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.”

Hello springtime!

While the weather can’t decide if its winter or spring, home buyers this week have screamed from the rooftops that the spring real estate market has launched. Sellers stepped up and listed 54 homes in Arlington while buyers ratified 43 contracts this week. And some 27 of those sold within seven days. These are March numbers, and its only mid-January. The bidding wars have begun.

Loan applications for existing homes jumped 30% last week over the previous week, according to the Mortgage Bankers Association. And new home loan applications are up 39% from a year ago.

Higher demand and low inventory makes it really hard on home buyers, especially new home buyers who are going through the nerve-wracking process for the first time. Here are a few tips:

  1. Work with an experienced agent with proven track record of winning in competitive bidding
  2. Work with a reputable local hybrid lender that underwrites in their own shop, also with proven track record (ask your rock star agent for referrals for lenders, they know who is good)
  3. Look at homes listed below your maximum purchase range so you have room to escalate your bid upward to win
  4. Go big just once to get ahead of the market to win. You may FEEL like you’re over-paying, but in six months you’ll look like the genius in the room when others are still making offers while prices have jumped three percent and you’ve already built equity

Buyers, here’s some good news: interest rates dropped this week by about 1/8% to 3.625% for a 30-yr fixed rate. Make the commitment to own and start building equity and wealth.

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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