Reply to Is there going to be panic selling?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Panic selling from fed layoffs? You would need to look for houses in Manassas or Fredericksburg to find those.[/quote]

This. SFH inside the beltway are just too expensive for Feds, unless they had or have another source of income (family money, previous $$$ work in private sector, etc.), or if they bought ages ago and are close to retirement anyway, in which case they may not sell if they have a super low interest rate or house is already paid off.[/quote]

Maybe for feds but not all the contractors getting laid off. [/quote]
I think the problem is people suggesting certain timing. People’s homes are frequently the last thing they unload after losing a job. I know someone who was unemployed for two years before unloading their home. Telling people “oh they’ll be more inventory in the spring” is absurd. [/quote]

This. Most people will try to get other jobs, cut back spending, and use savings before uprooting their families. Especially if one spouse still has a job or they have a low mortgage rate or they have kids in school or they're settled into their community. They're not going to throw in the towel and put their house on the market in 6 weeks.

Plus these days the nicer neighborhoods even in desirable mid-sized cities are about as expensive as similar DC area neighborhoods. The rest of the country outpaced DC for residential real estate inflation during the pandemic. The model of selling your DC home that's worth so much more than the new home so you can pay cash is now defunct. So where would you even move to where both parents could get similarly paying jobs and afford a similar home?[/quote]

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