Buy for location now or wait?

[Anonymous]

Look at the sold comps you could have bought in the neighborhood for the last few years and if this is the bottom of the heap, wait.

[Anonymous]

Buy the neighborhood and location. We bought in a very close-in Maryland neighborhood (as in 2 blocks) -- the best, in my opinion. Couldn't afford to renovate beyond painting and carpeting until years after we moved in and only then over time. But over time, we made it really beautiful. We made friendships with neighbors who weren't judging us for having old bathrooms.

Couldn't be happier that we didn't let this pass us by. Our kids grew up and made memories in this house when it wasn't much to look at, and now that it is, I never want to leave.

[Anonymous]

Anonymous wrote:

Anonymous wrote:What's your rental situation? If it's below-market rent and in a good location, I would pass on this house.

That said, won't a "good house" with newer updates in this same location be like 20-40% more expensive? Can you afford that?

Our rental situation is good, but the public our rental is zoned for is not good. This new house would put us in the public elementary we want our kids to attend.

Do you have the kids already? Then don't wait because you might be into the next school year before something you like comes along. If you someday hope to have kids, then wait.

[Anonymous]

The same kind of house in the same location will come up next year and it will be 10-20% more expensive. Prices never go down around here. The chances that you will find the "perfect" house also means that there will be 15 other people thinking it's their perfect house too... I'd buy it.

[Anonymous]

I would definitely buy now

[Anonymous]

Buy

[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.

Is it really? When would inventory dry up even more??

[Anonymous]

Buy. They aren't making more land.

[Anonymous]

Another vote for buy. Location trumps all. It’s ok not to have updated everything. A big difference can be made with things like fresh paint, new cabinet hardware, inexpensive but fresh light fixtures.

[Anonymous]

I would also buy, but at a bare minimum I would move into a rental into the school pyramid you intend to buy in.

[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.