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Just Listed in Arlington

by ARLnow.com Sponsor May 25, 2018 at 6:00 am 0

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 real estate market bounced back this week to match the peak Spring season with 122 fresh new listings and 97 homes sold. Of those, 41 homes sold within seven days.

This pace could indicate that the strong spring market may keep accelerating as we head into summer. Typically, the spring market starts to slow over Memorial Day weekend. But this year the spring market started very late because of our never ending winter.

And with all that pent up demand, the market could continue at a feverish pace right into the summer. Why? High demand and very little supply. This is a national condition, not just regional.

Adding to the buyer’s sense of urgency is the rise of interest rates. Freddie Mac reported this week that rates rose another six basis points. The 30-yr fixed rate with no points is now at about 4.8%-4.85%.

“Mortgage rates so far in 2018 have had the most sustained increase to start the year in over 40 years,” Freddie Mac said.  “At a time when housing inventory remains extremely low, it’s worth watching whether these higher borrowing costs lead some would-be sellers to stay put in their current home.”

Sellers are reluctant to sell because they can’t find a replacement home, and because their new mortgage will be at a higher rate.

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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