News
Looking east down Wilson Blvd from the pedestrian bridge in Ballston, on a rainy day (staff photo by Jay Westcott)

We’re #1 for Retirement Income — “Arlington, Virginia, ranked highest in retirement income, followed by Cambridge, Massachusetts, and The Woodlands, Texas, according to a SmartAsset analysis of the Census Bureau’s 2022 1-year American Community Survey. Three of the top eight large cities with the highest incomes were in the Washington, DC, area.” [Business Insider, SmartAsset]

Wine Shop Coming to Crystal City — “The popular Flight Wine Bar that shuttered in Chinatown late last year is reconstituting itself as a retail store in Crystal City. The 2,175-square-foot Flight Wine Shop is slated to open by the end of the year at The Grace, the multifamily building developed by JBG Smith Properties at the larger site known as 1900 Crystal Drive in Arlington.” [Washington Business Journal]

Arlington By the Numbers — From the Dept. of Environmental Services: “It’s #InfrastructureWeek. Seriously. Some Arlington numbers.” Stats cited by DES include 22 million gallons of wastewater treated daily and 1,400 tons of glass collected at recycling stations annually. [Twitter]

County Board Election Guide — “Your ballot will look a bit different because of ranked choice voting, and the results on election night likely will too. Last year, Arlington elections officials released the tally of the first-choice votes on Election Night, but county residents had to wait until Friday for the preliminary tabulation of the results.” [WAMU]

Clement Wants More Federal Offices — “Clement also referenced an executive order made by President Carter in 1978. ‘The order stipulates that whenever a federal agency relocates, it must give priority to an available space located in a city’s central business district rather than in a suburb,’ Clement said – and in this case, Arlington is counted as part of the central core rather than suburbia… ‘If elected, I am going to insist upon it,’ she said.” [Gazette Leader]

Karantonis Makes Endorsements — Arlington County Board Vice-Chair Takis Karantonis has endorsed both JD Spain and Tenley Peterson in the Democratic County Board primary. [Twitter, Twitter]

Board Member Is Hiring — From Maureen Coffey: “I’m hiring!!! This aide role will support me day to day. Have you ever wanted to see how local gov works and also have a cool hip boss? This is your chance!! Job includes admin, emails, scheduling w/significant opportunities for research/policy projects.” [Twitter]

F.C. Approves Tax Rate Decrease — “The FY2025 General Fund budget, inclusive of Schools and General Government, totals $137.8 million. The budget provides for a 7% growth for the General Government expenditures and local funding for City schools. The approved budget reduces the real estate tax rate by two cents from $1.23 to $1.21 per $100 of assessed value. The median homeowner’s real estate tax bill will increase by $174 or 1.5% with the rising assessed value of homes in the City due to market appreciation.” [City of Falls Church]

It’s Wednesday — Expect showers and possible thunderstorms after 2pm, alongside patchy fog from 7am to 2pm, with a high near 65, and a northeast wind of 8-10 mph. Precipitation is 80%, and new rainfall may reach up to three quarters of an inch. On Wednesday night there’s a 50% chance of showers and thunderstorms, with a low around 59. [NWS]


Sponsored

Each week, “Just Reduced” spotlights properties in Arlington County whose price have been cut over the previous week. The market summary is crafted by Arlington Realty, Inc. Maximize your real estate investment with the team by visiting www.arlingtonrealtyinc.com or calling 703-836-6000 today!

Please note: While Arlington Realty, Inc. provides this information for the community, it may not be the listing company of these homes.


Around Town

Good Tuesday evening, Arlington. Let’s take a look back at today’s stories and a look forward to tomorrow’s event calendar.

🕗 News recap

The following articles were published earlier today — May 14, 2024.

📅 Upcoming events

Here is what’s going on Wednesday in Arlington, from our event calendar.

⛈️ Wednesday’s forecast

Expect showers and possible thunderstorms after 2pm, alongside patchy fog from 7am to 2pm, with a high near 65, and a northeast wind of 8-10 mph. Precipitation is 80%, and new rainfall may reach up to three quarters of an inch. Wednesday night, there’s a 50% chance of showers and thunderstorms, a low around 59, and a north wind at 8 mph. See more from Weather.gov.

💡 Quote of the Day

“Thou shalt not be a victim, thou shalt not be a perpetrator, but, above all, thou shalt not be a bystander.”
– Yehuda Bauer

🌅 Tonight’s sunset

The MonumentCam screenshot above is used with permission of the Trust for the National Mall and courtesy of EarthCam.

Thanks for reading! Feel free to discuss the day’s happenings in the comments.


News

Temporary pickleball and beach volleyball courts could be coming to Crystal City as plans to build two apartment towers face significant delays.

A pair of 30-story apartment buildings are ultimately expected to bring 1,439 residential units and over 22,000 square feet of retail to 223 23rd Street S. and 2250 Crystal Drive. But the project approved in early 2023 won’t be getting off the ground until “construction costs and interest rates normalize” — likely next year at the earliest, developer JBG Smith told ARLnow.


