Buy for location now or wait?

[Anonymous]

OP, not enough info here.

How old are your kids? Are they in elementary school now?

Forget opportunities from 2-3 years ago. Not relevant. What are the comps for homes that sold in 2024? Can you afford those prices for ones you like better?

How many homes sold in 2024? Would you be ok staying where you are until you could close on a house that hits the market in Spring of 2025? That's one more school year wherever you are, but it's not clear if your kids are in school yet.

Don't buy a house that you're not into, but don't hold out for some unrealistic dream that isn't attainable. Look at the data to see what's feasible.

Good luck!

[Anonymous]

I would also say buy given a bigger, nicer house will be more and/or you could end up waiting longer for something similar to what's available now.

That said, I would also recommend expanding your neighborhood just a bit. I had my heart set on one neighborhood (also close-in MD) but we ended up going one neighborhood over for a great house and ended up loving the block and the house. Good luck!

[Anonymous]

If we are talking a close in competitive area, I would say buy.

As other have noted, a move in ready property with all the updates etc will have one helluva bidding war, which you may or may not win.

We bought in McLean in 2019 for 1.3 mil, my house is perfect on the inside, but I would have liked a flatter backyard and slightly better curb appeal. But prior to that we were looking for 1.5 years and had found out that those perfect properties attracted too much bidding wars, which were very difficult to win.

With the way things are now, We are glad we pulled the trigger, I would not let perfect be the enemy of good. Good luck with your decision!

[Anonymous]

Anonymous wrote:Given that the spring market is ending soon, I would think of it as whether you'd be ok with passing on this one if nothing you want comes on the market again until next year.

This is true, Spring market typically has the best inventory.