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by ARLnow.com Sponsor February 16, 2018 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 enjoyed a tidal wave of new listings this week, but rising interest rates rained on their parade.

Some 92 fresh new listings came on the market in Arlington, and buyers ratified 54 contracts. An incredible 24 new listings sold within seven days. And 10 of the homes ratified this week were listed over $1m helping to strengthen the upper end market.

But buyers got hammered by a jump in mortgage rates. The 30-yr fixed rate is now 1/4% higher than it was last week ranging now at 4.5%-4.65% for a 30-yr fixed. In this volatile mortgage market, rates vary greatly among lenders so buyers should shop diligently, and quickly, once they ratify an offer and can lock in their rate.  A half point increase would cost roughly $90/mo on a $300k loan.

Rates are expected to continue their climb. Inflation surged last month by 1/2% to an annual rate 2.1% which will likely inspire the Federal Reserve to raise short term rates sooner than later 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 February 9, 2018 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 sellers finally out performed home buyers this week in Arlington. While buyers ratified 51 contracts, sellers listed 69 properties on MRIS this week. That has helped the chronic problem of low inventory. At the current pace of absorption, and with only 332 homes actively for sale, the “months of inventory” has risen from 1.02 last week to 1.6 this week.

Economists consider a market to be in equilibrium when there is 5-6 months of inventory. So, Arlington should be experiencing an extreme sellers’ market with crazy bidding wars and skyrocketing prices. But it’s not. Instead the market is more often performing like a buyer’s market.

Even in multiple contract situations, buyers are reluctant to offer much over list price, or even less than list price. The market appears schizophrenic. There is high demand in Arlington, yet those buyers seem reluctant to commit unless they perceive they are getting a great deal, which is difficult to achieve in a seller’s market.

Time is not on the buyer’s side. Interest rates rose another 10 basis points this week to their highest levels since 2014. The 30-yr fixed rates is now at 4.35%-4.5%. And rates are expected to continue their steady climb, slowly eroding buyers’ purchasing power.

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 February 2, 2018 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 great week for buyers. Some 84 new listings came on the market in Arlington this week, and buyers ratified 59 contracts.

An incredible 27 new listings sold within seven days, all but two priced under $1 million. The upper market appears to be rebounding from last fall’s slump. Of the 59 homes that sold this week, eight were priced over $1 million. The average days on market has now dropped to just 43.

At this week’s current high pace of absorption, and with ONLY 343 homes actively for sale (including condos and townhomes), Arlington currently has a remarkable ONE month’s supply of inventory. This is the lowest level that I can recall in the last 20 years.

The Federal Reserve on Wednesday voted to keep its short term rate unchanged but signaled increases in coming months. The Fed cited an improving economy, tightening labor markets and an unemployment rate of just 4.1%, the lowest in 17 years.

Long term interest rates however continue to increase for a fourth week in a row. Freddie Mac reported the average 30-yr fixed rate is up over a 1/4% from the first week of the year. Increased borrowing by the US Treasury is putting upward pressure on rates. The 30-yr fixed rate ended this week about 9 basis points higher at 4.34%, but rates vary widely among lenders so be sure to shop around.

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 January 26, 2018 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.”

For buyers in the Arlington market, it’s been a rough and tumble week. Low inventory and a surge of buyer activity has created a highly competitive environment.

Only 49 sellers listed their homes this week, but 57 buyers ratified contracts and 21 of those new listings sold within seven days. That’s a lightening pace of absorption, and not just in the mid to lower price points. Some 11 of the homes sold this week were priced over $1m, the highest pace in months.

Interest rates rose again this week about 5 basis points to about 4.25% for a 30-yr fixed rate, but there’s a big swing in rates depending on lenders. So be sure to shop around before locking in a rate. Freddie Mac expects rates to continue a slow steady rise as the economy continues to improve and labor markets are tightening which should produce increased household incomes.

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 January 19, 2018 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.”

Hooray! Somebody opened the inventory gates this week. Buyers were happy to have 56 new listings to choose from, and they wasted no time. They ratified 54 contracts on Arlington homes. Some 17 of those homes sold within a week, and seven sold for over $1 million.

It might be snowy outside with freezing temps, but the real estate market is in Spring season. Agents are reporting a surge in buyer showings and attendance at open houses. The days on market this week shot up to 72 due to about 15 sold homes that had been on the market over five months.

Interest rates ticked up again this week by 4 basis points. The 30-yr fixed rate is now about 4.2%, but some lenders are still offering 4% while others are at 4.3%. So be sure to shop around before locking in a rate. Freddie Mac said yesterday that we can expect to see, “upward pressure on long-term rates.”

Some great news for Arlington: We are still in the running for the new location of Amazon’s HQ2. Northern Virginia got short listed yesterday among the top 20 locations. Some 238 cities had applied.

