This periodic sponsored Q&A column is written by Adam Gallegos of Arlington-based real estate firm Arbour Realty, voted one of Arlington Magazine’s Best Realtors of 2013. Please submit follow-up questions in the comments section or via email.
Question: What changes do you see coming for the Arlington real estate market in 2013?
Based on how 2012 ended, I’m prepared to make five predictions for the Arlington real estate market in 2013.
1) Appraisals — During the last five or so years, appraisal values have been based on an amount equal-to or less-than the most recent home sales in a neighborhood. With home values on the rise, appraisals are going to have to start taking appreciation into consideration above what the most recent sales values have been. For example, let’s say the most similar homes sales were $99k, $102k and $103k, but the subject property has a contract for $105k. In this case the appraiser may need to take appreciation into consideration instead of defaulting to the most recent sales value of $103k. Obviously, appreciation will have to be merited.
2) Selling Buyers To Sellers — As I’ve talked about in past articles, we are seeing more and more competitive situations out there. As a buyer’s agent, I am finding myself “selling” my clients to home sellers more often. By appealing to the sellers on a rational and emotional level, I’m trying to improve the chances of them choosing to work with my client over the other buyers that are submitting offers on the same home.
3) Pre-Construction Sales — I expect that many new homes will sell before they are completed. The bad news is that you will have to use your imagination to envision the finished home. The good news is that you may have an opportunity for input on some of the finishes and design decisions. There is also an opportunity for the home to gain value prior to you closing on it (of course the reverse could also happen).
4) Higher Interest Rates — We’ve been spoiled by absurdly low interest rates, but from what I’m being told by mortgage experts, rates are going to begin inching back towards “normal.” If you intend to purchase a home this year and are depending on the current interest rates, you may want to initiate the buying process sooner than later. Once you have a ratified contract, you can usually lock in your interest rate.
5) More Inventory — As home prices continue to appreciate, I expect that it will motivate more homeowners to sell their homes. The result should be a greater volume of listings and sales in 2013. But, I’m not convinced the housing supply will catch up with demand in Arlington this year. At least not for the under $750,000 market.
I’m looking forward to keeping you updated throughout the year. Please keep the questions coming.
The views and opinions expressed in the column are those of the author and do not necessarily reflect the views of ARLnow.com.
An Amazon van was towed from an apartment complex on Tuesday. This was the second time we’ve noted one of the company’s delivery vehicles getting towed. It raises a question:…
Arlington Real Estate in WSJ — “Buying a single-family home in Arlington, Va., is a study in patience… With persistence and perseverance, these families were able to buy a house…
The pandemic, now nearly 2.5 years old, has bent time in weird ways. For many, a prolonged period of mostly staying at home — particularly in 2020 — made time…
A man allegedly got mad and drew a gun when an employee at a local car wash asked him to move his vehicle. The incident happened around 10:15 a.m. Tuesday…
Do you struggle with anxiety, depression, stress, grief, trauma or anger? Are
you ready to make a change?
Lauren K. Nickum, LCSW, CSAC from Peaceful Mind Solutions is now taking new
clients for psychotherapy. Lauren has over 10 years of experience treating
mental health disorders and general life stress in adults and adolescents. For
more information visit
As the summer winds down, it’s a great time to look forward to a creative fall! Art House 7 has a terrific selection of classes, for preschoolers to adults. Our fall session, starting September 6, offers painting, drawing, sculpture, collage, ceramics (including the wheel) and sewing. We have specialty classes such as Suminagashi, the ancient art of Japanese water marbling.
If you’re looking for a shorter commitment, we also have a full schedule of workshops, Art Nights, and Morning Art Socials. If you haven’t discovered Art House 7, please check us out! We offer classes throughout the year, taught by a range of fantastic teachers. You can buy art supplies next door. We’re near the Lee Harrison shopping center, and free parking is outside our door.
Art House 7
5537 Langston Blvd.Arlington VA 22207
Have you ever considered purchasing a rental property but weren’t sure where to start? This free webinar will go over the basics of how to invest in real estate, how to choose rental properties, and a market overview. Our Director