two million is the new starter home price for close in neighborhoods

[Anonymous]

NP. agree, with most posters. My definition of a starter house was a 2M 6500sq ft 6 bed 6 bath in McLean. Prob not what most people can afford or want. I was lucky to get it last year. Inventory for my kind of house is few and far between and go fast.

Lots of 3M new builds no one can afford and sit on the market forever.

On the flip side, a friend bought a 1M 3000 sq ft 4 bed 3 bath in herndon. That was their definition of starter. Works well for them. Those are available but still low inventory.

Everyone is different in their wants/needs/budget.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Prices have gone up for sure but obviously your definition of starter home is insane if you think the entry point is $2m. A starter home is not a new-build 5bd/4.5ba on a massive lot. A starter home is a dated 3bd/2ba with a weird layout and no parking

That’s what a starter home used to be but currently, if you’re a first time homebuyer and want to buy a sfh closer in, most of the homes in the market at moment are new build starting starting at 2.1M, minus a few here and there.

Want is not a need. I wanted my first home to be a tastefully updated home in Chevy Chase, Maryland with a full outdoor fireplace (german schmear brick, please) on a beautiful patio with romantic lighting.

Guess what my first home wasn't. But guess what my first home helped set me up to be able to afford?

[Anonymous]

^^And also, for heavens sake, some people just will never make enough to be able to afford some random idea of what a "dream home" should be but hopefully most people are happy enough with themselves and their life to be grateful for the home they do have. And "home" does not have mean a SFH you own, of course.

[Anonymous]

You all realize that not everybody is partnered and making a lot of money for years before they have kids, right? It's not like everyone or even most people can buy a small condo in their 20s. Most absolutely cannot get into a starter home which means they cannot use the money they make off that to jump into a more expensive home when kids come.

[Anonymous]

You are out of your mind.

[Anonymous]

In many areas, houses don’t appreciate as much as they used to. The property ladder requires much more strategy now - and more money to start. Condos and townhouses are especially risky. So if you bought your starter home 20 years ago, spare is your lectures.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
The spring market came and went it seems, and no, I don’t see things picking up in April. A few weeks ago, someone posted feeling disheartening after saving for 7 years to get a sfh and still can’t find a home in their 1.5M price point in the target neighborhood that she previously thought in 2019 she could afford. I thought she was being over dramatic. But, in all honesty, I’ve been paying close attention to several close in zip codes and I’m not seeing much inventory other than condos under two million, not even at 2M. Yes, there have been a few homes in the 1M-1.5M mark but they’re few and far between. All I see are new-build starting at the 2.5M. I’ve seen people commenting buying first homes at 1.8M. If I was on the market right I would depressed too.

I have a TH in a sought after neighborhood that online estimators are now saying is in the 2M range. I called one of those high earning realtors 3 years ago when I was thinking of selling and moving out of the area, after researching my address, surprisingly, she said to me, “ you better be sure you’re never coming back this way because you might not be able to afford to afterwards.” I’m thankful she wasn’t one of those greedy realtors.

Nice humblebrag. So go ahead and tell us where these $2M townhouses are the norm.

Humblebrag? This is not a starter home for us, we have been trying to move from our TH since we purchased it. My spouse has found everything to be unhappy about this home except the location, but we can no longer afford a move up home, ever.

Why can't you use the equity in your $2m townhouse?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
The spring market came and went it seems, and no, I don’t see things picking up in April. A few weeks ago, someone posted feeling disheartening after saving for 7 years to get a sfh and still can’t find a home in their 1.5M price point in the target neighborhood that she previously thought in 2019 she could afford. I thought she was being over dramatic. But, in all honesty, I’ve been paying close attention to several close in zip codes and I’m not seeing much inventory other than condos under two million, not even at 2M. Yes, there have been a few homes in the 1M-1.5M mark but they’re few and far between. All I see are new-build starting at the 2.5M. I’ve seen people commenting buying first homes at 1.8M. If I was on the market right I would depressed too.

