Anonymous
01/18/2023 11:41
Subject: We've been saving to move to upper NW...
Anonymous wrote:
Prices have increased at a higher rater than salaries, OP. You knew that, right?
Everyone is in the same boat.
We're still not sure if the US can avoid a recession in 2023 and 2024, but even if there is a recession, upper NW, Bethesda, Chevy Chase and some areas of NoVa will always increase in price.
So unless you're benefiting from free preK in DC, I'd move to MD or VA right away, in an area with great public schools and public transport - not necessarily to put your kids in there, but to guarantee the continued value of your house. It's an investment consideration. Of course the excellent public school clusters will also be expensive. I'm in Bethesda just west of downtown, and houses are 2M+ here.
Obviously I know this. But we're saving 50% of our HHI every year, and so we are saving more quickly than COLA adjustments. I just can't keep up with $200k+ spikes in prices every year. I'm allowed to express a little sadness anonymously right?
$2m in walkable Bethesda does not help my situation
I'm trying to talk DH into considering Takoma Park or Silver Spring.
Anonymous
01/18/2023 11:41
Subject: Re:We've been saving to move to upper NW...
Well if it makes You feel better I also live in Petworth in a condo and I am tired of the crime. I cannot afford more than 800k, so I made peace with it and decided that I need to leave the city to get what I want.
Anonymous
01/18/2023 11:39
Subject: We've been saving to move to upper NW...
Anonymous wrote:You are choosing to leave the city. With a $1.5 budget you could find something. But it's ok if you prefer what you can get elsewhere. You might have been unhappy if you bought last year too, especially if you are a grass is always greener type.
+1. There's a dozen houses on Redfin right now for under $1.5m in zone for J-R. It sounds like you're only considering SFH and not attached housing? I get it, we're in a Petworth rowhouse and wouldn't want to triple our mortgage for a nearly identical rowhouse in a different neighborhood either. You could always rent and rent. Assuming you bought a while ago, you should have plenty of equity to make a profit renting your current house.
Anonymous
01/18/2023 11:39
Subject: Re:We've been saving to move to upper NW...
Did you just start looking? My friend just bought a 1.5M in bound for Murch. It is possible.
Anonymous
01/18/2023 11:38
Subject: We've been saving to move to upper NW...
Anonymous wrote:Save $2M.
By the time I do that, I'll need 2.5.
Anonymous
01/18/2023 11:37
Subject: We've been saving to move to upper NW...
Anonymous wrote:Anonymous wrote:Are you considering rowhomes/attached homes? You could find one of those for 1.5 or under for sure.
You know, this is a good point. We are in a row home now and have had some really bad experiences with neighbors, which has turned me off of it. But maybe that's the choice we need to put on the table.
https://redf.in/f5p7vL
Anonymous
01/18/2023 11:37
Subject: We've been saving to move to upper NW...
Prices have increased at a higher rater than salaries, OP. You knew that, right?
Everyone is in the same boat.
We're still not sure if the US can avoid a recession in 2023 and 2024, but even if there is a recession, upper NW, Bethesda, Chevy Chase and some areas of NoVa will always increase in price.
So unless you're benefiting from free preK in DC, I'd move to MD or VA right away, in an area with great public schools and public transport - not necessarily to put your kids in there, but to guarantee the continued value of your house. It's an investment consideration. Of course the excellent public school clusters will also be expensive. I'm in Bethesda just west of downtown, and houses are 2M+ here.
Anonymous
01/18/2023 11:37
Subject: We've been saving to move to upper NW...
Anonymous wrote:Well maybe cup half full it in that you at least have a house so arent a first time homebuyer [/quote
I know. We're lucky to have the house and community we have. If anything, I've dragged my feet on moving because we like it here! But with my oldest about to go into 3rd grade next year, it's starting to feel really untenable. I don't feel safe letting her walk anywhere independently and the public schools get very iffy after this age. We considered lotteryong for a charter but I really like the neighborhood feel.
Abain, I understand all of these are choices and compromises. I just didn't think my standards were THAT high for my budget, and up until last year they weren't. Suddenly now it's completely out of reach.
Anonymous
01/18/2023 11:35
Subject: We've been saving to move to upper NW...
