The Vienna-Oakton area is hot. The lure of good schools and the proximity to Tysons Corner and Metro make it an ideal location to raise a family. My husband and I want to buy a home in the area. The funny thing is, we already live there.
Four years ago, we bought a rambler in Vienna. We considered it our starter home, where we would live for a few years and then, we hoped, move to a bigger house as our family grew and our purchasing power increased.
But for more than a year, my husband has gone out every weekend to search for a home that will fit our budget. Only once has he come back and said, "You gotta come see this one."
The house was perfect. It was clean, in good condition, the right size and within our budget. But before I even got to see it in person, it was sold.
Other than that house, most of the time my husband comes back discouraged because the homes he sees, although slightly larger than the one we have, are dated and in need of significant remodeling.
In the current market, buyers have to make a split-second decision about what for most people will be the most expensive purchase of their life. One time, when we went to see a home, the real estate agent was putting an "under contract" sign out front by the time we got there. That gave new meaning to "acting fast."
Big demand and limited supply also have pushed the trade-up house out of the reach of many people. Forget the old rule of thumb that you need to spend $50,000 to $100,000 to trade up. That's gone. Trade-up values are closer to $200,000 or more.
Despite this, we've come across situations in which many buyers are interested in the same house and the price gets bid up astronomically. Worse is when someone has an inside track on a house so you never even get a chance to see it.
A few weekends ago, as we were about to drive by a house our real estate agent told us about, she called to tell us that the seller's neighbor had caught wind of the sale and walked down the street to negotiate a price. How can we compete with that?
Many of our neighbors already have remodeled, and that probably is our best option too. But we will have to go through the time and expense of hiring an architect and developing a design and plans. We also will have to interview and hire the right contractor.
On top of that, we'll have the expense and inconvenience of moving out during construction. Maintaining a cordial relationship with the neighbors while that remodeling is going on will be a challenge too.
On the positive side, we would get the house we want, maybe, for less than the cost to move. It's a tough decision that we'll continue to wrestle with for the next year. Meanwhile, my husband's weekends will be busy.
-- A. J. Shutello
ajshutello@msn.com
