Friday, July 31, 2009

Update - July 31

We see some slowing down in the market in our area. There are fewer properties on the market: just 2 condo units, 3 townhouses and 1 detached house. It is normal for this time of the year.
An interesting feature of the market is that there are many potential buyers looking at properties, however very few make offers. Some are looking for foreclosures (they are rare for our area), others are strong believers that it is best to try and get a short sale simply because the price will be "right".
When dealing with a short sale, you have to know what you are doing (in orther words, you have to get an experienced certified distressed property expert, hopefully, on both ends of the deal). Otherwise, it will be a waste of time (sometimes up to 15-18 months), your security deposit will be escrowed at the time of the contract ratification and you will only get it back when you settle or when the bank refuses to approve this short sale. Most importantly, if your agent and the listing agent are not qualified to handle short sales, you will inevitably end up with false expectations and failure to purchase the property. Need advise? Call or email me.

Thursday, July 16, 2009

First Time Buyer Credit and other possibilities

In today's market, many buyers would like to take advantage of the lower prices and attractive interest rates. But here is one problem. There are no 0-downpayment loans any more. And when purchasers have not saved enough for downpayment and closing costs (sometimes it is a considerable amount), they step back and miss out. Here are a few ways to get around the lack of cash when purchasing a real estate property:
1. You can use $8,000 first time buyer credit;
2. You can get a grant which can be applied both toward closing costs and downpayment;
3. You can ask for seller subsidy.
If you use 1,2, and 3 options you may end up spending $0 at closing and using the $8,000 for renovating your house or for other purposes.
Talk to an experienced loan officer before you give up. If you do not know one, call or email me. I am here to help.

Friday, July 3, 2009

Update - July 3

There are 5 townhouses for sale in this area. They are all with low HOA fees. Purchase price is from $370k in Flint Hill Manor to $518k in Mayfair Manor. As you may guess, the one for #370k is a short sale.
There are also condos for sale: from $240k in Vistas (2 bedrooms and 2 full baths) to $370k for a townhouse-condo in Treebrooke. (The latter is 3 level 3 bedroom and 3 1/2 full bath).

For those who are not sure or cannot get a loan but still want to live in Oakton with its wonderful location and excellent schools, there are 2 condos that are offered for rent, as well as 2 townhouses. Rent ranges from $1,050/mo to $2,100/mo.

If you need real estate help during the holiday week-end, please email or call me at 703-281-2873.
HAPPY 4th of JULY!