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.”
Sellers got the memo this week that Arlington’s Spring real estate market has arrived and they listed 57 homes of all types and prices.
Incredibly, 18 of those homes sold within a week. In total, buyers ratified 43 contracts. Stories are being told in real estate offices of multiple offers on many of those sold this week, some homes attracting 13 offers. Lower to medium priced homes up to $750,000 are more likely to enjoy the bidding wars primarily because there are just more buyers in those price ranges.
Also, in most cases homes in pristine move-in condition get the most attention and sell quickly. Of course all homes will sell when priced properly for their location, size and condition. The abundance of fresh new listings this week helps to improve Arlington’s problem of low inventory.
Nationally, home prices rose just 4.7% last year, according to CoreLogic. That’s the lowest rate of increase since 2012. Rising interest rates and lowered affordability were to blame. “For 2019,” says CoreLogic, “we are forecasting an annual average price growth of 3.4%.”
Arlington should expect a higher rate of appreciation with continued bidding wars fueled by strong housing demand, low inventory and a healthy economy with only 1.9% unemployment. Memo to buyers: the longer you wait, the less home you can afford.
Right now is the best time to buy. Mortgage rates have flattened at 4.5% for a 30-yr fixed mortgage, but could start going up again anytime. With prices rising, the only way a buyer can get ahead of the market is to score a significant boost in their income.
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.
- 1001 N. Vermont Street Unit #205, Arlington, VA 22201 — $369,000
- 3800 N. Fairfax Drive Unit #712, Arlington, VA 22203 — $399,950
- 4409 S. Pershing Court, Arlington, VA 22204 — $924,900
- 4124 21st Road N., Arlington, VA 22207 — $949,988
- 1332 N. Danville Street, Arlington, VA 22201 — $1,099,000
- 5521 15th Street N., Arlington, VA 22205 — $1,450,000
- 1714 N. Calvert Street, Arlington, VA 22201 — $1,480,000
- 4933 34th Street N., Arlington, VA 22207 — $1,799,000