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.”
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:
- Work with an experienced agent with proven track record of winning in competitive bidding
- 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)
- Look at homes listed below your maximum purchase range so you have room to escalate your bid upward to win
- 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.
- 1956 N. Cleveland Street #1, Arlington, VA 22201 — $475,000
- 1609 S. Hayes Street #1, Arlington, VA 22202 — $630,000
- 4600 2nd Street S., Arlington, VA 22204 — $749,900
- 611 N. Fillmore Street, Arlington, VA 22201 — $889,900
- 1628 N. Harrison Street, Arlington, VA 22205 — $1,115,000
- 5805 26th Street N., Arlington, VA 22207 — $1,250,000
- 4817 24th Street N., Arlington, VA 22207 — $1,374,900
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Is home ownership a goal of yours in 2023? Now is the time to make it happen! Grab a (virtual) drink with the area’s top Real Estate experts, learn all about the home buying process and on how you can get $1,500 towards your closing costs immediately!
Did you know the average Arlington renter will spend $150K in 5 years of renting? Stop paying down someone else’s mortgage! Join us for a Rent vs. Buy Happy Hour on Wednesday, June 7th at 6 p.m. via Zoom. If this time doesn’t work, we also are offering times convenient for your schedule!
A lot has happened in the local market since the beginning of the pandemic. Sip on your drink of choice and learn from Northern Virginia, Arlington and Washingtonian Magazines top producing agents! We will discuss the latest market updates, the home buying process and rent vs. buy cost savings. Please RSVP by clicking here.
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Homebuying 101: Steps to Getting Pre-Approved
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4th of July Celebration & Fireworks
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