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

[Anonymous]

100% A-- you can do almost ANYTHING to a home over time, let go of having to absolutely loving your home the day you close and focus on absolutely loving the location. Miracles can be done with good design but if a location sucks you'll not be able to change that.

[Anonymous]

Anonymous wrote:Thank you all!
We've been looking into Burke, Fairfax, W Springfield, Fairfax Station, South Run, parts of Clifton, Annandale west of 495 (though this last one is harder since Woodson premium makes same homes about 50-100k higher priced than their counterparts in the rest of the area).
I get those of you who say I am dreaming. Here is my dilemna (and hence the post): Until about 2-3 months ago, our budget would have gotten us pretty much what we hoped for where we wanted to be. I checked all the sales, and drooled over some houses sold in the 750-800 range. For the suburbs in DMV with the exception of very close in areas and most desirable school pyramids, over 800k hasn't been exactly a starter home budget. Combination of crazy market, rising interest rates and extremely low inventory pushed these areas into uncharted territory espcecially in the last couple of months (like many other places).

Keep in mind that you didn’t go into those homes so you don’t know what was wrong with them.

Also, don’t just look at the sale price, look at the list price as well and sales history.

It’s winter - inventory is LOW in winter. You may need to be patient and wait for the spring/summer market. Don’t buy a house you hate.

We sold/bought last summer (went under contract in May), and it was tough. We got outbid on MANY houses, some by over 100k. We went under contract for a house that’s not perfect but that we love. We competed with one other offer, and it’s because the house has a small location imperfection. The overall location is fantastic (inside the beltway, convenient to everything) but there is a slight issue with the lot. It doesn’t bother us, because it means we have a huge yard.

We also went under contract the weekend I decided to broaden our search area and look in a neighborhood we hadn’t been to before (because we thought we couldn’t afford it). We had spent our entire search time in the areas you say you’re looking in, and ended up a bit north and with a better commute, for less money.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Very few people get everything they want with a starter home. Figure out what can give and what can’t. Quit living in the dreamworld of what you “imagined” and hoped for for your family. Get some perspective and buy a house.

825k house with kids is not a starter home. They need something they can live in long term

THANK YOU!!!

It's obviously their first home. All first time home buyers think they can get everything they dream about if they are simply patient. It doesn't work that way, most of the time.

Honestly, OP, I would move further out. Since you both work from home, you'll be able to get what you want a little further out.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Impossible to answer your question without a budget, but I have no idea why you'd buy something you don't want to live in. That makes no sense.

Posted budget 23:06. $825k.

Well, at $825K you have options all over Fairfax County just outside the beltway with good schools: places like Fairfax, parts of Annandale, Burke, West Springfield. And inside the beltway you could try a few transitional areas between Falls Church and Annandale but the houses will be smaller and the schools not great.

+1. My parents 4 bedroom + den home in Annandale (zoned for Woodson) is valued at $750k.

[Anonymous]

I’m in the same boat except lease ends May 1. I’ve never been so stressed. I’m just buying the next passable house in any acceptable school district at this point.

[Anonymous]

Re: flight noise - it’s louder in the cold weather (some science that I can’t recite back). It’s also something that turns into background noise that you never again notice really quickly.

[Anonymous]

Anonymous wrote:Rockville or Silver Spring in Forest Glen/Wheaton. Schools in Silver Spring: Forest Glen, Oakland Terrace, Rock View, etc.

+1. Sounds like OP is pretty set on VA but for others reading who are looking for similar things and open to MD, you’ll find it in these school districts (well, Forest Glen isn’t a school but I’m guessing PP meant Flora Singer). Big houses only come up occasionally but they do and when they do they’re generally in the $700-$825 range even post-pandemic. We’ve been impressed with Oakland Terrace and have good friends who are very happy at both Flora Singer and Rock View. All parents commuting in ~2 days per week but have enough space for dedicated home offices too.

[Anonymous]

My house in 2017 wanted to pay 900k to 1.1 million and in end overpaid to $1,325,000 at $30,000 over ask straight up. And an escalation on top and a two month free rent back and 60 percent down to win

We overpaid. Today my house is worth $1,550,000 based on comps.

It was crazy in 2017. Can’t keep up.

And I bought a 45 year old house with a cracked driveway!

You can only write off a mortgage up to 750k. Which also adds to cost

[Anonymous]

OP - I'm in a similar situation, except we have bought and sold before. We are coming up on our lease end and starting to feel desperate. However, I feel pretty strongly about NOT buying something I don't actually want to live in. Decide what you cannot live without and go from there. Depending on your priorities, that could be amount of space, location, schools...

[Anonymous]

Anonymous wrote:I say wait. With interest rising you can actually grow downpayment more quickly. Home prices will
Stall then buy.

Home insurance and property taxes are jumping in 2023 so that could ny an issue folks at their max budget

But their lease is up soon. They will have to move with kids into another rental and then move again.

[Anonymous]

Anonymous wrote:I’m in the same boat except lease ends May 1. I’ve never been so stressed. I’m just buying the next passable house in any acceptable school district at this point.

Are you my spouse?

[Anonymous]

Anonymous wrote:LCPS is just as good if not better than FCPS so I wouldn't consider that an issue.

If you both work from home, the commute is also a non-issue...going into work once a week or less, it can be a crappy drive.

LCPS official policy of encouraging the rape of young female students in the LCPS school restrooms and then publicly arresting and beating the girl’s father may not be worth the opportunity to purchase a house.

[Anonymous]

In 2021 11 percent all starter homes downpayment was from crypto gains. That is over. Meme stocks and govt stimulus and super low mortgages also helped.

All over

[Anonymous]

Middletown or Urbana in Frederick County; Owings in Calvert County; Woodbine in Howard County; or Poolesville in Montgomery

[Anonymous]

Anonymous wrote:My coworker is drinking every night thinking about this. Praying for a crash.

Tell your coworker to get therapy. If they're drinking because of this and praying for a market crash, that is seriously dysfunctional.