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.”
What a difference a year makes. While Arlington’s real estate market is still healthy, it’s not robust. With so much demand for housing in Arlington, you’d think buyers would be more active ratifying contracts. But they’re not, and it’s puzzling as to why.
Let’s put it in perspective. This week, buyers ratified only 26 contracts while sellers listed 36 homes. There are currently only 211 homes actively for sale. Mortgage interest rates are steady at 3.75% for a 30-yr fixed rate.
However a year ago this same week, buyers ratified 68 contracts, sellers listed just 24 homes, there were 350 homes for sale, and mortgage rates were 4.75%, a full one percent higher. Granted, buyers and investors may have been motivated by Amazon’s announcement two weeks earlier that it selected Arlington for its HQ2.
But with interest rates so low today, why aren’t more buyers out there ratifying contracts? Economists point to chronic low inventory, and certainly that’s a factor, but I don’t think that explains current buyer behavior. It may take a few more months of data for other factors to be detected.
The outlook is bleak. If we think the low inventory situation is bad now, economist point to worsening conditions over the next 20 years as our population grows and ages, and housing demand spikes. The current rate of home builders delivering more supply will lag far behind growing demand creating an even greater crisis for available housing. So these may be the good times right now. It’s hard to imagine that.
My advice to buyers: Get purposeful, make home buying a priority, select an assertive professional agent to help you not just FIND the home, but more importantly win the bidding war, and don’t be discouraged by failure. If you don’t focus on your mission, you will forever be a home shopper, and never a home buyer.
Click to see all the fresh new inventory in MRIS and call Team Cathell (703-975-2500) when you find a home you like.
- 4601 31st Road S. C2, Arlington, VA 22206 — $395,000
- 901 N. Monroe Street Unit 903, Arlington, VA 22201 — $579,000
- 1301 N. Courthouse Road Unit 1008, Arlington, VA 22201 — $599,900
- 5208 N. Washington Boulevard Arlington, VA 22205 — $625,000
- 1201 N. Garfield Street Unit 803, Arlington, VA 22201 — $750,000
- 300 N. Emerson Street, Arlington, VA 22203 — $765,000
- 2103 N. Rolfe Street B, Arlington, VA 22209 — $795,000
- 5724 4th Street N., Arlington, VA 22205 — $949,900
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