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by ARLnow.com Sponsor September 22, 2017 at 6:00 am 0

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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.”

Sellers were active this week listing 93 homes in Arlington, but buyers were snoozing with only 63 ratifying contracts. Of those home sold, 19 were gone within a week. This has dropped the days on market to just 27, down from 37-39 in previous weeks. And the average list price of homes sold this week dropped radically to just $451,513, down from about $645,000 in previous weeks.

Mortgage interest rates remained unchanged on the 30-yr fixed rate with no points at about 3.95%. But the Fed announced Wednesday that it is starting to sell off its 10-yr Treasury bonds and mortgage backed securities from its balance sheet which is expected to cause an increase in the yield on 10-yr T bills. While that’s not good for mortgage rates, it does signal that the Fed has confidence in a strong economy that’s showing signs of increased growth.

And Freddie Mac said this week to expect to see rates rising very soon, like maybe next week. A US Census Bureau report shows that median household income across the US is at its highest historically at $59,039. That’s a 3.2% increase since 2015, a very good sign for the economy. However, in the greater DC Metro area including northern Virginia, household income has been flat for five years.

Click to see all the fresh new inventory in MRIS and call Team Cathell (703-975-2500) when you find a home you like.

by ARLnow.com Sponsor September 15, 2017 at 6:00 am 0

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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.”

Hellooo inventory! Home buyers finally got the break they’ve wanted with 108 new listings this week. There’s now a lot to choose from, and the homes are going fast. Some 28 of the new listings sold within a week. In total, buyers ratified 70 contracts this week. The Fall market is now in full swing.

Interest rates nudged upward about 4 basis points this week to about 3.99% for a 30-yr fixed rate with no points. Arlington now has 631 homes actively for sale. At the current rate of absorption, that’s still only 2.3 months of inventory.

Homeowners have until the end of the year to take advantage of the HARP program and lower their monthly payments and save thousands annually. The Obama program was part of the economic stimulus plan. If your mortgage balance is under $625,000 you may qualify. Google HARP for more information and how to apply.

Click to see all the fresh new inventory in MRIS and call Team Cathell (703-975-2500) when you find a home you like.

by Team Cathell September 8, 2017 at 6:00 am 0

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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.”

The holiday Labor Day weekend drew more buyer attention than the negotiating table. Buyers ratified only 41 contracts this week, the fewest since New Year’s week. But sellers braved the market and listed 71 homes with a nice selection of mid-priced single family properties. Check out what could be the narrowest home in Arlington (12-ft wide) at 711 N. Barton Street.

Interest rates remained virtually unchanged this week, dropping just two basis points to about 3.97% for a 30-yr fixed rate with no points. It seems homeowners got the memo with a spike in refinancing in the last two weeks. Good for them. A promising sign for the fall market is that purchase mortgage applications are up 5% over this time last year.

Click to see all the fresh new inventory in MRIS and call Team Cathell (703-975-2500) when you find a home you like.

by ARLnow.com Sponsor September 1, 2017 at 6:00 am 0

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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.”

Arlington’s summer market continued at a good pace this week with 71 new listings and 61 ratified contracts, 19 of those selling within a week.

Interest rates fluctuated this week with a drop of about eight basis points, then a regain to end a few basis points lower. The 30-yr fixed rate with no points is now at about 3.97%. Jittery investors moved capital into US Bonds on the news of the North Korean missile launch over Japan, which lowered the yield. But strong economic news on jobs growth and quarterly GDP growth is expected to lead to higher long term rates.

Our hearts go out to the victims of Hurricane Harvey. We encourage you to help however you can, but be cautious. Already there are scammers seeking donations. So give to reputable organizations.

Click to see all the fresh new inventory in MRIS and call Team Cathell (703-975-2500) when you find a home you like.

by ARLnow.com Sponsor August 25, 2017 at 6:00 am 0

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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.”

With only two weeks left of summer, some smart buyers ratified 59 contracts this week, well before the rush of buyers that typically show up after Labor Day.

Of those 59 sold homes, some 23 were snatched up in less than seven days on the market. Sellers weren’t shy either. They put 82 homes on the market this week. The days on market statistic dropped to just 33.

Meanwhile, interest rates stayed virtually the same with the 30-yr fixed rate at 4 percent with no points.

Did you know China is the largest foreign investor in real estate in the U.S.? Their top 5 favorite locations are Miami, New York City, Los Angeles, San Francisco, and Boston. Why those cities? It seems they prefer being near top universities where their children are attending.

Click to see all the fresh new inventory in MRIS and call Team Cathell (703-975-2500) when you find a home you like.

by ARLnow.com Sponsor August 18, 2017 at 6:00 am 0

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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.”

