or cashed out and they have all this cash and they’re coming in and, you know, scooping up these homes and leaving, you know, some of the unfortunate buyers without.
So it kind of reminds me of Monopoly. And when you’re playing Monopoly, and I have to play it all the time with my kids. But, you know, there’s the really cheap houses that you can buy a whole bunch of and build your real estate portfolio that way. And I think that’s kind of what this is like to a California buyer.
They have a ton of equity in their homes and maybe they’re keeping their home in California and they’re pulling some equity out and then they’re cash buyers where they can pick up a three hundred thousand dollar house and it’s literally nothing to them. So they come in and, you know, our our local first time homebuyers can barely get an offer accepted because somebody is coming in and easily offering twenty five thousand fifty thousand above list because again, it’s monopoly money
A little bit if they’re like, just happy. Yeah. To have been fortunate enough to get that extra cash. So to them. Yes. So what price points are you seeing in our market that, you know, up to that are going into multiple offers and, you know, selling for cash?
I would say up to five or six hundred thousand. We’re seeing homes listed at five hundred thousand and going for six hundred thousand in a multiple offer situation. Yeah, it’s crazy.
And I think the other advantage that they have is that they can easily waive the appraisal because they are a cash buyer and they have the the money to do that.
And what do you think they’re looking for like?
Well, it’s funny things. I don’t know if this is a little off topic, but again, growing up in California and our homes are stucco in California and here a brick home is what they think. Rich people own this. So our role in
California, they we we learn that brick. Oh, no, you can’t have it out.
No, if you do, it’s like way expensive.
So, yeah, I think, you know, it’s just a lifestyle. It’s bigger yards and the pools and the I don’t know, it’s just a whole lifestyle or the ranches here they can come. And Sean and I were joking like trade in the beach for our trade in the surfboard.
For a horse. Yeah. Why not? No, no. And I think that there’s a couple of things that people get this perception of. Everything’s bigger in Texas. So the homes are bigger. They are. And, you know, and they want more land. And you can come here and get acreage and it’s super affordable compared to California. So and I’m sure they want a barn. It’s Texas. They need a horse in a barn and Get some cowboy boots.