Reply to Is there going to be panic selling?

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[quote=Anonymous][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]

Are you making an assumption that DC metro area will have no jobs at all and people won't be able to find any work even temporarily.   Yes, a lot of people who rely on earned income for basic expenses (even if house is paid off it's still not free to live) and have no assets to live off of or alternative sources of income will be looking for jobs everywhere if they aren't tethered to DC for other reasons.  People will find a job elsewhere they will move.  It's a no brainer.  [/quote]

The “no jobs” scenario is needlessly hyperbolic. Trump and DOGE are trying to gut federal jobs; deeply cut federal spending with contractors; and sell off the vast majority of federal real estate in DC. How could this not negatively impact the economy, drive underemployment and unemployment way up, and impact residential real estate? [/quote]

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