Advice for first time home buyer in NOVA (Arlington, Burke: for sale, renting)

[NovaZombieDrivers]

Hey guys,

I'm still relatively new in the area(New York transplant). I've been renting here since last spring and really like living in this region of the country. Got a new baby on the way, hoping to find a house or a condo is a good safe area. Everything just seems too expensive unless you want a 2 hour commute to work.

I don't know if I should wait longer and hope for cheaper prices. I see new town houses in the Ashburn area are somewhat affordable. Similar homes in Arlington are about 40% more and they aren't even as nice! I make in the low 100's, thought I would be able to buy a house closer to DC but I just don't see this happening.

I'm eager to hear your opinions.

Thanks!!!

[CaliTerp07]

You should absolutely be able to find something closer to DC than Ashburn. Just depends what your priorities are. (If you want brand new, then yeah--you'll be farther out. If you're willing to accept 1970's for a much better commute and more family time, then you should be able to find something closer). Have you gotten pre-approved by a lender yet to know what budget you're working within? I don't think prices are going to drop a whole lot. Interest rates are the more interesting piece of things.

My husband and I make (combined) just slightly more than you do, and bought a very nice house in Burke a few months ago. That being said, we don't have a baby on the way, so our financial picture is slightly different than yours. Is your spouse going to work or stay home with the baby?

[ChristineVA]

Housing in areas that are closer to DC and desirable are not going to get cheaper.

You need to decide if you can find a halfway point. Arlington is likely going to be out of your price range. Ashburn sounds too far for you commuting purposes. I would only go that route if you were those types of people where the "house" was everything to you and damn the rest.

Try somewhere mid-way: Springfield might be a good choice. You may still have to get into an older townhome or home but starter homes are never meant to be dream homes.

[vermonter16]

If you make in the low 100s and have good credit than I think you should have no problem finding something. You would be better served with buying and getting a tax break than renting at your income level. Some people don't agree with that but that's my philosophy. First off - where do you work? And second, where do you live now? Do you like it or not? Is there a certain area you would prefer or different areas you are considering?

Housing is definitely not going to get cheaper here. In fact, prices are starting to rise little by little. Remember, this is your first home - not your dream home; and home essentially is what you make it no matter what it is.

[NovaZombieDrivers]

Thanks for the reply. My wife quit her job when we moved down to Virginia. She's going to go back to school for her masters in maybe 5 or 6 years after the baby making years have concluded so we will be single income for a while.

I don't have much of a DP but I know I can get approved for more than I want to spend. I would like to keep the mortgage under 300k, I would go a little higher if I feel like I'm getting in incredible deal. Burke is a very nice area but I did not see many houses for sale within my range. Do you think I would be able to find something in Burke?

[NovaZombieDrivers]

Originally Posted by vermonter16

If you make in the low 100s and have good credit than I think you should have no problem finding something. You would be better served with buying and getting a tax break than renting at your income level. Some people don't agree with that but that's my philosophy. First off - where do you work? And second, where do you live now? Do you like it or not? Is there a certain area you would prefer or different areas you are considering?

I'm renting out a condo in Falls Church paying nearly 1500. I work in DC right off the orange line.

[vermonter16]

You could definitely get something in the 300s if you have good credit. Plus you'd be taking in just a bit more money because of the tax break on the interest of the mortgage. Have you gotten pre-approved for a loan amount?

[NovaZombieDrivers]

Got pre-approved a few years back for 250, was making less than I am now. Only debt I have are my wife and my student loans(approx $300/month total).

Car is paid off, no cc debt, excel credit. Both of our us come from poor families so we do not expect help with a DP so I will most like do a 3.5% down FHA type loan. Buying an older house concerns me since I am not handy enough nor will have enough money left over to take on a fixer upper. I was considering Ashburn because I feel the Silver line will help us to build some equity if the new homes appreciate.

I know there's alot of businesses out there. I think I could find a job in the Reston/Herndon area if I try but I might not make as much. IT people like myself don't have nearly as difficult a time switching jobs as some in other professions. Were lucky in that regard.

[vermonter16]

It is true that the Silver line will help with housing prices but also pick an area that you like and if you like Ashburn I would actually go out there one morning really early and leave at what time you think you'd be leaving to experience the commute. I know folks who commute into Arlington from Ashburn and don't mind it and I know others that detest it.

[jmking]

In my neck of the woods new listings for single family houses have dumped up at least $50,000 from last year.