need to buy a home to save money but can't

[Anonymous]

I did read the whole thread. I wasn't directing OP to buy in Shirlington. My point was there ARE 2 bed properties in the DC metro area that are close in and in decent shape for less than $350. Everyone was making it sound like the price range was ridiculous.

Obviously when OP can get the finances in order to buy, he will have to compromise somewhere. Few people get everything they want (ie new build) in their first home.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I would simply continue to rent and not worry about it. Wait till prices drop.

LOL. You're funny. (OP, prices aren't going to drop...)

Hah, you don't have any clue either. Prices definitely could drop. Don't pretend to know more than you do. They could rise too. But OP should buy for long term and be liquid when purchasing, which is not the case and why she should wait.

I don't know if anyone has been paying attention, but the job market here is in the shitter while it is steadily improving in most of the rest of the country. If the job market here in metro DC continues to stagnate and sequestration and a long-term CR is enacted, we could see a dip in housing prices.

The only people who say definitively "prices aren't going to drop" have their heads shoved squarely up their asses.

[Anonymous]

Great, the only metro area we're doing better than is Detroit.

Washington job market is lagging the rest of the country, economist says

http://www.washingtonpost.com/business/capitalbusiness/washington-job-market-is-lagging-the-rest-of-the-country-economist-says/2014/08/21/fb72dda6-2944-11e4-86ca-6f03cbd15c1a_story.html

The Washington region continues to struggle as federal spending cuts and a lackluster job market take its toll on the local economy, according to the latest outlook from Stephen Fuller, an economist at George Mason University.

“This dependence [on federal spending], which served the economy so well historically is now an albatross,” Fuller said, during a presentation at Capital One’s McLean headquarters Thursday morning.

Although the Washington area weathered the recession much better than the rest of the country, Fuller says the region has been lagging the nation in recent years as the federal government continues to pull back on spending.

“Everybody is outperforming us except for Detroit,” Fuller said. “We’re at the bottom of the list.”

[Anonymous]

Anonymous wrote:

Anonymous wrote:Not OP but I think home owners are out of touch with rental prices. 2,000 per month sounds about right for any space large enough for a family (like a small 2BR) in a reasonably safe neighborhood.

i

Yeah any rentals less than $2k are in far exurbs. Gas will quickly eat up that modest savings. Rental market is much flatter than versus distance.

I rented a two bedroom near the Forest Glen metro for way less than $2k (and it included utilities)

[Anonymous]

Anonymous wrote:

Anonymous wrote:I think you could buy something around $300. You'll have to get some seller assist for closing costs and you would probably need to save another $6-7k at least to make it happen. Even then, it will be close. Pay off the cc debt and save where you can. Good luck.

You do need to have at least 6-7k left over. Our first year of owning a condo, our heat pump crashed and we got a 4k special assessment from our HOA.

I also disagree that you can't find a good 2 bed property for less than $350 I own a 2 bed investment property in Shirlington that would sell btwn. $300 and 315k. This is an older town home, partially renovated, good condition. There are also 2 bed condos in Fairlington, a great neighborhood, that sell for less than $350.

You didn't read the whole thread. OP said that she wanted to buy a new build in the Rockville area of Montgomery County for $350 or less. That just doesn't exist. She wants a new build because she doesn't want to have to worry about the maintenance costs that often arise when you buy an older home. However, to get new build at those prices, she's going to have to go further out, like the northern part of Gaithersburg or Germantown (or even further). She has said she wants Rockville, Silver Spring, Bethesda, North Bethesda or southern Gaithersburg. She is unlikely to find a new build in those areas for that price. Either an older home or a higher price for those areas.

And she wants one that has utilities and other expenses covered by the HOA/condo fees. What she wants doesn't exist. She's going to have to compromise on price, location, age of property or cost of living there.

This is actual not what I said.

[Anonymous]

Anonymous wrote:
This is actual not what I said.

No, that's pretty much what you said. He/she summed you up completely.

Sorry you're trying to save face with your unrealistic expectations.

[Anonymous]

Anonymous wrote:

Anonymous wrote:
This is actual not what I said.

No, that's pretty much what you said. He/she summed you up completely.

Sorry you're trying to save face with your unrealistic expectations.

What's unrealistic is to expect people that make over $100,000 to live in a studio apartment because they cannot afford any real estate around here that's not in a combat zone.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
This is actual not what I said.

No, that's pretty much what you said. He/she summed you up completely.

Sorry you're trying to save face with your unrealistic expectations.

What's unrealistic is to expect people that make over $100,000 to live in a studio apartment because they cannot afford any real estate around here that's not in a combat zone.

You don't need to live in a studio. More like a 2 bedroom within walking distance to the metro.

[Anonymous]

Wait op, don't buy FHA if you plan to move in 5 years. We bought it on our forever home which changes the calculation for us.

[Anonymous]

Anonymous wrote:

Anonymous wrote:
This is actual not what I said.

No, that's pretty much what you said. He/she summed you up completely.

Sorry you're trying to save face with your unrealistic expectations.

This is what I actually said: Most of the townhomes/condos we are looking at have utilities included in the HOA costs and come with appliances included.

Which seems to imply that we have been able to find those with those things included.