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Real Estate Live

Maryann Haggerty

Byline: Maryann Haggerty

Welcome to Real Estate Live, an online discussion of the Washington area housing market with Post Real Estate editor Maryann Haggerty.

Maryann has been with The Post for 18 years and has served as real estate editor for the last five years. She's been a business and real estate editor and reporter for about 25 years. In all that time, she still hasn't figured out where you can find a lovely but inexpensive house in a charming neighborhood.

She's online twice a month to answer your questions about the local housing market -- from condos and investment properties to contracts and mortgages.

For more on local real estate, visit washingtonpost.com's Real Estate section .

The transcript follows.

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Maryann Haggerty: Hello, folks. Thanks for joining me as the week winds down.

As I sit here typing, a new office building is being constructed outside my window. Dozens of guys are scurrying around, doing all sorts of construction-y stuff. It's fascinating to watch. But I'll try to pay attention to residential real estate for an hour!

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Alexandria, Va.: Ms. Haggerty:

Can you tell me where I can find information about co-ops? Determined to make this my last year to rent, I got my credit scores and called to see what I could afford. It was $210,000. I have actually found a FEW things in Northern Virginia believe or not where I would not have to move into nowhere USA (like Stafford, Fredericksburg, etc), but I want to keep my options open. They just don't seem to be very popular in this area (they're big in New York and Boston). My lease is up in June but I want to start researching now. I just don't know where to start.

Thank you for your time and help.

Maryann Haggerty: There aren't a lot of co-ops in this area--for reasons having to do with laws and tradition, there are a lot more condos. Co-ops are really more a NY thing. Still, there are some here. (The Watergate perhaps being the most famous.)

You can find some basic info at the Web site of the National Cooperative Bank, www.ncb.coop.

But why restrict yourself to co-ops? I don't really get that. Yes, purchase prices in some buildings do tend to be lower than for comparable condos. But in those cases, the lower price can be balanced out by a much higher monthly fee, to cover the master mortgage.

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Arlington, Va.: Dear, Ms. Haggerty. My husband and I are retiring in 2009. My plan is to sell our house and buy one far from DC (maybe in Shenandoah). With no mortgage to pay we can just take it easy. However, he thinks paying 1/2 of our mortgage by using our 401K would be better since we will stay closer to our children, to our doctors, etc. I might have to work part-time though. What would you advise us to do? Thanks.

Maryann Haggerty: Whoa! You and your husband seem to have two very different ideas of retirement, and you need to talk them over in great detail. There are advantages to the simple life in the country, but also big advantages to being close to the kids and doctors. You may also want to call in a financial planner who can help you map out cash flow under these two scenarios so you can see what the long-term implications are. At first blush, it doesn't strike me as smart to use your retirement savings AND have to work part-time in order to stay. But is that in fact the only way you will be able to stay, for instance?

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Silver Spring, Md.: This Q on what is a proper way to finance our new home. Does it make sense financially to put 1/3 rd of our non-retirement savings as down-payment? How about 1/2 for a dream home? We are around fifty years old, and our kids are out of college and have no major financial commitments other than our mortgage.

Maryann Haggerty: Again, you need a comprehensive financial plan that maps out what you are saving for, what you can afford, etc. For instance, if you don't have a rainy day fund, it would be silly to put half your savings into a house. But if you have plenty for a cash cushion, that could make a lot of sense.

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Washington,D.-.Shaw: What is the RLA Revitalization Corp? And, when are they going to start revitalizing all the pieces of property they own in our neighborhoods? Also do you know what is happening with the historic O Street Market? There were plans to do something. Have they fallen victim to the slowing economy?...Thanks, love the chats

Maryann Haggerty: RLA, once the city office that managed DC's urban renewal properties (this goes back to before home rule) is now a portion of the National Capital Revitalization Corp. (www.ncrcdc.com). It's the city office that is overseeing Southwest Waterfront plans, the Skyland Shopping Center in Southeast, etc. It has been beset by internal problems ever since it was established maybe a half dozen years ago.

