I have some friends who had high paying tech jobs in downtown area of Austin. So they bought a very luxury condo in a new building near where they worked. Thought the gravy train would just keep rolling.

Well unfortunately they lost their jobs and are now both unemployed. One doing some part-time gigs, the other trying to pick up some remote work. Nowhere near the income they had. The condo is paid for although there is a staggering condo monthly maintenance fee, more than most people pay to rent an apartment, So it's a bit of a struggle right now.

They would sell and move but there are quite a few condos for sale there now so they would have a hard time getting what they want for it. Don't know how much that effects the price they could get. They are hoping the economy improves and they find jobs again.

It's hard on folks when they go all in and then the economy and RE market takes a big tumble. But that's what happens, over and over.