Just Listed highlights Arlington properties that just came on the market within the past week. This feature is written and sponsored by Team Cathell, “Your Orange Line Specialists.”
Arlington’s February real estate market is starting off strong. This week 40 fresh new listings came on the market and 40 homes were sold. Many of those sold homes were on the market only a few days or hours before receiving contracts. Listing agents this week reported high activity of buyer calls and showings. The overall inventory in Arlington remains low. This week’s sales were mostly in the mid to lower price range, bringing the average list price of sold homes to only $569,000. The average days on market also dropped to 58.
Mortgage interest rates continued to slide this week dropping another 11 basis points for a national average of only 3.72% for a 30-yr fixed rate. That’s the lowest rate since mid-2013. It appears that mortgage rates will continue to fall as long as money keeps pouring in to buy 10-yr US Treasury bonds. The increased demand on bonds has pushed the cost of bonds higher, which lowers the yield. And it’s the yield that influences long term interest rates. The stock market jitters here and abroad, coupled with plummeting oil prices and China’s slowing economy is causing flights of capital worldwide to seek the safety of US Treasure bonds.
For home buyers, lower interest rates is always good news. Add to that a new Zillow report saying that now is a good time for renters to become home buyers. The national average time it takes to break even on rent v. buy is only 2 years. So if you know that you’ll be staying put and renting for more than 2 years, you’d be better off buying. So what do you think will happen when there is low inventory and increasing pressure from buyers to purchase homes??
- 2811 ARLINGTON BLVD #101B, ARLINGTON, VA 22201- $279,000
- 1303 ODE ST #204, ARLINGTON, VA 22209- $336,900
- 1000 RANDOLPH ST #104, ARLINGTON, VA 22201- $389,900
- 2205 COLUMBUS ST, ARLINGTON, VA 22206- $460,000
- 1021 GARFIELD ST #432, ARLINGTON, VA 22201- $530,000
- 4813 28TH ST S, ARLINGTON, VA 22206- $549,900
- 709 EMERSON ST, ARLINGTON, VA 22203- $675,000
- 38 N GARFIELD ST, ARLINGTON, VA 22201- $1,065,000