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

[Anonymous]

Anonymous wrote:

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!"

No, I just don't want to end up underwater or unable to retire by 70. Being real here.

[Anonymous]

We lived in an 70s house that was completely un-updated for 10 years. Now we can afford to update.

[Anonymous]

Yes with your $300K down payment and $300K HHI, you are the ONLY family in the DMV who can't afford a house -- or at least, exactly the house you want. LOL

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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!"

No, I just don't want to end up underwater or unable to retire by 70. Being real here.

Funny, that's exactly what I thought when I bought a totally trashed RH on Capitol Hill in 1996.

[Anonymous]

https://www.redfin.com/VA/Falls-Church/2931-Woodlawn-Ave-22042/home/9561409?600390594=copy_variant&231528114=control&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet

Close in, cute neighborhood. Schools are just okay, but there are houses you can afford out there. You just need to realize you can’t have it all.

[Anonymous]

The DMV is a big area. You can definitely afford plenty of houses in upper Montgomery, Howard and into Loudoun. All with good schools.

If you want to be closer in you need to adjust to reality and accept a townhouse.

Before you get into a hissy fit, your 300k DC income is probably the equivalent of a 200k income in a midsize city and a 200k HHI doesn't buy you an amazing house in those cities either.

[Anonymous]

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?

Priced out of what? You can comfortably afford a house but it's not what you want so stop complaining. You can buy a $600-700K house comfortably.

You’re not getting good schools in that price range.

[Anonymous]

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?

Why do you need a SFH? We're in a rowhouse and it's great.

[Anonymous]

Anonymous wrote:So I just put our inputs into NerdWallet's How Much House Can You Afford calculator. No debts or other liabilities, 300k downpayment, income, but also included taxes (all- income, property, etc.), insurance expenses, current interest rates, etc.

It gave us a recommended spend limit of 764k in Arlington, slightly less in MoCo.

I think those were left back in 2017. Timing is everything...

That's why you don't listen to calculators like this.

[Anonymous]

Anonymous wrote:https://www.redfin.com/VA/Falls-Church/2931-Woodlawn-Ave-22042/home/9561409?600390594=copy_variant&231528114=control&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet

Close in, cute neighborhood. Schools are just okay, but there are houses you can afford out there. You just need to realize you can’t have it all.

Schools are not “just okay”, they are quite challenged.

[Anonymous]

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?

Why do you need a SFH? We're in a rowhouse and it's great.

We had a townhouse and were pushed out by our neighbors who hated kids who had us harassed by the HOA board.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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!"

No, I just don't want to end up underwater or unable to retire by 70. Being real here.

The price you pay doesn't matter if you plan to die in it. You can afford a house, its just no the house you want. There is a difference between want and need/afford.

[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?

Priced out of what? You can comfortably afford a house but it's not what you want so stop complaining. You can buy a $600-700K house comfortably.

You’re not getting good schools in that price range.

Define good schools? We go to a "good" school by our standards, but the ratings aren't high as its not in a rich area.

[Anonymous]

If you are in your early 40s and real estate was dirt cheap 2009-2019 exactly why don’t you have a house?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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!"

No, I just don't want to end up underwater or unable to retire by 70. Being real here.

The price you pay doesn't matter if you plan to die in it. You can afford a house, its just no the house you want. There is a difference between want and need/afford.

Exactly. That's what priced out means, PP.