Friday, June 19, 2009

Regular Sale at Short Sale Price

There are two properties that are definitely worth investing in in our area.
One is a 3-level townhouse. It has 3 bedrooms and 2 full and 2 half baths. Walk-out basement. New roof, new a/c, furnace, carpeting. Wood fireplace! Two assigned spaces. It is offered for $409k. What a steal! The owner purchased it for over $450k in 2005. And yet he is not putting it on the market as a short sale.
The other is a 3 bedroom 2 full bath condo unit with an underground garage space; updated, beautiful; third floor unit in a secure building with an elevator.
At today's interest rates (which are creeping up!) you can get a great deal. Their loss is your gain. Want to look at either of these? Call or email me.

Wednesday, June 10, 2009

Market Update - June 10

The low mortgage interest rates that everyone considered a given have quickly gone away. The Fed continues to purchase mortgage bonds in an effort to keep mortgage interest rates low but they face a daunting task as the selling pressure continues. Will $700 bln allocated for purchasing bonds be enough to keep the rates low? Probably not.
Oakton is a very attractive town for homebuyers. However, we can see that the condo market is still adjusting to the current market conditions. With the interest rates going up, people expect home prices to come down. Well, that's what we see on the condo market in this area. There are 10 condo units on sale today. From $215k for a 1 bedroom unit to $385 - condo-townhouse. More than half of them have dropped the price if they have been on the market for more than a month...

Wednesday, June 3, 2009

Market update - June 3

Today, you can find 9 properties for rent. One bedroom condo in this location is $1,100+/mo and a townhouse - $1800+/mo.

Sales: there are 12 properties on the market. (By the way, each townhouse that was on sale in Mayfair Manor only a couple of days ago is under contract now.) The cheapest is 1 bedroom condo on Bushman Dr - listing price $215k. 3 bedroom condos are between $315k and $400k. Two fee simple townhouses are on the market - $400k and $412.5k. Both are 3 level 3 bedroom houses.
No foreclosure or short sales.
Interest rates are creeping up. Do not procrastinate. If you need help, I am just a phone call away. 703-281-2873.