Save $2M.
Anonymous
01/18/2023 11:34
Subject: We've been saving to move to upper NW...
Anonymous wrote:Are you considering rowhomes/attached homes? You could find one of those for 1.5 or under for sure.
You know, this is a good point. We are in a row home now and have had some really bad experiences with neighbors, which has turned me off of it. But maybe that's the choice we need to put on the table.
Anonymous
01/18/2023 11:33
Subject: We've been saving to move to upper NW...
Are you considering rowhomes/attached homes? You could find one of those for 1.5 or under for sure.
Anonymous
01/18/2023 11:32
Subject: We've been saving to move to upper NW...
Anonymous wrote:You are choosing to leave the city. With a $1.5 budget you could find something. But it's ok if you prefer what you can get elsewhere. You might have been unhappy if you bought last year too, especially if you are a grass is always greener type.
Considering we need 3 bedrooms and want to be in a Wilson feeder (or the new HS), I don't feel like it's a choice. But if you think there's inventory at that price then genuinely, I'd love to see it. My redfin searches have never looked so bleak.
Anonymous
01/18/2023 11:32
Subject: We've been saving to move to upper NW...
Well maybe cup half full it in that you at least have a house so arent a first time homebuyer
Anonymous
01/18/2023 11:31
Subject: We've been saving to move to upper NW...
You are choosing to leave the city. With a $1.5 budget you could find something. But it's ok if you prefer what you can get elsewhere. You might have been unhappy if you bought last year too, especially if you are a grass is always greener type.
Anonymous
01/18/2023 11:29
Subject: We've been saving to move to upper NW...
... And it feels like no amount of money is enough. It's like a bottomless pit that we keep throwing money into and we're further behind than ever.
We are currently in Petworth with a 7 and 5 yo. We like it here but feel ready for less crime, better schools, while keeping some proximity to downtown and neighborhood walkability. I targeted Chevy Chase DC as being possible, maybe AU park if we got lucky.
For 3-4 years I've squirreled away money. We've turned down vacations, I've grocery shopped and cooked even as our jobs and lives got crazier. We have shared one paid off car. We're not suffering, but we've been working toward a goal.
I really thought a 1.5m budget would get our foot in the door. I knew we wouldn't get a newly renovated house for that price, but something livable that we could commit to updating slowly over time.
This year we will hit our savings target for $1.5, and all the houses are now $1.9+. Inventory is awful. We're further behind than ever before, and threads in this forum are suggesting that prices will never drop. It's so disheartening.
I know I am not owed a house, and I'm sure I'll get attacked. But I'm feeling so sad that we worked for so hard toward a goal only to see it slip further away every year. I just feel sad for myself and our family, and disappointed that we have to give up some part of our goals.
Hindsight is 20/20 but I wish we had just taken out a massive mortgage and bought last year when there was inventory. Now, unless prices come down considerably, we'll probably have to leave the city. It feels like it happened so quickly.
We are currently in Petworth with a 7 and 5 yo. We like it here but feel ready for less crime, better schools, while keeping some proximity to downtown and neighborhood walkability. I targeted Chevy Chase DC as being possible, maybe AU park if we got lucky.
For 3-4 years I've squirreled away money. We've turned down vacations, I've grocery shopped and cooked even as our jobs and lives got crazier. We have shared one paid off car. We're not suffering, but we've been working toward a goal.
I really thought a 1.5m budget would get our foot in the door. I knew we wouldn't get a newly renovated house for that price, but something livable that we could commit to updating slowly over time.
This year we will hit our savings target for $1.5, and all the houses are now $1.9+. Inventory is awful. We're further behind than ever before, and threads in this forum are suggesting that prices will never drop. It's so disheartening.
I know I am not owed a house, and I'm sure I'll get attacked. But I'm feeling so sad that we worked for so hard toward a goal only to see it slip further away every year. I just feel sad for myself and our family, and disappointed that we have to give up some part of our goals.
Hindsight is 20/20 but I wish we had just taken out a massive mortgage and bought last year when there was inventory. Now, unless prices come down considerably, we'll probably have to leave the city. It feels like it happened so quickly.