Reply to Is there going to be panic selling?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]With many homeowners having very low interest rates or no mortgage, many homeowners would look to rent their homes at rates higher than their mortgage payments [/quote]

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. [/quote].

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.[/quote]

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.

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