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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.

by ARLnow.com Sponsor — March 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 spring real estate market is now in full swing with buyers snatching up 76 homes this week while 73 properties came on the market.

Mortgage applications spiked by 7% over last week reflecting the season of buying. Fresh inventory is hitting the market at the same pace as fresh buyers ratifying contracts.

Part of buyers’ motivation isn’t just seasonal. Mortgage rates crept upward slightly this week to 4.25% for a 30-yr fixed rate, and the Fed is expected to increase the short term bank rate this month, and more increases in the months ahead. Buyers want to lock in low rates before their purchasing power gets eroded by both higher interest rates and price increases. Agents are reporting bidding wars already this spring is some of the high demand areas.

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 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.”

Arlington’s market is heating up this week with 71 new listings and 62 homes sold.

The spring market has arrived. That’s the most new listings so far this year, and it’s helping to improve Arlington’s low inventory problem. The average days on market for the sold homes this week has dropped to 42.

Nationally, the pace of home sales is off to a slow start for the year. A combination of low inventory levels and rising interest rates is cited. Rates rose again this week by about 10 basis points to 4.35% for a 30-yr fixed rate. Mortgage rates are tied to the yield on the 10-yr long term Treasury note which has risen slowly but steadily since the elections.

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 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.”

There’s a glimmer of hope this week for Arlington home buyers. The pace of new listings has picked up with 51 homes going on the market. That’s the best week so far this year. And there’s a good variety of everything this week; condos, townhomes, and single family.  

Buyers have kept pace too, ratifying 51 contracts. Arlington currently has a total of 410 homes for sale of all types. That equates to only two months of inventory. Agents have already begun telling stories of multiple offers and mini bidding battles.  

More good news: mortgage interest rates dropped a tiny bit this week by about six basis points to 4.27% for a 30-yr fixed rate. That’s within just two basis points from the start of the year. Fannie Mae credits that holding pattern in rates to “mixed economic releases such as Friday’s jobs report and uncertainty about the Administration’s fiscal policies.”

Check out the listing of the week, a $4.2m townhouse overlooking the Potomac River.

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 3, 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.”

It’s barely February and already the biggest complaint in the market is the lack of homes for sale.

Agents and buyers are getting so desperate they are calling home owners directly asking if they want to sell. This week didn’t help. Only 43 new listings came on the market while 54 homes sold and went off the market.

Arlington’s available inventory continues to shrink. There are currently 401 homes actively for sale in Arlington. At the current pace of absorption, that’s now UNDER two month’s supply at 1.85 month’s supply of active listings. Nationally, this is the lowest inventory level since 1999. A market is considered in equilibrium when there is 5.5 months of supply.

With such an incredible seller’s market here, prices should be rising. But MRIS statistics show that 2016 ended virtually the same average price level as 2015. Actually, single family homes average sales price dropped 1.8% in 2016. How can that be?

Some speculate that incomes in our area have been flat for several years. So maybe Arlington is hitting a price plateau for awhile where average household incomes can only afford the current average home sale price. Whatever the reason, home buyers are already becoming very frustrated.

Mortgage rates ticked up slightly this week by a few basis points to 4.33% for a 30-yr fixed 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 27, 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, fresh new inventory outpaced sales in Arlington. Some 41 new listings came on the market this week, and 35 homes were sold. Of those sold, only seven had been on the market less than 10 days indicating that buyers are clearing out some of the old inventory.

Nationally, the last time our existing home sale supply was so low was back in 1999.

Last week, President Trump signed an order revoking an Obama Administration measure that lowered the cost of home ownership for low income and first time home buyers. Trump raised the rate of mortgage insurance on FHA loans. The measure is estimated to prevent 40,000 renters from becoming homeowners.

Also this week, the Dow Jones hit a new record of 20,000. The movement of investor capital from US Treasuries to the stock market caused an increase in the yield on the 10-yr note which influenced mortgage rates to spike Thursday by 10 points. The 30-yr fixed rate mortgage is now at about 4.3%.

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 20, 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 low inventory problem just got worse. Some 35 fresh new listings came on the market this week, but 43 buyers ratified contracts. Buyers are once again outpacing sellers. Of the 43 homes sold, five had been on the market over 200 days, and one was 688 days on market. The average sales price of those homes sold jumped to $718,486.

Check out the stunning new listing on Roberts Lane priced at $3.2 million.

Arlington’s low inventory did not make the list of the 10 US cities with worst housing shortages. The cities with lowest inventories are:

Seattle, Eugene, Grand Rapids, Buffalo, Fort Wayne, Sacramento, Detroit, Portland, Santa Rosa and Omaha.

Interest rates this week rose slightly by about 8 basis points to 4.2% for a 30-yr fixed 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 13, 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.”

Buckle up. The spring real estate market has arrived. The temps might still be low, but activity is high. Some 40 new listings came on the market this week, and 41 buyers ratified contracts including many homes that had been on the market over 100 days. Interest rates eased back this week about 10 basis points to 4.1% for a 30-yr fixed rate.

A new troubling trend has emerged. The rate of transaction failures has jumped from 1.4% two years ago to 4.3% last quarter, mostly involving first time home buyers and lower priced “starter homes,” according to a Trulia report. Realtors in our area have experienced this trend, more frequently caused by buyers financing falling apart before settlement. These events are highly stressful on all parties. Working with experienced agents and reputable lenders can help reduce the risk of transaction failure.

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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