Press Club

Just Listed in Arlington

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 showed signs of slowing this week with only 61 ratified contracts and 100 new listings.

Properties in good condition and priced correctly are still selling quickly. Some 28 of those ratified contracts were homes that had been on the market only seven days or less. The average days on market has remained steady at 31.

Mortgage applications jumped up 5.1% this week driven by refinances and ARMs (adjustable rate mortgages). Apparently home owners late to the refinance party realize the window of opportunity is closing.

When should you refinance? If your current rate is 0.75% (3/4%) over the current market, with many years left to payoff, then it likely makes sense to refinance. There are many variables at play, so talk with an experienced loan officer.

ARMs have become popular again as rising interest rates lower a buyer’s purchasing power. But ARMs offer lower rates than 30-yr fixed and are shorter term, typically 5-yr, 7-yr or 10-yr. So this loan product is attractive to first time home buyers who are likely to move anyway within five years. The lower rates allow them to buy a higher priced home.

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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