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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.

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.

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