Getting desperate: What would you suggest to a first time home buyer?

[Anonymous]

With low inventory and crazy bidding wars, we're getting desperate. What would you suggest to a first time home buyer:
a. Market is too crazy and prices and interest rates are going to get higher. Buy now what you can afford in the area you want even though it does not meet your needs and you won't feel very happy there. Hopefully you can move again in a few years.
b. Market is going to do what it's going to do. Don't buy a house you will hate living in. Wait until something you like and meets your needs comes into market, even if it means paying more for it with higher interest.
c. Give up on schools and neigborhood you prioritized. You can't afford there at the moment. Move to exurbs for a nicer home, and decent schools, even though they may not be what you planned and were hoping for your family.

For additional info: current lease expires in June and not likely to be able to extend...

I am imagining there are many families around here contemplating similar scenarios.

[Anonymous]

Anonymous wrote:With low inventory and crazy bidding wars, we're getting desperate. What would you suggest to a first time home buyer:
a. Market is too crazy and prices and interest rates are going to get higher. Buy now what you can afford in the area you want even though it does not meet your needs and you won't feel very happy there. Hopefully you can move again in a few years.
b. Market is going to do what it's going to do. Don't buy a house you will hate living in. Wait until something you like and meets your needs comes into market, even if it means paying more for it with higher interest.
c. Give up on schools and neigborhood you prioritized. You can't afford there at the moment. Move to exurbs for a nicer home, and decent schools, even though they may not be what you planned and were hoping for your family.

For additional info: current lease expires in June and not likely to be able to extend...

I am imagining there are many families around here contemplating similar scenarios.

(a) for sure. buy what you can afford in the area you want, and move up from there. location matters far more than house.

[Anonymous]

A. But it depends on what you mean by ‘it doesn’t fit your needs’. Do you mean everyone will get a bedroom, but there’s no dedicated office space? Or do you mean four kids are sharing one of the two bedrooms, there’s no basement and only a small living room.

It’s your starter home. You need to make compromises, but you shouldn’t ruin your entire family’s happiness

[Anonymous]

I think you should continue to rent.

[Anonymous]

My coworker is drinking every night thinking about this. Praying for a crash.

[Anonymous]

How many kids do you have and what ages are they?

[Anonymous]

Anonymous wrote:How many kids do you have and what ages are they?

2 kids, and both in early-mid elementary.
And we both work from home with meeting intensive jobs, which require separate office spaces with doors...

[Anonymous]

Exurbs for sure.

[Anonymous]

I’d say widen the search.. so C? Doesn’t necessarily have to be to an exurb, but if you’re both working from home that’s a viable option.

[Anonymous]

I mean you definitely aren't getting 5-6 bedrooms close in for under 3 million...

[Anonymous]

If you’re going to continue to work from home, C. If you have to go back to the office and the exurbs are going to mean a much longer commute and you won’t be home as much, A.

[Anonymous]

Anonymous wrote:I’d say widen the search.. so C? Doesn’t necessarily have to be to an exurb, but if you’re both working from home that’s a viable option.

OP here, to be more correct we both occasionally commute, and post-covid a 2-day office work is still in the cards... which makes a move too far not feasible right now.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I’d say widen the search.. so C? Doesn’t necessarily have to be to an exurb, but if you’re both working from home that’s a viable option.

OP here, to be more correct we both occasionally commute, and post-covid a 2-day office work is still in the cards... which makes a move too far not feasible right now.

You are targeting a specific area, right? Is there a similar, but slightly less expensive and popular area if you move 5 miles past that area?

[Anonymous]

Anonymous wrote:I mean you definitely aren't getting 5-6 bedrooms close in for under 3 million...

False! You can get that in a bunch of places in PG county.

[Anonymous]

Surely there is a middle ground between close in and exurbs? If you give budget and wish list, people could give suggestions.