Reply to Getting desperate: What would you suggest to a first time home buyer?

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[quote=Anonymous][quote=Anonymous]Thank you all!
We've been looking into Burke, Fairfax, W Springfield, Fairfax Station, South Run, parts of Clifton, Annandale west of 495 (though this last one is harder since Woodson premium makes same homes about 50-100k higher priced than their counterparts in the rest of the area). 
I get those of you who say I am dreaming.  Here is my dilemna (and hence the post): Until about 2-3 months ago, our budget would have gotten us pretty much what we hoped for where we wanted to be.  [b]I checked all the sales, and drooled over some houses sold in the 750-800 range. [/b]For the suburbs in DMV with the exception of very close in areas and most desirable school pyramids, over 800k hasn't been exactly a starter home budget. Combination of crazy market, rising interest rates and extremely low inventory pushed these areas into uncharted territory espcecially in the last couple of months (like many other places).

[/quote]

Keep in mind that you didn’t go into those homes so you don’t know what was wrong with them.

Also, don’t just look at the sale price, look at the list price as well and sales history.

It’s winter - inventory is LOW in winter. You may need to be patient and wait for the spring/summer market. Don’t buy a house you hate.

We sold/bought last summer (went under contract in May), and it was tough. We got outbid on MANY houses, some by over 100k. We went under contract for a house that’s not perfect but that we love. We competed with one other offer, and it’s because the house has a small location imperfection. The overall location is fantastic (inside the beltway, convenient to everything) but there is a slight issue with the lot. It doesn’t bother us, because it means we have a huge yard.

We also went under contract the weekend I decided to broaden our search area and look in a neighborhood we hadn’t been to before (because we thought we couldn’t afford it). We had spent our entire search time in the areas you say you’re looking in, and ended up a bit north and with a better commute, for less money. [/quote]

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