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Just Listed in Arlington

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 fall real estate market is starting to show some trends already. Sellers are actively listing their homes, with 95 fresh listings this week. But buyers are lagging, ratifying only 65 contracts. This slow pace of buyer activity is showing up nationwide.

The canary in the coal mine is San Francisco, the hottest market in the US. Higher end homes are lingering on the market and price drops have started. It’s the same case with upper end prices in other markets as well. Abundant supply and record prices are causing buyers to pause. Many markets are seeing a shift from seller’s market to buyer’s market.

The low price market is just the opposite. There’s still a shortage of homes and buyers are snatching up what’s available.

The issue is affordability. Prices have hit record highs, while mortgage rates keep creeping up, and only in the last few weeks have workers started to see a small increase in average household income.

Mortgage rates jumped this week to their highest levels in seven years with the predominant rate for 30-yr fixed at 4.875% and some major lenders are at 5%. Next week it’s expected to get worse.

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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Just Listed in Arlington

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 stepped up big time this week, but home buyers retreated. Some 96 home owners put their properties on the market this week signaling the fall market is here. But only 55 buyers ratified contracts, most of those condos. An amazing 24 of those homes sold within seven days. That pace dropped the average days on market to just 29.

Mortgage rates remained steady this week with no real change, hovering at 4.65% – 4.75% for a 30-yr fixed rate.

Glossary Term: Earnest Money Deposit. A deposit which a buyer puts at risk when they submit an offer to show good faith and intent to complete the transaction. After all conditions in the contract have been satisfied, like a home inspection, the buyer can forfeit the deposit if they fail to close for any reason.

The deposit is usually held by the buyer’s brokerage or the title company. The deposit goes toward the buyers down payment and closing costs at settlement.

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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Just Listed in Arlington

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 were sleeping this week, but sellers were eager to get started in the fresh fall season.

Only 33 buyers ratified contracts this week. They were probably exhausted after partying over Labor Day weekend and then dragging themselves back to a short work week. But sellers seemed excited to get on the market with 67 new listings.

As the fall season begins, watch for the frequency of multiple contracts on fresh listings. That may be the earliest sign of the market’s temperature, whether cooling down or heating up. There is some concern that price increases may be hitting a ceiling as the average household income in Arlington has matched the affordability for the average home price.

So until incomes start to rise, we may not see much movement on prices. The average household income in Arlington has barely moved in the last five years.

Glossary Term: Setbacks.

Setbacks pertain to county building codes and are the distances allowed for a structure to be from the property lines.

In Arlington, they must be no closer than 25 feet in back and in front to the property lines. On the sides, neither side can be less than eight feet, and total for both sides cannot be less than 18 feet. So typically 10 + 8. Detached garages can be within 1 foot of back and side property line, and minimum 8 feet from any structural part of the house.

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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Just Listed in Arlington

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 last week of summer is typically one of the slowest weeks of the year for real estate activity. But this week was surprising with 58 ratified contracts and 57 new listings.

Some old lingering inventory got cleared out which raised the average days on market to 45. And buyers ratified 16 contracts on homes that had been on the market less than a week. So this was a strong last week of summer as we’re about ready to hit the Fall market after Labor Day.

Interest rates remained virtually unchanged at 4.65%-4.75% for a 30-yr fixed rate with no points.

Glossary term: Mortgage.

A mortgage is a loan secured by real estate. It consists of two instruments; a “promissory note” (basically an IOU) which details the terms like loan amount, interest rate, and period of repayment; and a “trust deed” which legally pledges the property as collateral. If you don’t pay, you don’t stay.

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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Just Listed in Arlington

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 one week left of summer, Arlington’s real estate market chugged steadily along with 59 new listings and 49 ratified contracts. The slower pace showed up with only 12 of those new listings selling within a week.

Days on market moved up a bit to 37. And interest rates remained steady as well at 4.625%-4.75% for a 30-yr fixed rate with no points.

Check out the listing of the week: Gorgeous mansion for $4.8m at 412 Chain Bridge Road. How about that stained glass ceiling?

Glossary term of the week:  Deed

There are basically two most common kinds of deeds; grant deed and trust deed.

