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Old 03-08-2010, 07:31 PM
 
Location: Vienna
258 posts, read 770,235 times
Reputation: 106

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We live in Vienna sice -00- our lot is great house is nice (we added and gutted) BUT two things bug me 1) house is not as large as i would like given we have 2 kids now.. the rooms are small- adding a desk is cramping things. storage is an issue too 2) neighbors- i know it's a crap shoot- we have very nice neighbors in our immediate area and there is a general sense of community but we have a few bad apples that spoil things- enough that we don't want to socialize with the group that gets together (others feel that way too but complain on the side but don't stand up). There are a few kids somewhat close age but the parents are either the bad apples or they gave up on neighborhood kid playing (and our kids are young enough that a year is huge so no exact matches).

I am mixed since I kind of have a great set up- my kids' preschool and our house is currently close to my work in tysons- I have been on the watch for houses for 2 years now and can't really zero in on a house- I am ok with the flint hill area for vienna (? i'm in the wolftrap ES area) - we plan on living in DC for the long run until kids go to college but i;m almost ok with going to a less desirable HS to save $. I am also leaning towards our kids going to OLGC since we both work f-t and can afford it. I love OLGC.. Between OLGC and loving our pediatricians in Vienna and overall just like living here.. I am just trying to get a larger house.. we have had many contractors over and there is little hope given how it was designed with our gutting/rennovation. We were told it'd be easier to buy a new house and based on quotes I agree.

I guess my question is- if we put our house for sale- is this market open to our finding a new home? I can put our house for sale and if it does- we can stay at my family's home until we buy (thought this can mess things up since I don't want my oldest (4) to go to a lousy K while we wait to find a home)- but now that we have kids in school that makes it trickier.. I'd rather buy a new home first since we are pickier/more knowledgeable and I'd rather not feel panicked to buy something fast.

Any ideas on finding a home you want and then selling yours? I get so panicked at thinking of buying any house just to get out of a rental or temporary situation given we have a 2 and 4 year old.

Thanks everyone
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Old 03-08-2010, 07:45 PM
 
97 posts, read 281,598 times
Reputation: 48
We're getting ready to buy/sell with two small children soon as well. Mine aren't in school yet, though.

Our plan is to move into a rental unit and then sell our house empty. I know myself and I will not be able to keep my house in showing condition with two small children. We plan on pricing well and hopefully selling and settling in around 45 days, so we'll only have to pay mortgage and rent for about a month and a half. (I have a starter townhouse, so we're not too worried about finding a buyer...)

We plan on getting a decent rental and then just living there as long as it takes to find the right house to settle in. You could do the same thing and just make sure your rental is in the school boundaries you are in now so there wouldn't be any school transitions for your kids until you move into your final place.

With this house being the house we plan on raising our family in, I do not want to be rushed to buy, so we think the rental plan is our best bet to give us the freedom we need to find the right house for us.
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Old 03-08-2010, 08:13 PM
 
101 posts, read 195,720 times
Reputation: 28
I will tell you two things:

* You lose a lot of leverage once you move out and leave an empty house on the market while paying two mortgages.
* If you ever rent your house, it may make it harder to sell. Renters have no incentive to have you sell your house so that they can move out.

I recommend putting your home on the market and renting until you can find a home that suits your needs, after you sell.

That would give you a competitive advantage over other buyers as you will have cash in hand and there are no contingencies.
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Old 03-08-2010, 08:26 PM
 
2,462 posts, read 8,046,188 times
Reputation: 995
The standard advice is to sell your current home first, and then buy a new one. I agree that the prospect of keeping a home in "ready to show" condition with young children is extremely daunting, as is the fear of not finding the house you want once you do sell your current home. However, most people just can't afford to pay two mortgages for more than a few months, and selling an empty house is much harder than selling an occupied one. Prospective buyers will know that you need to sell, and will make low-ball offers.
You need to take the long view here. Your kids are very young and you don't have to worry about their schools or activities. You have a free place to stay in the interim (plus, presumably, some free babysitting), so there's no need to panic and take just any house to put a roof over your head. Put your stuff in storage and live out of a suitcase for a few months. If you're sending your kids to OLGC, then it doesn't matter where you are living. And by the time you close on your house sale, there will be a lot more homes on the market for you to choose from. You can always make an offer to rent back from the buyers for a month or two to give you extra time to find a house -- we did that both times we sold homes in northern Virginia.
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Old 03-08-2010, 08:40 PM
 
Location: Huntsville, AL
616 posts, read 1,056,005 times
Reputation: 437
The trouble with finding your new home first is your offer to purchase will have to be contingent on the sale of your current home. That contingency will make your offer not as attractive as others without that contingency. That being said, I really don't think you'll have any trouble selling. Vienna is a VERY hot market and most nice properties have multiple contracts within days. I agree with Claremarie - put your house on the market and ask for a rent-back. You'll need to hurry though if you want to take advantage of the tax credits. Since you bought in '00, you're probably also eligible for the move-up credit.
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Old 03-08-2010, 09:11 PM
 
101 posts, read 195,720 times
Reputation: 28
Quote:
Originally Posted by lindy112 View Post
The trouble with finding your new home first is your offer to purchase will have to be contingent on the sale of your current home. That contingency will make your offer not as attractive as others without that contingency. That being said, I really don't think you'll have any trouble selling. Vienna is a VERY hot market and most nice properties have multiple contracts within days. I agree with Claremarie - put your house on the market and ask for a rent-back. You'll need to hurry though if you want to take advantage of the tax credits. Since you bought in '00, you're probably also eligible for the move-up credit.
Any home in a good school district and convenient to the major highways will move if it's priced right.

Given that, it's been reported that there's more movement in homes around the $700k range compared to those over $1 mil.
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Old 03-09-2010, 08:03 AM
 
5,071 posts, read 8,623,365 times
Reputation: 2722
It's a bit difficult to tell from your post what's really most important to you or what your budget would be for a new, larger house. In addition, I gather your kids aren't even in elementary school yet, but you already have views as to which high schools would be acceptable or desirable.

Having said that, if you're currently living in a smaller house in the Wolftrap ES district, that probably means you're zoned for Madison HS. You shouldn't have any problem selling quickly if you wish and your house is reasonably priced. Two houses on Sideling Court in the Town of Vienna (NE) recently went under contract in less than a month each. A small contemporary house off Beulah just went under contract in seven days. Each was listed for less than $700K.

Last edited by JD984; 03-09-2010 at 08:52 AM..
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Old 03-09-2010, 08:43 AM
 
309 posts, read 737,872 times
Reputation: 99
I strongly recommend selling your house and asking for longest rent back period your realtor feels you can get away with. We sold our property the first weekend it was on the market and our realtor had already told us he thought our property would go fast, but it could be slim pickens on the buy front. Fortunately for us that strategy worked and we did find the perfect house for us w/in our timeframe. If we didn't, as much as I dreaded it, we would have rented. 6 years ago we sold quickly and nothing was on the market and we settled. I still regret that decision especially since my son was even in elementary school yet.
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Old 03-09-2010, 11:40 AM
 
Location: Northern VA
22 posts, read 44,558 times
Reputation: 20
Great question...

For people in your situation there is a stipulation that can be placed in the sales contract. It is called the "home of choice contingency." This means that for the deal to be completely satisfied you have a certian amount of time (agreed upon by you and the buyer) to find a home to buy and to place a contract on it. If you don't... you can back out of selling yours.

Jonathan Bunn
Century 21 Redwood Realty (required)
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