Friday, June 19, 2009

Short Sales

There are three properties at walking distance to the metro that are offered for short sale.
A 3 level townhouse in Country Creek - $530,000; built in 1980 - 3 bed 2 full 2 half baths. In immaculate condition.
A townhouse in Townes of Moorefield with a 2 car garage!!! $450k - 3 bed 2 full 1 half baths. Updated.
A townhouse in Blake Tree Manor - $350k - built in 1980. 3 bed 2 full 1 half.
Before you write an offer, you should know how many banks are involved, how long the current owner has been keeping it for short sale, and many other details. And most importantly, be prepared to wait for 60-90 days before you get a response from the seller's bank... If you want to take a chance, call me. I will help you with the transaction.

Wednesday, June 10, 2009

Market Update - June 10

With the interest rates going up for more than 1/2 of a discount point, what do we see on the real estate market?
There are 16 properties for sale at walking distance to the Vienna metro. The average number of days before the property is under contract is 15, which is very low. Price range - $250k for a 1 bedroom condominium to $784k for a detached house. The latter is a bank foreclosure. Less than 5 years old 3 level 4 bedroom single family house.
With the gas prices going up and up, proximity to metro is a good alternative for many purchasers. Do not procrastinate. Looks like, interest rates will be going up since the $700bln dollars intended to purchase bonds may not be enough to keep the rates low.

Wednesday, June 3, 2009

June 3 - Market Update

If you are looking to rent a property at a walking distance to Vienna metro, there is a big choice today: 17 properties! The cheapest is a 1 bedroom condo for $1,400/mo and the most expensive is a townhouse for $3,200/mo. I believe it is best to get help of a realtor to view the rentals since you can see all of these and maybe some at farther locations in one day. And most likely, you will not pay for the service. I sometimes dedicate my time to tenants, too. If you need help, call me at 703-281-1000.
As for sale, we have started to see some short sales and foreclosures around the metro, too. For example, a new listing (detached house!) just came to the market. It is listed for 785k (it is obviously a foreclosure) and it is built in 2004.
There is also a short sale - a townhouse for $350k only. Built in 1986. If you are in no rush, this may be a good deal for you: very low priced, shows well, excellent location and good schools. What is there not to like? Hurry! Interest rates are creeping up, although they are still very low....