Reply to The seven paths to DC-area home ownership

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I'm confused why you would rent for 8 years when we had a nice market bottom in 2008/2009. Why not buy then?

Now you're trying to buy something at the top of the market again. I'd wait.[/quote]

Not the OP but they probably were not ready to buy at that time and no one had a crystal ball to tell them the prices were going to go up.  We've been searching for a year in a desirable area (great schools, close commute) on a[b] $1 million budget[/b] and have been very discouraged. Even at that price point, most homes are a dump or on a busy road.  Anything good we saw, we last in bidding wars that escalated $50-100K over list price.  We just found a place to rent in that same area for much less than a monthly PITI on a comparable home.  In the meantime, we'll continue to save or wait until it feels like we're not making such a major sacrifice/investment on a place that we wouldn't love anyway.[/quote]

If that is your budget, the problem is your expectations. You can find many homes close in with good schools, but you have to expect that they will be smaller if you are not willing to compromise on location or condition.[/quote]

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