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. It seems like the real estate inventory is slowing down in Arlington, at least in the 3-plus bedroom single family homes under $700,000 my husband and I have been looking at. I presume that is because we are heading into winter. Am I right, and when will the inventory pick up again? I’m pregnant and due May 1 so hoping the answer is before April!
A. When you say that the market is slowing down in the segment you are looking for, it sounds like you mean that available inventory is low. Actually, housing inventory for the Northern Virginia area has been on the incline this year. Even in Arlington the supply of housing inventory has risen month-over-month, besides a little dip in August.
We usually see a slowdown in new listings this time of year, but I don’t expect your options to increase substantially in early spring. When someone is frustrated by their lack of options, I often find that it has a lot do with them wanting something that doesn’t truly fit their price range.
Currently there are 38 single family homes for sale in Arlington that have at least three bedrooms and a price tag under $700,000. My recommendation is to try a search for homes between $700,000 – $800,000. I’m guessing that by increasing your price range that you will see some housing options that are closer to what you are looking for. I’m not suggesting this exercise to frustrate you. I just don’t want you waiting for something that may not become available, especially with a baby on the way.
To make sure that it is not just a slower season, ask your Realtor to pull home listings that came on the market this past spring. If you see a number of options you would have been interested in then that is a good sign. Prices may have adjusted somewhat since then, but it will give you a some idea of what next spring may bring.
I’m guessing you will need to adjust your criteria somewhat. Either way, I would not put your search on hold all winter. All kinds of things happen in peoples lives where they may need to sell a great house in the middle of December.
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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