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.”

Arlington’s real estate market took a siesta this week. Both buyers and sellers were napping big time.

Sellers listed only 45 homes, and buyers ratified only 36 contracts. What’s up with that? Last October, sellers were averaging 60 new listings a week, and buyers were ratifying 58 contracts.

Mortgage rates did increase earlier this week, then fell back a bit to settle at 3.75% for a 30-yr fixed rate. A year ago, that rate was 4.86%. The gradual drop in interest rates has helped home prices continue to grow.

Nationally, the average price of homes rose 5.9% over last year. In Arlington, detached home prices rose 6%. But Arlington condos are a tale of two markets. Condo prices in North Arlington actually dropped 0.2% as more inventory entered the market, while prices in South Arlington were up 23%. Remember, the Amazon announcement came in November last year.

There’s some good news for veterans. The Veterans Administration has announced that its coveted “no money down” mortgage program will no longer have limits on purchase price. Previously, the 100% loan program capped out at about $726,000 for our area. Soon, there will be no cap. For more information, ask Team Cathell or contact your preferred lender.

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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