Reply to Is there going to be panic selling?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Between weather concerns - wildfires/floods/etc. and rates still hover around 7%, where are you all going exactly that's going to be that much less than your current mortgage?  I think that's been the biggest driver of low inventory everywhere.  I would LOVE to leave this area but it's impossible to find another location that makes sense.

A family of 4, we pay roughly $1800k month for a 4BR/4 BA 3000 sq ft+ SFH located in a desirable neighborhood!  I mean if we rented, we are paying more than this.  It's unheard of.  Even if we lived in a trashy place in a trashy neighborhood probably :)

I just don't think the math works to sell unless we were beyond desperate.[/quote]

This is what the original post is referring to.  If your cost of housing here is already less than rent and less than other medium to low COL places, then where are you going to go? In your situation 1800 is abysmally low and your next destination might as well be a trailer park, not anything to joke about, but let's face the truth.  RE had gone up everywhere that's not a complete dump.  Try to move to Richmond and see what 1800 gets you there, it used to be a cheap escape place for those disenchanted with DC, and TBH a lot of feds and contractors probably are living there now.  Ditto, Baltimore.  Nice suburbs of Baltimore will be so out of your price range.

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What are your taxes like? If you’re paying $22K annually for your mortgage and you live in a big house in a desirable neighborhood your taxes are probably at least $16K on top of that. So you’re paying $40K with home insurance, which is $3300/month. Most people would be happy with that, but to keep the lights on, eat, and maintain car and medical insurance you or your spouse need to have at least a GS-15 equivalent job or you need to have money you can burn through. [/quote]

If you are low income and don't own any other assets outside of your home you will qualify for a deeply discounted RE tax in VA, I am sure it's the same in DC/MD.  Also you would be eligible for unemployment after your severance runs out which should get you through a year even without significant savings.  If you are unable to support yourself in any way at all and get any job whether outside of your industry or remote then you likely won't survive anywhere and should figure out how to get government assistance.   The point is that NOWHERE is cheaper that's not a dump in a blighted urban area or some dilapidated rural home you can buy cash and hope they have tax assistance and you can get Medicaid and SNAP.   With ZERO income coming you eventually end up on the streets if you can't procure free housing and can't get welfare.   [/quote]

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