Reply to Is there going to be panic selling?

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Reply to "Is there going to be panic selling?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I don’t think they’ll pull off layoffs of the scale that would impact local real estate more than a gentle blip. [/quote]

The hit would come from contractors. The impact from cancelled contracts is not clear yet.[/quote]

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. [/quote]

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