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 January 12, 2018 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 real estate market picked up a bit this week as 31 buyers ratified contracts and 28 sellers listed their homes. Arlington’s inventory shortage continues as buyers outpace sellers. Of the 31 homes sold this week, only two sold for over $1 million, and seven homes sold within a week. A lot of aging inventory got cleared out, which pushed the average days on market to 63.

Mortgage applications shot up 8.3% this week nationally, mostly for refinancing. Home equity increased in several areas of the US that are still recovering from the recession. Also, homeowners want to take advantage of today’s low rates for fear of rates increasing later this year.

Mortgage rates this week shot up early, then dropped back to about a 10 basis point increase. The 30-yr fixed rate mortgage is now about 4.1%. But this week rates vary significantly among different lenders so be sure to shop around before locking in your 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.

by ARLnow.com Sponsor January 5, 2018 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.”

Happy New Year! Team Cathell wishes you an outstanding 2018!

Arlington’s real estate market has already picked up steam this week with 26 new listings and 24 homes sold. Currently there are 346 active home sale listings in Arlington. At the current rate of absorption, that’s 3.6 months of inventory. That’s how we are starting off the year.

The Spring real estate market for our area starts mid January as buyers scour the low inventory in search of deals. The Spring market typically hits its peak about mid March and sustains that level until Memorial Day holiday weekend in May.

Mortgage rates bounced around a bit this week ending about 5 basis points lower following the drop in the yield on the 10-yr US Treasury bill this week. The 30-yr fixed rate mortgage is about 3.95%. Freddie Mac doesn’t expect to see much increase any time soon. On Wednesday, it reported that “there isn’t much upward pressure on long term interest rates at the moment.”

Memo to buyers: It’s a great time to buy, if you can only find that special 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.

by ARLnow.com Sponsor December 29, 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.”

Historically, the week between Christmas and New Years is the slowest of the year for real estate activity, and this week lived down to the expectation. Only 12 new listings hit the market, and buyers ratified only 16 contracts this week. For this posting, there are only a few new listings still active for your review.

A number of Arlingtonians have lined up at the county’s Treasurer’s office to prepay their 2018 property taxes so they can deduct them in their 2017 tax return before the new tax law goes into effect. But most likely they won’t get the deduction, and all they are accomplishing is providing the county with an interest free loan. That’s because the IRS this week issued an opinion that a deduction can only be taken if the municipality issues their 2018 assessments in 2017. Arlington won’t issue its property assessments until next month.

“A prepayment of anticipated real property taxes that have not been assessed prior to 2018 are not deductible in 2017,” the IRS said in its advisory on Wednesday.

The new tax bill caps the amount that tax filers can deduct in state and local income, sales and property taxes at $10,000, beginning next 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 December 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.”

Buyers didn’t get the memo that it’s the Holiday Season when you shop for presents, not houses. They went out and ratified a whopping 40 contracts on homes in Arlington this week. Sellers only listed 19 homes. They must have figured buyers would be Christmas shopping. Boy were they wrong.

Of the 19 new listings, eight sold within a week. And of the 40 ratified contracts, all but one were priced under $900,000. The days on market jumped to 63 because several home sold that had been on the market over a year. This all points to strong demand, and a vibrant market.

Interest rates remained unchanged this week, hovering at 4% for a 30-yr fixed rate.

The big news this week of course is the new GOP tax plan. As a result of three key changes, a Moody’s Analytics report on Monday says that by the summer of 2019 home prices will be 4 percent lower nationally than what they would have been if no tax bill was passed. It will be worse for high value east coast and west coast properties.

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 December 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.”

Even in the holiday season, people still need to buy and sell homes. Between shopping and hanging decorations, 34 buyers ratified contracts this week while 28 sellers listed their homes for sale. Arlington’s real estate market just never stops. Of the 34 homes sold, seven sold within a week and six sold for $1 million or more.

Interest rates remained virtually unchanged with just a slight drop by two basis points to 3.98% for a 30-yr fixed rate. The Fed raised its short term rate for only the third time in 2017 to 1.5%. This doesn’t directly affect mortgage rates, but it does affect consumer rates like credit card debt.

The elephant in the room this week effecting the housing market is the latest tax reform plan in Congress. The House and Senate have reached a compromise plan that could be put to a vote next week. Key elements are:

— Allow mortgage interest deduction up to $750,000 debt on owner occupied home
— Double the estate tax exemption up to $11.2 million
— Keep deductions for medical expenses and student loan interest
— Keep deductions for teacher expenses for school supplies

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 December 8, 2017 at 11:00 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.”

