Arlington, VA

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.”

Like the weather, Arlington’s real estate market remains hot hot hot with buyers ratifying 57 contracts this week.

Sellers were busy taking a siesta and listed only 41 homes. Shame on them. We need more inventory!

Don’t get excited about the Federal Reserve cutting its short-term bank rate on Wednesday by a quarter point. That doesn’t effect mortgage rates. The Fed move signals its perception that the economy is slowing and the cut is intended to stimulate the economy.

U.S. gross domestic product dropped from 3.1% in the first quarter to 2.1% in the second quarter. The Fed cited a general global economic slowdown and the effects of the U.S.-China trade war on our economy. Our mortgage rates have remained virtually unchanged with the 30-yr fixed rate currently at 3.875% with no points.

Condo owners should be thrilled to learn that the average sales price of a condo in North Arlington increased 10.7% in July over the same month last year. The average price of a condo went from $488,555 to $541,171.

Single family homes didn’t fare as well. The average price of a detached home in North Arlington increased about 2.8% over last July. The average price of a detached home in North Arlington is now $1,076,613.

We discussed trees last week, and it’s important to know your rights regarding trees that sit on a property line. If any part of a tree trunk straddles a property line between homes, an owner must obtain written permission from their neighbor before cutting it down. You can trim branches on your side but can’t cut the entire tree down without your neighbor’s permission.

Of course, if the entire tree trunk is on your side of the property line, you have the full right to cut it down unless it has been designated by you or a previous owner as a county certified heritage or memorial tree.

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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