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 fall real estate market appears to be getting off to a slow start.
It’s not bad. But it’s not great either. It’s just sort of okay, which indicates something may be going on that’s not clear yet.
Sellers listed 71 homes this week, which is good. But buyers seem to be dragging their feet with only 51 ratified contracts. Of those, some 30 homes sold within seven days on the market.
Compared to last year, these numbers are ho hum. In the last three weeks of last September, buyers ratified 55, 65 and 54 contracts each week. And sellers really did their part by listing 96, 95 and 65 homes each week. Numbers tell a story.
Perhaps it has something to do with consumer confidence. The Fed on Wednesday dropped its overnight rate by .25% as a measure to bolster signs of a slowing economy. It cited concerns of a slowing global economy influenced by the US-China trade war and Britain’s exit from the European Union. The Fed wants consumers and businesses to maintain their level of spending while keeping inflation at its current rate of 1.6%
If you read this blog regularly, you may recall us telling you to grab the low mortgage rates to buy or refinance several weeks ago. Hope you followed the advice. Mortgage rates, which are NOT directly linked to the Fed rate, jumped this week with quotes varying from 3.73% to 4.01%. And they’re likely to rise more.
The good news for buyers this week is that the housing inventory level is at its highest in a year at 1.3 months. That gives buyers more to choose from, and strengthens their negotiating power
Click to see all the fresh new inventory in MRIS and call Team Cathell (703-975-2500) when you find a home you like.
- 1020 N. Stafford Street #308, Arlington, VA 22201 — $450,000
- 1020 N. Highland Street #301, Arlington, VA 22201 — $649,900
- 3967 26th Street N., Arlington, VA 22207 — $874,900
- 883 N. Kentucky Street, Arlington, VA 22205 — $879,883
- 5213 8th Road N., Arlington, VA 22205 — $1,050,000
- 1503 N. Colonial Court, Arlington, VA 22209 — $1,350,000
- 5008 15th Street N., Arlington, VA 22205 — $2,375,000
- 3616 N. Upland Street, Arlington, VA 22207 — $2,595,000
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This is my last column. Over the past two years, I’ve had the privilege of sharing my views about housing with you. I don’t know if I changed anyone’s mind, but I do know I stirred up some conversation.