Listings and sales picked up a little this week over last week. Sellers listed 41 homes, while buyers ratified 37 contracts on homes priced from $140,000 to over $2.2 million. The upper end market also saw a boost with seven sales over $1 million. And nine of the new listings sold within seven days.

Interest rates bounced around this week ending about four basis points lower at about 3.96% for a 30-yr fixed rate.

The Republican Senate and House are now trying to reconcile their two different tax reform bills and some of the provisions effecting homeowners may be dropped or modified. Watch the news to see what happens and how it will effect your wallet.

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

(We apologize, but we are having issues with our website links this week. The individual links have been temporarily removed due to technical difficulties. You can use this link to get some information on the properties.)

  • 1304 MEADE ST #APPT #1 ENG4, ARLINGTON, VA 22209 – $299,000
  • 2605 WALTER REED DR #B, ARLINGTON, VA 22206 – $319,900
  • 4073 COLUMBIA PIKE, ARLINGTON, VA 22204 – $599,888
  • 2216 CULPEPER ST S, ARLINGTON, VA 22206 – $639,000
  • 1200 HARTFORD ST N #211, ARLINGTON, VA 22201 – $659,000
  • 2819 21ST RD S, ARLINGTON, VA 22204 – $739,000
  • 4418 7TH ST N, ARLINGTON, VA 22203 – $755,000
  • 3611 3RD ST N, ARLINGTON, VA 22201 – $1,190,000

by ARLnow.com Sponsor December 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.”

The Thanksgiving hangover may have slowed the pace of real estate activity this week in Arlington.  Only 29 sellers braved to put their homes on the market, and only 29 buyers ratified contracts this week.  That’s not unusual for the season. What was surprising is that only three homes sold within a week, and many homes that sold had been on the market a very long time, one as long as 655 days.  That raised the average days on market to 68. A lot of stale inventory got cleared out this week, and that’s a good thing.

Mortgage purchase applications were up 2% this week and 6% over the same week a year ago which could indicate increasing demand.  Meanwhile, refinance applications dropped to their lowest level since January indicating the refinance market may have run its course by now.

Watch for news in the coming days about household incomes finally starting to increase. This should have a considerable influence on consumer confidence that will translate into stronger housing demand.

Interest rates bounced around and ended up unchanged at about 4% 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.

by ARLnow.com Sponsor November 17, 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.”

Yikes! On the eve of Thanksgiving week, only 39 sellers braved to put their homes on the market this week despite the steady healthy absorption rate. Some 51 buyers stepped up and ratified contracts this week. But there are further signs that the higher end market is weakening. Of those sold, only nine sold within a week and none were priced over $1 million. The average days on market also shot up this week to 63, the highest for the year. And only four homes sold this week priced over $1 million.

There’s been much talk about the GOP’s tax cut plan that would affect the mortgage interest deduction. But new affordable housing is also targeted in the plan. The GOP House plan wipes out the exempt status of “private activity” bonds used to fund 50% of new construction for affordable housing. This act will severely curtail the public-private partnership to deliver affordable housing in communities for low income families, veterans, teachers, seniors, firemen, police officers, and special needs.

Interest rates bounced around this week ending virtually unchanged at 4.1% for a 30-yr fixed rate with no points. Remember when shopping for a loan to compare apples to apples. Makes sure you get quotes for the exact same product, and specify based on no points so you can accurately compare.

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

(Unfortunately, were are currently having issues with our website but these links at least allow you to get access to information about the properties.)

by ARLnow.com Sponsor November 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.”

Buyers kept a steady pace this week by ratifying 54 contracts in Arlington, and sellers refilled the inventory bucket by listing 60 homes. It appears the upper price range is softening in Arlington as only four of those homes sold this week were listed above $1 million. Some 16 of those ratified were gone within a week, and only one was priced above $1 million. The average days on market was 49 showing the trend of homes taking more time to sell.

There’s been much talk lately about the GOP proposed new tax plan with elements that will significantly affect home owners in this affluent area. Jerry Howard, CEO of the National Association of Home Builders, said the plan could lead to a housing recession. His members are “irate” that the plan would slice the mortgage interest deduction in half.  “There are seven million homes on the market right now that are more than $500,000. Those houses are automatically going to be devalued,” he said.

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 November 3, 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 Fall real estate market kept a strong pace this week with 58 fresh listings and 55 homes sold. Eight of those homes sold within a week and all were priced under $1 million. Many of the homes sold had been on the market over 60 days helping to clear out some inventory. That raised the Days on Market to 57, well above the level of 35 in previous weeks.

Congress revealed terms of a new tax plan that would impact home owners. The proposed changes would cap the deduction for property taxes at $10,000 and preserve the mortgage interest deduction only for existing mortgages and new purchases with loans of $500,000 or less.

Interest rates remained unchanged this week with the 30-yr fixed rate at 4.12% 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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