I'll add my two cents as someone departing the shit show I helped create.
I've just gone hard on a contract (as a seller) which features an obnoxiously high option fee, 15% over asking price, waiver of appraisal, free lease back, and absolutely not one single item from the inspection. This was five days after listing, and we jacked up the listing price after consulting with our agent by about 15%.
We wound up about 40% from what we were going to sell for last fall when we first started talking about moving out of state. I've done my math and I'll pay more in income tax briefly before I fully retire/consult, but I'll pay way less in property tax. I may be cashing in equity too soon (time will tell) but I have more than doubled from the purchase price less than 5 years ago and my net profit based on cash in is actually about 5x.
I am also heavily involved in the development of raw land as well as delivery of finished lots, so I have very intimate knowledge of the financial proposition right now. There isn't enough inventory and as a result people are doing really stupid things.
This market, and the taxes associated with it, are going to strangle growth in Central Texas. Raw land in large acreages for development is selling for 3 to 4 times what it was four or five years ago. I am going to continue to work in the field but I have this 2007-2008 feeling again despite things being very different.
I am taking my money and paying cash eventually for a much smaller house on much less land in a much more out of the way place. It has been expensive for a long time but all of a sudden is actually a value proposition and unlike my stock picks I do well with real estate.
Shout out to @UTPhil2006 if you ever need a mortgage guy - he and Thad have been solid and reliable on at least three or four transactions I've had with them.
All I know is the SALT limit did me in and caused me to reassess my thoughts about Texas, then TCAD came in and cleared the bases for me.