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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.

by ARLnow.com Sponsor — June 9, 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 has slid comfortably into a summer market this week. Activity picked up from last week’s slow pace. This week 73 new listings came on the market and 68 homes sold. Days on Market jumped to 44 pushed by some outliers that finally sold after over 500 days on market. I’ll bet that owner is happy.

Arlington’s market is stable and sustainable. Interest rates are helping. They slipped another 5 basis points this week as investors moved to the safety of 10-yr Treasury notes influenced by the uncertainty of political news coming out of Washington this week. The 30-yr fixed rate now stands at about 3.93% with no points. It’s a good time for both buyers and sellers to take action.

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 2, 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 Memorial Day weekend behind us, the weather sure feels like summer and so does the real estate market in Arlington. Activity dropped significantly this week by both buyers and sellers. Only 61 new listings came on the market, and only 55 contracts were ratified. The average days on market held at 37.

Nationally, sales of existing homes dropped last month by 3.3%, attributed primarily to lack of inventory. All regions of the U.S. showed a drop in sales activity except the west coast which boasted a 5.8% increase in sales, despite their lack of inventory.

Interest rates dipped slightly this week by 2-3 basis points to about 3.98% for a 30-yr fixed rate, the lowest so far this year. And unemployment has dropped to just 4.4%, the lowest in 10 years, signaling a tightening of the labor market which should start to boost wages and salaries.

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 — May 26, 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.”

Buyers once again were more active that sellers this week in Arlington. They ratified 89 contracts, while only 67 sellers braved to put their homes on the market. So the inventory level remains painfully low.

Freddie Mac reported that interest rates nudged about 7 basis points down to about 4.03% for a 30-yr fixed rate. Federal Reserve notes released Wednesday show an expected increase next month in the Fed’s benchmark rate which affects consumer interest rates like credit cards.

A report this week revealed the 20 most profitable cities for real estate appreciation. Nothing in our area came close. Topping the list were San Jose, San Francisco and Seattle. Arlington, on the other hand, showed zero percent appreciation in 2016 across the board for all types of housing; condos, townhomes, and single family. Can anyone explain how home values remained flat when there was only about 2.2 months of inventory and interest rates remained relatively stable? A conundrum…

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 — May 19, 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.”

Fresh new listings outpaced sales again this week for the second week in a row.

Arlington saw 87 new listings come on the market this week, with only 74 ratified contracts. Buyers and agents still complain that there isn’t enough inventory. With the total number of homes actively for sale at 576, and the current monthly rate of absorption at 296, there are only 1.9 months of inventory.

Of the homes sold this week, 32 sold within a week. Bidding wars are still common, especially for homes priced below $900,000. The market in Washington D.C. is far worse for buyers. Homes priced below $900,000 are attracting a ridiculous 15-20 offers. Good luck if you’re a buyer.

Mortgage rates edged down seven basis points this week, and Freddie Mac expects more downturn next week. Mortgage bankers attribute the drop to the political crisis this week in Washington causing uncertainty in the financial markets, which causes capital to seek safe havens like 10-yr US Treasury bonds. Influx of capital into bonds drops the yield, which influences long term interest rates like mortgages. At least something good is coming out of the political crisis. The 30-yr fixed rate mortgage ended this week at about 4.1%.

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 — May 12, 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.”

Buyers got a break this week as the tables turned a bit on sellers. More inventory entered the market than left the market. Some 97 fresh new listings hit the market this week, while buyers ratified only 77 contracts. Loan officers reported that applications dropped mysteriously without any explanation. The big boost in inventory is great news for buyers.

Incredibly the days on market spiked to 60 this week from only 22 last week. Of the 77 homes sold, 32 sold within a week. But there were 13 homes that had been on the market over a year that sold this week. Many of those exercised some late coming price drops that made them more attractive demonstrating that the market remains very price sensitive.

Mortgage rates held steady with just a slight rise. The 30-yr fixed rate rose about four basis points to end at 4.18%.

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 — May 5, 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 got the biggest boost in inventory for the year this week with 95 fresh new listings. And buyers were almost as quick to snatch them up with 90 ratified contracts, many of those transactions with multiple offers. The “days on market” dropped significantly to just 22 days, the lowest so far this year. Nearly all homes sold this week had been on the market under 100 days, and about 38% sold within a week.

Mortgage markets were stable this week with virtually no change in rates. The 30-year fixed rate remains at about 4.125%. The Fed met this week for two days and emerged without raising short term bank rates. Economists still expect the Fed to raise rates twice later this year on consumer debt.

Listing of the week: 921 N. Danville Street, a darling home in Clarendon.

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 — April 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.”

Fresh inventory poured into Arlington’s real estate market this week with 90 new listings. But buyers were more active ratifying 93 contracts. The spring market is still hot hot hot. Of those ratified, some 51 sold within a week. Even stale old inventory sold. One home sold that had been on the market over two years, and three more sold after more than a year on the market. Still, the average days on market was just 39.

Buyers’ agents were full of woeful tales this week of deals lost in multiple contract bidding wars. It takes skills and courage for buyers to win these days.

Interest rates dipped suddenly late last week and Monday this week prompted by a rush of domestic and international capital into the 10-yr Treasury bond as financial markets grew nervous over the mounting potential crisis with North Korea. That drove yields down, and long term interest rates followed. But that changed by mid-week, and mortgage rates have ticked back up to about 4.11% for 30-yr fixed rate. Lenders are encouraging buyers to lock in rates soonest they can.

Featured listing of the week: 3015 2nd Street N. — check out the 3-D virtual tour.