Event

Cody Chance and Dick Nathan of Long & Foster are hosting a free workshop at our office on Cherry Hill Rd. (formerly Lee Highway) on the topic of “down-sizing” Thursday, May 16 from 5:30-7:30. We have created a workbook with an extensive planning guide to enable you to design a personalized written plan for your move. It includes copious resources specific to Northern Virginia to help you to find the best people to assist you, and to get your extra belongings into the hands of people who will value them. The format is a “guided group discussion” of the workbook, with a chance for the participants to ask their own questions.

We will cover three major themes:


Sponsored

Looking to buy a home?

Assumable mortgages offer a fantastic opportunity to save thousands on your mortgage, especially in today’s high-interest rate environment. Understanding loan assumptions can set you apart from the competition and allow you to take advantage of this unique opportunity.

What is an Assumable Mortgage?

An assumable mortgage allows the buyer to purchase a home by taking over the seller’s existing loan.

All VA, FHA, and USDA loans are assumable, and anyone can assume these loan types. For VA assumptions, the buyer is not required to have VA eligibility.

Example Savings

Consider an $800,000 home with a 20% down payment:

  • A new loan at 7% interest would have a monthly payment of about $4,258 (principal and interest).
  • Assuming a loan at 75% interest would have a monthly payment of only $2,612. That’s over $1,600 per month in savings — nearly $20,000 per year!

In the current rising rate environment, it would be very costly, if not impossible, for a buyer to obtain a rate several points below market by buying down the rate on a new loan.

Lower Closing Costs

Closing costs are reduced when assuming an existing loan compared to taking out a new one. First, there is no requirement for an appraisal with a loan assumption. Second, the buyer benefits from not needing to purchase a new lender’s title insurance policy because the existing policy remains in place. Combined, these two items can save buyers a few thousand dollars in closing costs alone!

Who Can Assume a VA Loan?

There are no eligibility requirements for FHA assumptions, and anyone can assume a VA loan, even if they are not a veteran! While there are military service requirements to originate a new VA loan, almost any buyer can take over an existing VA loan if they meet the lender’s financial qualifications, such as:

  • Sufficient income
  • Good debt-to-income ratio
  • Decent credit score
  • Required down payment funds (which could be substantial if the seller has significant equity)

How to Find Homes with Assumable Mortgages 

Until recently, it was exceedingly challenging to find homes for sale with assumable mortgages. Only about 10% of homes with assumable mortgages are advertised as such by listing agents, making it extremely difficult to use keywords to find those homes online.

Fortunately, if you are a prospective homebuyer in the National Capital Region, there is a purpose-built search platform to help — AssumeList. Veteran-owned, AssumeList enables users to search through every home listed for sale with a VA, FHA, and USDA assumable mortgage. Users can view interest rates and loan balances, and filter listings based on the down payment requirement (aka cash gap). Licensed agents who use AssumeList can even search all off-market homes with assumable loans. 100% of AssumeList homes contain an interest rate below 5%; the vast majority have rates of 3% and lower.

Not only can AssumeList help you find a home, if you work with one of their expert agents you’ll receive white-glove service throughout the entire assumption process at NO additional cost! From finding a home, to negotiating the contract, through working with the seller’s lender for prompt approval… AssumeList will get the job done!

The Bottom Line

As interest rates continue to rise, loan assumptions are primed to become increasingly popular. By educating yourself about this powerful financing option, you stand to benefit and save thousands on your next home purchase.

Exclusive 10% Off Discount Code: ARLNOW10OFF


Sponsored

This regularly scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Arlington resident. Please submit your questions to him via email for response in future columns. Video summaries of some articles can be found on YouTube on the Eli Residential channelEnjoy!

Question: Are you seeing any signs of more supply coming to the housing market?


Traffic

For the second time in as many weeks Columbia Pike was closed due to a gas leak apparently caused by construction activity.

The incident happened shortly before noon on the Pike near S. George Mason Drive.


Around Town

ARLnow is establishing its first news beat with the addition of two new editorial staffers.

ARLnow and its sister sites, ALXnow and FFXnow, will all be served by the new breaking news, public safety and local business beat. The beat will allow our newsroom to build more subject matter expertise while better serving readers and making our editorial operation more resilient.


Announcement

FREE Leadership Sessions will be conducted at the George Mason University –Arlington Campus for High School Latinas. The program runs from Monday 7/15 through Friday 7/19 from 10:00AM to 3:00PM EST each day (1-week).

Las sesiones de liderazgo GRATUITAS se llevarán a cabo en el campus de George Mason University – Arlington para latinas de secundaria. El programa se desarrollará desde el lunes 15 de julio hasta el viernes 19 de julio, de 10:00 a.m. a 3:00 p.m. EST cada día (1 semana).