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Just Listed in Arlington

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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.”

It’s the middle of summer, and Arlington’s real estate market just keeps chugging along. Some 66 new listings came on the market this week, while 61 homes sold with 21 of those sold within seven days.

Those are good, stable numbers. The average days on market dropped to just 35 demonstrating it’s still a good time to sell, and to buy. But both homeowners and homebuyers need to recognize that mortgage interest rates are on the rise for the foreseeable future. Buyers need to move fast and ratify a contract so they can lock in a rate. And homeowners who have procrastinated too long to refinance need to light a fire and get it done NOW. Interest rates rose eight basis points this week to about 4.14% on a 30-yr fixed rate with no points.

Here’s the rule of thumb on deciding whether you should refinance. If your current mortgage has more than 12yrs remaining, and the interest rate is 3/4% (0.75%) or more above current market rate, you should strongly consider refinancing to lower your current payment and reduce total cost over the lifetime of the loan. When shopping for a loan, remember there are two elements: interest rate, and points. Be consistent, and ask for rates with no points to ensure you are comparing apples to apples.

You always have the option to pay “discount” points which will lower the rate. You should always ask your loan officer about your “break even” point. That is, how many payments will it take in monthly savings from lowered payment to recover the total out of pocket cost of refinancing. A good loan officer is your best ally in determining how best to structure a refinance based your unique priorities…. Just don’t hesitate. Get started.

Click to see all the fresh new inventory in MRIS and call Team Cathell (703-975-2500) when you find a home you like.

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