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

[Anonymous]

Location, location, location

My first house was the ugliest house on the street but in a great location. We enjoyed living in the ugliest house on the street and made a lot of money several years later.

Ignore all of the HGTV stuff.

[Anonymous]

Anonymous wrote:

Anonymous wrote:https://www.zillow.com/homedetails/5303-Neville-Ct-Alexandria-VA-22310/51920162_zpid/

These aren't usable public schools.

For real?

[Anonymous]

Anonymous wrote: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

Still waiting for that crash?

[Anonymous]

Anonymous wrote:

Anonymous wrote: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

Still waiting for that crash?

I would love to see the source for the 11%

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote: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

Still waiting for that crash?

I would love to see the source for the 11%

About 6.1M home sold in 2021 (new sales are small %)

https://www.wsj.com/articles/u-s-existing-home-sales-reached-a-15-year-high-of-6-1-million-last-year-11642691655

New home buyers are generally more than 30% of the market

https://www.bankrate.com/real-estate/shrinking-share-of-first-time-homebuyers/

So that is 183k people who made at least $20k-$40k profit on crypto, bought a house, and somehow reported it to PP.

[Anonymous]

Anonymous wrote:

Anonymous wrote:d. move to PG county. Cheverly, Mount Rainier, and Hyattsville is the last vestige of affordable housing in the DMV. The far out exurbs are soul sucking.

She would have to budget for private school though.

Not necessarily. But private schools have managed this pandemic much better than public schools.

I think one should always budget for private schools because you never know with kids.

[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.

But the don’t like history, books, or anything else

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:https://www.zillow.com/homedetails/5303-Neville-Ct-Alexandria-VA-22310/51920162_zpid/

These aren't usable public schools.

For real?

Are the schools closed? Are they not accessible? No running water or electricity? Really confused what "aren't usable" means.

[Anonymous]

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

Ha, yeah me too. 3 years ago we were trying to save for a $1.2M home, now that we could afford that, the same home is $1.4-1.5M. In another 3 when we can afford this, those homes will be $1.7M. F this mess. We are just going to throw our money away on rent and live in the home we wish we could buy in the neighborhood we love. Funny thing is, we are so rich ($270HHI) but we can't afford a 3br home. Nuts.

[Anonymous]

I would do (A) if it got me the neighborhood, schools, and commute I wanted. I would not buy a house I "hated" if I also lost out on one of those other three.

If that's not the case, B.

[Anonymous]

Anonymous wrote:

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

Ha, yeah me too. 3 years ago we were trying to save for a $1.2M home, now that we could afford that, the same home is $1.4-1.5M. In another 3 when we can afford this, those homes will be $1.7M. F this mess. We are just going to throw our money away on rent and live in the home we wish we could buy in the neighborhood we love. Funny thing is, we are so rich ($270HHI) but we can't afford a 3br home. Nuts.

Rich? By comparison my 21 year old daughter is starting at 85k her boyfriend 120k both promised 10 percent bonuses. That is $213,500 combined. They are both planning on getting separate apts with roommates in the cheaper part of town. Dad but it is at point 270k is the combined salarying of a 24 year old couple dating. Scary. Both my daughter and her boyfriend plan to do MBAs so they can afford a house one day.

Home prices will stall and salaries will catch up

[Anonymous]

Anonymous wrote:

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

Ha, yeah me too. 3 years ago we were trying to save for a $1.2M home, now that we could afford that, the same home is $1.4-1.5M. In another 3 when we can afford this, those homes will be $1.7M. F this mess. We are just going to throw our money away on rent and live in the home we wish we could buy in the neighborhood we love. Funny thing is, we are so rich ($270HHI) but we can't afford a 3br home. Nuts.

You can certainly afford a 3BR home.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:https://www.zillow.com/homedetails/5303-Neville-Ct-Alexandria-VA-22310/51920162_zpid/

These aren't usable public schools.

For real?

Are the schools closed? Are they not accessible? No running water or electricity? Really confused what "aren't usable" means.

Nothing unusable about Bush Hill, Twain and Edison.

[Anonymous]

Anonymous wrote:

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

Ha, yeah me too. 3 years ago we were trying to save for a $1.2M home, now that we could afford that, the same home is $1.4-1.5M. In another 3 when we can afford this, those homes will be $1.7M. F this mess. We are just going to throw our money away on rent and live in the home we wish we could buy in the neighborhood we love. Funny thing is, we are so rich ($270HHI) but we can't afford a 3br home. Nuts.

I don't understand your issue here.

[Anonymous]

Anonymous wrote:I think you should continue to rent.

She said she cannot as her lease cannot be extended past June.