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

[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.

The 1.2 house three years ago is 1.6 already, and will be 1.8-1.9 in another 3 years. So, you are doomed.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I think you should continue to rent.

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

Seeing as it’s only January she has plenty of time. House hunting takes time, getting an offer accepted means making offers until one gets accepted. We made offers weekly until one got accepted - took 4 or 5 offers.

She may need to wait 6-8 weeks until the market picks up - which it will.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think you should continue to rent.

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

Seeing as it’s only January she has plenty of time. House hunting takes time, getting an offer accepted means making offers until one gets accepted. We made offers weekly until one got accepted - took 4 or 5 offers.

She may need to wait 6-8 weeks until the market picks up - which it will.

Yes, the market will pick up- more buyers competing for fewer homes.

[Anonymous]

Anonymous wrote:

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.

Agree. In FX on Braddock road and across from GMU a brand new development starting at 1.2 ( not sure the builder) so if you do not go with all the extras you can probably get for 1.3?? You can then head straight down Braddock to 95 to 395 with the express lanes and be in dc 2x a week. Schools are FCPS so have all the good and bad people on here complain or compliment. You can make them what you want or go parochial as not much else this way.

Fairfax city is redeveloping and you can walk or bike through the campus to get to library, coffee, restaurants, park, and swim club. It is. Or dc or Arlington restaurant or shopping quality but it is getting better ( we are about to retire) so may be worth considering.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

Agree. In FX on Braddock road and across from GMU a brand new development starting at 1.2 ( not sure the builder) so if you do not go with all the extras you can probably get for 1.3?? You can then head straight down Braddock to 95 to 395 with the express lanes and be in dc 2x a week. Schools are FCPS so have all the good and bad people on here complain or compliment. You can make them what you want or go parochial as not much else this way.

Fairfax city is redeveloping and you can walk or bike through the campus to get to library, coffee, restaurants, park, and swim club. It is. Or dc or Arlington restaurant or shopping quality but it is getting better ( we are about to retire) so may be worth considering.

As someone who lives near this area, you do not want to live off of Braddock near GMU. It will take 15 minutes to just get on the highway.

[Anonymous]

D - wait until late Feb/ March. Inventory will pick up but bidding wars are steep. We sold in May last year and the drop off from April to May was steep. I wouldn’t compromise on A until it’s April and you have a better sense of the spring market.

[Anonymous]

Look at the following school districts:

West Springfield
South County
Lake Braddock
Robinson

Woodson is going to be tight for under $825. I’d even recommend looking in Hayfield. There are some decent neighborhoods such as Hayfield Farms where you can buy for under $825. The school districts above are also relatively close to one or more VRE stations. You may need to compromise on five bedrooms. I think you’ll find a four bedroom house much easier.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

Agree. In FX on Braddock road and across from GMU a brand new development starting at 1.2 ( not sure the builder) so if you do not go with all the extras you can probably get for 1.3?? You can then head straight down Braddock to 95 to 395 with the express lanes and be in dc 2x a week. Schools are FCPS so have all the good and bad people on here complain or compliment. You can make them what you want or go parochial as not much else this way.

Fairfax city is redeveloping and you can walk or bike through the campus to get to library, coffee, restaurants, park, and swim club. It is. Or dc or Arlington restaurant or shopping quality but it is getting better ( we are about to retire) so may be worth considering.

As someone who lives near this area, you do not want to live off of Braddock near GMU. It will take 15 minutes to just get on the highway.

Hmm, different poster but I totally disagree. I live near there too and I feel like I have not only limited traffic compared to most of the county, but I can quickly get almost anywhere north, south east and west. Ten to fifteen minutes on Braddock is nothing.

[Anonymous]

Anonymous wrote: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.

+1 We have a home down in Charles County on the Potomac. Our home happens to be under the flight path for BWI, and planes are still at a higher elevation at that point, but have started their descent, so there is noise. It is dead quiet around there except for the flight noise. And we barely notice it and when we do, we don't give it a passing thought.

[Anonymous]

Anonymous wrote:

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

DP. I wouldn’t be so sure about that. Esp in an inflationary environment. Although if you can pay MBA tuition for them that will help. We are dual lawyers with a 500+ hhi and are having trouble finding a 3BD place because we made the unforeseeably stupid decision of paying our loans off first. Fast forward today we couldn’t paid back loans at an interest rate lower than inflation (we refinanced) and if we had bought a house before paying the loans we would’ve had hundreds of thousands of appreciation.

[Anonymous]

*could’ve

[Anonymous]

If it was me I'd be bidding on this one. Great, close-in location near Mosaic, Tysons, 495, 50, 66, and Metro. DCUM might pearl-clutch but we live in the FCHS pyramid and have been very happy with the schools. Love the diversity and the down-to-earth parents. The high school is due to be renovated this year and will be gorgeous when complete.

Accepting offers until 7:00pm today.

https://www.redfin.com/VA/Falls-Church/7616-Trail-Run-Rd-22042/home/9626977

[Anonymous]

Anonymous wrote:If it was me I'd be bidding on this one. Great, close-in location near Mosaic, Tysons, 495, 50, 66, and Metro. DCUM might pearl-clutch but we live in the FCHS pyramid and have been very happy with the schools. Love the diversity and the down-to-earth parents. The high school is due to be renovated this year and will be gorgeous when complete.

Accepting offers until 7:00pm today.

https://www.redfin.com/VA/Falls-Church/7616-Trail-Run-Rd-22042/home/9626977

Well, it's a reasonable option but it does have tradeoffs, including the low quality of the home. And it really isn't that close in. It's not much different than living just outside the beltway in a better school district. As far as renovating the school, I'm not sure why that matters. It has no effect on the actual quality of the school.

[Anonymous]

Anonymous wrote:

Anonymous wrote:If it was me I'd be bidding on this one. Great, close-in location near Mosaic, Tysons, 495, 50, 66, and Metro. DCUM might pearl-clutch but we live in the FCHS pyramid and have been very happy with the schools. Love the diversity and the down-to-earth parents. The high school is due to be renovated this year and will be gorgeous when complete.

Accepting offers until 7:00pm today.

https://www.redfin.com/VA/Falls-Church/7616-Trail-Run-Rd-22042/home/9626977

Well, it's a reasonable option but it does have tradeoffs, including the low quality of the home. And it really isn't that close in. It's not much different than living just outside the beltway in a better school district. As far as renovating the school, I'm not sure why that matters. It has no effect on the actual quality of the school.

What is there to renovate? This house is really nice.

[Anonymous]

Anonymous wrote:

Anonymous wrote:If it was me I'd be bidding on this one. Great, close-in location near Mosaic, Tysons, 495, 50, 66, and Metro. DCUM might pearl-clutch but we live in the FCHS pyramid and have been very happy with the schools. Love the diversity and the down-to-earth parents. The high school is due to be renovated this year and will be gorgeous when complete.

Accepting offers until 7:00pm today.

https://www.redfin.com/VA/Falls-Church/7616-Trail-Run-Rd-22042/home/9626977

Well, it's a reasonable option but it does have tradeoffs, including the low quality of the home. And it really isn't that close in. It's not much different than living just outside the beltway in a better school district. As far as renovating the school, I'm not sure why that matters. It has no effect on the actual quality of the school.

Disagree. A renovated school raises property values and attracts higher-income buyers, which in turn raises test scores.