Are we the only family in the DMV who is priced out?

[Anonymous]

We brought in 2022 and rates were starting to go up and we were on verge of not being able to buy. So what did we do? We brought the ugly, unupdated house that was literally dirty. Those things turned off a lot of buyers so we knew we had a shot. But we now have a house. We had to pay for a few rounds of professional cleaning and there is a lot we’d ideally change if we could but we have no money left after buying. It’s not our dream house it’s not hgtv worthy. People around us have much nicer updated homes and keep updating and adding on - because they purchased years earlier they can afford to. Our monthly is waaay higher then theirs. It’s just reality. I wish it had worked out differently, but this is where we are in the timeline when we were ready to purchase so we had to deal with it. I’m very sympathetic to your situation it’s so hard but maybe bend a little on what you would accept?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I was in the same boat, had to definitely recalibrate what I wanted versus what I could afford. We are thrilled about the town we landed in and are living in a house we are updating very slowly. It stinks, there’s no two ways about it. At least we are always super happy when we upgrade one thing! Everyone that comes over gets to look at our fancy 200amp electrical box, hah.
One thing my realtor told me was like, “if you had a $1m budget, you’d wish you could afford $1.25. If you could afford $1.25, you’d wish you could afford $1.5.” She told us to not look at anything we couldn’t afford, so it would be easier to fall in love with what we could afford. Ultimately, our town and non negotiable other things (no double yellow line, 0.25 acre lot) meant we comprised a bit on the house, but we gave ourselves a deadline to recalibrate and start looking into other towns if it didn’t work for us.

OMFG realtors. They just want you to buy already, not wait out and try to find a good compromise or continue to rent.

Shrug, I actually thought it was good advice that we needed to hear. We could’ve waited, but the interest rates shot up and we would’ve been priced out now (a year later). Our down payment and monthly budget wouldn’t have changed radically in waiting a year.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:DH and I are early 40s, two kids, HHI 300k gross. We have a downpayment of 300k set aside but are only interested in single family homes that are not total teardowns. We are priced out and have stopped looking.

DH interviewed for a higher paying job this summer but didn't pass the second round. I'm earning the max I can earn with my qualifications. Kids in public school and we are renting right now.

Are we the only ones in this situation?

What do you consider a tear down?

A house that requires more than 100k of rehab work after purchase or cannot be rehabbed without being torn down to the foundation.

The realtor we looked at houses with showed us two of these. Then he told us to ask our parents for another 200k so he could put us into a house for 1.1.

We have credit scores over 800.

You have to determine if it really needs to be rehabed or if it’s cosmetic. Outdated kitchens and baths still work fine. Roofs with holes, rotting floorboards, unsafe electrical wiring need to be fixed.

[Anonymous]

Try Pimmit Hills. It is in between Falls Church and McLean in VA. It feeds into very good schools, is in a great location, and is the last chance for great buys in close-in northern Virginia. You also set yourself up for several good in state college choices.

[Anonymous]

I live in Burke, VA on that income.

[Anonymous]

I just want to offer that there are really nice townhomes in the dmv that a lot of people overlook. There are a bunch of Th neighborhoods under 1 mile to the Vienna metro, many are walkable to the train easily. You get good schools, family friendly, metro access, etc. some are pricey in the 800s but there are also tons in the 600s and 700s and even some in the 500s. They are gorgeous neighborhoods bordering nottoway park not run down or embarrassing. Great community feel.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:DH and I are early 40s, two kids, HHI 300k gross. We have a downpayment of 300k set aside but are only interested in single family homes that are not total teardowns. We are priced out and have stopped looking.

DH interviewed for a higher paying job this summer but didn't pass the second round. I'm earning the max I can earn with my qualifications. Kids in public school and we are renting right now.

Are we the only ones in this situation?

What do you consider a tear down?

A house that requires more than 100k of rehab work after purchase or cannot be rehabbed without being torn down to the foundation.

The realtor we looked at houses with showed us two of these. Then he told us to ask our parents for another 200k so he could put us into a house for 1.1.

We have credit scores over 800.

I hope you fired that presumptuous realtor. I hate these aholes who are so comfortable spending other people’s money.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:DH and I are early 40s, two kids, HHI 300k gross. We have a downpayment of 300k set aside but are only interested in single family homes that are not total teardowns. We are priced out and have stopped looking.

DH interviewed for a higher paying job this summer but didn't pass the second round. I'm earning the max I can earn with my qualifications. Kids in public school and we are renting right now.

Are we the only ones in this situation?

What do you consider a tear down?