I have a TH in a sought after neighborhood that online estimators are now saying is in the 2M range. I called one of those high earning realtors 3 years ago when I was thinking of selling and moving out of the area, after researching my address, surprisingly, she said to me, “ you better be sure you’re never coming back this way because you might not be able to afford to afterwards.” I’m thankful she wasn’t one of those greedy realtors.

Nice humblebrag. So go ahead and tell us where these $2M townhouses are the norm.

Humblebrag? This is not a starter home for us, we have been trying to move from our TH since we purchased it. My spouse has found everything to be unhappy about this home except the location, but we can no longer afford a move up home, ever.

Oh. My. God. This has to be a troll.

[Anonymous]

Anonymous wrote:NP. agree, with most posters. My definition of a starter house was a 2M 6500sq ft 6 bed 6 bath in McLean. Prob not what most people can afford or want. I was lucky to get it last year. Inventory for my kind of house is few and far between and go fast.

Lots of 3M new builds no one can afford and sit on the market forever.

On the flip side, a friend bought a 1M 3000 sq ft 4 bed 3 bath in herndon. That was their definition of starter. Works well for them. Those are available but still low inventory.

Everyone is different in their wants/needs/budget.

Douchiest post of the week.

[Anonymous]

Anonymous wrote:

Anonymous wrote:1. Those aren’t starter homes
2. No one has to live in those places
3. I have no sympathy

+100000

I don't even have the energy to pull out my tiny violin for people who think a "starter home" is a close-in, 4+ bedroom, fully flipped house zoned to GS8+. Just so, so stupid, an convinced by their own stupidity that they have it harder than anybody else.

Says the princesses who got everything they have from Daddy or hubby.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:1. Those aren’t starter homes
2. No one has to live in those places
3. I have no sympathy

+100000

I don't even have the energy to pull out my tiny violin for people who think a "starter home" is a close-in, 4+ bedroom, fully flipped house zoned to GS8+. Just so, so stupid, an convinced by their own stupidity that they have it harder than anybody else.

Says the princesses who got everything they have from Daddy or hubby.

NP. Who on earth needs or wants a 6 BR house?

[Anonymous]

Anonymous wrote:You all realize that not everybody is partnered and making a lot of money for years before they have kids, right? It's not like everyone or even most people can buy a small condo in their 20s. Most absolutely cannot get into a starter home which means they cannot use the money they make off that to jump into a more expensive home when kids come.

You have to change your criteria.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:1. Those aren’t starter homes
2. No one has to live in those places
3. I have no sympathy

+100000

I don't even have the energy to pull out my tiny violin for people who think a "starter home" is a close-in, 4+ bedroom, fully flipped house zoned to GS8+. Just so, so stupid, an convinced by their own stupidity that they have it harder than anybody else.

Says the princesses who got everything they have from Daddy or hubby.

Did you mean to reply to the person you did? Because your reply makes zero sense if so.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:1. Those aren’t starter homes
2. No one has to live in those places
3. I have no sympathy

+100000

I don't even have the energy to pull out my tiny violin for people who think a "starter home" is a close-in, 4+ bedroom, fully flipped house zoned to GS8+. Just so, so stupid, an convinced by their own stupidity that they have it harder than anybody else.

Says the princesses who got everything they have from Daddy or hubby.

Cool it on the sexism. Trying to dress up insults in this way makes you sound like an idiot, no matter what your actual point is.

[Anonymous]

I wouldn't call it a starter home but this nothing-special Bethesda house never would have sold for $1.8 milion before the pandemic -- https://www.redfin.com/MD/Bethesda/6816-Tulip-Hill-Ter-20816/home/10674836.

The current owners bought it for $1.7 million less than a year ago. Not sure why they didn't like it, but they clearly think it has gone up in value.

It wasn't that long ago that most new construction homes in Bethesda sold for $1.75 million to $2.1 million. Now it's more like $2.55 million and up for new construction.