Reply to I am a DC uberX driver since 2013 and have SEEN IT ALL...so please, AMA

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Hey Op,
So you say you're interested in buying a sfh in Arlington. I know you want to do all cash, but maybe you should consider going ahead and moving forward on that while interest rates are low. 
I live in south Arlington ( so not the most desirable part) and homes in my hood are going  well above 600k now. These are older homes on small lots. If you want new - it's around 1 mil. The market can always slow down, but it might not... Just a thought.
Ps - you seem nice[/quote]

I'm ok with waiting.  I'm not leaving DC for the next 20 foreseeable years, so I have nothing but time.  I also know the area really well and know lots of neighborhoods/streets that I'd be happy with. I'm not adverse to a mortgage either, it's only that I qualify on my day job W-2 earnings, and not on my wildly variable uberX "income" that doesn't count.  And that's ok, I don't want to get overextended anyways.  And between now and when I'm ready, I'll still be working on that mountain of cash for a huge downpayment.

Ps - thanks, always the Golden Rule[/quote]

You are a boglehead so you probably already know, but I really recommend buying at the best real estate timing possible not when you feel most ready, esp when rates are still low. Price rising can eat up savings. Anecdotally, we didn't buy any of these 650k houses in fall of 2010 in Mclean because even though we had more than 20% down, we wanted a smaller mortgage. We saved another 100k by 2014. We started looking again in the fall of 2014. But by then, those same houses were going for 850k. We looked for a bargain for a year but still ended up paying 850k in 2015. [/quote]

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