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!

Rosslyn - less than 0.4m radius from Metro

Today, there are at least 22 properties that are offered for rent. From $1,000 for an efficiency in Gerogetown Village to $4,500 for a brand new fully furnished 2 bedroom 2 baths unit in the Waterwivew. You can walk to Georgetown...

Those who are looking to buy a property near Rosslyn metro, can find many condo units and townhouses for sale. One of them ($800k) is a 2-level loft with a terrace in WOOSTER AND MERCER LOFTS. Regular sales in the area are from 260k for a 1 bedroom condo in COlonial Village to $3,7mln for a 3 bedroom condo in one of the most beautiful building in Rosslyn - Turnberry Tower. A 5 bedroom unit in the same building is over $7mln.

There are a few foreclosures which are just a short walk to the metro. If you are interested, please call or email me.

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.:)

Franconia Springfield Metro

There are 14 properties for sale within the radius of a half a mile from the metro. Price ranges from 240k to 878,500. Most of these are short sales or bank foreclosures. The most expensive one today is a detached house to be built - listing price $878,500. 6 bedrooms! 4 1/2 baths. Any interest? Let me know.

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.