Won the bid on a 900k house and now I feel sick

[Anonymous]

OP here

Thanks for all of the support. Suggestions, and experiences. I am releaved to know that I'm not the only one in this position. Hopefully, things will work out and my kids will love having both parents around more often since my husband won't be spending his life communting.

[Anonymous]

Anonymous wrote:OP here

Thanks for all of the support. Suggestions, and experiences. I am releaved to know that I'm not the only one in this position. Hopefully, things will work out and my kids will love having both parents around more often since my husband won't be spending his life communting.

OP, you made the right move and hope is not a strategy.

Be happy

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:no risk without rewards

if you are going to try and blow up this housing bubble further, at least get your jargon right:

no rewards with risks

OP seems absent, and won't comment on how their personal situation can handle this?

I think the only people who prattle on about bubbles in this space are people who've been insisting that's the case for two years as they sit on the sideline. Wishful thinking.

We own a house in No Arlington, but fully believe there is weird things afoot in housing prices and interest rates. You can pretend that this is a healthy market, and we would love to be wrong, but OP should not buy on the expectation their home will be worth almost twice as much in a few years like in Silicon Valley (which is it own level of absurd, and I know many tech insiders who recognize it is a massive VC bubble that will pop when interest rates rise above zero).

Op should buy for their personal situation, not some mythical investment opportunity.

[Anonymous]

Anonymous wrote:Yeah,it might be tough sledding for a bit, but that 900000 will soon be 1.7 million. This is Arlington, and prices are never going down again. So you made a reasonable move.

What about telework? How will property values in suburbs like North Arlington be affected in the near future when practically everyone in the DC area is working from home 3-4 days per week?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Yeah,it might be tough sledding for a bit, but that 900000 will soon be 1.7 million. This is Arlington, and prices are never going down again. So you made a reasonable move.

What about telework? How will property values in suburbs like North Arlington be affected in the near future when practically everyone in the DC area is working from home 3-4 days per week?

The rate of telework has actually gone down ...

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Yeah,it might be tough sledding for a bit, but that 900000 will soon be 1.7 million. This is Arlington, and prices are never going down again. So you made a reasonable move.

What about telework? How will property values in suburbs like North Arlington be affected in the near future when practically everyone in the DC area is working from home 3-4 days per week?

The rate of telework has actually gone down ...

Really? I'm not seeing it. Technology is relentlessly improving. Why grind out a daily soul-crushing commute when you can just slide on over to your home office in your PJs?

[Anonymous]

Arlington agent here. I know which house. Please back out. My clients want it.

[Anonymous]

Anonymous wrote:Arlington agent here. I know which house. Please back out. My clients want it.

There were at least two great ones at 900k. OP, which one is it?

[Anonymous]

We must be cheap. We make about $200K together. We paid $550K for our 5 BR home. We wouldn't even go up to $600K.

It's not worth being house poor. You never know what can happen in the future. sick spouse, divorce, fired

no way

I've seen too many foreclosures and short sales in my life.

not worth it

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Yeah,it might be tough sledding for a bit, but that 900000 will soon be 1.7 million. This is Arlington, and prices are never going down again. So you made a reasonable move.

What about telework? How will property values in suburbs like North Arlington be affected in the near future when practically everyone in the DC area is working from home 3-4 days per week?

The rate of telework has actually gone down ...

Really? I'm not seeing it. Technology is relentlessly improving. Why grind out a daily soul-crushing commute when you can just slide on over to your home office in your PJs?

Because most employers either aren't comfortable with it (i.e. don't trust you) or think there are synergies from people being in the same place. If Yahoo gave up on it, it's not going to fundamentally change the fact of business/commuting/real estate in the near future.

[Anonymous]

If OP is still on this thread, this is simply my experience. I agree with OP, I would feel sick about a 900k house on that HHI as well.

Home ownership and supporting a family is expensive. Taxes, utilities, gas prices, groceries, clothing prices, etc, just go up up up. My family is long past daycare expenses, have had years of summer camps, travel sports, competitive dance, and now onto teenage driving and looming college tuitions. Not to mention home renovations, furniture, decor, repairs and updates along the way that never seem to end. Nice vacations and entertainment for a family of four is not inexpensive as well.

We've lived in our home for 16 years and have seen a fair share of divorces in our area that have caused financial ruin to families. It is not uncommon.

So before people advise OP to go for it, congratulations, etc, try looking at the big picture.

[Anonymous]

We make $200k with a 4 yo and 1 yo and couldn't do it with daycare, maxing out just 1 401k and two Roths and a little into 529. Things are shockingly tight with $2500 PITI.

[Anonymous]

Man up and do it OP! You won't regret it!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Yeah,it might be tough sledding for a bit, but that 900000 will soon be 1.7 million. This is Arlington, and prices are never going down again. So you made a reasonable move.

What about telework? How will property values in suburbs like North Arlington be affected in the near future when practically everyone in the DC area is working from home 3-4 days per week?

The rate of telework has actually gone down ...

bahahahahah thanks for this, I needed a good laugh, glad to see some verified references

[Anonymous]

Anonymous wrote:We must be cheap. We make about $200K together. We paid $550K for our 5 BR home. We wouldn't even go up to $600K.

It's not worth being house poor. You never know what can happen in the future. sick spouse, divorce, fired

no way

I've seen too many foreclosures and short sales in my life.

not worth it

I doubt you live in the dc area