Thursday, January 21, 2010

SALES AT METRO - Update as of January 21, 2010

The market is still very slow. It is expected to become alive in end-February/ early March. Meanwhile, many buyers are still on the fence waiting to see what will happen next.
Here is what one can find at the Vienna metro.
$506,500 - for an old detached house (tear-down condition)
$665,000- 4 BR 3 1/2 BA townhouse in Vienna Metro II
townhouse in Circle Woods - $325k
townhouse in Country Creek - $465k
4 one bedroom unit in Marquis and Acadia from 220k to 240k
4 2 bedroom units in the same subdivision from $300k to $394 k
1 3 bedroom unit in Hunters Branch - $425k.
If you are interested in short sales near the metro, here are 4 today:
2 townhouses and 2 condo units. All of the properties are located at a short distance to the metro.

If you are still thinking of renting at walking distance to the metro, here is what it looks like:
1 BR condo in Marquis - for 1,300-1,400/mp
2 BR condo - $1,500- $1,800 /mo
townhouses : from $1,250 in Circle Woods to garaged townhouses from $2,000 to $2,800 in Virginia Center.
If you want to pay more, you can rent one for $,3850/mo in Country Creek.

Call if you are interested in looking at any property. 703-577-4277 Looking forward to being of service to you.

Saturday, January 2, 2010

What to Expect in 2010

We are starting the New Year with mixed feelings and uncertainty. As we saw last year, the housing sector is still struggling to get out of depression. We all know that it is a vital component of the economy. We understand that if mortgage interest rates get out of control and start escalating, it will cause the housing sector to collapse. While the most recent data shows positive housing trends, in the affluent parts of Northern Virginia close to a metro station in particular, analysts attribute the positive movements to artificially low mortgage interest rates tied to the Fed buying of mortgage bonds.
What to expect in the New Year? Most likely, already before the end of the year the rates will be 1+ point higher. May this affect your buying power? Absolutely. Besides it will be (and already is) very difficult to qualify for a loan.
Now is a great time to take advantage of rates at these historically favorable levels. Before you start looking for a property, make sure to talk to a reputable lender, get a preapproval letter and then start working on the paperwork for the lender to be able to approve you subject to a contract and appraisal. Need help? Call or email me.