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Just Listed in Arlington

by ARLnow.com Sponsor April 20, 2018 at 5:45 pm 0

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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.”

Arlington saw the best week yet this year for fresh listings with sellers putting 125 homes on the market.

Buyers ratified 79 contracts, some 35 of those within seven days of hitting the market. And the upper end market continued its rebound with 15 homes sold that were priced over $1 million. The average list price of homes sold this week rose to $713,665 and the days on market settled at 31.

These stats show a robust market with home values rising. But interest rates shot up again this week by five basis points, according to Freddie Mac. The 30-yr fixed rate is now about 4.57% with no points.

It’s helpful for home buyers to understand there are two types of points when applying for a loan. Mortgage rates are always quoted as a combination of interest rate and points. Most lenders automatically quote and charge about a half point (0.5% of loan amount) to originate a loan. Buyers can get a “zero” point loan, but then the interest rate will increase.

The other type of point is called a “discount” point. This is when a buyer can actually pay points (cash) up front to discount or buy down the interest rate. This can be a smart approach if the buyer will hold the property more than a certain amount of time when they hit the breakeven mark. That’s when the savings each month from a lower interest rate equals the amount of up front discount points paid. Ask your lender for further information.

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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