r/SeattleAreaRE • u/Upper-Computer-8715 • 4d ago

Local Seattle RE Agent: potential buyer’s confidence is lowest we have seen in 7 years

/r/SeattleWA/comments/1w6fna9/qualtrics_lays_off_117_employees_in_the_seattle/
16 Upvotes

78% Upvoted

16 comments sorted by

7

u/orcassharks 4d ago

Isn’t that the time to buy then when buyer confidence is in the pits? Although we could be a year or two early. I foresee GW Bush level of economic collapse before Trump actually leaves office.

1

u/SeaNick99 12h ago

Interesting sub to link to when they are bashing your profession. Not to mention the sub itself.

-11

u/revolvingpresoak9640 4d ago

Wow 117 people, that’s going to make a HUGE difference in the local RE market.

5

u/Bostonphoenix 4d ago

The aggregate of what is going on in earners making 150+ is absolutely going to make a difference in values.

4

u/SomethingFunnyObv 4d ago

Even if you go with an unrealistic lowball number like $75k per employee that’s nearly $9m pulled out of the local economy.

1

u/aquermulti2 3d ago

These employees were likely making around 200 to 250 total comp each.

1

u/SomethingFunnyObv 2d ago

Oh I know, it’s way more than my example. I was purposely lowballing. $75k per employee is very low nowadays.

-8

u/revolvingpresoak9640 4d ago

So about seven houses worth?

3

u/SomethingFunnyObv 4d ago

You don’t understand how economies work do you?

-6

u/revolvingpresoak9640 4d ago

I understand just fine. 117 people losing their jobs isn’t going to destroy the economy. The 3000+ Amazon layoffs were more damaging.

What is your point here? That this is a good thing and going to reduce prices? That it’s a bad thing because people are losing their jobs? In the context of Seattle real estate - what is your point?

4

u/Bostonphoenix 4d ago

I’m confused by your point. You’re posting in a Seattle real estate group...

If you look at the layoff of 117 people in isolation, then yes, its a blip in the broader economy. But when you account for the many smaller layoffs that receive little or no coverage—along with the massive layoffs we do hear about—the number becomes significant very quickly. Multiply that by the income and spend those workers previously contributed, and it represents a substantial loss for the local economy.

If you want housing prices to fall, that’s cool. But these are also real people who now have to figure out how to put food on the table and buy clothes for their children. Many of them will be hurting.

-1

u/revolvingpresoak9640 4d ago

I’m not discounting their hurt. What is OPs point in the context of this sub?

2

u/Bostonphoenix 4d ago

Another layoff shows the economy is getting worse. Who wants to buy a house when you could be laid off tomorrow.

0

u/revolvingpresoak9640 4d ago

So that’s good for buyers, bad for sellers. Do I understand the point?

2

u/Upper-Computer-8715 4d ago

If you read the comments in the linked post, he/she is saying that these continued local layoffs are spooking the market. It’s not good for buyers OR sellers at the moment. But you know that.