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My parents bought a brand new home in 2003. It was a 3 bedroom with a den. They could turn the den into a 4th bedroom as some were built that way. What they did was keep the den, took the two extra bedrooms and turned it into one big bedroom with a large walk in closet. The closet is one third the size of the former bedroom. The new bedroom looks nice. Its my parents retirement home. The new larger bedroom is a guest room. Anyone could come it and change it back again as the walls are not load bearing.
A neighbor has the same layout as we have, 4 bedroom 2 and a half bath. They took the two front bedrooms and removed a wall making it one large room, about 20' by 14'. For them it has become more of a family room. So now that home is a 2 bedroom with a living room and a family room, dining room and kitchen. They don't plan on having kids so the extra bedrooms are not their thing. It can always be converted back though.
I know how exciting it can be to compete with others. We did that back in 2007. Ended up losing out to a lot of amazing homes. I hope the winners are happy with what they bought.
In 2010 when we jumped back into the market it was kind of boring buying a home. You could visit a home and no one would be there, unlike back in 2007 when everyone seemed to be flocking to homes in the area. Back in 2010 I remember we went to a few open houses and it would be us and the realtor, no one else around. It was really boring for me and for a bit there I was wondering if we had got in too early. Not that I believe you can time the market but I had been wondering if it would go lower. Back in 2010 there were lots of homes and few people buying them. We were able to write an offer on the home we bought and it was more than $30,000 less than what the bank wanted for the home. Sometimes I wonder if they would have took even less for the home.
Now the goal is pay off the mortgage as fast as we can without hurting our retirement plan.
Good luck in your hunt for a home. Keep us posted.
no, really, it's not just about "winning." we really want to be in this school district and today, in this district in our price ranges there are TWO houses on the market, and one is in horrible, terrible condition -- and will probably go pending soon! we are bidding on the 2 br and will find out on wed if we got it or not.
Spring is also the worst buying frenzy season of the year. IMO, it would be better to wait until the market starts to cool off in the fall. I know it's tough to think straight when you are in panic mode. You may even see some of those houses that sold for wildly inflated prices come back up for sale at more reasonable valuations.
Fall isn't the slow time here, it's around the 4th of July. Most people with kids want to be under contract before then or they're on vacation so there's a mid-summer lull. Usually what happens at this point - and it's happened the last 3 years - is that sellers who missed the spring season are rushing to get houses on the market, and others who didn't get under contract before July start to get a little more flexible on price. However, by September inventory drops and it goes back into full sellers market again straight through the winter.
We went under contract during the summer lull in 2012. Initially I'd been intending to wait until winter to drive a better deal but inventory was falling all through the summer. I had a bad feeling that things were only going to get tighter if we waited a few months. It's been almost 3 years and inventory levels have never recovered to where they were in early 2012... so you could wait until fall, but that might mean waiting until fall 2018.
no, really, it's not just about "winning." we really want to be in this school district and today, in this district in our price ranges there are TWO houses on the market, and one is in horrible, terrible condition -- and will probably go pending soon! we are bidding on it and will find out on wed if we got it or not.
I think you are nuts, but then I lived in the DC/NoVa area during the previous boom, and of course everyone back then also said "this is a hot area and will stay very desirable." Well yeah, but eventually no matter how hot and how desirable, prices become unsustainable. Saw a lot of people around me lose their houses in short sale/foreclosure.
You're looking at buying a two bedroom (for an inflated price) when you wanted a three, which implies you are already close to outgrowing the house and likely won't want to stay for the long haul when/if the market tanks. That's a bad spot to be in. Slow down, take a breath, there will be other houses.
This. It's not a good idea to spend too much on ANYTHING. Remember 2008. Impulse purchases are not a good idea, especially on something as big as a home. Also, I don't understand people being so hung up on school districts. I get that schools are really important for educating your children, but active, involved parenting is even more so. (Sometimes parents forget that, unfortunately). So as long as you've got the great parenting angle covered, you're in good stead. Besides, if the market is as hot as you say it is, you will be able to resell the home in the future no matter what school district you choose. Good luck!
But that's what it takes to get into a house, in this area, in this market. It's ugly, and you don't want to settle, but I've had several friends get priced out of their desired neighborhoods by waiting too long and now prices have climbed faster than their savings. It's a very real possibility.
If this house is in the area you want, and the floor plan is workable, and possibly expandable, then go in with your best offer. If there's no possibility that the house could work, then there will be more houses coming onto the market in the summer, but there will also be more buyers. It sucks, but with all the major employers in this area hiring great guns, it'll only get worse in the near future.
Ever consider just running for the Presidency instead? It will cost millions but other people put up the money and in the end, you get free housing in a fancy (albeit old) place for four to eight years with a guaranteed pension, security (drunk but better than one of those signs in your front yard) and well paid pointless speaking engagements for the rest of your life.
This. It's not a good idea to spend too much on ANYTHING. Remember 2008. Impulse purchases are not a good idea, especially on something as big as a home. Also, I don't understand people being so hung up on school districts. I get that schools are really important for educating your children, but active, involved parenting is even more so. (Sometimes parents forget that, unfortunately). So as long as you've got the great parenting angle covered, you're in good stead. Besides, if the market is as hot as you say it is, you will be able to resell the home in the future no matter what school district you choose. Good luck!
we want to be in this school not just b/c it's a good school but b/c this is the school our kids currently attend. we have moved twice in the last two years and they would be heartbroken to have to move yet again. this is why we are trying so hard to stay in this neighborhood.
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