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[quote=Anonymous][quote=Anonymous]OP here.

I've been following the Burke, West Springfield, Fairfax, Annandale (Wakefield HS area) real estate sales.

It seems like to purchase in that area at a max of $900k, we'll need to target houses that are high $700s, low $800s and be prepared to bid up. That's why I'm here. With mortgage rates the way they are, we need to know how far we can stretch. But those lower $700s/$800s homes also sometimes appear to need some updates.

Even then, I'm nervous we may lose out in a bidding war because we can't do a full cash payment.

I'm not put off by a 50 year old house that's reasonably updated for major stuff (roof, electric, heating/air, etc.), but has older style kitchen, finishes, paint, etc. Also we don't need a large house, we've been living in ~1600 sq feet including our basement so 1900-2300 sq feet would be fine for us!

I'm optimistic seeing posts in the real estate forum that people are seeing rates in the 5's now for a 30 year mortgage. We have excellent credit, so hopeful that in 10-ish months, we can get a good rate and we won't be paying a 4k PITI. I just don't know so figuring out a sort of worst case scenario if rates don't drop.[/quote]

OP you're going to be fine.  Your worst-case scenario is doable for you and you are targeting places that seem right for your budget and your lifestyle.  [/quote]

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