Real Estate - where we stand - what should I do? (Reston: real estate market, apartment) - Northern Virginia - Virginia (VA) - City-Data Forum

spidercharm · 12-07-2007, 03:37 PM

I have been visiting this forum and posted a question few months back about purchasing TH/SFH in NOVA. But, looking at RE market, I decided to wait little longer and now I stand just few more months away from renewing my apartment lease or buying my own.

I have only been here few months, but here is what I am considering.

- We are new to NOVA - only few months
- I definitely want to be close to Vienna/Tysons area as much as possible. Easy access to DC, Metro Stations and Tysons is a key for several reasons.
- I am considering TH/SFH.
- We are a couple in early 30s with first kid on the way
- Need at a minimum 3 BD/2 BATH
- With my budget (450-500k, had to extend to the extreme now knowing this crazy unimaginable RE prices in NOVA), only thing that seems possible (

) or reasonable are a) 20-40 year old SFH in vienna, b) New TH in Fairfax/Vienna (may be, not sure---any ideas? please suggest properties if you know).

I need locals and experts opinion and suggestions. Also, I am not sure if buying very old SFH is a good idea as I am scared of maintenance and other costs associated with it.

I am also not very sure as to where the RE market will go (looks going further down in coming years from what i see) What does everyone think? Is it a time to buy by spring 08 or hold off for another year? If you are going to live in the area long enough it doesn't matter some ppl say. But, I don't want to be stupid while making the important investment decision of my life.

Your honest opinion is greatly appreciated.

mroy · 12-07-2007, 05:46 PM

My advice would be to check out Potomac Falls, just over the Fairfax county line off Rt 7/Fairfax county parkway and try to get a small single family (personally I feel in the long run it will be a better investment than a townhome). I think the prices have fallen enough to where you can probably get a pretty good deal in the low $500s. The schools are great and the drive to Tysons with no traffic is 15 min. With traffic 30-45, but I have not found it bad at all.

Schools in the area are top notch and average age in the community is early to mid 30s.

normie · 12-07-2007, 06:00 PM

Christmas and winter are the best times to buy. It's possible the prices might go lower in another year or two, but to be honest, I doubt it. I second the advice to try Potomac Falls.

spidercharm · 12-07-2007, 06:16 PM

Quote:

Originally Posted by mroy

My advice would be to check out Potomac Falls, just over the Fairfax county line off Rt 7/Fairfax county parkway and try to get a small single family (personally I feel in the long run it will be a better investment than a townhome). I think the prices have fallen enough to where you can probably get a pretty good deal in the low $500s. The schools are great and the drive to Tysons with no traffic is 15 min. With traffic 30-45, but I have not found it bad at all.

Schools in the area are top notch and average age in the community is early to mid 30s.

Potomac Falls seem to be farther than Herndon. I feel over the years what you lose in missing time with your family while commuting outweighs staying in a bigger/newer home. But, I don't have first hand experience and can't say for sure. I am just saying this based on ppl I know who commute from Sterling/Ashburn regret not buying smaller places closer.

So, am I better of buying new SFH in Herndon/Potomac Falls or looking at older SFH in Vienna/Fairfax/Oakton? What are the costs/expenses/drawbacks financially and otherwise by staying in 20-50 years old homes?

mroy · 12-07-2007, 06:25 PM

Honestly, Potomac Falls is probably about 5-10 min further out than Herdon, I almost think it is basically negligable, and due to the hit or miss school situation, I would still recommend Potomac Falls. We moved from Reston to Potomac Falls 5 years ago. We did not go out as far as Ashburn because yes, then you are getting into a commute that will be a little longer. I cherish being "inside" Rt. 28 - which very well may becoming the outer beltway of sorts.

When you say "new" SFH in Herndon/Pot Falls you are probably talking about homes built between 10-15 years ago, so not exactly new but do have newer features. I have never owned an "older" home so I can not speak for the ones you will find that are smaller SFH in Vienna/Fairfax/Oakton. In this price range though you can expect a fixer upper without question. However, the schools are great and area has great resale value as well so if you are handy and really want to be close in, I would go for it. Or if you believe that you will be able to substaintially remodel down the road.

mroy · 12-07-2007, 06:29 PM

One more thing - I believe you will find your answer when you go out with a realtor and look in your price range in several of these areas. We also started first in Vienna and then quickly realized that it was just not going to work given our price range at the time, and due to the fact that we are not fixer upper types. I do love the big lots in that area though.

Take a look with a realtor, spend some time in all of this general area we have been talking about, check out some of the coffee shops, grocery stores, check out the general vibe and you will know what feels "right" for you.

claremarie · 12-07-2007, 07:02 PM

Don't make any decisions until you try the drive to your workplace(s) from the homes or neighborhoods you are considering, both during morning and evening rush hour. As you noted, there will be a tradeoff between commuting time and the size and age of the house you can comfortably afford. This is a tedious task, but it's essential to know what you'll be getting into. And don't worry too much about buying at the "wrong" time. NO ONE really knows where the residential real estate market is headed, and remember that your home is primarily a place to live, and only secondarily an investment.

Also consider how long you plan to stay in the house -- will you be comfortable in a townhouse with a school-age child or children? If you want to be able to send the kids out to play in the backyard, consider whether you'll be prepared to move in 5 years to a SFH (possibly older, smaller, etc. than your townhouse).

goldenmom7500 · 12-07-2007, 08:13 PM

The advice above is all good; I recommended the Penderbrook part of Fairfax to someone else (around Fair Oaks, Fair Oaks Mall) and my instinct tells me it may be a fit for you. Just a thought ...

spidercharm · 12-08-2007, 10:21 AM

Thanks for all the comments. Can someone comment on old houses plz?

mlv311 · 12-08-2007, 11:00 AM

Quote:

Originally Posted by spidercharm

Can someone comment on old houses plz?

Location is something you will never be able to change once you purchase a home. Therefore, if the older home is located in a desirable neighborhood, is closer to the city, easily accessible by public transportation, and has a highly desirable school district, it will be worth the investment. That being said, there are trade-offs if you are looking at homes that require significant structural home improvements versus aesthetically pleasing upgrades. If it's the former, I would probably pass. If it's the latter and you think you'll be there for a while and there is room for growth, you can decide if you have (or will have) the money to slowly upgrade your home to your liking. We purchased a 20-year old home this summer, which was well maintained (sold by original owners), had some nice upgrades and room for growth. For us, being closer to my husband's workplace was more important than having a newer home.

Best wishes in making your decision.