Arlington’s summertime real estate market is still quite lazy with only 50 homes sold this week, eight of those within seven days. Sellers were more active putting 74 homes on the market. It was an especially good week for mid-priced single family homes with numerous choices in the $700,000 – $950,000 price range.

The days on market has nudged up to 45, and the “months of inventory” also climbed from 2.1 as recently as May, to 2.9 this week. Interest rates stayed totally flat, still hovering at 4% with no points for a 30-yr fixed rate.

Buyers have a window of opportunity between now and early September to negotiate good deals with sellers before the market shifts into high gear after Labor Day when scores of buyers compete for nice homes. And, buyers can lock in these low rates before they start to rise.

Click to see all the fresh new inventory in MRIS and call Team Cathell (703-975-2500) when you find a home you like.

by ARLnow.com Sponsor August 11, 2017 at 6:00 am 0

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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.”

Complacency has dominated Arlington’s real estate market this week. The worst thing that can happen is when neither sellers nor buyers are motivated to do anything. That’s what the numbers show. Some 60 sellers braved to list their homes this week, while only 45 buyers rallied their courage to ratify contracts.

Mortgage rates fueled the complacency. They did nothing. Rates remained unchanged with the 30-yr fixed still hovering at 4%. Historically, data shows that markets go flat when rates don’t move for long periods. But as soon as rates move either direction, up or down, there’s a flurry of buyer activity.

There may be a generation war brewing on housing. The much maligned milliennial generation, according to a Bloomberg Report, is blaming the Baby Boomers for the inventory shortage and inability of millennials to find housing. Boomers are being blamed for not selling their homes and moving up, or down. It will be fun to see how this plays out.

Click to see all the fresh new inventory in MRIS and call Team Cathell (703-975-2500) when you find a home you like.

by ARLnow.com Sponsor August 4, 2017 at 8:00 am 0

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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.”

The summertime blues have finally hit Arlington’s real estate market. This first week of August witnessed only 58 new listings and only 53 ratified contracts. Further evidence of a slowdown is a report that mortgage applications for home purchases dropped 2% this week.

Interest rates flattened again with virtually no change. The 30-yr fixed rate is still lingering at about 4%. It’s a good time to buy, especially for renters. While the summer market is slow, it gives buyers more room to negotiate aggressively. Inventory has risen from about 2.1 month’s supply just four months ago, to 2.6 months as of this week. And, the median rent rate in Arlington rose 10% since February when it was $2,950. Today, the median rate is $3,250. It’s time for renters to get off the fence and buy a home now.

Click to see all the fresh new inventory in MRIS and call Team Cathell (703-975-2500) when you find a home you like.

by ARLnow.com Sponsor July 28, 2017 at 6:00 am 0

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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.”

Sellers were not shy this week. They listed 87 homes for sale. But buyers were a little hesitant, or maybe just having too much fun at the beach. Buyers ratified 58 contracts, and 16 of those homes sold in less than a week.

Mortgage interest rates were essentially unchanged this week with the 30-yr fixed rate still hovering at 4%.

The Federal Reserve met on Wednesday and decided not to raise their short term rate but expressed the likelihood of an increase before the end of the year. More importantly, the Fed indicated it will start shedding its balance sheet holdings of US Treasury bonds and mortgage backed securities in September. This is expected to cause a slow steady rise in mortgage rates.

Click to see all the fresh new inventory in MRIS and call Team Cathell (703-975-2500) when you find a home you like.

by ARLnow.com Sponsor July 21, 2017 at 6:00 am 0

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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.”

Incredibly, the summer real estate market got hotter this week as temperatures also soared. Some 84 brave sellers put their homes on the market this week while 75 buyers ratified contracts. Of those, 34 sold within a week. There’s essentially been no slowdown of Arlington’s market this summer.

Good news for buyers, mortgage rates slid back about seven basis points following about the same drop in the yield on the 10-yr US Treasury bond. The 30-yr fixed rate is now at about 4%-4.1% with no points.

A new Pew Research Center report shows that the nation has the highest renter rate since 1965. Nearly 37% of households are renters, based on Census data. The largest demographic increase is millennials, those 35 yrs and younger. Major factors are high student loan debt, lack of savings for down payment, and desire to maintain mobility and not commit to a single location for the long term. When asked, renters said their biggest regret was wishing they had bought a home. The report said that in the long run, buying is still a better financial deal than renting.

Click to see all the fresh new inventory in MRIS and call Team Cathell (703-975-2500) when you find a home you like.

by ARLnow.com Sponsor July 14, 2017 at 6:00 am 0

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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.”