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Gaithersburg, Md.: How can our local governments be Anti-Growth, and still say honestly they want to build large amounts of affordable and workforce housing?

signed, A middle class person who may never be able to afford a home in the D.C. area

Maryann Haggerty: Because politics is always a matter of balancing opposing desires. People frequently pay at least lip service to affordable and workforce housing. Still, many neighborhoods get up in arms at the very thought of dense development anywhere near them. And let's face it, density is pretty much a requirement of affordability.

For a rather obvious example of how these political tides work, look at Loudoun County. It seems every two years they vote out a pro or ant growth county board, and vote in folks who hold the opposite beliefs.

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20003: Maryann,

Do you think making an offer of throwing in a free toaster to anyone who buys my house seems too desperate? I'm torn. Please help.

Maryann Haggerty: It had better be a really nice toaster.

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Columbia, Md.: Is there any available data which shows the historical and current monthly payments for homes of equivalent value? For example, what was the average monthly payment (mortgage + taxes + insurance) for a three bedroom single family dwelling in the Washington area 10 years ago versus today? Although people focus on the total cost of the house or the low interest rates; the monthly payment has always seemed to be the most important "afforability" factor. Has The Washington Post done any comparison to see how the monthly payment has changed over the years?

washingtonpost.com: Housing Outlook 2006

Maryann Haggerty: The National Association of Home Builders does something similar with its Housing Opportunity Index, which looks at median income and median house price by metro area. they have an astounding amount of data at this Web site:

http://www.nahb.org/page.aspx/category/sectionID=135

The higher the number, the more affordable an area is. In the DC metro area, the index in the first quarter of 1995 was 67.9. Now, it is 20.8.

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Arlington, Va.: Do we have any recourse against a dishonest seller? We bought a house in the spring. Specifically asked if the basement had ever leaked. Wouldn't be a dealbreaker, but we wanted to know what we were dealing with. Seller and his agent both said no. Well, guess what? We flooded in June and have had minor wetness every time it rains. It now appears that they completely replaced drywall in a storage area recently AND painted the entire basement with waterproofing paint. There's no way this is a problem that just appeared in the last six months. Do I have any rights here?

washingtonpost.com: Real Estate Mailbag: Mediation or Court? (Post, Feb. 25)

Maryann Haggerty: That's a link to a Bob Bruss column on mediation vs. litigation in such situations, but you;re past the point of deciding how such a clause should be worded in your contract, right?

Anyway,; Yes, you have rights. If you can prove that the seller knowingly concealed information about serious flaws, you can sue. You may not be able to win a lot of dough, but sometimes a well-worded letter from a lawyer can do wonders.

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Vienna, Va.: Although the real estate market has weakened compared to 2005, I think the market in the DC area is still strong. Prices don't seem to sink to the 2001-2002 level and probably won't. For example, a $200K house in 2001 that is $400K in 2006 still shows a healthy gain in value. I'd laugh all the way to the bank, if I could make 100 percent in five years like that. It seems that prices are still showing more than 100 percent increase in five years based on public tax records of in many properties that are on the market.

Maryann Haggerty: A chatter with a comment

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STOP THE MADNESS!: I have followed your chat for some time now and I have to say, it irks me to NO END when you and other readers complain about how there is no affordable housing in the District. Hello...Riggs Park? It borders Brookland and Takoma/Brightwood, the nearest metro is Ft. Totten which services the red and green lines and it's mostly populated with retirees, though a few young families are moving in as of late. AND (stay with me now) the houses are priced in the high $200s to mid $300s! As for the crime, I am single and female and live alone and I have never felt unsafe in my neighborhood or house (though I never forget this -is- DC). People THINK OUTSIDE THE BOX and stop following the hordes to the same ol' overpriced overpopulated neighborhoods like lemmings. OK. I feel better now.

Maryann Haggerty: I agree with you. There are nice places around the region that aren't the obvious (and expensive) glamour spots. But even some of those have become much more expensive in the last few years.

