Reply to Is there going to be panic selling?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]My friend is panic selling.  They are not feds but know the DC market will go down so they want to get the most amount out of their house. [/quote]

Where will they go? Rent or move away from the area and abandon their jobs here?[/quote]

It’s expensive to live in the DMV area.  You can go to some red state and get a nice house for 250k.  Crap schools probably but maybe you can help flip that state blue along with the other fired Feds fleeing the DC area[/quote]

In lots of flyover country, schools are actually comparable or much better than the best schools in the dc area. You just have to look in places that attract educated people like areas around major universities. [/quote]

These places are not cheap.  Most cities that had become sanctuaries for the yuppies fleeing HCOL metro areas are now no longer a bargain compared to DC, and some have similar prices in the neighborhoods you would want to live in coming from here. [/quote]

+1 This is why I think many people in DC will stay put if they have a way to stay afloat. The mid-size cities with nice neighborhoods and good public schools are just as expensive as similar neighborhoods in the DC area since the pandemic. [/quote]

This is so blatantly false. Just pull up the US News list of best high schools, and search for homes in those areas. They are nowhere close to DC prices, and you don't have to deal with awful commutes. What's actually surprising is how mediocre the public schools are in the DMV despite the wealth and education of the people who live here.[/quote]

If you’re paying a higher interest rate on that cheaper house your housing price may still go up. [/quote]

This. Also if you want to be in a premium area, those are not cheap in any metro area with any type of jobs. Even Detroit has expensive suburbs.[/quote]

+1 If you want a nice house in a nice neighborhood, then those really aren't any less expensive than similar DC area properties.

Some of those COL charts are a bit misleading. Some of the other areas also have less expensive homes that are smaller, less desirable locations etc. that bring down the overall COL. But if you compare like to like for the types of homes DCUM would want to live, then these other areas aren't really any less expensive than DC these days.[/quote]

A lot of the DC burbs have high taxes, which are capitalized in housing prices and lower price growth. Housing costs are shifted into the future, which is not great if your earnings remain flat because the percent of your income going to housing is going to increase considerably across the life of your mortgage and when you go to sell the amount of principle you will have paid off will be lower than if you had put the exact same amount of money toward a house with a higher sale price but lower property tax rates. I don’t think the DC metro is a worse value than lower COL areas, but it may be a worse value than areas with similar “all in” housing costs if you are looking at home appreciation and long term housing affordability. [/quote]

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