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Old 11-15-2011, 12:03 PM
 
69 posts, read 144,540 times
Reputation: 48

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I work here in the DC area and make about $100k/year. I know that’s nothing in this area, but I want to buy a house and I am looking at Western PW County (Bristow, Gainesville, Manassas areas) because of the public school reputation since I have 2 small children. I am also trying to live within my means; therefore, I am looking to spend around $350,000 for a home.Do you honestly think I should buy now, or do you think the house crisis will keep dragging on and affect my purchase?
Please: Real Estates Agents should not answer my question.
Thanks.
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Old 11-15-2011, 12:44 PM
 
Location: New-Dentist Colony
5,759 posts, read 10,719,093 times
Reputation: 3955
Quote:
Originally Posted by kuntz View Post
I work here in the DC area and make about $100k/year. I know that’s nothing in this area, but I want to buy a house and I am looking at Western PW County (Bristow, Gainesville, Manassas areas) because of the public school reputation since I have 2 small children. I am also trying to live within my means; therefore, I am looking to spend around $350,000 for a home.Do you honestly think I should buy now, or do you think the house crisis will keep dragging on and affect my purchase?
Please: Real Estates Agents should not answer my question.
Thanks.
It really depends on whether you plan to stay in the home for a long time. If so, then buying now is probably in your interest, as interest rates are low and sales prices are dropping in most areas. But as Yogi Berra said, it's hard to make predictions, especially about the future. I doubt that housing prices will drop more than they have already outside the Beltway. (The drop inside the Beltway has been slight and gradual over the last year.)

If you'll be there at least 10 years, odds are the home will be a decent investment and will shelter you from rising rents, along with giving you the valuable tax break on mortgage interest. And (most importantly) be a good home for you and your family.

The one caveat is that if your credit isn't really high, you may have a hard time getting the loan. I'd talk to a mortgage lender first before you go looking.

Last edited by Carlingtonian; 11-15-2011 at 01:44 PM..
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Old 11-15-2011, 01:40 PM
 
Location: Gainesville, VA
1,266 posts, read 5,610,522 times
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I live in Gainesville. Just don't expect to buy a new house for $350k. Expect to look at short sales or foreclosures. Prices have been going up here and inventory is low.
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Old 11-15-2011, 02:49 PM
 
Location: Springfield
2,765 posts, read 8,325,339 times
Reputation: 1114
Quote:
Originally Posted by HEATHER72 View Post
I live in Gainesville. Just don't expect to buy a new house for $350k. Expect to look at short sales or foreclosures. Prices have been going up here and inventory is low.
You can always look at older houses which are fairly new which can start anywhere from 300.
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Old 11-15-2011, 02:56 PM
 
373 posts, read 869,825 times
Reputation: 180
No one knows whether or not the housing market will go lower or not. If you plan on buying a house for the long run, I wouldn't worry about trying to time the market, because it is nearly impossible to do. I would recommend looking and seeing if you like anything you like in your price range. As Heather mentioned, the market in this area bottomed out a few years ago and has gone up somewhat since then. I bought my house in Haymarket a little over a year ago and I think the price has stayed about the same since I bought it. We do really like the area. My wife is a stay at home mom, I telework twice a week, go into Alexandria early (by 6:30) and leave early (3:00) the other three days, so I don't mind the commute.
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Old 11-15-2011, 06:45 PM
 
69 posts, read 144,540 times
Reputation: 48
[SIZE=3]I appreciate your quick responses. I would be commuting as well to DC. Most likely, I will be taking the VRE or Bus to DC. My wife is a full time stay at home mom. At least, she gracefully agreed to stay home to take care of the kids. [/SIZE]
[SIZE=3]We came over in the Gainesville, VA area in 2009 with a real estate agent, but never bought any house because we believed home prices will go lower, but now we think it is the time to buy. [/SIZE]
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