Just Listed highlights Arlington properties that just came on the market within the past week. This feature is written and sponsored by Andors Real Estate Group.
Okay, so I know I’ve been talking about mortgage rates for the past couple weeks, but now they just hit ALL TIME record lows! The average for a 30-year fixed just hit 3.29%, and it’s very possible you can get lower than that, perhaps below 3%!
But enough about mortgage rates! Usually this low-rate environment would spur an uptick in purchases, and while that is true around the country, it is not true in Arlington as there is almost nothing to buy. We have a very unique and dynamic market here in Arlington!
There are currently 171 homes for sale in Arlington, 100 are detached homes, 11 are townhouses/semi-detached and 60 are condos.
Sellers listed some 68 properties for sale this week. Buyers ratified 46 contracts, 29 of which were homes that had been on the market one week or less.
Inventory has crept back up to about one month’s worth of inventory, up a bit from our low of ¾ month in February. This is something I’ll be watching closely as the spring market shifts into an even higher gear to see if this is a trend upward or just a brief slowdown in absorption of available properties. Ratifications on new listings are still quite strong — almost 50% of new inventory is being absorbed week over week.
Global market turmoil is on the minds of buyers and sellers alike, and we’re all curious how things will shake out. The rapid spreading of coronavirus cases and extreme fluctuations in stock markets have many wondering if we’re on the brink of a recession. While I can’t answer that definitively, what we’re still seeing here in Arlington is full speed ahead.
Remember, markets go up over long enough periods of time, but in the short term, they can either jump up sharply or decline similarly. The price of your home only matters on the day you sell it and should always be looked at as a long-term investment.
To help differentiate our current situation to that of the Great Recession a bit, we’re in much better shape than we were in 2007 and 2008. Mortgage lending is still much more restrictive and I’m seeing mostly very well qualified purchasers in the marketplace. I don’t see those who are stretched too thin and buying something they can’t afford.
Buying power is way up from pre-Great Recession. This is a result of already-low interest rates so buyers are also getting more home for their money. This presumably allows them to stay put for longer as they have more room to grow into it, which can have positive effects down the road — again, a home is supposed to be a long-term play.
Thanks for reading and enjoy your weekend! I’d love to hear from you in the comments below — let me know how I’m doing and if there is anything you would like to see covered in Just Listed.
Click here to search currently available Arlington real estate. Call the Andors Real Estate Group today at (703) 203-1117 to talk more about buying or selling Arlington real estate. Below are eight homes that are new this week that I think you might like to check out.
- 1300 S. Army Navy Drive #828, Arlington, VA 22202 — $323,000
- 4500 S. Four Mile Run Drive #713, Arlington, VA 22204 — $370,000
- 2465 S. Army Navy Drive #407, Arlington, VA 22206 — $464,900
- 1400 S. Walter Reed Drive, Arlington, VA 22204 — $525,000
- 506 26th Road S., Arlington, VA 22202 — $569,900
- 1805 S. Crystal Drive #205S, Arlington, VA 22202 — $639,990
- 2243 N. Columbus Street, Arlington, VA 22207 — $995,000
- 3107 N. Taylor Street, Arlington, VA 22207 — $1,099,000