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Zillow: What is the point to this service? It lists information wrong and doesn't allow you to list quirks with your house (for ex. my house has one full bath and two half baths, as does EVERY HOUSE ON MY BLOCK, but it doesn't accommodate for this). THEN it says that county information is incomplete and so I can't get a Zestimate.

Maryann Haggerty: As far as I can tell, the point of Zillow is that it allows you to type in the address of anyone on your Christmas card list and see an amazing aerial photo of their house. That way, you can tell whether the so-and-sos have a swimming pool in their back yard, or still live in a grungy little townhouse.

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Silver Spring, Md.: Our Condominium Association, which is in Montgomery County, is considering charging owners who rent out their condominium a "renter's fee" by the board simply passing a motion. Our attorney believes that we do not have the right to charge such a fee, however I have read that other associations in Montgomery County are doing this. Any ideas? What county office can I call?

Maryann Haggerty: It probably depends on your condo's own bylaws, etc., not on state or county law. However, Montgomery does have a Office of Common Ownership Opportunities. Here's their Web site:

http://www.montgomerycountymd.gov/ocptmpl.asp?url=/content/ocp/ccoc/ccoc_law.asp

(Long URL. Blame the county, not me.)

You may also want to contact the Community Associations Institute in Alexandria. (The Washington metro chapter is there, too.) They have a LOT of publications about how to deal with condo laws and rules.

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Alexandria, Va.: After living in the area and renting for two years, we have decided we are going to be here a while and want to buy something. We are very excited because prices have become more affordable (still not great but better) and we will be able to purchase a townhome. Can anyone recommend a neighborhood on the western side of the Beltway- I work in Alex. and my husband works in Bethesda. Something between here and there- Mclean doesn't really work for us, too expensive and we want to avoid the congestion of Tysons. Thanks!

Maryann Haggerty: That's a pretty broad swath. Anyone want to jump in?

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Bethesda, Md.: I asked this during your last discussion but it was the last item posted and no one had a chance to respond. So, here it is again:

Why would someone catch a falling knife as they say? I am currently leasing month-to-month and am planning to buy within the next year, but I see prices dropping monthly on properties. When they start to rise again is when I will jump in as that indicates the start of the new cycle. But right now all things look to be trending downward. I can afford to sit and wait. Besides, when I am ready, there will be more than enough to choose from... and no "free" car or plasma TV or vacation is going to convince me to buy now.

Maryann Haggerty: Ah, yes. I'll post this one again so folks can respond.

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Rockville, Md.: Hi Maryann, I have been reading your forum for a year... This is more of a renting question.

We just bought a small single family home in Rockville, MD. Yes, we are one of few buyers out there. We started shopping a year ago and we are thankful that we waited until now. The prices might go down still but this is our permanent residence so we will ride out the waves, hopefully.

We have this townhouse I bought when I first got a job after college that we would like to rent it out. What are the best resources for putting out an ad? I know we can use craigslist, citylease.com, Post, and Gazzette. What else? Is it true that landlords do not have rights to refuse government fund aided renters? Thanks.

Maryann Haggerty: That's a pretty good list. Add in the bulletin board at your office and the local supermarket if you'd like.

As far as I know, you don't have to accept government housing vouchers, but these are exactly the kind of questions where I may have missed some sort of local law change or whatever. Check with the county, OK?

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Washington, D.C.: COOPS

There are a fair number of Coops in Washington dc. Two benefits to coops is that they keep the investors out and lower closing costs (no transfer taxes). One negative seems to be the lack of financing options. My wife and I have looked as a couple units and are considering putting an offer on one shortly. Anne, do you have any other advice for those buying a coop?

Thanks

Maryann Haggerty: Just two points: Look closely at the monthly fees, and investigate financing options up front.

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Re: Looking for Co-Ops: I agree, why limit yourself to Co-Ops? I live in a condominium complex in Ashburn, VA. Including mine, there are five or six units for sale as we speak. Some even fit your available financing requirements.

Look in your price range, don't limit yourself to a type of dwelling, you'll only limit the possibilities.

