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.
This has been an August unlike any other in Arlington! Our market has introduced and absorbed double its volume over August of 2019.
Demand from the spring was simply delayed, it did not disappear. The real, continuing story is the increase in available condo inventory, now up 70% from eight weeks ago. Mortgage rates continue their historic lows, sitting at 2.91% for a 30-year fixed rate mortgage.
In related mortgage news, Fannie Mae and Freddie Mac, who purchase mortgages from banks and repackage them for investors, have levied a hefty new fee on refinances! The fee was supposed to go into effect on September 1 has been delayed until December 1 and is hotly contested. Called an “adverse market” fee, it is supposed to help Fannie and Freddie’s ability to continue to support those negatively impacted by COVID-19 and may have their loans on forbearance or in default. At 0.5% of the loan balance, this is a large additional cost and massively changes the calculation of the amount of time in which a refinance ultimately pays off.
Bottom line — if you’ve been holding out, hoping for lower rates before you refinance, you should give strong consideration to act now before the fee starts being assessed.
This past week in Arlington, sellers listed some 97 properties for sale while buyers ratified 61 contracts. 33 of the ratified contracts were on homes listed just within the past week!
There are currently 415 homes for sale in Arlington, 23 more than last week. 129 are detached homes, 32 are townhouses/semi-detached, and 254 are condos. Average days on market (DOM) for currently available homes is 50 and median DOM is 29. The median list price of currently available properties is $710,000, while the average is $910,401.
Last year for the same week, sellers listed 43 homes and buyers ratified 31 contracts.
Click hereto 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.
- 3113 S. Hayes Street, Arlington, VA 22202 — $525,000
- 2434 S. Walter Reed Drive #6, Arlington, VA 22206 — $715,000
- 1001 16th Street S., Arlington, VA 22202 — $735,000
- 843 N. Greenbrier Street, Arlington, VA 22205 — $750,000
- 728 N. Tazewell Street, Arlington, VA 22207 — $979,900
- 4106 N. Round Hill Road, Arlington, VA 22203 — $999,000
- 4042 27th Street N., Arlington, VA 22207 — $1,218,000
- 2437 N. Utah Street, Arlington, VA 22207 — $2,549,900