SALES AT WEST FALLS CHURCH METRO

SALES AT WEST FALLS CHURCH METRO - TO BE EXACT WITHIN 0.5 mile radius:
Not too many properties at walking distance to the metro are on the market today. You can find a 4 BR 4 1/2 BA detached house for just under 900k and 3 BR 2 1/2 BA cape cod built in 1945 for 600k. There are also 3 condo units (2 in Gates of Westfalls (2 BR 2 1/2BA for 525K and 2 BR 1 BA for 350k)) and one unit (2 BR 2 BA in the Pavilion).
Only one property is under contract. Two have been sold since January 1 - with 10 and 17 days on the market respectively.
This is just another proof of the weirdness of this market. It is still dormant. Very few properties come to the market. But if a property is priced right, is in sought-after location and in good condition, there are 5-6 offers within a couple of days. Most of the listings go under contract within the first 7 - 10 days and settle in about 30 days.
Of course, you should be ready: get preapproved before you start your serious search and be ready to act once you see something you really like.
Good luck!

Economy is Recovering

Housing market has been showing some interesting signs lately - multiple offers in the first couple of days; offered price increasingly higher than the listing price; fewer contracts falling apart before settlement, etc... It is no surprise that Forbes publishes an article suggesting that US recession is over. http://www.forbes.com/2009/05/04/recovery-indicators-unemployment-opinions-columnists-recession.html?partner=commentary_newsletter
It is definitely the right time to buy: still a large inventory of houses on the market, reasonable prices and a low interest rate. And my strong belief is that the best investment is into real estate located at a walking distance to a metro station. Need to look at houses? Call me. But.... please get a preapproval letter first.:)

King St. Metro - Alexandria

In the radius of 0.5 m from the metro there are more than 60 properties for sale now. The cheapest is an efficiency for almost 300k and the most expensive one is a townhouse - for $1,275,000. Only three of these are short sale! Looks like properties in this area have not gone down in value...6 of the listed properties are new construction. Proximity to metro is the key. People do not want to spend much time looking for a parking place. Hurry! Interest rates are so low.
Those looking to rent can easily find a property - from $1,400/mo for an efficiency to $3,800/mo for a detached house. Need help - I am only a phone call away.

Low Interest Rates - do not procrastinate!

As you well know, interest rates are very low. And there are quite a few properties on the market - your choice is not really limited. And it is still buyer's market. My advice to you is - do not waste time. Go talk to a loan officer and get preapproved. (If you need help finding one, let me know). Do not waste any more time. This is the right time to buy! There are so many bargain deals: foreclosures, short sales, etc.
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.
Good luck!