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.”
The wild and crazy economic news this week didn’t discourage home buyers and sellers from conducting business.
Buyers ratified 47 contracts and sellers put 59 homes on the market this week. Some 20 of those new listings were sold in seven days or less. Who said the real estate market slows in August? They need to wake up and smell the coffee. One property over the Arlington border in Del Ray, Alexandria, attracted 44 offers and escalated nearly 40% above the list price.
You’ve already started to hear the big “R” word in the news, and you’ll hear plenty more in the weeks and months ahead. Is a recession really looming over the horizon? Economists say it’s inevitable that our economy is due for a normal cyclical cooling down after a historic nine years of uninterrupted growth. Remember, a “recession” is just two quarters (6 months) of negative growth.
The U.S. economy is slowing, but not nearly as much as other major economies like China, Germany, the UK, Argentina and Russia. Sustaining the stronger U.S. economy is consumer confidence and spending. But that could change. Events like the Dow Jones index dropping 800 points on Wednesday could begin to influence consumer confidence.
Don’t let the hype of left and right media scare you into thinking our economy is about to tank like it did in 2008. That is highly unlikely. A slowdown in U.S. gross domestic product, yes. But a meltdown? Not likely.
Actually, the bad economic news brings short term good housing news, temporarily. The fear of a global economic recession prompts investors to seek safe havens for their capital, like U.S. Treasury bonds. That flood of capital into T-bills drives down the yield, which influences our mortgage rates. So we are likely to see a drop in rates. And this week already, in the last few days, the rate on the 30-yr fixed mortgage dropped from 3.75% to 3.625%.
For home buyers, there is a narrow window of opportunity to ratify a contract between now as rates drop and Labor Day weekend. After that, there will be much more buyer competition as the market heads into the active Fall season. So go for it!
Click to see all the fresh new inventory in MRIS and call Team Cathell (703-975-2500) when you find a home you like.
- 900 N. Stafford Street #1109, Arlington, VA 22203 — $399,000
- 1276 N. Wayne Street #630, Arlington, VA 22201 — $650,000
- 304 N. Edison Street, Arlington, VA 22203 — $735,000
- 4576 26th Street N., Arlington, VA 22207 — $824900
- 3211 19th Street N., Arlington, VA 22201 — $849,900
- 406 S. Highland Street, Arlington, VA 22204 — $925,000
- 3683 N. Harrison Street, Arlington, VA 22207 — $1,050,000
- 3607 22nd Street N., Arlington, VA 22207 — $1,250,000