Maryann Haggerty: And more

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to the STOP THE MADNESS person: this person thinks high 200s to mid 300s is affordable, my guess is that many people bemoaning the lack of affordable housing would think otherwise.

Maryann Haggerty: I've said this before and will say it again: What is "affordable" truly does depend on your perspective. Two lawyers can afford a lot more than a single parent with a minimum-wage job. But in this region, $200,000 to $300,000 would really have to be considered low-priced--well below the median, but ALSO below what many nonsubsidized apartments would cost per month. This is a very wealthy region--our suburbs include some of the richest counties in the country. That is going to translate to much higher prices than, say, suburban Wichita.

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Elkridge, Md.: I've been watching real-life real estate TV shows where people flip houses. They buy the house, fix it up and only then do they ask a realtor to evaluate their work! Seems to me that you should ask a realtor's opinion first before fixing a place up (or know the area as well as a realtor).

Maryann Haggerty: We aren't going to model our behavior on reality TV, are we? Please?

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Riverdale, Md.: For the person who works in Alexandria and his wife works in Bethesda, Riverdale, MD would be ideal. Access to 295 and Eat-West highway is super easy. I moved here from Laurel, and am really enjoying it. Also, prices aren't that bad.

Maryann Haggerty: Sorry, that strikes me as a KILLER commute for both of them. And I like Riverdale a lot.

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Arlington, Va.: Now that the market is clearly slowing, buyers like me are sitting on our hands waiting to see where it may bottom out. Being a novice and first time homebuyer, do you have any suggestions as to what indicators we should be watching to determine when the "best" time to buy is? I recognize the whole thing really is a crap shoot, but surely there has to be some reasonable litmus to at least make educated guesses by. I appreciate your help...

Maryann Haggerty: Market timing is a crap shoot, as you say. You'll know things have turned around after they turn around, unfortunately. Early signs are things like days on market starting to shorten, inventory returning to balance, etc.. If you start hearing about bidding wars, well then it has definitely changed back.

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Silver Spring, Md.: Re: catch a falling knife?

Should someone who is renting buy something today? If where you live is all about the money, then rent until you think prices have bottomed out (as if all prices on all properties are synchronized).

Most people, like me, bought when we wanted and could buy. Kids. Job. Wanting to be in a particular community. My opinion is that when that cute cape cod house in your target neighborhood comes on the market, THAT is the time to buy.

I'm starting the think that all the speculators and flippers (who are now gone) really screwed up the real estate market and how we think about it.

Maryann Haggerty: To me, homeownership is about a LOT more than the percentage increase/decrease in value. Financially, it is about stabilizing my monthly housing costs; I'm not at the mercy of a landlord's rent increases. More than that, it is about nesting, in a place where I can paint the walls any color I want. The bright Caribbean-blue wall in my kitchen--a room I helped design so that it would function for my own cooking style--makes me happy every time I see it.

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RE: Dishonest Seller: Sadly, VA sellers can choose between a disclaimer and a disclosure of any known problems in their home. Disclaimers simply say "as is, because I don't know of any current problems" whereas disclosures require you to tell potential buyers of past problems that might be possible problems, etc. When selling my townhouse last year (how glad am I now that I did), my RE agent was -very- much pushing me, wink wink nudge nudge, to sign a disclaimer even as she said, I can't advise you one way or another. Buyer beware, get a home inspection. You will have recourse there, if the inspector fails to find an obvious/serious problem.

Maryann Haggerty: Even when you disclaim, you're not allowed to lie.

But for the buyer, collecting damages can prove time-consuming and costly. It's worth it to chat with a lawyer, perhaps, but you may eventually decide just to move on, depending on the size of the problem.

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Washington, D.C. Shaw: Hey sorry to ask again but do you know anything about what is going on with the historic O street Market?? No one seems to know anything....thanks

Maryann Haggerty: I don't know the status of that project. Roadside Development still lists it on its Web site (www.roadsidedevelopment.com)but I haven't read anything lately about progress. Maybe you want to check with your ANC commissioner?

