With the job market softening nationwide, a DC-area broker shares how she's helping those fearing job loss
While housing inventory is returning to the Washington, DC area, the reason for the surge in availability is a story that has largely disappeared from the front pages. As the news cycle moves to the next crisis, federal workers in the nation’s capital are, in many cases, still waiting to see if their jobs will be on the chopping block.
Kristi Hardy (pictured top) is an executive vice president, area manager, and senior loan officer with Atlantic Coast Mortgage. She noted that, despite the news cycle moving on, many homeowners in her area are still nervously awaiting potential job cuts.
“I feel like people are definitely talking about it less,” Hardy told Mortgage Professional America. “I do know of a lot of people who are still fearful, or have already lost their jobs, and are looking. There are several people, even in my neighborhood, who have lost their jobs and they haven't found a new one yet.”
While the initial downsizing announcements came a few months ago, many of the potential furloughs were tied up in court cases. Many of those cases are being settled, and the Trump administration will be able to move ahead with downsizing.
“It was the hot topic a couple of months ago, and the shakeout already happened, and now people are just dealing with consequences and not really talking so much about it,” Hardy said. “They're just looking for jobs now. I don't think the fears have totally gone away at all. I think it's still in the back of everybody's mind.”
How brokers can help
A softening job market has been one of the leading headlines of recent weeks, not just in Washington, but nationwide. The most recent jobs report showed significantly fewer jobs created than originally reported.
Hardy said this is a time when mortgage brokers are incredibly important. Because they have a built-in relationship with customers, they can reach out to families who may be concerned about potential job losses. She has been suggesting opening up a home equity line of credit (HELOC) to have an emergency fund in case of a layoff.
“It's a really important time to have a trusted advisor,” she said. “There were some people who were afraid of losing their jobs, and I reached out, and I was like, ‘Would you like to set up a quick home equity line of credit?’ You can't set that up after you've lost your job. So many people are sitting on a ton of equity right now.
“Even if you don't use it, just opening up that line of credit is important. If you have to support your family for a year or six months without a job, you can pull from the home equity line of credit. I've been talking to clients about that quite a bit.”
Many of those customers aren’t in a position to do a refinance with cash out, because they don’t want to part with low-rate first mortgages. However, they do have the equity that could allow them to get through a short period while looking for a new job.
“At least they have a cushion to fall back on,” Hardy said. “So many people have a ton of equity in their houses, and they don't want to refinance because they love their 2% and 3% interest rates. This is just such an easy way for them to have access to emergency money if they need it. They can take care of their bills if they do get laid off.”
Certainty in an uncertain world
The hard part for many government workers is the uncertainty about job security. Even if their department doesn’t seem to be in line for layoffs, the underlying concern is there, making people uneasy.
Because there is doubt, Hardy said she’s seeing buyers back out of contracts, afraid to move forward for fear that their employment may not be secure.
“I honestly do think that is causing some people to either back out of contracts or not go under contract to begin with, because they’re still a little bit uncertain in the government world,” she said. “I think they're secretly afraid that it's going to happen again.”
Julie Harris, broker owner of Harris Mortgages of Idaho, says that with so many people waiting for a shift, a quarter-point rate cut would provide the "hope" needed to encourage buyers and sellers to step out.https://t.co/jgoJtpPtyT
— Mortgage Professional America Magazine (@MPAMagazineUS) August 4, 2025
Hardy said her role with buyers is to be that advisor who can help them through the transaction, especially for those who may be hesitating due to market conditions. She said it’s also critical for first-time buyers to get that care in the mortgage process.
“It's extremely important to be working with a local human being who can expertly advise you,” she said. “You always want to have someone that you know has your back in this and can be with you every step of the way, especially for first-time homebuyers. First-time homebuyers especially could use that extra nurturing and comfort, knowing that someone's going to be with them for the long haul. And it's not just a transaction; it's truly somebody who cares about them.”
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