Is it really ...right time to Buy a home at Chantilly !!! (Burke: for sale, real estate market)

[mydreamhome]

Hi All,

We are planning to buy a single family home at fairfax county. We found a new home at chantilly, which is beside to centerville rd and route 50.
We are not able to decide whether this is right time to buy or not. The home price is 650 k and we both earn like 200k per annum.
Can any one suggest that is it really worth buying that home at 650 k now.If we buy home now,What would be the future real estate market in VA.
And even we are not clear to whether buy new home or old one.Please suggest us shall we buy home or rent the house.?
Thanks,
mydreamhome.

[VRE332]

Dont buy it. seriously there are cheaper houses around the area. What if you loose your job? How you going to pay for it? There's hardly any public transportation there, so gas prices will affect you. Go move to Burke or Bristow, just in case you need to work in DC.

[mdcrim]

I think it depends on your personal situation. Do you have ample savings (6 months of emergency funds)? How much money can you put down? How much can you comfortably afford? Where do you work in proximity to this location? Do you have flexible work hours (to avoid the rush hours)? How long are you planning on staying in the area? 650K for a house may be a GREAT deal, depending on the house.

People need to stop looking at real estate as an investment and start looking at it as it is- a place to live. You are always going to need a place to live. It's up to you to decide whether to buy or rent.

I bought my house in 2003. Since then, it appreciated over $200,000, then lost about $125,000 of that initial appreciation. Do I care? No. It's paper money. It means nothing, as I am not planning on moving. I'm planning on living here for the next 15-20 years at least. So it is my home...

[kevinm]

My house in Chantilly will be for sale in the fall for around $850K if you want to move to South Riding.

[VRE332]

Originally Posted by mdcrim

. I'm planning on living here for the next 15-20 years at least. So it is my home...

That's the way I look at it too. Grow some roots in the soil.

[mydreamhome]

Thanks to your quick response.

I am working in chantilly and my spouse works at spring field.

[5stones]

IF you can financially afford the payments (big down payment etc..)AND you love the area etc...
YOur spouse doesn't mind the commute to springfiled
AND you plan on staying for at least 5+ years then go ahead.

IF you are scrapping all you extra income together to afford the monthy payments and you don't know if you will be in the area for long... And you are looking at it as your main investment for the future.
Then it's probably not wise