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Old 07-11-2012, 05:25 PM
 
968 posts, read 1,440,065 times
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My husband and I bought our first home - a 3-bedroom townhouse in Lake Ridge - when we were 25. However, we did not yet have any children, and we both worked full time with a gross household income of about $100k. We paid $278k for our townhouse (it was JUST as the market was starting to come down, and it was a great deal at the time; then, of course, the market crapped all over itself, and now our townhouse is only worth around $200-210k). Now we're stuck with that townhouse even though our jobs (commutes) and family (had a baby!) have changed, so we recently purchased a SFH in Sterling, and we have to rent out the townhouse because we don't want a short sale on our credit, and we don't have the $60k or so just laying around to pay for the difference in selling price versus what we still owe. What a PAIN. We both make more now, so we can afford to keep both homes until such time as we can finally ditch the townhouse without such a huge loss, but it's no fun trying to get the townhouse rent-ready while also juggling our busy jobs and our new infant!

So yeah, owning a home, despite being the "American dream," is certainly not always dreamy! That townhouse was our "five-year plan," but looks like we'll be holding onto it much longer than that...

I happen to know of a 3-bedroom townhouse in Lake Ridge for rent if you're interested...
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Old 07-12-2012, 06:07 AM
 
Location: Everywhere and Nowhere
14,131 posts, read 27,007,803 times
Reputation: 6824
Quote:
Originally Posted by MrsHunny View Post
After losing a great deal on short-sale home, my husband and I feel stuck. I'm beginning to understand the reality of our situation. My husband brings in under 70K, and I work retail part time (10K-12K a year) in order to stay home with our toddler. We want to buy a 3 BR condo or townhouse in a family-friendly neighborhood, with good schools.. for 200K or under. I'm beginning to think it's just not possible anymore. !
There's your problem. If you made close to what your husband does, or your husband got a much better paying job, you might be able to swing what you want. This area is really geared more toward families with two good incomes or two singlesroommates. A single person moving here with your family income could barely afford a 2 br. apartment.

Last edited by CAVA1990; 07-12-2012 at 06:18 AM..
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Old 07-12-2012, 06:16 AM
 
231 posts, read 382,132 times
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Quote:
Originally Posted by CAVA1990 View Post
There's your problem. If you made close to what your husband does, or your husband got a much better paying job, you might be able to swing what you want. This area is really geared more toward families with two good incomes. A single person moving here with your family income could barely afford a 2 br. apartment.
Its pretty amazing what housing inflation did. When I was first married and making a comparable salary to what the OP has posted, we had no problems finding a semidetached home in the City of Alexandria - about 2/3 mile from the King Street Metro. Those homes went for - at best - $200,000. The prices for homes on that street are, on average, double that now.
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Old 07-12-2012, 06:19 AM
 
Location: Everywhere and Nowhere
14,131 posts, read 27,007,803 times
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Quote:
Originally Posted by ViennaSausages View Post
Its pretty amazing what housing inflation did. When I was first married and making a comparable salary to what the OP has posted, we had no problems finding a semidetached home in the City of Alexandria - about 2/3 mile from the King Street Metro. Those homes went for - at best - $200,000. The prices for homes on that street are, on average, double that now.
Funny you should say that as I was just thinking about the $200K house I sold here in Mount Vernon in 2000 that's now worth about double. There are just a lot more high income families moving into the area, most with two earners.
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Old 07-12-2012, 06:23 AM
 
231 posts, read 382,132 times
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Quote:
Originally Posted by CAVA1990 View Post
Funny you should say that as I was just thinking about the $200K house I sold here in Mount Vernon in 2000 that's now worth about double. There are just a lot more high income families moving into the area, most with two earners.
Double earners by choice or by necessity?
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Old 07-12-2012, 06:27 AM
 
Location: Everywhere and Nowhere
14,131 posts, read 27,007,803 times
Reputation: 6824
Quote:
Originally Posted by ViennaSausages View Post
Double earners by choice or by necessity?
Most of them here are both career oriented so I'd say more by choice. When you make that kind of money you're usually pretty dedicated to what you do. I couldn't afford to live where I do if I were buying now.
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Old 07-12-2012, 03:42 PM
 
144 posts, read 294,988 times
Reputation: 82
I do feel your pain... I am actually the worker and my husband is a stay at home hubby... we can barely afford to live in Fairfax. I make 125k but with one income and trying to live in Fairfax and support 2 people, its actually kinda tight. We are opting to move to Fredericksburg in order to be able to buy a home in a year or two. We're hoping to move down there to a cheap apartment rental and then save up a good amount for a down payment and get a house there. Where do you guys work? Is it feasable for you to move farther out and just tolerate a longer commute?

