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Only the Good Buy Young
David Mazza, 27, from left; Casey Patten, 25; and Justin Cook, 27, are selling the Northwest Washington house they bought together two years ago.
(By Michael Robinson-chavez -- The Washington Post)
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"It's all about managing expectations with regards to what people can really afford," Iobst says. "Sometimes we start looking at houses in Rockville and before we know it, we're out in Frederick."
In Maryland, for example, the median starter home price in 2001 was $117,801, according to the Maryland Association of Realtors. By June 2004, that figure had rocketed to $214,446 -- an increase of 82 percent.
For those without high-paying jobs or financial help from their families, the timing could hardly be worse for finding a house. Many have been priced out of the market or confronted with two choices -- a less expensive neighborhood in the city or farther and farther out in the suburbs.
Bianca Ashton, a 23-year-old District resident who works at TV One, wanted to stay in the city but didn't want to pay more than $150,000. She had a long search. In July, Ashton found a condo building in Northeast within her price range that was being renovated, and last month she got the call she had been waiting for. A contract on a 700-square-foot one-bedroom had fallen through, so Ashton could have it. Settlement is tentatively planned for November.
"I didn't want to go out there and rent," she said. "I feel like renting is a waste of money."
Danielle Mariabelli's teacher's salary and her husband's income as a security officer took them in the other direction -- out. They opted to live in Frederick County, where they could get a three-bedroom house with a back yard for $218,000.
"It's either eat ramen noodles and have a nicer place, or be able to eat out once in a while," said Mariabelli, 25.
Bryce Beckner has not been so lucky in Calvert County. The 23-year-old, who works at a building supply company, said he's not willing to compromise on what he wants: a rambling three-bedroom with a basement he could rent out.
His lender preapproved him for $200,000, but Beckner thinks that's more than he can really pay. But none of the houses that he has looked at are below $275,000, and he's worried he may have to leave his home town for some place foreign, like North Carolina.
"For me, the next step is buying a house," he said. "I can't just live with my parents. I have to be my own man now."
Iobst recommends a few tricks to help his young clients stay competitive. One is to have their parents take over monthly bills for a few months so their bank accounts can stay full -- making it appear to lenders that the buyers really do have the cash on hand to seal the deal.
Still, he said that the bidding process can sometimes be his inexperienced clients' downfall.
