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.”
Finally, the inventory floodgates opened this week in Arlington with 90 new listings.
That’s the biggest weekly gain so far this year. But buyers were close behind with 83 ratified contracts. Even with this week’s surge of fresh listings, Arlington’s inventory level hasn’t been this low since the hay days of 2004-2005. There are 494 active homes for sale right now. With current absorption rate of 332 homes sold per month, Arlington has only 1.48 months of inventory. That’s a horrendously brutal market for buyers. And it probably won’t get better until summer.
Interest rates jiggled up and down this week ending up virtually unchanged at about 4.25% for a 30-yr fixed rate. When shopping for a mortgage, consider other factors than just lowest rate. Lenders charge a variety of processing fees and origination points. A “point” is 1% of loan amount. You might get a great quoted rate, but they neglected to mention the origination points.
When comparing, ask all lenders to quote you a rate based on zero origination points so you are comparing apples to apples. And ask for full list of their fees. Look at the total cost of each quoted loan. As an option, you can also pay “discount points” up front to lower your interest rate. This is a smart tactic if you plan on holding the property for five years or more. Also, work only with reputable lenders preferably who come recommended by your agent or someone you trust. Good communication with your loan officer is essential to matching up your unique needs with the right mortgage product.
- 1024 UTAH ST N #419, ARLINGTON, VA 22201 – $349,900
- 1201 GARFIELD ST #106, ARLINGTON, VA 22201 – $629,000
- 316 FENWICK ST S, ARLINGTON, VA 22204 – $745,000
- 2325 DICKERSON ST, ARLINGTON, VA 22207 – $749,000
- 890 NOTTINGHAM ST N, ARLINGTON, VA 22205 – $750,000
- 29 OAKLAND ST N, ARLINGTON, VA 22203 – $799,900
- 1616 TAYLOR ST N, ARLINGTON, VA 22207 – $849,000
- 5011 14TH ST N, ARLINGTON, VA 22205 – $899,900
Click to see all the fresh new inventory in MRIS and call Team Cathell (703-975-2500) when you find a home you like.