A grant deed is the instrument that conveys title and ownership from one owner to another.  A trust deed is the instrument that pledges the property as collateral for a loan so if you don’t make your payments, a lender can legally take ownership of the property from you to repay the loan.

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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Just Listed in Arlington

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.”

While the last couple weeks of summer are typically slow, the Arlington real estate market showed signs of picking up. The average days on market dropped back down to 34 and some 69 sellers put their homes on the market this week, with buyers quickly snatching up 18 of those.

A total of 51 homes were ratified, leaving Arlington’s real estate inventory still on the lower side with only 495 listings as we approach Labor Day.

Mortgage rates dropped ever so slightly this week to 4.64% for a 30-yr fixed rate 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.

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Just Listed in Arlington

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 summer slowdown has finally hit Arlington’s real estate market. Only 50 sellers braved to put their homes on the market this week, but 54 buyers ratified contracts. The most significant change this week is that the average days on market, which had been hovering around 35, shot up to 45. It’s taking a little longer for homes to sell.

But here’s the good news for buyers: This is a great time to ratify a contract because you actually have an opportunity to negotiate. Right now it’s a little bit more of a buyer’s market. It won’t last long. Right after Labor Day the buyers will be back in force battling over the limited inventory. So if you can find the right house now, get a good deal and lock it up.

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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Just Listed in Arlington

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 real estate market performed well for the middle of the summer with 60 fresh new listings and 66 homes sold. Most of those homes were priced below $700,000. And 19 of them sold within a week.

The average Days on Market climbed a bit to 39, and total inventory shrunk to just 497 homes actively for sale. At this week’s pace of sales, all inventory would be sold in just 1.88 months which is considered very low.

Mortgage rates edged up this week by about 4 basis points to 4.7% to 4.75% for a 30-yr fixed rate with no points.

Falling trees or branches becomes an issue for many homeowners when summertime thunderstorms hit. Who is responsible for maintenance, and damages caused?

In Arlington, you have the right to trim any trees or branches that come across your property line. You can trim up to the property line, but not beyond. Any property damage caused should be covered by the hazard insurance of the damaged party regardless of the origin of the tree. There can be exceptions if a property owner serves notice to a neighbor about a risky tree. In such a situation, you are advised to get advice from legal counsel.

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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Just Listed in Arlington

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 stepped up the pace this week and gave a boost to the traditional summer doldrums of our real estate market.

They ratified 67 contracts compared to typically 50-55 sales a week in the summer. And sellers added another 78 fresh listings to the inventory. Some 25 of those got snatched up in less than seven days, mostly in price points under $700,000.

Mortgage rates have been flat this week hovering at 4.65% to 4.75% for 30-yr fixed rate. But the news Wednesday that the White House and European Union may avert a trade war could lead to higher rates, starting today. So pay attention.

  • Did you get flooded during that torrential downpour on Wednesday evening? Here are some tips to keep your basement dry:
  • Remove leaves & debris from outside stairwell drains
  • Clean your gutters of all leaves and debris
  • Make sure your downspouts carry the roof run off at least 3-4 feet away from foundation wall
  • If you have a sump pump, test it to make sure its operating properly
  • If you don’t have a sump pump, consider installing a French drain system on the interior foundation wall of your basement, and add a battery back up system to your sump pump
  • Grade the earth around the perimeter of your foundation wall to carry the water away, sloping 1/4 inch per foot
  • Or, you could just hope for the best!

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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Just Listed in Arlington

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 slower pace of sales has pushed Arlington’s “months of inventory” to 2.4 months from 1.9 months this spring. The number of active homes for sale is about the same as spring at 500-525.

The Federal Reserve chairman this week signaled in testimony on the Hill that the Fed is poised to raise the federal funds rate probably twice more this year based on the strength of the economy. The previous two hikes were 0.25% each. This short term rate effects consumer spending like credit cards and car loans.

Mortgage rates remained steady this week with the 30-yr fixed rate at 4.65%-4.75%.

An emerging trend for home owners in Arlington is home expansion and renovation rather than buy up. As new home prices are exceeding earth’s gravity, home owners are staying put and doing additions to get the space they need. Contractors and specialized lenders are reporting an increase in this activity.

