First home advice for NOVA (Arlington, Alexandria: apartment, lease, mortgage)

[New2nova2]

Hello, my wife and I are looking for a first home in the NoVA area but we could really use some recommendations about where to look. Wife is a federal employee based out of Alexandria. I’m a MD lawyer working in the upper Marlboro area. We presently rent an apartment on Eisenhower Ave; however, we’d like to purchase our first home in January/February when our current lease ends.

I can see that the current trend is that home prices are on the rise and inventory is low; however, I’m hopeful that the election cycle and COVID play themselves out over the next few months and prices drop ~3-5% from their current all time highs. Wishful thinking of course.

Our budget is ~600k and I’m willing to drive 45 minutes - 1 hour each way to work to find the right house. I’m also able to commute during off peak hours to avoid some of the more notorious traffic. We’d like a house with 3-4 bedrooms; however we both agree that location is more important than home size. We’d like a lot with a backyard. We are open to townhomes that have a small area for the dog to relieve himself. Our #1 priority is safety of the neighborhood, as my wife will spend portions of her day working from home while I work during the day. We both grew up in the LI suburbs, so any place that mirrors that feel would be a preference.


Any recommendations for specific areas to begin our search? I understand that my ask list is long and my budget isn’t going to allow me to check every box given the current market.

[ozzyngcsu]

With historically low interest rates, there is no way I would wait on a 3-5% pull back in prices. The reward isn't worth the risk. Say for instance prices did correct 5% and rates increased half a percent. Your purchasing power would be pretty much the same. The only way I would hold off is if you expect a 15-20% pull back. Also keep in mind that by waiting a year to start a mortgage you miss the equity pay down that would be 1.5% or so of the loan, so that 3-5% pullback is even smaller.

[lchoro]

Much nicer homes can be had for that price in the Upper Marlboro area. It's a very nice area.

[boyd888]

Burke or Springfield will get you a decent place for $600K especially if you are open to townhouses. Since neither of you work in DC paying extra to live in Arlington/Alex or near a metro doesn't make sense.


The further down 95 you go the cheaper it will get.

[New2nova2]

Originally Posted by ozzyngcsu

With historically low interest rates, there is no way I would wait on a 3-5% pull back in prices. The reward isn't worth the risk. Say for instance prices did correct 5% and rates increased half a percent. Your purchasing power would be pretty much the same. The only way I would hold off is if you expect a 15-20% pull back. Also keep in mind that by waiting a year to start a mortgage you miss the equity pay down that would be 1.5% or so of the loan, so that 3-5% pullback is even smaller.

I foresee myself waiting primarily because I am on the hook for a $2500 lease until February. I don’t think we could swing two payments for that long

[New2nova2]

Originally Posted by lchoro

Much nicer homes can be had for that price in the Upper Marlboro area. It's a very nice area.

We used to live down in Southern Maryland and my wife is against going back unfortunately.

[ChristineVA]

Originally Posted by New2nova2

We used to live down in Southern Maryland and my wife is against going back unfortunately.

I don't blame her! I am from lower Prince George's County and have many relatives down in Southern Maryland. Just to be fair though, Upper Marlboro is not Southern Maryland. But after having lived 30 years in Maryland and then the last 20 or so in Virginia, I think Virginia is just way better overall. While yes, we have personal property taxes to pay on cars and such, I still come out ahead on state taxes taken out of my paycheck.

I think the Springfield/Burke suggestion is good but I wouldn't go any farther South due to your Upper Marlboro commute. You might also take a look in the Kingstowne and adjacent areas.