Is there going to be panic selling?
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Anonymous
Of course, but when has that ever stopped us from speculating? |
Anonymous
| I don’t think they’ll pull off layoffs of the scale that would impact local real estate more than a gentle blip. |
Anonymous
+1 |
Anonymous
| No. If people from the patent office get to wfh full time. We okay. |
Anonymous
Yeah, no one is panic selling unless they are brand new homeowners who stretched to buy a house on two fed salaries. We have a lower rate mortgage, and I've looked around at "lower cost" areas and, with the rates and the cost of houses everywhere, we wouldn't really save any money by moving. Unless we were moving to a mobile home in West Virginia. |
Anonymous
The hit would come from contractors. The impact from cancelled contracts is not clear yet. |
Anonymous
Some contracting companies will go under. Their owners might be ok with the already accumulated NW and will be able to retire living off investing. But all the employees will be let go, this means rents may drop too and anyone hoping to rent their house out will be struggling to break even unless they bought long ago. Prices on opulent McMansions are unlikely to go down as they serve a different socio economic sector (investor class) altogether. Maybe they’ll tighten the belt by not doing yearly expensive interior organizing and redecorating or eating out at Michelin star and flying first class, but they won’t be panic selling to move to a crappier area with fewer amenities. They will want nice beach and mountain resort towns and other big cities with amenities they will be priced out of, so they’ll stay put. |
Anonymous
| We own a 3M home in McLean with 2% interest on 400K mortgage. We have three years of emergency savings, so I think we will likely survive this administration. |
Anonymous
. People are trapped because COL for them here is low enough but will be higher elsewhere or the same, but they’d have to also contend with an area with fewer amenities. If someone lives in a good neighborhood in DC metro they bought long ago they are unlikely going to enjoy to have to move to crappier city or to a worse neighborhood of a comparable city. But if they cannot find remote jobs and they rely on local economy and need to work to eat, then eventually they have to move for jobs alone. This is the worst case scenario that would mean entire DC metro will be so utterly devastated that there will be a loss of 50% of the entire job market with people unable to find any type of employment even remotely. Everything now is so unpredictable and there are no plans on what our new admin wants to do with this area. Logically speaking, it would be weird if all that’s been built here is thrown away. There will be investors coming in, and private capital opening new businesses to take advantage of the hungry educated labor pool and existing infrastructure. Capitalism happens to overcome revenge that people across country seem to cry for wanting complete destruction of DC. |
Anonymous
| I think there's going to be a massive amount of homes on the market this spring. Trump trimming down all these government agencies, laying off government employees, taking million dollar contracts away from defense contractors, and hitting the postal service. Md., DC, and VA going to suffer. |
Anonymous
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If anything I can see people pay down car loans, mortgages depending on rate and taking on less debt while things are up in the air
I already met a guy who started making double payments on car loan to knock it off while still working. And anyone who bought pre 2021 is sitting on a pile of equity. Plus I noticed the only people I see with higher rates from pre-2020 are people under 200K in mortgage who are paying more mainly principal at this stage |
Anonymous
No way this is true by this spring. It literally takes a year of being in foreclosure to lose a home. The people that have been fired so far are disproportionate probationary which are probably more likely to be younger people, non-homeowners. |
Anonymous
+1 We have a 2.75% mortgage with $160k left. I don't want to live in a dirt cheap area. That would be hugely depressing for me. I've looked at places in NC, and the places I want to live aren't that much cheaper than around here. So, I'll have to sit on my home, which will probably tank in value in the next two years, for another 10 years probably when we could have been moving earlier. |
Anonymous
My block of DC locals homes go for 1.8-2.2 million today. But last home sold in 2019. Average homeowner is on block 15-20 years. Some elderly neighbors bought in 1975 when brand new. So zero effect mu block. Howver, places like all the new homes built on old Radio towers in Bethesda, all 300 homes were sold at peak pricing in 2022-2024. A fall in prices will hit hard. And overpriced condos bought in 2024 brand new ouch. |
Anonymous
| I’m not panic selling, but I am panic preparing. So far no job loss but I figure I should be able to put my house on the market at any moment. So canceled the small improvement projects that wouldn’t add value. Was going to do landscaping this spring but will DIY. Was going to repaint moody dark colors to really love my space but going to repaint in a neutral. Decluttering, etc. |