Would like to buy a house in NoVa but don't know if we'll be able to find what we're looking for (Arlington: condo, appliances)

[VAReelEstate]

Contrary to most peoples post in this thread. I just did a search and found some amazing homes for sale in the Alexandria , Alrington Area that are not starter homes, or "crapshacks"

I work in this market daily and have seen some amazing places become available.

[Fern435]

Moving is a lot of work. We've moved 9 times in 16 years (military family with two kids), so we are familiar with the challenges. But we've usually had a positive approach with each move, since it has given us the chance to experience different parts of the country. Of course, not everyone needs to move around like that.

For serious home shopping, get your loan pre-approval and definitely know the listing price of the homes before you walk in the door. Hope you find the home you are seeking.

[Bass101]

First, VAReelEstate, why don't you post some MLS numbers to back up your claims of some "great" homes in the area?

Second, I suspect most of those replying to the post are home-owners in their 50s and 60s. Probably the same ones who would say "You know what - I don't think I could afford my home if I had to buy it today at today's over-inflated prices." What makes you think today's young professional in DC is going to buy it?

Many of you make the claim that DC is full of rich people ready to shell out big bucks to live in McLean. You're right, there are probably many of them. BUT I find it hard to believe that they are going to pay $700000 for a small, smelly rambler!

Let's take a poll. What is YOUR income here in DC? Do you consider yourself one of these hordes of rich lawyers and lobbyists? How much would you really be willing to spend on a mortgage here? $700k = $4500/month for a crapshack rambler, as the OP says. You've got to have your head examined! I make $250K and would never spend that kind of money for 4 walls. Maybe everyone is drinking the same kool-aid hoping that someone young knife-catcher is going to fund your retirement. The smart ones like myself rent and then leave, just like I'm sure your kids will do, because they will never be able to afford to come back here after college. Just read the book "Strapped" by Tamara Draut. It applies to _everyone_ in their 20s and 30s today - even those who make a lot of money like myself.

[5stones]

Why do some of these younger couples feel they are entitled to buy their "starter" home in McLean for $700,000, with no renovations neeeded?

exactly that it's the sense of entitlement... don't have to work for anything, just have it handed to them etc...spoiled is another word.

Our "starter home" in PA was how we were able to afford buying any house at all in NOVA. it's called sweat equity. and creating equity so that your house is worth more than you paid for it when you move. Then you take that money and put it toward your new house (so you have lower mortgage payment)

If the OP was very very smart... they would take 500k out of the 700k budget and buy a nice 3 bedroom in an area close to the metro and renovate it over the next few years... and cash in, in about 5-7years and then apply that profit as downpayment on the dream house in McLean.

[Fern435]

Originally Posted by pcity

I kinda wish more people had doglover's outlook. Then those "crapshacks" wouldn't be so in-demand and I could afford to buy one.

True! The greed drove up the prices. I also agree with Flamingo13's posts.

[VAReelEstate]

Bass101 email me directly if you want the mls #s that badly, didnt think you were looking for homes in that price range.

Per the conversation there were 10-15 homes in the Arlington / Alexandria ranging 600k - 700k that were newer homes and not the older style homes.

If you go to Kingstowne, Alex than you have a lot of options and that area is going to only hold its value and increase with all the extra jobs coming to Ft. Belvoir as we speak and in the future.

[Fern435]

Originally Posted by 5stones

exactly that it's the sense of entitlement... don't have to work for anything, just have it handed to them etc...spoiled is another word.

Our "starter home" in PA was how we were able to afford buying any house at all in NOVA. it's called sweat equity. and creating equity so that your house is worth more than you paid for it when you move. Then you take that money and put it toward your new house (so you have lower mortgage payment)

If the OP was very very smart... they would take 500k out of the 700k budget and buy a nice 3 bedroom in an area close to the metro and renovate it over the next few years... and cash in, in about 5-7years and then apply that profit as downpayment on the dream house in McLean.

Exactly!

[doglover29]

Originally Posted by 5stones

exactly that it's the sense of entitlement... don't have to work for anything, just have it handed to them etc...spoiled is another word.

Our "starter home" in PA was how we were able to afford buying any house at all in NOVA. it's called sweat equity. and creating equity so that your house is worth more than you paid for it when you move. Then you take that money and put it toward your new house (so you have lower mortgage payment)

If the OP was very very smart... they would take 500k out of the 700k budget and buy a nice 3 bedroom in an area close to the metro and renovate it over the next few years... and cash in, in about 5-7years and then apply that profit as downpayment on the dream house in McLean.

I understand what you're saying, but renovations are expensive and annoying--who wants to live in their house while their kitchen is being ripped out, with all the dust, etc. all over the place for months. And if you're renovating an older house you have to worry about asbestos being released when you're renovating--we're okay with doing minor cosmetic things, like getting floors replaced, carpet replaced, painting, new fixtures, etc. but most of these houses need totally new kitchens, all their flooring replaced, their bathrooms redone, etc. I don't want the inconvenience of having to live in the house through all that. Plus, we have animals, and they would be upset to live in a house with all that going on.

And even if we do the sweat equity thing and have the money from the sweat equity for the downpayment on the dream house, there's still the massive mortgage payments on that dream house to pay--how do you manage not to be house poor while you're paying upwards of 8000 per month for a mortgage? Let's say my dream house in McLean is 1.2 million--I have $200,000 sweat equity to apply to the down payment from the sale of my starter home--that only reduces my loan to 1 million, so I'll still have about an $8000 per month mortgage. That's nuts! Who can afford that and not be house poor? It's not so much who can afford that, it's more who is willing to spend that kind of money for a house? Or, I can have my dream home now--and not have to deal with a starter home--for about $400 K in Milwaukee. Which sounds more appealing?

And what if in 5-7 years my starter home depreciates in value, and then I can't move into my dream home? Even if I put in a lot of sweat equity, a home is only worth what someone is willing to pay for it. That's why I feel it may make more sense to just go and buy the dream house now, so I don't have to worry about moving from a starter home.

[Bass101]

5Stones, Your logic about "sweat equity" no longer applies. The run-up in housing prices from 2001-2006 was unprecedented and based on greed and loose lending standards. It will never happen again. A house will only appreciate along with inflation. 5-7 years is too short. Try 10-15 years. Especially after the current housing crash continues for years to come.

By the way, your issues of 'entitlement' and 'being spoiled' do not hold water with everyone. I'm not some 23 year old who thinks they need a big house right out of college. I'm 34, put in my dues, make a good salary, and refuse to spend THREE QUARTERS OF A MILLION DOLLARS on some starter house that is a small, smelly rambler. Why does everyone in NOVA think their house is worth so much?

[Fern435]

The tone of entitlement comes through on the earlier posts in this thread.

Claremarie stated it very clearly: Homes are worth whatever people are willing to pay to get them.