Radius - 0.5 m

Today, there are 20 active properties for sale at walking distance to the Vienna Metro; 10 under contract; and 4 were closed since April 1, 2009. If we just look at the ones that were sold, it is interesting to notice that the difference between the listing and the sale price is relatively small. Two of them were sold at the listing price and the two others -lower than the asking price: one 19k lower (originally priced at 689,500) and the other - 8k less (listed at 350k).
Out of 20 active listings 1 is a foreclosure and 1 is a short sale.
All of them (with the exclusion of 5 properties) have been on the market less than 30 days...

Current Market

Today, there are 16 properties for sale which are at a walking distance to Vienna metro, the cheapest being 270k (for 1 bedroom and 1 full bath) and the most expensive 639k (townhouse with 3 bedrooms 3 1/2 baths). If a property is priced right, updated or as a minimum in a meticulous condition, during the first 3 -4 days there are multiple offers. AS LONG AS IT IS IN A SOUGHT-AFTER LOCATION! It is very important for sellers to realize that it is still not their market. Buyers should prequalify first before rushing into the market. Be prepared for escalation clauses if you really like a property and still want to make a lower offer. Need help? Let me know.

Take advantage of low interest rates!

As of today, the treasury has bought about $250 billion in mortgage backed securities under their program that is causing these low interest rates. They just started this about three weeks ago. There was a total of $750 billion allocated for this program, meaning that 1/3rd is already used up just a few weeks into it. Once it is gone rates will rise up again. This means that people have another 6 weeks at this pace before the short is over and rates could rise after that.
Hurry! Take advantage of these low interest rates, decreased cost of properties and still a wide choice of houses on the market!!!
If you need help to find info about a property, email or call me at 703-937-0328.

Is it worth trying to Modify your Loan?

Loan modification allows homeowners to change the terms of a loan in order to help the borrower stay in the home and avoid foreclosure. So, from this point of view, of course it is worth trying to speak to your lender. What can you achieve: reduction of the interest rate; fixing the rate; extending the time for loan repayment; even decreasing principal and getting rid of the second mortgage altogether. This is all Great! But, you should also know that it will take a lot of time and effort, and patience on your part. Most likely, if your home value has decreased by more than 5%, you are not even eligible.... Talk to the lender. Do not waste time. And do not be late in payments. This is important.

Metro Tweets!

Metro has expanded its use of social networking tools with a new Twitter page where riders can sign up to get information about Metrorail service disruptions. Check it out http://www.wmata.com/about_metro/news/PressReleaseDetail.cfm?ReleaseID=2512

0.5 m of the Metro

There are 14 properties on sale - all within 5 to 10 minutes walk to the Vienna metro station. The price ranges from $270k to $400k for condominiums and $485k to $700k for townhouses. There are also properties for rent - from $1,350/mo to $2,900/mo. Should you have any questions, please call - 703-937-0328.

New listing for sale

A new listing came to the market. This is a condo unit (1 bedroom 1 bath) for $280k. It is a good size unit - about 780 sq.ft and in very good shape. Want to see it? Call me at 703-937-0328.