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Re: Bethesda, Md.: OK, I'll bite. Why catch a falling knife? Because you don't know if the knife is still falling. Save up and buy that place in a year like you want. Unless you have a crystal ball, don't worry about trying to time the market because you just don't know what the market will do in the future.

Maryann Haggerty: we're getting some responses to that comment

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Bethesda, Md.: Re: Why buy now? For the same reasons one ever buys a home. The difference is that at this stage in the cycle, there can be some good reasons to hold off. For example, -ef- you are a first-time buyer (i.e., if you don't have equity) or -if- you're unsure about whether you'll be able to stay in your new home for five to ten years, then buying now could be a mistake.

Maryann Haggerty: another

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More from "stop the madness"...: I am specifically referencing the people who write in to this chat complaining that there are no decent houses in this area cheaper than $500K to $600K. There are houses here cheaper than that and they are not all in drug-infested neighborhoods.

Maryann Haggerty: here you go

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Timing the market...: Ya know, falling knife, experts who follow this stuff every day couldn't even predict when the "bust" would come or that the "boom" would last as long or reach as high a proportion as it did. So, apparently you're brilliant, or possibly, you are flawed in thinking you can "time" the market.

Maryann Haggerty: Personally, I thought the boom was going to end years earlier than it did, and I'm not going to hazard guessing when the cycle will pick up again.

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Eastern Market, Washington, D.C.: Maryann,

The DC tax office set my 2007 house appraisal at an unrealistically high value based upon the raging bull of recent years. I honestly feel, based upon lagging sales of comparable homes recently, that Ghandi's office has me pegged at an unfair rate. I already challenged an even more unfair rate and got it knocked down a bit, but still not enough. Any experience with challenging an appraisal AFTER the appeal deadline has passed?

Maryann Haggerty: Many many years ago, I tried challenging an assessment after the appeals deadline had passed. I thought my grounds were reasonable: The city had not mailed me the assessment until after the appeals deadline. Even that was not good enough.

In other words, they'll likely laugh you out of the office. Still, in DC they re-assess annually; you'll get another chance soon enough

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Springfield, Va.: To Alexandria person RE: where to live.

I'd suggest Annandale, Burke, Fairfax, West Springfield, even parts of Arlington and Alexandria. Depends on the "feel" of the neighborhood you're looking for.

Maryann Haggerty: Thanks

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Where to live Bethesda/Alexandria: The key to the commute to Bethesda is limiting the Beltway. I'd stay in Alexandria, and try to factor in Metro to the Bethesda commute (yes, a long ride but try to use the time productively for work or catch up on reading) or if you can swing the north end, take the parkway around to the Beltway then get on by the Amer Legion bridge. If both of you have lousy commutes, you'll both be miserable. Let the Alex-remaining one pick up the drycleaning, start dinner, etc. One plus--Alex house prices just keep going up.

Maryann Haggerty: This strikes me as practical.

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DC Area: Hello - I live in Falls Church, six miles outside of DC. I am considering selling my 2BR, 2BA garden condo. However, I was thinking it might be better to wait until after the elections in November. Should there be any significant changes, it makes sense that a lot more new staffers would come into the area seeking housing while those who may find themselves without jobs come January may stick around to find positions on K St. Are there usually any post-election real estate trends in the DC area or is my logic flawed? Thanks!

Maryann Haggerty: Lots of people get real excited about this every two or four years, but it really isn't a big effect. That's because it's not a lot of people in the scheme of things. Maybe a small blip in demand for Capitol Hill group houses, but not much more than that.

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re: STOP THE MADNESS: I too questioned the "affordability" comment of high 200s to low 300s. The fact is, in the last few years, the DC market has grown to such a pace that the ones who really need to make the local economic engine function can no longer afford to live here. DC is also populated with waitresses and taxi drivers. At what point does a hotel maid say to herself (or himself--not sexist) that it is not worth it to drive two hours everyday from Martinsburg, WV to earn $8 bucks an hour? Also, eventually that firefighter from Fredericksburg is going to say it is not worth it to drive two hours to DC to protect its citizens. DC needs to get real and realize that not everyone is a lobbyist or lawyer. There is a dangerous economic cocktail brewing with the housing prices around here and we all are going to suffer if REAL affordable housing does not come into the community.

