Reply to Is there going to be panic selling?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Can’t imagine having this man for a neighbor. But on topic, I think people will cling to their 2-3% mortgages with everything they have. Some people who overextended in the past couple years with crazy rates and crazy prices might walk away but most people have tons of equity and low rates.[/quote]
+1
[twitter]https://x.com/newslambert/status/1893292156309381221?s=46&t=kf1qYlCXQnKgUhJWEIu2vg[/twitter][/quote]

Idk. I know someone right now who has a 2% mortgage and he told me this weekend if he loses his job they will most likely have to sell later this year. [/quote]

Yes, having a low rate doesn't mean you have passive income you can live on (pensions, investment income, etc).  You still have to earn income to pay your living expense (whatever low mortgage or even without mortgage life is expensive).  Most people cannot afford to stay unemployed for over 1 year, they have to work to eat.  Of course, people are going to be moving to where the jobs are if they can't find them here or cannot find a remote gig.   If jobs don't come to this area and there is no influx of private capital to make up for all the lost government or adjacent jobs then it will be a sizeable departure of people from the area at least in the short term.

Maybe all the golden visa millionaires will come here to prop up local economy?   :lol:  Could be, due to how foreigner friendly this town is.  For now, nobody knows, all I hear now is people getting laid off, not getting hired.  But I am not in anything government adjacent, so may not have all the info.  [/quote]

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