Fiscal Cliff scaring home buyers in Northern VA?

[Future Home Seller]

Originally Posted by Virginia Prime

Congress doesn't need a deal by January 1. They can pass a measure to delay sequestration for an additional three to six months and try to work something out in early 2013. That's my bar bet, at least.

Then the uncertainity continues as they kick the can down the road for a little longer causing more uncertainity. Why hire anyone or buy a house if the area could be facing serious cutbacks in just a few more months?

[smarterguy]

Originally Posted by Future Home Seller

Then the uncertainity continues as they kick the can down the road for a little longer causing more uncertainity. Why hire anyone or buy a house if the area could be facing serious cutbacks in just a few more months?

Agreed. I think everything will be fine except for less contracts to bid on in and less federal hiring, but there is a bit of uncertainity amoung of few of my federal friends.

I'm financially ready to buy (more than 20% down with financing set), but I'm holding off until all this stuff is settled, even if this property is a long term investment, because if I lose my job and the market tanks, I will have lost my down payment unless the rental market holds steady and I can rent my place to cover the mortage. Too many ifs and too much money for my relatively risk adverse self.

Cliff or no cliff, I hope this gets sorted out sooner rather than later...

[snuffy1968]

Nobody really knows

[Jlyles]

Darn, you HAD to mention the crystal ball. I always have to admit that I don't have one, and statistics just aren't good enough for some folks. I have a best guess in my pocket though, and I still remember all the headlines about the bubble bursting.

Originally Posted by CaliTerp07

Not a big deal, unless they are currently trying to leave the area. If I had thought that there was a chance we'd be leaving NoVA, we would not have purchased a place.

Oh shoot, that was a boring answer.

YOU'RE RIGHT, OMG, WE'RE ALL GOING TO DIE AND OUR HOUSES ARE GOING TO BE WORTH PENNIES AND WE'LL ALL BE SO SORRY WE DIDN'T SELL THIS YEAR! Please give me your realtor information ASAP because they obviously have a crystal ball with all the answers! Thank goodness for them!

If you have the opportunity to leave the area now, and you want to, great! Do it! There are more than enough people moving here in droves to find you a buyer.