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 consensus is in on the outlook for our housing market in 2020.
Here are the views from the top economists from the National Association of Realtors, Fannie Mae, Realtor.com, Zillow, Redfin, the National Association of Home Builders and more.
Buyers beware and get ready. 2020 will be more agonizing than last year as a scarcity of inventory will get even worse. “2020 will prove to be the most challenging year for buyers not because of what they can afford, but rather what they can find,” says George Ratiu, senior economist with Realtor.com.
Mortgage interest rates will stay about the same, currently at 3.75% for a 30-yr fixed rate, through 2020 rising no more than 4%. That’s some good news for buyers.
Home values will increase in 80% of major metro areas across the U.S., rising by 1.8% to 6%. In 2019, Arlington values rose 6% for single family homes. With less inventory and greater demand, we should see home values rise 6% to 8% in 2020.
Because of inventory scarcity nationwide, some 25% of all transactions will be involved in bidding wars. In my opinion, you can double that for Arlington in 2020.
Home builder confidence is the highest in 20 years as contractors race to keep up with demand. They expect to deliver 4% more homes to the market than last year. But still the U.S. faces a cumulative housing shortage of 1 million homes based on population growth and household formation.
In other words, buckle up.
This week in Arlington some 41 sellers listed their homes, and 32 buyers ratified contracts. The spring market has sprung.
Click to see all the fresh new inventory in MRIS and call Team Cathell (703-975-2500) when you find a home you like.
- 1001 N. Vermont Street #705, Arlington, VA 22201 — $405,000
- 2400 N. Clarendon Boulevard #1001, Arlington, VA 22201 — $475,000
- 3722 N. Pershing Drive, Arlington, VA 22203 — $985,000
- 2137 N. Pierce Court, Arlington, VA 22209 — $1,000,000
- 2250 N. Quincy Street, Arlington, VA 22207 — $1,050,000
- 2712 N. Pollard Street, Arlington, VA 22207 — $1,250,000
- 4817 24th Street N., Arlington, VA 22207 — $1,374,900
- 232 N. Fillmore Street, Arlington, VA 22201 — $1,995,000