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[quote=Anonymous][quote=Anonymous][quote=Anonymous]It is hard for me to understand how real estate prices cannot be impacted by the economic shutdown, GDP decline and high levels of unemployment. But in my neighborhood- at least for now - houses are getting multiple bids and going under contract quickly. Stock market is doing well too. Of course this can all change but I am not seeing evidence of a decline yet. [/quote]

It's not that hard to understand. Basically nobody who can afford a house in DC has a job that is going to be severely affected.

Waiters, bartenders, busboys, barbers, janitors, etc. rent rooms or small apartments. If they lose their jobs and get evicted it has no effect whatsoever on the price of a million dollar house.  Even if a few people with million dollar houses do get laid off, a significant number of them have spouses who work or savings and can ride it out.  Most professionals are still working or will be back to work in a few weeks/months and the market knows this.  [/quote]

haha..basically there is no relationship between supply and demand. there is no difference in buying power if one spouse gets laid off. and of course, all doctors are lawyers getting lower incomes doesn't matter, because there are some whose income hasn't gone down...whatever happens, even if there is a shutdown of economic activity, house prices in DC area will not go down significantly...because everyone works in million-dollar government jobs...hey wait, am I making sense? [/quote]

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