I chose Fredericksburg because its close to the VRE and I can just take the train up to my job. I just did a check on one of the realty websites and there are actually some fairly decent places in Fredericksburg under 200k. Just thought I'd throw that out there.
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Old 07-13-2012, 02:19 PM
 
79 posts, read 121,906 times
Reputation: 53
Quote:
Originally Posted by jillybean720 View Post
My husband and I bought our first home - a 3-bedroom townhouse in Lake Ridge - when we were 25. However, we did not yet have any children, and we both worked full time with a gross household income of about $100k. We paid $278k for our townhouse (it was JUST as the market was starting to come down, and it was a great deal at the time; then, of course, the market crapped all over itself, and now our townhouse is only worth around $200-210k). Now we're stuck with that townhouse even though our jobs (commutes) and family (had a baby!) have changed, so we recently purchased a SFH in Sterling, and we have to rent out the townhouse because we don't want a short sale on our credit, and we don't have the $60k or so just laying around to pay for the difference in selling price versus what we still owe. What a PAIN. We both make more now, so we can afford to keep both homes until such time as we can finally ditch the townhouse without such a huge loss, but it's no fun trying to get the townhouse rent-ready while also juggling our busy jobs and our new infant!

So yeah, owning a home, despite being the "American dream," is certainly not always dreamy! That townhouse was our "five-year plan," but looks like we'll be holding onto it much longer than that...

I happen to know of a 3-bedroom townhouse in Lake Ridge for rent if you're interested...
Your much better off defaulting rather than throwing your money into a bad investment. The first 10 years of a mortgage are mostly interest. you are not going to gain any equity this way. I would default, rent and save up. After 5 years you will be able to buy again and will have a nice down payment. If you stay where you are it will take 5 years just to get back to even if you are lucky. Don't let the pride of being a homeowner could sound judgement.

BTW, two income families have destroyed the american dream. This has created a rat race. We compete to outbid each other on expensive homes while our children are raised by daycare centers. If most households only had one income houses would be cheaper and quality lives would be better. Now we all suffer.
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Old 07-13-2012, 02:33 PM
 
231 posts, read 382,132 times
Reputation: 113
Quote:
Originally Posted by NovaZombieDrivers View Post
Your much better off defaulting rather than throwing your money into a bad investment. The first 10 years of a mortgage are mostly interest. you are not going to gain any equity this way. I would default, rent and save up. After 5 years you will be able to buy again and will have a nice down payment. If you stay where you are it will take 5 years just to get back to even if you are lucky. Don't let the pride of being a homeowner could sound judgement..
The OP doesn't want to damage their credit via a short sale. Simply walking away from that house isn't going to be good to your credit score.

From one site: "FICO reports that borrowers who choose a strategic default {}on their mortgage typically lose about 150 points from their credit score."
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Old 07-13-2012, 02:48 PM
 
79 posts, read 121,906 times
Reputation: 53
Quote:
Originally Posted by ViennaSausages View Post
The OP doesn't want to damage their credit via a short sale. Simply walking away from that house isn't going to be good to your credit score.

From one site: "FICO reports that borrowers who choose a strategic default {}on their mortgage typically lose about 150 points from their credit score."
Your credit will recover. What you cant ever get back is those 5 years you spent throwing money down the drain.

Banks want everyone to keep paying into their underwater mortgage. They making alot of money this way. Banks love debt but they don't like when property values go down and screw up their balance sheets.

They also want to lend to people, even those who have defaulted before. People who lost their homes in 2008 are already beginning to reenter the housing market.
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