As you have probably already heard, T-Mobile’s parent company Deutsche Telecom, located in Germany, will be selling T-Mobile USA to AT&T for $39B.
While I am neither a T-Mobile, nor an AT&T customer, I am in the real estate business and am concerned about what this might mean for loss of jobs and further hits against the local Seattle real estate and housing market.
Considering the size of the T-Mobile headquarters in the Factoria area of Bellevue, it would appear there are a lot of good jobs that are going to be affected by this acquisition, and the number of layoffs that may ensue could be huge. As a large local employer for years, T-Mobile's workforce no doubt owns and purchases homes in the Greater Seattle Area, and with the loss of jobs and the tough economic climate, how many of those people are going to have to sell their homes, potentially for a loss. This will also increase the inventory of homes on the NWMLS, which currently is sitting at 38,701, and potentially the number of short sales in the market.
In addition, employee's that were in the market as home buyers, will most likely stall their home search, not knowing if they will have a future with AT&T or somewhere else. This sure seems to be another hit to the Seattle-area real estate market, and while not as huge as a massive Boeing layout, a significant developement none the less.