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

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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

Ha, yeah me too. 3 years ago we were trying to save for a $1.2M home, now that we could afford that, the same home is $1.4-1.5M. In another 3 when we can afford this, those homes will be $1.7M. F this mess. We are just going to throw our money away on rent and live in the home we wish we could buy in the neighborhood we love. Funny thing is, we are so rich ($270HHI) but we can't afford a 3br home. Nuts.

The 1.2 house three years ago is 1.6 already, and will be 1.8-1.9 in another 3 years. So, you are doomed.

Also, let me break out the world's tiniest violin.

At 270k, you absolutely can afford a 3 bedroom home

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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

Ha, yeah me too. 3 years ago we were trying to save for a $1.2M home, now that we could afford that, the same home is $1.4-1.5M. In another 3 when we can afford this, those homes will be $1.7M. F this mess. We are just going to throw our money away on rent and live in the home we wish we could buy in the neighborhood we love. Funny thing is, we are so rich ($270HHI) but we can't afford a 3br home. Nuts.

The 1.2 house three years ago is 1.6 already, and will be 1.8-1.9 in another 3 years. So, you are doomed.

Also, let me break out the world's tiniest violin.

At 270k, you absolutely can afford a 3 bedroom home

Yeah, but then their kids might have to interact with the serfs. What if they made friends with a family that didn't have a graduate degree? I mean, you can't come back from that.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If it was me I'd be bidding on this one. Great, close-in location near Mosaic, Tysons, 495, 50, 66, and Metro. DCUM might pearl-clutch but we live in the FCHS pyramid and have been very happy with the schools. Love the diversity and the down-to-earth parents. The high school is due to be renovated this year and will be gorgeous when complete.

Accepting offers until 7:00pm today.

https://www.redfin.com/VA/Falls-Church/7616-Trail-Run-Rd-22042/home/9626977

Well, it's a reasonable option but it does have tradeoffs, including the low quality of the home. And it really isn't that close in. It's not much different than living just outside the beltway in a better school district. As far as renovating the school, I'm not sure why that matters. It has no effect on the actual quality of the school.

Disagree. A renovated school raises property values and attracts higher-income buyers, which in turn raises test scores.

I'd have to see the evidence on that. I've never seen any evidence that renovating a school increases property values.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If it was me I'd be bidding on this one. Great, close-in location near Mosaic, Tysons, 495, 50, 66, and Metro. DCUM might pearl-clutch but we live in the FCHS pyramid and have been very happy with the schools. Love the diversity and the down-to-earth parents. The high school is due to be renovated this year and will be gorgeous when complete.

Accepting offers until 7:00pm today.

https://www.redfin.com/VA/Falls-Church/7616-Trail-Run-Rd-22042/home/9626977

Well, it's a reasonable option but it does have tradeoffs, including the low quality of the home. And it really isn't that close in. It's not much different than living just outside the beltway in a better school district. As far as renovating the school, I'm not sure why that matters. It has no effect on the actual quality of the school.

What is there to renovate? This house is really nice.

I'm saying the actual construction quality of the homes is terrible in that neighborhood and also across the way in Holmes Run. The house is updated yes, but the homes are very poorly built. That doesn't mean they will fall down. I just wouldn't prefer to buy in that particular neighborhood and across the way updated or not.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If it was me I'd be bidding on this one. Great, close-in location near Mosaic, Tysons, 495, 50, 66, and Metro. DCUM might pearl-clutch but we live in the FCHS pyramid and have been very happy with the schools. Love the diversity and the down-to-earth parents. The high school is due to be renovated this year and will be gorgeous when complete.

Accepting offers until 7:00pm today.

https://www.redfin.com/VA/Falls-Church/7616-Trail-Run-Rd-22042/home/9626977

Well, it's a reasonable option but it does have tradeoffs, including the low quality of the home. And it really isn't that close in. It's not much different than living just outside the beltway in a better school district. As far as renovating the school, I'm not sure why that matters. It has no effect on the actual quality of the school.

What is there to renovate? This house is really nice.

I'm saying the actual construction quality of the homes is terrible in that neighborhood and also across the way in Holmes Run. The house is updated yes, but the homes are very poorly built. That doesn't mean they will fall down. I just wouldn't prefer to buy in that particular neighborhood and across the way updated or not.

That's a pretty far-reaching statement. You believe the build-quality of an entire neighborhood is poor because...?

