Is there going to be panic selling?

[Anonymous]

There is a huge shortage of housing. People in DC often live in the in huge houses in the surburbs with room for tenants. So why sell.

My basement is sitting empty. It is 2,000 square feet with two bedrooms and a bathroom. No kitchen.

If broke I could put a cheap fridge in, microwave/convection oven combo and two burner electic stove top. Find some govt workers who live even further out and rent it for like $2,600 a month. Maybe 4 guys or ladies who are hybrid can rent it out if each only needs it three nights a week. I am right by NIH in Bethesda.

I would go down to one car. Even though I own my cars. I have to insure and maintain them all.

Cancel every subscription.

if necessary I move in to a tiny basement place and rent out my whole house.

[Anonymous]

Anonymous wrote:Can’t imagine having this man for a neighbor. But on topic, I think people will cling to their 2-3% mortgages with everything they have. Some people who overextended in the past couple years with crazy rates and crazy prices might walk away but most people have tons of equity and low rates.

+1

[Anonymous]

Anonymous wrote:

Anonymous wrote:Can’t imagine having this man for a neighbor. But on topic, I think people will cling to their 2-3% mortgages with everything they have. Some people who overextended in the past couple years with crazy rates and crazy prices might walk away but most people have tons of equity and low rates.

+1

Idk. I know someone right now who has a 2% mortgage and he told me this weekend if he loses his job they will most likely have to sell later this year.

[Anonymous]

I’m not a fed and have a fairly stable job (I hope!). Even with a 2.6% mortgage, if I lost my job, I’d sell or lease my house if I didn’t find another job quickly to reduce costs.

[Anonymous]

Anonymous wrote:I’m not a fed and have a fairly stable job (I hope!). Even with a 2.6% mortgage, if I lost my job, I’d sell or lease my house if I didn’t find another job quickly to reduce costs.

The problem with DC is that many former Fed employees will need to relocate to another town or city. This is a company town.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I’m not a fed and have a fairly stable job (I hope!). Even with a 2.6% mortgage, if I lost my job, I’d sell or lease my house if I didn’t find another job quickly to reduce costs.

The problem with DC is that many former Fed employees will need to relocate to another town or city. This is a company town.

Yeah our mortgage is just too high to sustain without a job.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’m not a fed and have a fairly stable job (I hope!). Even with a 2.6% mortgage, if I lost my job, I’d sell or lease my house if I didn’t find another job quickly to reduce costs.

The problem with DC is that many former Fed employees will need to relocate to another town or city. This is a company town.

Yeah our mortgage is just too high to sustain without a job.

Good luck to you, PP.

[Anonymous]

Yes! I’m freaking out. I was a probationary. I know I’m just a GS-14 but was able to buy a $2M house in McLean. But I can’t ask whoever gave me the money for the house so actually putting it on the market this weekend for $1M. That way instead of trying to ride it out I can immediately be sure to lose money.

[Anonymous]

Anonymous wrote:There is a huge shortage of housing. People in DC often live in the in huge houses in the surburbs with room for tenants. So why sell.

My basement is sitting empty. It is 2,000 square feet with two bedrooms and a bathroom. No kitchen.

If broke I could put a cheap fridge in, microwave/convection oven combo and two burner electic stove top. Find some govt workers who live even further out and rent it for like $2,600 a month. Maybe 4 guys or ladies who are hybrid can rent it out if each only needs it three nights a week. I am right by NIH in Bethesda.

I would go down to one car. Even though I own my cars. I have to insure and maintain them all.

Cancel every subscription.

if necessary I move in to a tiny basement place and rent out my whole house.

We live near Virginia Hospital Center and a lot of our empty nest neighbors rent out this type of basement to visiting nurses and other medical personnel who are very easy tenants who pay well. Most get between $2,000 to $2,200 a month for okay places. One women did build a cute ADU above her detached garage and lives there and rents out her house. I think more and more people will do this just because it makes sense.

[Anonymous]

Anonymous wrote:There is a huge shortage of housing. People in DC often live in the in huge houses in the surburbs with room for tenants. So why sell.

My basement is sitting empty. It is 2,000 square feet with two bedrooms and a bathroom. No kitchen.

If broke I could put a cheap fridge in, microwave/convection oven combo and two burner electic stove top. Find some govt workers who live even further out and rent it for like $2,600 a month. Maybe 4 guys or ladies who are hybrid can rent it out if each only needs it three nights a week. I am right by NIH in Bethesda.

I would go down to one car. Even though I own my cars. I have to insure and maintain them all.

Cancel every subscription.

if necessary I move in to a tiny basement place and rent out my whole house.

You think 4 people will pay 2600 each to share rooms to only be allowed to use them 3 days a week?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Can’t imagine having this man for a neighbor. But on topic, I think people will cling to their 2-3% mortgages with everything they have. Some people who overextended in the past couple years with crazy rates and crazy prices might walk away but most people have tons of equity and low rates.

+1

If you have high taxes that is part of your PITI. A 3% mortgage on a $1.5M house with $20K in taxes is still a lot of money. The 3% mortgage won’t change that.

[Anonymous]

Anonymous wrote:There is a huge shortage of housing. People in DC often live in the in huge houses in the surburbs with room for tenants. So why sell.

My basement is sitting empty. It is 2,000 square feet with two bedrooms and a bathroom. No kitchen.

If broke I could put a cheap fridge in, microwave/convection oven combo and two burner electic stove top. Find some govt workers who live even further out and rent it for like $2,600 a month. Maybe 4 guys or ladies who are hybrid can rent it out if each only needs it three nights a week. I am right by NIH in Bethesda.

I would go down to one car. Even though I own my cars. I have to insure and maintain them all.

Cancel every subscription.

if necessary I move in to a tiny basement place and rent out my whole house.

One of our neighbors did this. They live in the basement and rented the rest of the house out for $$$

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Can’t imagine having this man for a neighbor. But on topic, I think people will cling to their 2-3% mortgages with everything they have. Some people who overextended in the past couple years with crazy rates and crazy prices might walk away but most people have tons of equity and low rates.

+1

If you have high taxes that is part of your PITI. A 3% mortgage on a $1.5M house with $20K in taxes is still a lot of money. The 3% mortgage won’t change that.

Exactly. And a 3% mortgage on a $1M house is still a lot of money for someone with no income.

[Anonymous]

Vance is selling his Del Ray home. Relocating within the DMV or fleeing is the question.

[Anonymous]

Anonymous wrote:Vance is selling his Del Ray home. Relocating within the DMV or fleeing is the question.

Is this true? How do you know?