Wait or Buy? First time home buyer need opinions!

[Natthapol]

Originally Posted by Middlin

I do think it's a wise investment and would shoot for closest to the metro since people will put the biggest premium on that. That said, given your previous posts I think that you will find yourself house poor when kids come along. I would be living financially now like you have that type of mortgage.

I know I wish I bought 10 years ago with half the price of what we am paying.. Our solution is to work harder and make more money! =D We definitely don't want to be house poor.

[Natthapol]

Originally Posted by bmwguydc

Most new home builders do not allow negotiation on price, but may be willing to work with you on options, especially if you are adding much to the cost of the home. The waiting to return your call may not indicate a busy sales force, but that they are just in the beginning phase of sales, where a sales manager can still be at another site, and they do not yet have an on-site assistant because of a lack of a model home, or a trailer that's not yet ready at the build site while the models are under construction.

Would there be popularity because of the Vienna Metro? Yes, but I do not think that should preclude returning phone calls in a timely manner, and scheduling appointments with prospective purchasers. Some of the sales may have been co-op deals as well, where an outside broker/agent brought a purchaser to the builder's representative, so it may not be a measure of the heightened demand that they are trying to create with respect to the project. I would not fall prey to a marketing gimmick, since this is not a boom period for new home construction, and people are not camping out to get in on pre-construction pricing specials.

Given the current (as of this writing) state of their website, where they say "coming soon," under hours, I think it's more a factor of not having someone on-site as to the delay in returning your request for an appointment than being swamped with sales. I would also not worry to much about contracts written, as there can be cancellations for several reasons during the construction process, where units drop out of contract, especially when purchased during the very early sales period. However, it is clear that the area will be popular, given the existing sales in the area (some of which were also built by Pulte). If the unit you desire is on a short list, as in a few end units with the amenities you want, etc., then I can see purchasing as early as possible; however, with over 2,000 units to be developed, I would not exactly worry about a lack of supply in the general sense, though your preferred unit may not be as plentiful as others.

Having a development near the Metro is a plus for your commute, as you do not have to drive/take the city bus to the Metro; however, the schools may not be accurate to forecast when you need them, depending upon boundaries and number of children that may be added to the existing school assignments in the area, something that can also change as the project progresses. As I posted in your other thread, that's not likely to be a factor in the city, where you are within walking distance of the elementary school. The other thing to consider is a manufactured community with a community center as an anchor versus an existing community that has the addition of townhouses to the varied mix in the city. That's really more of a personal preference, since some like planned communities, while others prefer to live in a community that is part of a larger area that's not all developed/built by a single/handful of builders.

Thank you as always bmwguy! You provide one of the most insightful information! They called us 10 days later coz they were processing people according to the order of VIP list. They asked people to call in during the 2 hours period two weeks ago and I called in about 19th minutes and I was ranked at 140ish in their list.

[jimboski93]

Originally Posted by Natthapol

I haven't been following the trend but I know that the rate is very good right now? Why do a lot of people think that the rate will go up in the very near future? How near are we talking about? Won't the mortgage rate go down even more in fall / winter when the market is not as active?

I know your post was a few months back, and that rates have moved lower since.

I would just add that you shouldn't be in a rush to lock in a good rate. While rates may go up from here (historic lows), they will remain depressed for at least a few years.

This is because #1 the gvt is trying to spur the economy and nothing is really working, and #2 the government has massive amounts of the national debt maturing in the next 2 years. They are highly incented to keep rates low to help with the refinancing.

More on my blog here: Our Big House: Mortgage Rates and Calculations

[Natthapol]

Originally Posted by jimboski93

I know your post was a few months back, and that rates have moved lower since.

I would just add that you shouldn't be in a rush to lock in a good rate. While rates may go up from here (historic lows), they will remain depressed for at least a few years.

This is because #1 the gvt is trying to spur the economy and nothing is really working, and #2 the government has massive amounts of the national debt maturing in the next 2 years. They are highly incented to keep rates low to help with the refinancing.

More on my blog here: Our Big House: Mortgage Rates and Calculations

Thanks! I've just locked the rate though.. got 4.25 for 30 years fixed..

[hilsmom]

Originally Posted by Natthapol

Thanks! I've just locked the rate though.. got 4.25 for 30 years fixed..

did you decide to buy in the TH development at the metro? Just checking.

We bought in Fairfax/Chantilly recently, and were negotiating our price and financing options right before the whole debt ceiling thing was resolved. Uncertain of what was going to happen, we locked in at 4.5%, thinking it was the best deal we were ever going to see anyway.

Then the rates dropped the next week!

Because we were using a VA Loan, which is EXTREMELY flexible, we were able to relock at 4%. UN....REAL! Even though we are deep into renovations right now and running out of money on that end , we still can't believe our luck in being able to 1) sell a previous property at a profit and 2) get a ridiculously low rate on a 30 year.

[Natthapol]

Yes, I did purchase it! It will be completed by the end of October.

[stp_fan]

I think it's a fine time to purchase, but make sure you are getting deal. There are tons of deals out there, lots of short sales and foreclosure to consider. Also be aware of tax incentives and programs and check out companies like Navy Federal who have really low interest rates and they give you up to $2,500 in closing costs.