Makes sense to me. Here's the history of first midterm loses going back to FDR. FDR and Bush II were the only presidents not to lose seats in his first midterm. But 9-11 happened during Bush's first term which united the country around him and his party. Bush paid the price in his second midterm losing 33 seats and control of the House.
First midterm house losses
Obama lost 63 seats in 2010
Bush gained 8 seats in 2002 But lost 33 seats in 2006
Clinton lost 54 seats in 1994
Bush lost 8 seats in 1990
Reagan lost 26 seats in 1982
Carter lost 15 seats in 1978
Nixon lost 12 seats in 1970
LBJ lost 47 seats in 1966
JFK lost 22 seats in 1962
Eisenhower lost 18 seats in 1954
Truman lost 28 seats in 1950
FDR gained 11 seats in 1934.
The Republicans should be okay in the senate, they have only 9 seats up for re-election vs. 25 for the Democrats. Most Republican held seats are safe with maybe the exceptions of Arizona and Nevada. The Democrats don't really have that many at risk seats up either. Indiana, Missouri could change hands, perhaps Florida with a huge Cuban-American turnout.
The house, right now it varies from pundit to pundit, but on average the Republicans have 25 at risk seats to 10 for the Democrats. I would say a ten seat loss would be very acceptable. But I expect numerous changes to that. The bad news for the Republicans is their party affiliation has dropped four points according to Gallup over the last month.
Democratic Edge in Party Affiliation Up to Seven Points | Gallup
But there again, all of that is dynamic with constant change. But it is an indication which is unknown if it will last or if it is a trend.