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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.”

Mortgage rates hit a four-year high this week, sellers set a new record, and buyers were insanely busy. It’s been an incredible week with sellers listing 128 homes giving our sparse inventory a huge boost. Buyers responded by ratifying a record 95 contracts this week, some 52 of those on homes that had been on the market less than seven days.

The average days on market has now dropped to 28. At the current rate of sales, and with only 468 homes actively for sale, Arlington is now down to only 1.2 months of inventory. The market is so hot you can hear it sizzle. Bidding wars are becoming more common, especially on homes priced under $900,000.

The high end market again rebounded this week to a new high with 21 homes selling that were priced over $1 million.

But the biggest news this week is that interest rates shot up 15 basis points. That’s more than 1/8th of a percent. The bond markets were busy with sell offs of mortgage backed securities, and more auctions of 10-yr US Treasuries which drove the yield to 3% for the first time in many years.

Analysts expect mortgage rates to continue a slow steady increase for the foreseeable future, so buyers need to get off the fence and lock in their rates now.

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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