Maryann Haggerty: This is of course a concern. There are places where it has happened--the San Francisco Bay area is the big one. Prices there have been out of whack for a very long time, and service workers simply can not afford to live there. It would be a shame if we woke up and found ourselves in that position.

But you know what? Affordable housing won't simply appear out of nowhere. It requires people realizing that they will have to put up with denser housing--sometimes in your back yard. And, yes, higher taxes, both to subsidize housing and to pay that firefighter more. Will this happen? I don't know.

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Washington, D.C.: Elections have made a difference when there's a radical shift---when Barry got back in as Mayor and Gingrich threatened to close down a couple Cabinet departments. These happened together and hurt DC, in particular.

Maryann Haggerty: A slightly different interpretation: I recall a lot of people swearing that they would leave town after that last Barry election in 1994, but they stayed. And those cabinet departments in the Contract with America didn't close--all the stuff that was cut was just outsourced, to people who live here, too.

Instead, what was really really hurting the city was that killer list of problems that eventually ended up with the Control Board takeover.

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RE: Alexandria, Va.: Try The Bryson at Woodland Park on the Reston/Herndon border. Brand new places starting in the low $200's and if you leave your house at a decent hour you can get to Alexandria in 35 minutes and Bethesda in 30.

Maryann Haggerty: more ideas where to live

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Alexandria, Va.: I'll echo the plug for Alexandria... neighborhoods like Del Ray and Rosemont still have some affordable houses, and are close to the Metro. You can easily get to Bethesda by Metro or by GW Parkway to the Beltway, rather than taking the inner loop all the way around.

Maryann Haggerty: and more

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For the Elkridge Flip Question: Actually, the realtor they show does see the house beforehand. In most shows you'll see the sign out front advertising the realtor and in most cases, during the final walkthrough, the exchange between the realtor and the flipper indicates that the realtor has seen the house already.

Alright, I admit it...I'm a "Flip this House" junkie.

Maryann Haggerty: You watch more closely than I do

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Arlington, Va.: For the fellow Arlingtonian with the flooded basement: Our house suffered some seepage, too, and we discovered that the baseboard had been replaced within the last 10 years (within the ownership period of the last owner) because of the barcode on it -- no way was it 40 years old like the house. We only lost a bit of drywall and some framing which showed signs of previous seepage problems. It was several hundred dollars to repair the damage and about $700 more to paint the room.

The long term solution for us was landscape drainage work for $2500 ($500 of that was for sod -- seeding would have been free). The folks built up the grade in places and lowered it in others. I just wanted to throw this out there that this may be a cheaper solution than the legal fees, unless you had a great deal of damage (major drywall repairs, flooring) to recover. Good luck.

Maryann Haggerty: wet basement ideas

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RE flooding in June: If the huge late-June storm was the first time the buyers saw flooding, the problem may not be something the previous owners knew about. Quite a few homeowners (and the government buildings on Constitution Avenue) saw water like they never had before. Some investigation is in order to determine if there was a failure to disclose a known problem

Maryann Haggerty: A good point. How bad is your problem?

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Re: Dishonest seller: We were in the same situation 10 years ago and yes, we signed the disclaimer too. With lawyer's advice we looked at the inspection documentation on our house and it did say, inspectors are not liable for anything they can miss basically. Can you believe that?

So, we spent $7000.00 digging holes in the basement perimeter and putting a sumpum.

Maryann Haggerty: The inspector liability is EXTREMELY limited.

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Northeast Washington, D.C.: Mid $300K may be a bit rich for most, but I agree a little with "madness". I know a D.C. teacher with a wife who doesn't work that managed to buy a house in D.C. It's not in those "hot, trendy areas." It's all about perspective.

Maryann Haggerty: yes, it is, isn't it?

