When will these prices slow down??!!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We want to buy a SFH but can't do so realistically for about two more years which is when a significant chunk of our monthly expenses will disappear (daycare and child support).

The SFH in our area are around 625-650k. We can't really afford to finance more than about 480k and we could probably put about 120k down (100k from equity in our current townhome plus 20k in savings). That puts us at a maximum home price of 600k. In my mind, I think "okay, we can scrounge up another 25k through some serious saving these next two years" but then I realize that in two years, those home prices will now be more like 650k - 675k. They seem like they will constantly be JUST out of our reach. It's so frustrating. I just don't see how we're ever going to be able to save enough to finally be able to buy up in the area we live in.

A house came on the market by us that we really like for 615k and when I looked at the tax records, I saw it sold for 537k in 2012. Just four years ago it was 85k less! We couldn't afford to buy a SFH back then when prices were that low b/c we were at the peak of our daycare and child support expenses. But as time marches on, it makes me realize that we're never going to be able to get there.

I feel like we're stuck.

Put down less, rates are very low, your made up 480k number has no bearing on the market.

I don't understand this comment. I can't put down less b/c I can't afford a mortgage for more than the monthly payment of a 480k loan. How is 480k a made up number? That's the amount we can afford to finance.

Did the bank come up with that number?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Put 5% down and get in the house you want now.

You will need to put down way more than just 5%. If you don't know how to save, buying a home is not your priority. Because you will be stretched too thin with the monthly mortgage, taxes & ins. On top of that, if you lose your job, you will be out on the sidewalk. People still have not learned from recent recession.

Well that's not true at all.

[Anonymous]

I not being mean but maybe you need to stay where you are so you are not stretched too thin. You do not want to be house poor.

[Anonymous]

I'm trying to understand a life situation where child support and day are bills both go away in 2 years. One of you has a toddler and a 16 year old???

[Anonymous]

Anonymous wrote:I'm trying to understand a life situation where child support and day are bills both go away in 2 years. One of you has a toddler and a 16 year old???

Not OP but my husband pays child support for his 16 and 18 year old, and we have an infant and preschooler in daycare.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'm trying to understand a life situation where child support and day are bills both go away in 2 years. One of you has a toddler and a 16 year old???

Not OP but my husband pays child support for his 16 and 18 year old, and we have an infant and preschooler in daycare.

Yes. This is OP and this is our situation. He has a senior in high school and we have two toddlers.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Put 5% down and get in the house you want now.

You will need to put down way more than just 5%. If you don't know how to save, buying a home is not your priority. Because you will be stretched too thin with the monthly mortgage, taxes & ins. On top of that, if you lose your job, you will be out on the sidewalk. People still have not learned from recent recession.

This is OP. I agree with you that I need to put down more than 5%. I know how to save, I just can't save enough to keep up with the rising costs of housing. I'm trying NOT to stretch myself too thin hence my frustration at the housing costs that are rising faster than our income.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We want to buy a SFH but can't do so realistically for about two more years which is when a significant chunk of our monthly expenses will disappear (daycare and child support).

The SFH in our area are around 625-650k. We can't really afford to finance more than about 480k and we could probably put about 120k down (100k from equity in our current townhome plus 20k in savings). That puts us at a maximum home price of 600k. In my mind, I think "okay, we can scrounge up another 25k through some serious saving these next two years" but then I realize that in two years, those home prices will now be more like 650k - 675k. They seem like they will constantly be JUST out of our reach. It's so frustrating. I just don't see how we're ever going to be able to save enough to finally be able to buy up in the area we live in.

A house came on the market by us that we really like for 615k and when I looked at the tax records, I saw it sold for 537k in 2012. Just four years ago it was 85k less! We couldn't afford to buy a SFH back then when prices were that low b/c we were at the peak of our daycare and child support expenses. But as time marches on, it makes me realize that we're never going to be able to get there.

I feel like we're stuck.

Put down less, rates are very low, your made up 480k number has no bearing on the market.

I don't understand this comment. I can't put down less b/c I can't afford a mortgage for more than the monthly payment of a 480k loan. How is 480k a made up number? That's the amount we can afford to finance.

Did the bank come up with that number?

No. I just use the online mortgage calculators.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Just saw a 3 bed, 2 bath in Petworth/Columbia Heights listed for 599k.

We're in the burbs out in the Burke/Fairfax area.

There are tons of houses in Burke for less than $600K. Where are you trying to buy? Do you want a really big, brand-new house? Otherwise, what about any of these?

https://www.redfin.com/VA/Burke/6706-Wooden-Spoke-Rd-22015/home/9766488
https://www.redfin.com/VA/Burke/9707-Harr-Ct-22015/home/9766165
https://www.redfin.com/VA/Burke/10711-Dundas-Oak-Ct-22015/home/9727285
http://slideshow.mris.com/slideshow/slideshow.htm?ListingKey=300039231294

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Just saw a 3 bed, 2 bath in Petworth/Columbia Heights listed for 599k.