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 — April 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.”

It’s been a lackluster week for inventory and homes sales in Arlington. We are in the peak of the spring market, and only 75 new listings went up for sale and only 64 contracts were ratified. Some 27 of those sold this week lasted less than a week on the market. Stories of multiple contracts continue.

For all homes sold this week, the average days on market dropped to just 30, the lowest level so far this year. Arlington reflects the national market with low inventory everywhere. A Freddie Mac report this week expects to see fewer sales in 2017 just because of low inventory.

The reasons for low inventory include people not willing to sell because they are afraid they can’t find a replacement home; they can’t replace the mortgage on the next purchase with the same low rate they currently have; and builders are not delivering enough supply to keep up with demand.

For Arlington, pricing also tells a compelling story. The higher end market of homes priced above $1.5m has slowed, with average DOM of 100. But the sweet spot for pricing seems to be $500k – $999k where DOM is lowest at just 31. That number climbs to 46 for homes sold $1,000,000-$1,499,900.

Mortgage rates dropped again this week by about six basis points. The 30-yr fixed rate ended this week at about 4.16%.

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 — April 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.”

Buyers outpaced sellers this week in Arlington as 86 homes went under contract while only 80 homes went on the market.  This makes Arlington’s already low inventory even worse and puts ever more pressure on buyers competing on fresh new inventory. Of those homes sold this week, nearly half (41) were snatched up within a week of hitting the market.  Buyers are often bidding against 5-6 other offers. This sellers’ market has seen the “days on market” drop this week to only 29.

Buyers got a little relief this week as interest rates dropped about six basis points. The 30-year fixed rate is now at about 4.2 percent.

Can you answer this question: How could Arlington’s average home prices last year remain flat when inventory levels never rose above 2.5 months, and interest rates were relatively stable throughout the year? Traditional wisdom says home values rise during a sellers’ market. So what happened last year?

On a happy note, Bob Hope’s spectacularly designed “spaceship home” sold this week in Palm Springs for $13 million. The 23,000 square foot home is as unique as Bob Hope himself.

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

Just Listed in Arlington

by ARLnow.com Sponsor — April 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.”

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.

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 — March 31, 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.”

Home buyers battled fiercely this week over the fresh new inventory.

Some 68 properties sold this week in Arlington, and half of them were gone in a week or less. Agents and loan officers report that bidding wars were common with 2-6 competing offers. The secret to winning bidding wars is simple, but not easy. Two things: skills, and courage. Buyers need to heed the advice of their agents, be bold and go for the gold (remember, the house you lose today will serve as a comp on the next house you bid on as prices climb), and make sure you present your financial strength as powerfully as you can.

While top net price is always important to a seller, many other factors can be just as important or more important to sellers. So find out what the sellers want and need.

In this peak spring market, it’s disappointing that only 64 new listings came on the market this week. Meanwhile interest rates bounced around and ended up virtually the same as Monday, resting at 4.25% for a 30-yr fixed rate. Remember, rate is only one measure of a loan. Be sure to ask your preferred lender about their fees, origination points, and discount points to fully understand the cost of your loan. I’ll offer some advice on that next week.

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 — March 24, 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.”

Fresh inventory finally outpaced sales this week with 74 new listings and 63 homes sold. More agents are reporting bidding wars with 5-6 offers on some homes this week. Homes priced below $800,000 in Arlington are getting multiple offers if they are in good condition. One loan officer said he wrote four pre-approval letters for different buyers on the same house.

Nationally, sales were down this week compared to the last few weeks. Low inventory is cited as the problem.

Mortgage interest rates jumped around all week, finally ending virtually unchanged from last week at 4.25% for a 30-yr fixed rate. But lenders and economists agree that we can expect to see a slow steady increase in rates over the coming months.

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 — March 17, 2017 at 8:30 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 snow must have scared off sellers from listing their homes this week. Only 62 new listings came on the market, compared to 87 new listings last week. But buyers proved that the market is at full throttle by ratifying 83 contracts this week. Of those, the average days on market has dropped to just 32, and the average list price rose to $675,609. Of those sold, 33 were snatched up within a week of hitting the market.

At this pace of sales, and with only a total of 427 homes actively for sale, Arlington’s inventory has shrunk to just 1.28 months of supply. That’s starting to look like the crazy days in 2005. It’s undeniably now a seller’s market.

Mortgage rates bounced up and down this week with the Feds hike in its short inter-bank rate. Mortgage rates actually dropped right after the announcement. Rates ended the week lower at 4.25% for a 30-yr fixed rate. The Fed’s move will make consumer debt more expensive. The average credit card holder will pay $40 more per year in interest. And a home equity line of $30,000 will cost an extra $75 a 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 — March 10, 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 floodgates have opened and the inventory has poured in this week.

Sellers listed 87 homes this week in Arlington, the highest weekly volume of fresh listings so far this year. And buyers snatched up 78 properties in ratified contracts. Some 40 of those sold in seven days or less, while 14 had been on the market over 100 days. Of those sold this week, the average days on market dropped to only 37.

3223 1st St NInterest rates spiked up 11 basis points this week to an all-time high for the year of 4.38% for a 30-yr fixed rate. But don’t panic. That very well may recede in the coming days. The jump was caused by a report that the European Central Bank was backing off of bond purchases, which resulted in Euro bond yields jumping, which in turn influenced US Treasury 10-yr bond yields to rise. Our mortgage rates closely follow the yield changes on 10-yr treasuries. The European Central Bank has denied the report, so we hope to see rates fall back. Just a reminder that we live in a global economic world.

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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