This regularly-scheduled 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 & 2014. Please submit your questions via email.
Q. I’ve heard grumblings of the real estate market slowing down. Are you seeing that in Arlington too? If so, why?
A. The real estate market was rocking and rolling last year. Homes were selling quickly again and prices were climbing at a noticeable pace. It feels like some of the frenzy has died down recently, but pockets of the market are still selling quickly. In fact, (according to RBI) Arlington has sold 10 percent more homes in 2014 than at this time in 2013.
I put together the following chart so we can see exactly how different segments of the market are selling, this year compared to last.
My personal theory is that they have oversaturated the rental market with all these new apartment buildings in Arlington. In years past, quite a few renters decided to buy because their rents were rising annually. In some cases it was less expensive to own than rent. Now, we are starting to see rents come down. Renters are more comfortable renting and fewer are buying homes.
If there are more renters and fewer first-time homebuyers in Arlington, some of the people owning those homes that would like to move up are having a harder time selling. There is a trickle up effect that is created from a drop off in first-time homebuyers.
That said, the negative effect of too many rentals is being countered by extremely low mortgage interest rates. Rates just hit another low for the year this past month. We are also seeing current homeowners trying to cash in on the increased value of their homes.
Too many people try to generalize the market with a label… good, bad, strong, soft, active, slow, etc. In my opinion, it would be irresponsible to generalize the market as whole. It is important to study the micro segment of the market you are interested in.
I would love to hear what our readers are seeing out there with the local market. Please share your experiences in the comments.
The views and opinions expressed in the column are those of the author and do not necessarily reflect the views of ARLnow.com.
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The 44th Leeway Overlee Community Day and Yard
Sale will be along the John Marshall Drive/Ohio Street greenway on
Saturday, June 3 from 9 a.m. until 1 p.m. The community will be out in
force to exchange information and greetings, sell unneeded household
items, and pick up a few bargains.
About 100 families set up tables for the festivities, which take
place along the six-block stretch of the greenway from near Langston
Blvd. to Washington Blvd. Attendance is free, but
a $10 fee will be collected from individuals and families selling
household items during the event. Ensure that all goods and rubbish are
removed from the greenway by 1 p.m. Leave dogs at home.
For more info, call 703-532-6101. If planning to sell, start labeling
your items for sale NOW! Event will take place as long as there is not
active rain. Rain date is June 10.
36TH FESTIVAL ARGENTINO
ARLINGTON JUNE 3RD, 2023
Sat, June 3rd I 3:30 pm / Shows 5:50 pm I Kenmore Auditorium I Glencarlyn
The 36th Festival Argentino USA celebrates Argentine Day and Cultural Freedom. The folkloric group Los 4 de Córdoba and 25 more artists from Argentina, World, and Solidarity Tribute, 200 years of friendship between USA and Argentina!.
Homebuying 101: Steps to Getting Pre-Approved
Are you ready to jump into homeownership or started considering it but don’t know where to start? Financial preparation is key when thinking about purchasing your first home and the first step to getting pre-approved.
Join ACFCU’s mortgage loan officers
4th of July Celebration & Fireworks
Treat yourself this Independence Day with a world-class, private 4th of July extravaganza at the Military Women’s Memorial – a premier National Capital Region site.
Great food, fun, and the best views of Washington DC’s spectacular fireworks display. Relax, enjoy,