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.
Will the housing market be impacted by the stock markets dropping into bear market territory?
Probably. When? It’s simply too early to tell. Expect a delay.
Fear and even panic over coronavirus are setting in, and the impact may have ripple effects for a long time to come. Even though the stock market has swung wildly and lost much value recently, we are not in a recession at this time. And, if we do experience a recession, it is likely to be less severe here than in other parts of the country, just as it was during the Great Recession.
Is real estate less volatile than stocks? YES, and “by a lot” is an understatement.
The housing market operates on a delay, relative to the stock market. We don’t complete a transaction in fractions of a second, but rather in 30-60-90 day timelines depending on how you measure start to finish. Most of Arlington’s housing purchases are not reliant on how the buyers’ stock portfolios are performing that day, week or month.
Instead, they are tied to the need for a roof over a family’s head and the desire to participate in price appreciation as opposed to sitting on the sidelines of it. Arlingtonians and prospective Arlingtonians are largely very well qualified for their purchases, with cash already set aside for down payments, closing costs and even renovations.
Arlington real estate agents are already talking about how this will impact open house traffic. We are taking preventative measures to enable visitors to still get into see homes without too much increased risk. This means to expect that as much as that Realtor wants to shake your hand, they’ll probably elbow-bump you instead — no surprise there!
Here are a few potential scenarios I see in our future, and I’m not going to profess that any are more likely than the other.
- Some buyers step out of the market, making it a bit easier for those who stay in to finally get a place to call home. Moderate/low impact on a still squeezed supply/demand equation.
- Many buyers get scared and step out of the market, resulting in inventory building up. At minimum this slows appreciation, and if inventory increases too much it could push home prices lower.
- Sellers continue to stay put at a high rate as they have been for many years now, and buyers continue to buy out of desire and necessity. Relatively little impact, Arlington housing market proceeding as normal.
There are currently 182 homes for sale in Arlington. 101 are detached homes, 12 are townhouses/semi-detached, and 69 are condos. Median list price of available properties is $1,052,000, while the average is $1,209,000.
Sellers listed some 93 properties for sale this week. Buyers ratified 68 contracts, 46 of which were homes that had been on the market one week or less. 93 new properties this week is a large jump from last week’s 68 (almost 37%)! 68 ratified contracts this week compared to last week’s 48 (almost 42%)!
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.
- 2918 S. Buchanan Street #B2, Arlington, VA 22206 — $399,000
- 3088 S. Woodrow Street #1956, Arlington, VA 22206 — $584,500
- 1418 N. Rhodes Street #B418, Arlington, VA 22209 — $965,000
- 3824 26th Street N., Arlington, VA 22207 — $975,000
- 5249 26th Street N., Arlington, VA 22207 — $1,199,000
- 5020 N. Williamsburg Boulevard, Arlington, VA 22207 — $1,375,000
- 1216 20th Street S., Arlington, VA 22202 — $1,499,000
- 5008 15th Street N., Arlington, VA 22205 — $2,375,000