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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]

You’ll find something.  This is the very peak time for buying.  You’re competing with all the military family buyers right now.  Spring is the worst. There will be less competition after Memorial Day.

In you’re shoes I’d be patient and flexible.  Consider being open about moving your kids after the school year starts.  The pressure is on now for families to get in and settled before the school year starts.  Keep looking through the summer in your target area.

Do you have a good realtor?  You do need someone top-notch here to help win a bidding war.  [/quote]

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