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

[Anonymous]

Anonymous wrote:Move far away from the DMV

I DID move. I’m not sure it’s much better out here…

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I just saw a price reduction on this one, and thought of you. Inside the beltway, 5 bdrms, easily in your price range
https://www.redfin.com/VA/Falls-Church/7306-Lee-Hwy-22046/home/9551014?utm_medium=share&utm_source=web_share&utm_campaign=copy

Facing Lee Hwy, talk about bad locations!

Its really not that bad- its on a pretty big lot and the house is set fairly far back with plenty of trees. Its 5 bdrm and in a good school pyramid.

It's pretty awful. It's obviously been some sort of flophouse or living/business arrangement. The colonial in Burke is a nice house, and OP didn't like it because of stick on tile. This is an army barracks that's been made worse.

[Anonymous]

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.

Ummmmm…. $270K HHI isn’t really enough to buy $1.2M house in my book….

[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.

Ummmmm…. $270K HHI isn’t really enough to buy $1.2M house in my book….

Good thing it's not your book.

Regarding the 3 year cycle, in 3 years you are paying 108k in rent (assuming your rent is around 3k). If your income isn't going to outpace appreciation, which it hasn't for your case, you need to look at different neighborhoods or just take the plunge and buy.

[Anonymous]

Anonymous wrote:

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

Good point: 825k or so, 4 bedroom +den/office, within 1 hour or so commute of DC, preferrably somewhere in Nova. It's OK if it needs cosmetic work, but we need the space and decent (middle pack) schools.

https://www.redfin.com/VA/Herndon/3229-Wildmere-Pl-20171/home/9426015

[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're boxing yourself in, OP. You need a house that is relatively close in, but also need a place large enough to have two dedicated offices.

To paraphrase an old saying, your considerations are a house in the right location, the right size, and for the right price. Pick two.

[Anonymous]

Anonymous wrote:

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're boxing yourself in, OP. You need a house that is relatively close in, but also need a place large enough to have two dedicated offices.

To paraphrase an old saying, your considerations are a house in the right location, the right size, and for the right price. Pick two.

Looks like the house above pretty much checks all three.

[Anonymous]

My advice: you gotta take the plunge.

Everyone has a different opinion on what the market will do, but trying to time the market is always a bad thing, in real estate or investing.

Plus, a house is more than just an asset.

So, pull the trigger. It might not be your dream house. But in all likelihood, with your HHI, you'll get most of what you want, and you'll realize that the things you do compromise on where never really as important as you thought; everything (emotions/wants/needs) seems to get amplified during a home search.

And, I believe that the market is going to stay hot for a long time, due to low inventory, changes in WFH, desire to age in place, etc. So anything you buy now will likely increase in value over the next 5 years.

So, in 5 years, your HHI will be higher, and you'll have a decent amount of equity from your starter home, you can then use that equity to actually get your dream home.

Don't overthink this.

[Anonymous]

Here you go OP. Been on the market a week, so you should be able to get it for asking or less. Close enough to commute in via VRE easily and good schools. Not five bedrooms, but a big basement for two office areas. It’s a very nice neighborhood.

https://www.redfin.com/VA/Lorton/5926-River-Dr-22079/home/9829793?600390594=copy_variant&231528114=control&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet

[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.

Ummmmm…. $270K HHI isn’t really enough to buy $1.2M house in my book….

We bought $1.4m on $280k HHI and it has been very doable. But no childcare costs, just $1.6k/month towards college fund (no kids yet). 10% down

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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

Good point: 825k or so, 4 bedroom +den/office, within 1 hour or so commute of DC, preferrably somewhere in Nova. It's OK if it needs cosmetic work, but we need the space and decent (middle pack) schools.

https://www.redfin.com/VA/Herndon/3229-Wildmere-Pl-20171/home/9426015

Ha! Beautiful! We took Oakton pyramid off the list thinking no way we can find anything we can afford there anymore. Question is, how much this is going to go for...

[Anonymous]

Anonymous wrote:Here you go OP. Been on the market a week, so you should be able to get it for asking or less. Close enough to commute in via VRE easily and good schools. Not five bedrooms, but a big basement for two office areas. It’s a very nice neighborhood.

https://www.redfin.com/VA/Lorton/5926-River-Dr-22079/home/9829793?600390594=copy_variant&231528114=control&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet

I did not even know there was a neigborhood there! What a location! That house has great potential.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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

Good point: 825k or so, 4 bedroom +den/office, within 1 hour or so commute of DC, preferrably somewhere in Nova. It's OK if it needs cosmetic work, but we need the space and decent (middle pack) schools.

https://www.redfin.com/VA/Herndon/3229-Wildmere-Pl-20171/home/9426015

Ha! Beautiful! We took Oakton pyramid off the list thinking no way we can find anything we can afford there anymore. Question is, how much this is going to go for...

How in the world is this listed as Herndon??

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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

Good point: 825k or so, 4 bedroom +den/office, within 1 hour or so commute of DC, preferrably somewhere in Nova. It's OK if it needs cosmetic work, but we need the space and decent (middle pack) schools.

https://www.redfin.com/VA/Herndon/3229-Wildmere-Pl-20171/home/9426015

Ha! Beautiful! We took Oakton pyramid off the list thinking no way we can find anything we can afford there anymore. Question is, how much this is going to go for...

How in the world is this listed as Herndon??

It’s Franklin Farms

https://www.wilesgroup.com/fairfax-county-living/

[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.

Expensive schools aren't better-that's just what they are told. One kid moved to the Langley district and their elem kid had no friends. Don't covet mediocrity just because it is out of your price range.