[Anonymous]

I would expand my search beyond SFHs. You can get a nice TH in a walkable part of Fairfax City for your price. Still relatively easy to get to metro if you need to commute into DC.

https://www.redfin.com/VA/Fairfax/3963-Norton-Pl-22030/home/143691405?1280460695=variant&600390594=copy_variant&231528114=control&1077477207=variant&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet

[Anonymous]

Also, this area is a bit farther out for Fairfax, but still gets you in the Woodson pyramid.

https://www.redfin.com/VA/Fairfax/11835-Larry-Rd-22030/home/9612703?1280460695=variant&600390594=copy_variant&231528114=control&1077477207=variant&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet

[Anonymous]

OP, your best bet is to look for the houses that don’t sell the first weekend. Example - this is technically out of your budget, but if there was going to be a bidding war, it would have happened already. You’ll have a little more leverage than you would with the shiny new first weekend houses.

https://www.redfin.com/VA/Burke/6593-Meadowrill-Ln-22015/home/9766307

[Anonymous]

Anonymous wrote:OP, your best bet is to look for the houses that don’t sell the first weekend. Example - this is technically out of your budget, but if there was going to be a bidding war, it would have happened already. You’ll have a little more leverage than you would with the shiny new first weekend houses.

https://www.redfin.com/VA/Burke/6593-Meadowrill-Ln-22015/home/9766307

OP here: Good advice, we thought the same and checked this house out yesterday. It is a redfin flip: it's in horrendous condition, very awkward floor plan upstairs and downstairs, completely neglected structure and yard for decades. They half-painted the walls in bright white, and attempted to paint original kitchen cabinets but failed so half of them show wood under and still filthy inside... with some weird vinyl-ish stick and peel backsplash in the kitchen and bathrooms.... We considered for a split second, then realized it's a complete reno, which could be OK, but then with the level of neglect I am scared to see what's behind the walls..... That asking price is beyond ridiculous, and as desperate as we are, we have limits

[Anonymous]

Anonymous wrote:

Anonymous wrote:https://www.redfin.com/VA/Clifton/6227-Stonehunt-Pl-20124/home/9672636

We're looking at the first one in Clifton/Centreville today. It's hot and likely to get a big bidding war, so most likely we'd be priced out quick.
Homes like the ones in Ashburn are one of the options we're considering, but commute is scary...

In this market, the listing price has to be around or under 800k for us to have any shot. Nicer homes in this area currently go over 30-60k above asking, easy.... (we know because we lost some bids and had to walk away from others)

We went to look at this one in Centreville. The house itself is beautiful, and frankly shows better than the pictures. I'd so live there eventhough the location is farther than ideal for commute. When we talked they already had 2 offers significantly higher than asking, 3 more coming in within hours, and were expecting more by today's 3om deadline.... We knew we didn't stand a chance so skipped the effort and heartache of putting an offer in....

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP, your best bet is to look for the houses that don’t sell the first weekend. Example - this is technically out of your budget, but if there was going to be a bidding war, it would have happened already. You’ll have a little more leverage than you would with the shiny new first weekend houses.

https://www.redfin.com/VA/Burke/6593-Meadowrill-Ln-22015/home/9766307

OP here: Good advice, we thought the same and checked this house out yesterday. It is a redfin flip: it's in horrendous condition, very awkward floor plan upstairs and downstairs, completely neglected structure and yard for decades. They half-painted the walls in bright white, and attempted to paint original kitchen cabinets but failed so half of them show wood under and still filthy inside... with some weird vinyl-ish stick and peel backsplash in the kitchen and bathrooms.... We considered for a split second, then realized it's a complete reno, which could be OK, but then with the level of neglect I am scared to see what's behind the walls..... That asking price is beyond ridiculous, and as desperate as we are, we have limits

I think you should only be looking at fully renovated or new homes. My suggestion given your needs is to look at new townhouses. I don't think you're going to find what you want in a single family home in your price range.

[Anonymous]

At 270k income you can only afford houses than back up to I270

[Anonymous]

Here you go...

https://www.zillow.com/community/sutton-heights/29569422_plid/

[Anonymous]

Anonymous wrote:Here you go...

https://www.zillow.com/community/sutton-heights/29569422_plid/

These schools have the same rating as the bush hill /edison house. Do 22310, op.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Here you go...

https://www.zillow.com/community/sutton-heights/29569422_plid/

These schools have the same rating as the bush hill /edison house. Do 22310, op.

Next to a diesel/chemical distribution center and off a very busy street, pass.