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.”

Halloween must have scared the bejeebers out of buyers and sellers this week as the pace of Arlington’s real estate market slammed on the brakes. Sellers listed only 49 homes and buyers ratified only 43 contracts.

Arlington’s slow down, however, is not as stark as elsewhere. California, a harbinger of change, has experienced an 18% drop in sales in SoCal, and 19% drop in the Bay Area, but their prices have continued, so far, to climb slightly.

Freddie Mac puts the blame squarely on rising interest rates. Sam Khater, Freddie Mac’s chief economist, says, “While higher mortgage rates have led to a decline in home sales this year, the weakness has been concentrated in expensive segments versus entry-level and first-time buyer which remains firm throughout most of the rest of the country.” His comment fairly reflects the Arlington market as well.

Mortgage rates backed off a few basis points this week as Wall Street regained some of its lost value in October. The 30-yr fixed rate conventional with no points is now at about 4.875% to 5%.

Click here 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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