We're in the burbs out in the Burke/Fairfax area.

There are tons of houses in Burke for less than $600K. Where are you trying to buy? Do you want a really big, brand-new house? Otherwise, what about any of these?

https://www.redfin.com/VA/Burke/6706-Wooden-Spoke-Rd-22015/home/9766488
https://www.redfin.com/VA/Burke/9707-Harr-Ct-22015/home/9766165
https://www.redfin.com/VA/Burke/10711-Dundas-Oak-Ct-22015/home/9727285
http://slideshow.mris.com/slideshow/slideshow.htm?ListingKey=300039231294

Sorry, I didn't clarify. We're trying to stay along the Burke Centre Parkway side of Burke. We have lived here for almost 10 years and want to stay in the neighborhood.

We did look at that third one you posted (Dundas Oak) which is in our preferred area. Its one of the few that has popped up in our price range this summer. But, again, we're looking to buy in two years. I'd say this year there were about...five that were in the low 600's or a little under that fit our needs. We're just going to have to cross our fingers that one happens to come up when we're ready to buy.

We're okay with unfinished basements, old kitchens, bathrooms that aren't updated, etc. We'd actually PREFER that b/c that's stuff we can do over time as we save up money rather than paying for it up front with a 50k price hike. But it's very rare to find a home that someone hasn't already done a ton of work to.

[Anonymous]

Oh, just looked at your last one. LOL! That one backs right onto the Fairfax County Parkway. It isn't selling b/c the noise from the parkway is awful and makes your backyard unusable. I did go to see it when it first came on the market months and months ago.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We want to buy a SFH but can't do so realistically for about two more years which is when a significant chunk of our monthly expenses will disappear (daycare and child support).

The SFH in our area are around 625-650k. We can't really afford to finance more than about 480k and we could probably put about 120k down (100k from equity in our current townhome plus 20k in savings). That puts us at a maximum home price of 600k. In my mind, I think "okay, we can scrounge up another 25k through some serious saving these next two years" but then I realize that in two years, those home prices will now be more like 650k - 675k. They seem like they will constantly be JUST out of our reach. It's so frustrating. I just don't see how we're ever going to be able to save enough to finally be able to buy up in the area we live in.

A house came on the market by us that we really like for 615k and when I looked at the tax records, I saw it sold for 537k in 2012. Just four years ago it was 85k less! We couldn't afford to buy a SFH back then when prices were that low b/c we were at the peak of our daycare and child support expenses. But as time marches on, it makes me realize that we're never going to be able to get there.

I feel like we're stuck.

Put down less, rates are very low, your made up 480k number has no bearing on the market.

The online calculator is how I figured out the monthly payment (and loan amount) I could afford, too. Not sure why the PP is grilling you on this. It makes complete sense.

I don't understand this comment. I can't put down less b/c I can't afford a mortgage for more than the monthly payment of a 480k loan. How is 480k a made up number? That's the amount we can afford to finance.

Did the bank come up with that number?

No. I just use the online mortgage calculators.

[Anonymous]

I think you might end up screwed, because even as prices are rising, you're not going to have these super low rates forever.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Just saw a 3 bed, 2 bath in Petworth/Columbia Heights listed for 599k.

We're in the burbs out in the Burke/Fairfax area.

There are tons of houses in Burke for less than $600K. Where are you trying to buy? Do you want a really big, brand-new house? Otherwise, what about any of these?

https://www.redfin.com/VA/Burke/6706-Wooden-Spoke-Rd-22015/home/9766488
https://www.redfin.com/VA/Burke/9707-Harr-Ct-22015/home/9766165
https://www.redfin.com/VA/Burke/10711-Dundas-Oak-Ct-22015/home/9727285
http://slideshow.mris.com/slideshow/slideshow.htm?ListingKey=300039231294

Sorry, I didn't clarify. We're trying to stay along the Burke Centre Parkway side of Burke. We have lived here for almost 10 years and want to stay in the neighborhood.

We did look at that third one you posted (Dundas Oak) which is in our preferred area. Its one of the few that has popped up in our price range this summer. But, again, we're looking to buy in two years. I'd say this year there were about...five that were in the low 600's or a little under that fit our needs. We're just going to have to cross our fingers that one happens to come up when we're ready to buy.

We're okay with unfinished basements, old kitchens, bathrooms that aren't updated, etc. We'd actually PREFER that b/c that's stuff we can do over time as we save up money rather than paying for it up front with a 50k price hike. But it's very rare to find a home that someone hasn't already done a ton of work to.

Have you considered speaking to a financial planner or head to the Finances section? You may need some ideas where your money is tied to the market so that it also appreciates similar to home values. Because you cannot save 1:1 at this rate and ever "catch up." Another option to help with a quicker downpayment is to cut some expenses and than pickup a second job for the short term.

[Anonymous]

Anonymous wrote:I think you might end up screwed, because even as prices are rising, you're not going to have these super low rates forever.

Exactly which is why you can technically mortgage more or put less down.