A house that requires more than 100k of rehab work after purchase or cannot be rehabbed without being torn down to the foundation.

The realtor we looked at houses with showed us two of these. Then he told us to ask our parents for another 200k so he could put us into a house for 1.1.

We have credit scores over 800.

I hope you fired that presumptuous realtor. I hate these aholes who are so comfortable spending other people’s money.

We told him we were out after the parent comment. No way I am asking my parents or in laws for help. I'm not that entitled.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:DH and I are early 40s, two kids, HHI 300k gross. We have a downpayment of 300k set aside but are only interested in single family homes that are not total teardowns. We are priced out and have stopped looking.

DH interviewed for a higher paying job this summer but didn't pass the second round. I'm earning the max I can earn with my qualifications. Kids in public school and we are renting right now.

Are we the only ones in this situation?

What do you consider a tear down?

A house that requires more than 100k of rehab work after purchase or cannot be rehabbed without being torn down to the foundation.

The realtor we looked at houses with showed us two of these. Then he told us to ask our parents for another 200k so he could put us into a house for 1.1.

We have credit scores over 800.

I hope you fired that presumptuous realtor. I hate these aholes who are so comfortable spending other people’s money.

We told him we were out after the parent comment. No way I am asking my parents or in laws for help. I'm not that entitled.

As a parent, I’d rather give you money now when you need it rather than just as an inheritance.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:DH and I are early 40s, two kids, HHI 300k gross. We have a downpayment of 300k set aside but are only interested in single family homes that are not total teardowns. We are priced out and have stopped looking.

DH interviewed for a higher paying job this summer but didn't pass the second round. I'm earning the max I can earn with my qualifications. Kids in public school and we are renting right now.

Are we the only ones in this situation?

What do you consider a tear down?

A house that requires more than 100k of rehab work after purchase or cannot be rehabbed without being torn down to the foundation.

The realtor we looked at houses with showed us two of these. Then he told us to ask our parents for another 200k so he could put us into a house for 1.1.

We have credit scores over 800.

I hope you fired that presumptuous realtor. I hate these aholes who are so comfortable spending other people’s money.

We told him we were out after the parent comment. No way I am asking my parents or in laws for help. I'm not that entitled.

As a parent, I’d rather give you money now when you need it rather than just as an inheritance.

That's nice for your adult children, but it's not our reality.

[Anonymous]

Anonymous wrote:This is us too, OP. We have about 250k set aside, a 350k HHI, one car paid off, two kids in public, no debt, but we can’t find a 1800 sq ft 3br WOTP anywhere. I don’t need detached. I don’t need off street parking. There is simply no inventory in this range. We were striving to get something in the 950-1.1 range years back but now those crummy small houses are more like 1.3 and there are almost never any on the market.

Look a bit north in 20814. On Zillow I found a handful of houses meeting your criteria.

[Anonymous]

I am in a similar situation as the OP and have begun looking for new jobs in other cities. The truth is that even making slightly less somewhere else can be OK because other places have much lower housing prices. Crime is high in this area and public schools aren’t even that great.

[Anonymous]

All the New Yorkers I know making 1M plus buy houses elswhere as rental investments and then just rent in the city. At least you ride the apprceiation and domeone else is paying it down..

Not saying you're looking for better financial moves or just a feeling of 'home' but it's a thought.

[Anonymous]

Anonymous wrote:We brought in 2022 and rates were starting to go up and we were on verge of not being able to buy. So what did we do? We brought the ugly, unupdated house that was literally dirty. Those things turned off a lot of buyers so we knew we had a shot. But we now have a house. We had to pay for a few rounds of professional cleaning and there is a lot we’d ideally change if we could but we have no money left after buying. It’s not our dream house it’s not hgtv worthy. People around us have much nicer updated homes and keep updating and adding on - because they purchased years earlier they can afford to. Our monthly is waaay higher then theirs. It’s just reality. I wish it had worked out differently, but this is where we are in the timeline when we were ready to purchase so we had to deal with it. I’m very sympathetic to your situation it’s so hard but maybe bend a little on what you would accept?

They can afford to NOW. It takes time to save up for improvements.

You people are so impatient. "I want my perfect house NOW!"

[Anonymous]

Anonymous wrote:All the New Yorkers I know making 1M plus buy houses elswhere as rental investments and then just rent in the city. At least you ride the apprceiation and domeone else is paying it down..

Not saying you're looking for better financial moves or just a feeling of 'home' but it's a thought.

OP here: it's a good idea. We've done that for just over 10 years. That's one of the ways we built up our 300k downpayment. Just sold that one for over asking a few months ago.