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Washington, D.C.: For those buyers sitting it out, don't forget -- interest rates are just as important (if not more) than price!! You will not win in the end if the price drops slightly and rates shoot up.

Maryann Haggerty: I'm going to try to post as many comments as quickly as I can now, without much input on my end, because there's lots here...

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Reston, Va.: RE: catch a falling knife. Sounds like you may not be ready to buy yet--at least not to own a home, vs. a financial investment. I bought a condo this year, yes a condo, got a great deal, closing and etc. Did tons of research before I bought. That said, I was -ready- to have a bathroom and kitchen done exactly as I wanted, to be near one of the best schools for my daughter, which was worth more to me than a couple thousand bucks. I don't know if I will be in this home forever, but I will be here for a good while, and it's home to us. I agree home purchases are financial investments, but there is something to be said about not thinking, but listening to you heart, too, when it comes to real estate.

Maryann Haggerty: ...

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Northern Virginia: Why would anyone buy in this market? Because it's a good time for them personally. My husband and I bought for the first time this year. Yes, we know that the market is soft, but we are in no rush to move again so it wasn't really a significant issue for us. The slower market gave us the flexibility to look at a lot of houses, take our time to make a decision, get a home inspection, get money from the seller toward closing costs--all things that we couldn't have done a year ago. Why didn't we wait until the market hit "bottom?" First of all, who knows where that is? We were sick of apartment life, of rents that were raised dramatically every year, no tax breaks, noisy neighbors, etc. We wanted the feeling of a community, we wanted a backyard, we wanted our own driveway. I agree with the poster who said that speculators have ruined the common perception of what it means to own a home--it's a huge investment, but it should be so much more than that.

Maryann Haggerty: ...

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Alexandria, Va.: In response to Bethesda:

I bought a townhouse in Alexandria in May, thought I got a good price and lots of concessions by the developer, but it looks like I could've gotten more.

But you know what, I don't care about the extra $1000, $2000, etc..... that I could've saved by waiting til now. I was ready, willing and able to buy and I'm so glad I did.

Maryann Haggerty: ...

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For "Falling Knife": One thing to keep in mind is that interest rates are dropping again. Prices may continue to fall but if interest rates rise, it won't mean your payment will be less. A lot of people are watching the actual price of housing but forgetting that there are a lot of factors that affect the total cost. A 1 percent difference in interest rates can make a substantial difference in your monthly payment.

Maryann Haggerty: ...

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Laytonsville, Md.: What Silver Spring said: Most people, like me, bought when we wanted and could buy. Kids. Job. Wanting to be in a particular community. My opinion is that when that cute cape cod house in your target neighborhood comes on the market, THAT is the time to buy.

I'm starting the think that all the speculators and flippers (who are now gone) really screwed up the real estate market and how we think about it.

I vacillate between beating myself up for buying my little "mid-century" rancher last year when I might've been able to get something similar this year for a few thousand dollars less, but - yep - it's a house and yard I truly love in one of the areas I targeted!

I find myself wondering if I could get all my money out if I put it on the market now - even though I have little thought of selling it. I'm trying to fight the market hype every day!

Maryann Haggerty: ...

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Dale City, Va.: Re: Bethesda, Md.: OK, I'll bite. Why catch a falling knife? Because you don't know if the knife is still falling. Save up and buy that place in a year like you want. Unless you have a crystal ball, don't worry about trying to time the market because you just don't know what the market will do in the future

Well its pretty obvious for the next 12 to 18 months you are catching a falling knife. I would not touch a house unless the seller accepted my low ball offer.

Maryann Haggerty: ...

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Maryann Haggerty: I'm sorry, time is up and as usual, there are dozens of questions and comments I couldn't get to.

to all for participating, and enjoy your weekend. I invite you to spend at least some of that time with tomorrow's Real Estate section, which features a story about how some hopeful home sellers are fighting the advice to make everything neutral and beige and instead trying to stand out from the crowd. I love, love, love the photo of the bedroom. You should see it.

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