Affordable Single Family Home- Northern VA

[McScootch]

There are a plethora of single family homes on the market in Prince William County for LESS than 225K (Currently 151 Single Family Homes in 22193 alone... according to homesdatabase.com)

Yes, probably 85 - 99 % of these are short sales or foreclosures, but only two years ago you couldnt get a town house for that price. Your options are out there and you dont have to spend the whole 225K to realize your dream of home ownership. I dont get the feeling that you are looking for your dream home, that will come, but you have to work your way to it. The fact is we may NEVER see this interest rate again and over the long haul (despite what the neysayers tell you) the prices will rise again. So get in BELOW what you qualify for at a rate that you will never see again and plan on being there for 5 to 7 years... which is about the rate of the Real Estate Cycle (based on recent ups and downs from the 80's to now)

[McScootch]

Here is one for $160,000.00 Go to homesdatabase.com and insert this into the MLS # Quick Search: PW6555859

No, I'm not a realtor, lender or anything like that.I think there are bargains out there, mix that with a great 30 mortgage rate and (in my own opinion) you will start to see people buying houses again.

[Poochie1050]

Ariadel,

No I hadn't included a roommate in the plans. The reality is wouldn't make a very good roommate.

I want to address a popular misconception that most of you are making: Even though I qualify for a loan rate of $225K (this is according to the lender when he ran the numbers), I never intended on going for the max. I actually was looking in the range of $165-$180K (although Goozer would probably say that’s still too high for me). I have previewed properties within this price point but they’ve mostly been foreclosures in need of much TLC. Foreclosures are an option if properties aren’t too dilapidated or antiquated.

There was a time when 40K was not such a bad salary. Not something you thought to be just a little above the poverty line. In fact, you once were considered middle-class. You guys know how to shoot a gal down. I thought I was making a decent income, but after reading your comments, I’ll have to rethink that thought.

Anyway, as I said, I’m in no hurry. I’ll wait it out. Keep sending your comments, I like reading what you have to say, even if at times it hurts, but you’re keeping it real. Thanks.

Poochie1050

[Morpheus]

Poochie, don't start feeling bad about what you make. If you look at average incomes across the U.S., you certainly aren't doing bad. We just happen to live in the "richest" county in the US with a median household income of over 100K.

Combine that with the speculators, lenders, and people buying over their means during the housing boom earlier this decade and we're all living in over-valued properties. People talk about it being a "buyer's market", but while the buyers may have an advantage in being able to get sellers to cover closing costs or lowering the asking price, the fact remains that houses are still way overvalued in respect to median income in the area. The fact is that most of the people telling you to buy in this area are realtors, sellers, and builders.

It won't hurt you to wait. Save up a nice downpayment and let those overvalued houses return to some semblance of normalcy.

The simple fact of that matter is that it is difficult for couples to even buy a single family home in Fairfax County at the moment, particularly in those areas near metro stops. As a single female, you're in the same boat as many of the other singles in the area.

While the single family homes may not be plummeting to prices you can currently afford, you should be aware that condos are not resisting the falling market as well. Those will be where you should be able to land something in your price range maybe even before the end of the year. Plus you will not need to worry about upkeep associated with a house and you may find a spot near a metro. Bide your time and save your money. Unfortunately there are always condo fees, but that's why you'll just need to do your research and find a good value.

I don't know how old you are, but if you're in your 20's, who's to say by the time you're in your 30's, you won't be able to afford that single family home you crave. And who knows, if you find a significant other, you may end up advancing that time table.

Good luck and try not to get too down. Trust me, you're certainly not the only one who is worried about finding a single family home in this area. And you're certainly not the person in Fairfax County making 40K/yr, despite what the median income is here.