So here's my situation. My residency is in Baltimore, MD (Family's house and that's where most of my belongings are). I work in McLean, VA and I'm currently crashing over at a friend's house. The friend is moving out of the country in a month and he's selling the house soon. So I have to find another place to live soon. I had some really bad stories with renting, so I'm considering buying a place on my own. For all of your real estate experts out there, is this a good time to buy a house in this Northern VA/MD area? I'm still single and not planning on getting married anytime soon. So I'm also considering a 1 bedroom condo in either Bethesda, MD or McLean, VA for under 300k. I keep hearing the price will keep dropping. Is it true? So back to the question, is this a good time to buy?!

 

Definitely have to compromise. Bethesda and McLean might be out of your price range. My condo (2 level 2 1/2 bathroom, 1250 square feet) is still going for 300K+. You won't find a decent place for under 300k in the Bethesda/Mclean area. It's not a bad time to buy but if you're looking for something under 300K in those areas it will probably never happen. Either way owning a home gives you a huge tax break because you can deduct the interest.

 

Yea that's why I'm looking at 1 bedroom, 1 bathroom condos. I've found a lot of those for under 300k in McLean, VA and Bethesda, MD. My main concern is wether the price really is dropping still. I don't want to spend 280k to buy a condo right now only to know the condo is worth 250k by the end of the year!

 

I'm in the same situation. Looking to move out soon. Gonna go check with a lender in the next few weeks. You might consider places other than Mclean though. Maybe someplace off the toll road like Herndon or Ashburn.

 

My family is selling a 3 bedroom 2 bath condo in Alexandria right now. Over 1,300 sq feet, and everything in its new. Its listed at $299,900 right now. PM me if you're interested.

 

^ The reason why I'm looking at either McLean, VA or Bethesda, MD is because I'm also planning to attend gradschool part time in Montgomery County, MD. So I can't really live anywhere besides McLean, VA(where I work) and somewhere in Montgomery County. I like Bethesda, MD a lot since it's right off I-495. I can skip all that ridiculous I-270 traffic. I'd be horrible if I work in McLean, VA , go to school in Montgomery County, MD and live somewhere else. My commuting life will SUXK!

 

BTW My condo was built in 98' ... definitely a huge difference when it was built.

 

^ Yea year sure does a lot. Since you have a 2 bedrooms condo, I suppose you have 2 parking spaces? Most 1 bedroom condos give you 1 parking space in the garage. I don't know what I'd do if I want to buy another daily drive.

 

Parking for me is not a problem. Guest parking actually is available everywhere. For every assigned parking spot there's 2 or 3 guest parking spots that do not need a pass. BTW I keep my Z in storage. I basically have unlimited parking.

 

Why buy a condo? The value doesn't increase as high as a townhouse/single home. I'm buying a townhouse by the end of this year - looking toward Reston area (10 mins away from McLean). You should consider that. If you need a hookup on a mortgage, my father owns one of the largest mortgage companies in the nation and i'd be glad to make some arrangements for you if you're interested.

As predicted, the housing market will most likely crash within the next year: Perfect Time to buy!

 

I'm at the other end of the map in Bel Air, MD. I may be looking for a new roommate really soon if anyone is interested PM me it's a 3 bedroom townhouse 1 open room (small room but CHEAP!! $385/month rent includes utilities and direct tv in the room) I-95 is literally a 30 second ride (exit 77)

 

I think its a great time to buy most sellers are offering promo's to buy there homes but on the other hand most sellers still think its a sellers market. Just need to really start looking and shopping around now

 

Hey Andy, look at the text in bold! And why are you so cheap with your baby Z?! Ok just kidding just kidding.... Are you buying a townhouse that's worth like a million? My budget is pretty low to be honest. My limit is 300k and I doubt I can get anything looking like a townhouse close to McLean.

 

LOL!!! that's his moolah not mine, i flip burgers for a living; women say that coming home smellin like grease turns em on (they love a man that can cook). Cheap w/ the Z? YES!! hahaha, actually the secret is: I sit there for a whole year on the forum classifieds just to get X, Y, and Z parts @ a discount (iTrader says it all!). It's taking me 1.5 yrs to build my audio/carputer setup so far =P

However, with 300k you can only get yourself a mediocre place in Reston/McLean. Mediocre meaning condo (aka no Garage for baby Z!! ). However, if you want to bump it up to 350k, I found some pretty nice townhomes in Reston, 3 story, 1 garage, 3 bed, 2 bath! Me and my 2 co-workers r planning to buy houses in the same complex, so if you want in, we can probably get a "Group Buy" discount!

 

Hey 350k should be okay. Since you should know the numbers well, how much would mortgage be if I am to go for $0 down?! I need a financial advisor. Everyone and their mother is yelling at me for burning 4k to get those rims + installation. Btw, are your co-workers Z owners too? Do they also take 4 hours lunch breaks like you?

 

They're balla M3 owners, there's only 1 other Z guy that works with me but he's a youngin n wont be purchasing a home anytime soon. 4k for rims + install? Yes u r nuts, what happen to the "cheap asian" blood in you, u suck man!

If you're going to put zero down, ur mortgage is going to be uber HIGH (even with great credit). But I suggest this option only if you're buying it as an investment and not planning to live here for more than 5 yrs (you can use the potential downpayment money for other things). But if you want a SUPER low monthly, I'd suggest a 30 yr fixed rate with 20% down, calculate your mortgage @ http://www.mortgage-calc.com. If you need a mortgage advisor, you can have a talk w/ my father, he's always happy to see young ppl invest in their future.

I only take 3 and a half hours man, sheesh!

 

Not long ago I was seeing condo's at Reston Town Center starting at $250k

Anyways, I am also looking for a house or townhouse for my wife and I. But I am going to wait till the end of 2k7 beggining of 2k8.