Calvert Hills
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Anonymous
First, you just need to run the numbers and see how much room your monthly budget allows (don't forget local taxes, they're pretty high!). Obviously, 20% down is always better but you need to balance that out with your current situation and needs, and your speculation of future prices in these neighborhoods. You also need to think about the stability of the sole income and other possible future expenses (e.g., daycare, private school). About future prices, it's hard to imagine that prices will sky rocket quickly. Its pace will depend on, aside from the overall DC area housing market, the success of all the on-going development in College Park, Riverdale Park, etc. By the way, have you looked at this house? https://www.redfin.com/MD/University-Park/4016-Beechwood-Rd-20782/home/11034395 It's hard to know its condition without many pictures online (which isn't the best sign), but it's been on the market for awhile and already had one price reduction. Maybe the sellers would accept a much lower price? |
Anonymous
I would not wait another 18-24 months OP. Did you see that one house went about $35k over asking? I think as more development occurs around the neighborhood $425k might become a harder price point. |
Anonymous
| OP here - the split opinions on here sound like what's going on in my head. I can afford either scenario now and long term, but the 20% and no PMI in 2 years is obviously a lot better. The houses that seem to be going over list are expanded or in good shape. My target is 3/2 under 1500 sq ft. for 425k. and I'm handy enough to do repairs. My dream is a structurally sound colonial owned by grandma that I could update on my own timeline. |
Anonymous
| I had to look up where it was despite growing up here. To answer your question....no |
Anonymous
You can find that here. |
Anonymous
It might be easier said than done. This house was under contract in 3 days: http://www.realtor.com/realestateandhomes-detail/6509-40th-Ave_University-Park_MD_20782_M69321-74345#photo0 |
Anonymous
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This house is back on the market
https://www.redfin.com/MD/College-Park/4806-Erskine-Rd-20740/home/11086690 |
Anonymous
| I drove by the house on Erskine but it looks like it will need about $75K in repairs/improvements. (Siding, roof, doesn't look like it's had a heavy up on the electric, windows, fencing etc...) for about $50K more you can get a brand new townhouse in RPS. Of course, this one has no HOA fee and it has a yard. My current house was in similar condition when I bought it and it takes a LOT of money and mental energy to do renovations on a house that old. Renovations are never easy in older houses and there is always a surprise once you pull back the top layers. I love my house now, but I've probably but well over $150K into over the past 10 years and it still needs more work. And it's time to paint again. |
Anonymous
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Have you checked out this house? https://www.redfin.com/MD/Hyattsville/7103-College-Heights-Dr-20782/home/11103160
It's College Heights Estates right to the north of UP -- but still UP elementary school. The price seems way too low. I'm guessing it's priced that way because it's a foreclosure? Junky inside? Not sure, especially without pictures. |
Anonymous
That house is probably a mess. It would look great painted a different color. It's over OPs budget I think. |
Anonymous
| Are prices in Mount Rainier rising higher than in UP and CH? |
Anonymous
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OP this opened up: Gorgeous house
https://www.redfin.com/MD/College-Park/4505-Amherst-Rd-20740/home/11099932 |
Anonymous
Pending now... |
Anonymous
Not surprised. It was a great house. |
Anonymous
Does anyone know why this house hasn't sold? |