Team Cathell has excelled for 20 years in advising home owners whether it makes sense to add space and renovate, or avoid the dust and buy up. If you are contemplating your options, give us a call and we can help you analyze your choices.

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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Just Listed in Arlington

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.”

Summer made its entry this week with hot temps and low real estate sales.

On cue, our market shifted downward a bit after the July 4th holiday with only 59 ratified contracts for the week. But sellers did their part by listing 79 homes which helps with our low inventory problem.

July and August are traditionally good times for buyers as fewer purchasers are in the market competing, so those who are can actually negotiate a deal. Remember, the market picks up again in September right after Labor Day.

Mortgage rates inched up just a few basis points this week to 4.65%-4.75% for 30-yr fixed rate with no points. Rates are 1/2% higher than a year ago.

While economists expect mortgage rates to continue a slow steady climb, we can expect a few periods of drops as investor capital seeks the safe haven of US bonds during our current and escalating trade wars with numerous countries.

While the price of all kinds of goods are likely to go up, we might get a few reprieves on mortgage rates. So pay attention and time your home purchases strategically. Good luck.

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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Just Listed in Arlington

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.”

Happy Birthday America!!

Team Cathell wishes you all the very best this week in celebrating our nation’s independence.

Call Team Cathell when you need to buy, sell, rent or have real estate managed in Northern Virginia. Call us at 703-975-2500.

Click to see all the fresh new inventory in MRIS and call Team Cathell when you find a home you like.

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Just Listed in Arlington

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 had another good week of summertime real estate activity with 91 new listings and 70 homes sold. That’s an excellent pace as we head into the July 4th holiday weekend. Typically, sales and listings drop significantly after July 4 as summer vacationing hits its peak. Beaches and pools take a priority over looking for a new home.

Arlington statistics are steady so far with an average 32 days on market and inventory standing at 1.9 months of supply.

Buyers got good news this week as interest rates dipped a little as capital moved out of stocks and into US 10-year treasury bonds. The Dow Jones Industrial Average index has dropped the last few weeks as the Trump Administrations trade war continues to create financial and economic jitters. The Dow is down about 1.9% year to date.

The 30-yr fixed rate mortgage is now about 4.65%-4.75%. It’s a great time for buyers to ratify a contract and lock in an interest rate.

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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Just Listed in Arlington

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 real estate market showed signs of slowing this week with only 61 ratified contracts and 100 new listings.

Properties in good condition and priced correctly are still selling quickly. Some 28 of those ratified contracts were homes that had been on the market only seven days or less. The average days on market has remained steady at 31.

Mortgage applications jumped up 5.1% this week driven by refinances and ARMs (adjustable rate mortgages). Apparently home owners late to the refinance party realize the window of opportunity is closing.

When should you refinance? If your current rate is 0.75% (3/4%) over the current market, with many years left to payoff, then it likely makes sense to refinance. There are many variables at play, so talk with an experienced loan officer.

ARMs have become popular again as rising interest rates lower a buyer’s purchasing power. But ARMs offer lower rates than 30-yr fixed and are shorter term, typically 5-yr, 7-yr or 10-yr. So this loan product is attractive to first time home buyers who are likely to move anyway within five years. The lower rates allow them to buy a higher priced home.

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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Just Listed in Arlington

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 real estate market marches along in early summer mode with a healthy 75 homes sold this week and 106 fresh new listings. Those are good summertime numbers.

Of those homes sold, some 27 were gone in seven days. The average days on market now sits at 31, and we have only 1.8 months of inventory at this sales pace.

Mortgage rates crept upward a few basis points this week on the news that the Federal Reserve raised its short term bank rate by 1/4% which will mostly effect consumer debt like credit cards, car loans, etc.. The 30-yr fixed rate with no points is now about 4.75% and is expected to continue its slow steady climb through this summer. We could be looking at 5% by early Fall.

While many economists are predicting a shift in business and economic trends based on 70 years of historical data of market shifts, the economy seems to care less what they think (and really, when were economists ever right?).

Job growth continues with unemployment down to just 3.9%, the lowest in 17 years. Arlington’s unemployment is only 1.9%. GDP continues to grow, this year tracking at 2.58%, and wages nationally are up 2.9% after about seven years of stagnation.

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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