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.

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