Update - September 23 - East Falls Church

As of today, in the radius of 0.4m from the East Falls Church metro, there are a few properties for sale. A 2-bedroom condo for 387k; one townhouse for 890k in Madison Mews, and several detached houses: from $565k for a single-family house built in 1973 to $1,100,000 for a contemporary detached house built in 1993 and the same price for a new house. You should remember that if you are first-time buyers you can take advantage of the tax credit only if you settle before December 1. It has not been extended further yet...

There is a detached house for short sale for only $700k. It has 4 bedrooms and 4 full baths. It is just 3 blocks away from the metro. Hurry!

For people who are still looking to rent, there is a two-bedroom condo for $1,850/mo, a 3-level townhouse for $2,850/m0 and several detached houses from $2,350/mo to $4,200/mo. All the properties are walking distance to the metro.

Recession is Over?

The deep recession that's gripped the U.S. economy by the throat since December 2007 is "very likely over at this point," Federal Reserve Chairman Ben Bernanke recently said. However, there is no way the economic recovery will show any significant pace in the coming months.

Speaking about the housing market, the Administration's tax incentive for first-time buyers is helping to boost sales, especially those of properties under $300k. Besides, many people have already calculated that in that price range it makes more sense to buy than to rent. As a result, we see multiple offers on properties in the first couple of days. Looks like people are in a rush to buy. Anything sells at this time - as long as it appraises...

So if you are prepared to lose $400-600 on an appraisal if the appraised value is less than the contract price and consequently you option to walk out of the contract, then go for it. Keep writing offers until you get a ratified contract. Hopefully, you will get it to settlement table. My advice is get preapproved before you start looking. It will save everybody time and ...mileage. Speaking about mileage, no doubt homes by a metro station sell much faster. Keep track of new listings every day. Need help? Call or email. You still have time to use the $8k tax refund.

Good luck!

West Falls Church Metro

In the radius of 0.5 m around the metro, there are 4 detached houses on sale: from $670 k for a 1948 cape cod and upto $1,250,000 for a newer detached house with 5 bedrooms. There is also a new single family house in Ellison Heights for almost 900k. The latter one has 4 bedrooms and 41/2 baths.
It is a good idea to purchase a property now, when you can still take advantage of a $8,000 tax credit.

For those who are are not ready to buy, there are quite a few properties for rent. You can rent a 1 bedroom condo unit for $1,125/mo, a single-family house from $2,275/mo to $4,500/mo and a townhouse in Falls Place for $2,400/mo.

All the above properties are walking distance to the metro. None of them are short sale or foreclosures.