Reply to Is there going to be panic selling?

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Reply to "Is there going to be panic selling?"

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[quote=Anonymous][quote=Anonymous]what sort of financial sense would it make to "panic sell" the roof over your head that you likely have with a sub 5% mortgage rate? Even moving to a MCOL or LCOL location - with rates as high as they are - it makes no financial sense. [/quote]

Correct.  But if job market here becomes non existent relying only on whatever private sector companies are here and whatever is left of Fed functions they cannot possibly cut, then people who are chronically unemployed will be looking to move because they can't afford to live even if their housing is free.  People who must work to live will be the first to flee if unable to find jobs for many months.  RE market on the lower end would probably get more movement at first.

Those with already accumulated wealth can certainly stay forever, but they won't enjoy living in a place that's declining economically and looking depressed.  They won't be selling as they likely have other homes, but they would not be inclined to stay here much and spend money in local economy. The latter is unlikely to happen because DC is still a nation's capital and it's doubtful this administration wants to project an image of despair and rundown everything around them when they invite foreign leaders in.  It has to at least "appear" that MAGA is working, right?  :lol:  Remember when Chinese leader was invited to visit SF and how quickly they cleaned up as if decades old skid rows had never existed?[/quote]

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