Valerie Brown

What a timely question. It brought to mind a radio piece I heard last week dealing generally with the idea of "middle class" and specifically addressing the question of "Are we better off than our parents' generation?" One commentator raised the point that the cost of living has increased so much that attaining "middle class" status results in anxiety and stress thereby eliminating the sense of security that was standard with the class in the previous generations. Another panelist countered that the definition of "middle class" has been raised and therefore we are actually exceeding our parents' lifestyles.

While they were postured as opposing views, I think both panelists' ideas apply to contemporary American housing mindset and practice. Yes, it certainly takes a greater percentage of our monthly paychecks to cover mortgage and utilities than in years of yor but this is in part, because so many of us opt for 'more' when 'some' would do. The dream of "home ownership" seems to have given way to "5 Bdrm, 3.5 Bth, 3bay garage, stainless Miele appliances, 2nd floor laundry, rec room big enough to accomodate the 40" plasma screen and the pool table, oh and my in-laws visit for a week every year so throw in an au pair suite home ownership".

I think the problem is not in home buying but rather in buying too soon or too much. - Thu Jan 17 2008, 21:36

Lee, I also live and work in Bethesda. It's hard to keep in mind with so much negative real estate news going around that not all areas are floundering. Bethesda is just one such place. Congratulations to us - we live in a relatively healthy market. While the number of annual sales of detached homes in 20816 was lower in 2007 than 2004, the average sales price actually increased by just under 34%.

Regardless of your appeal decision, make sure you apply for the Homestead Tax Credit which could potentially ease you into those higher property tax payments. 2007 state legislation that requires primary residence owners to apply in order to receive the credit in the future (or even to continue receiving it.) went into effect the first of the year. If you didn't receive the application with your tax assessment letter you may download it from the link below. Good luck. - Sun Jan 6 2008, 17:12

Bethesda and Chevy Chase definitely carry higher average home sales when compared to most other Montgomery County neighborhoods. You can get detailed statistical information on these areas and others at the link listed below.

Please note that I don't know from where the site compiles their numbers and certainly couldn't attest to its accuracy. - Sat Jan 5 2008, 20:39

Manish,
I agree with the others when they point out that termites are quite common in this area. So common that a termite inspection is a standard part of the Maryland sales contract. You wouldn't even have to worry about negotiating repairs with sellers - they are contractually obligated to complete "any extermination and structural repairs identified in the (pest) inspection report." So, you would cover the cost of the inspection which is most often based on the size of the house but typically runs between $40 - $75 (My clients have had good experiences using Appco and your Realtor will surely have suggestions as well) and the sellers would have to take care of any necessary treatment and repairs. Congratulations on potentially finding your new home! - Sat Jan 5 2008, 06:24

James,
if you look athttp:// www.homesdatabase.com you will be able to research Old Town homes for sale as well as rent although you may be better off checking the Washington post or craigslist for short term rental options.

I've lived in the metro DC area for more than 14 years now and yet still remember the initial sting of sticker shock over area home prices. Something to keep in mind is that the Metro system of trains and buses is pretty good here (not NYC but MUCH cleaner) perhaps widening your potential neighborhood choices? Like most cities, the further from the epicenter you travel the more affordable housing prices become. Just a thought.

Whatever you decide, congratulations on the offer and good luck. - Thu Oct 11 2007, 21:41