Join Club

Ask Adam: Predictions for Arlington Real Estate in 2013

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.

Recent Stories

Last year, an attempt to broaden the Arlington police auditor’s access to police records quietly fizzled before reaching the public for discussion.

George Mason University’s new Fuse at Mason Square in Arlington, is poised to become a 345,000-square-foot collaborative and digital innovation space in the heart of the Rosslyn-Ballston Corridor. “As Mason expands in…

These tree care companies serve Arlington County and received Washington Consumers’ Checkbook’s top rating for quality (as reported by their customers in Checkbook’s surveys).

Wondering about the mechanics of a green card application? Statutes of Liberty has the do’s and dont’s before application fees go up!

Award-winning drag queen Tara Hoot is bringing her Family Fun Story Time Brunch to Arlington at Freddie’s Beach Bar! Saturday April 6 at noon! Join Tara for songs, stories, puppets, bubbles and joy! It’s not just stories, it’s a SHOW that’s perfect for kids and kids at heart–fun for everyone! Plus a tasty brunch at Freddie’s! Click the link and make your reservations now! ❤️ 🫧 🌈

Submit your own Announcement here.

The Summer 2024 STEAM (Science/Technology/Engineering/Arts/Math) Fellowship application is now open! Apply by April 15 to be considered!

The STEAM Workforce Development Teacher Fellowship provides Arlington Public Schools (APS) high school, middle school, and elementary school teachers with opportunities to learn about workplace needs in STEAM-related fields and for them to use the experience to enhance student learning to match workplace expectations in a selected industry. STEAM Fellows participate in a three-week summer fellowship, receiving a $4,000 stipend upon completion.

Applicants planning to pursue a fellowship in the arts must demonstrate how they will build connections between the arts and science, technology, engineering, or mathematics.

Click the button to learn more, share, apply, and see the variety of fellowships completed in previous years.

Read More

Submit your own Announcement here.

Free Right-Sizing Workshop – How to Get Rid of Your…

Cody Chance and Dick Nathan of Long & Foster are hosting a free workshop at our office on Cherry Hill Rd. (formerly Lee Highway) on the topic of “down-sizing” Thursday, March 28 from 5:30-7:30. We have created a workbook with

Portofino Italian Wine Dinner, April 6, 6:30pm

Four course Italian dinner, paired with 2 wines each. The wines will be served “blind” and notes on each wine will be discussed. The event is coordinated with Elite Wine Importers and The Portofino Restaurant. The dinner is on Saturday,

×

Subscribe to our mailing list