It’s the middle of summer, and Arlington’s real estate market just keeps chugging along. Some 66 new listings came on the market this week, while 61 homes sold with 21 of those sold within seven days.

Those are good, stable numbers. The average days on market dropped to just 35 demonstrating it’s still a good time to sell, and to buy. But both homeowners and homebuyers need to recognize that mortgage interest rates are on the rise for the foreseeable future. Buyers need to move fast and ratify a contract so they can lock in a rate. And homeowners who have procrastinated too long to refinance need to light a fire and get it done NOW. Interest rates rose eight basis points this week to about 4.14% on a 30-yr fixed rate with no points.

Here’s the rule of thumb on deciding whether you should refinance. If your current mortgage has more than 12yrs remaining, and the interest rate is 3/4% (0.75%) or more above current market rate, you should strongly consider refinancing to lower your current payment and reduce total cost over the lifetime of the loan. When shopping for a loan, remember there are two elements: interest rate, and points. Be consistent, and ask for rates with no points to ensure you are comparing apples to apples.

You always have the option to pay “discount” points which will lower the rate. You should always ask your loan officer about your “break even” point. That is, how many payments will it take in monthly savings from lowered payment to recover the total out of pocket cost of refinancing. A good loan officer is your best ally in determining how best to structure a refinance based your unique priorities…. Just don’t hesitate. Get started.

Click to see all the fresh new inventory in MRIS and call Team Cathell (703-975-2500) when you find a home you like.

by ARLnow.com Sponsor July 7, 2017 at 6:00 am 0

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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.”

The Fourth of July holiday drew attention to beach and travel, and away from real estate this week. Only 69 new listings came on the market, and a measly 36 homes went under contract. But that’s typical each year for fireworks week.

Interest rates continued their climb this week, rising about 10 basis points to 4.06 percent for a 30-year fixed rate with no points. Rent rates also showed an unusual jump. The median rent rate rose from $2,900/mo in March to $3,200/mo in June. Might be time for some renters to consider owning.

Arlington’s foreclosure rate has dropped to its lowest since well before the Great Recession to just 0.69 percent. And Arlington’s rate of property value appreciation rose 2.2 percent to 4 percent over the last year, depending on the source. But all anticipate only a 0.4 percent increase for the rest of this year.

Click to see all the fresh new inventory in MRIS and call Team Cathell (703-975-2500) when you find a home you like.

by ARLnow.com Sponsor June 30, 2017 at 6:00 am 0

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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.”

What a crazy week for the Arlington real estate market. It set a new record for the year with the most new listings and the most sales in one week. So much for the myth of summer doldrums. Some 100 homes went on the market, while buyers snatched up 104 homes with ratified contracts. And 38 of those sold in a week or less. Days on market held at 38.

It seems Arlington’s savvy buyers got the memo that interest rates are on the rise, and acted early to lock in lower rates. The 30-yr fixed rate ended the week four basis points higher at about 3.95%.  A sell off in the bond market on Tuesday caused the yield on the 10-yr US Treasury bond to rise, which pulled up rates on mortgages. Rates are expected to steadily creep higher for the rest of the year.

Click to see all the fresh new inventory in MRIS and call Team Cathell (703-975-2500) when you find a home you like.

by ARLnow.com Sponsor June 23, 2017 at 6:00 am 0

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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.”

The real estate market thinks it’s still spring time. Some 87 fresh new listings came on the market this week, while 74 homes sold with 25 of those selling within a week. That pace kept the days on market low at 37.

Interest rates remained steady, edging slightly downward by two basis points on the news that inflation dropped in May to just 1.9%. The 30-yr fixed rate mortgage is now at about 3.9% with no points.

Click to see all the fresh new inventory in MRIS and call Team Cathell (703-975-2500) when you find a home you like.

by ARLnow.com Sponsor June 16, 2017 at 7:00 am 0

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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.”

As the summer begins, Arlington’s real estate market remains vibrant. Sellers were busy listing 76 homes, and buyers were busy ratifying 69 contracts. Some 22 of those homes sold within a week. The average days on market dropped to just 35. There are now 584 homes actively available on the market. At the current absorption rate, that’s only 2.1 months supply of inventory, nearly the same as the peak of the Spring market.

If you haven’t already refinanced, NOW might be a good time. Mortgage interest rates ended lower this week by just 2 basis points, the 5th week in a row of lower rates. But the Fed on Wednesday raised short term rates that affect consumers, and more importantly signaling that they will scale back on their holdings of 10-year U.S. Treasury bonds and mortgage backed securities. This move is expected to result in higher long term rates like mortgages. So it is a good time to refinance.

Click to see all the fresh new inventory in MRIS and call Team Cathell (703-975-2500) when you find a home you like.

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