Reply to The seven paths to DC-area home ownership

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[quote=Anonymous]OP, we have a HHI similar to yours (well, very slightly higher now that I have changed jobs but basically equivalent, or possibly less when adjusted for change since we bought our house in 2000.

So yes, we bought pre-bubble and our home value has doubled since then.

We also are both very thrifty and probably could have saved the money ourselves, but my DH had some money his parents had set aside for grad school that he never used, so we used it instead for a down payment.

We looked and bought in Arlington, which unfortunately has become even more expensive and competitive than it was in 2000, and at that time houses were receiving multiple bids, bidding wars, escalation clauses, etc. Frankly we were lucky to get our home.

We chose the strategy of smaller, older house in a neighborhood that we like but is not considered a top Arlington neighborhood. At the time we didn't consider schools, and many DCUMers think our neighborhood school is abysmal, but it isn't and we came to love it and our kids have thrived there.

To buy in this area, unless you are very wealthy, you have to be willing to sacrifice something. In our case we learned to live with a small house, no garage, and in a neighborhood  and school district that lacks prestige (although everyone who lives in the neighborhood loves it and is happy with the schools).

Hang in there...good luck.[/quote]

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