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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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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 have been happy this week to see inventory pick up giving them more choices. But not so happy to see interest rates creep back up.

Home sellers listed 105 properties this week and buyers ratified 61 contracts, 23 of those within seven days. The market is still strong as we slide into summer.

Mortgage rates dropped 10 basis points last week caused by the turmoil in Italy’s elections so investors moved their capital to safe US Treasury 10-yr bonds, which drove the yield down.

But this week rates bounced back up over 6 basis points and are expected to continue the slow steady climb in the weeks ahead. The 30-yr fixed rate is now at about 4.7%-4.75% with no points.

Nationally, home values increased over the last three months by 6.9% with Washington state leading the nation with about 10% increase. But here in Arlington it’s a different story. In the last three months, single family home prices increased 2.9% with an average sales price of $1,033,734. Meanwhile, condo prices enjoyed a 5.1% increase with an average sales price of $458,981.

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 lived up to the traditional Spring real estate market schedule this week. Both listings and sales dropped significantly following the Memorial Day weekend which typically is the first benchmark for the end of the hot spring market.

Some 86 sellers listed their homes this week, and 68 buyers ratified contracts. But that’s still a pretty good pace. The average days on market dropped to just 27, but the inventory level climbed a bit to 1.9 months. At the current rate of absorption, if no other listings came on the market, every home would be sold in 1.9 months.

Buyers got good news this week as interest rates dropped by 10 basis points to about 4.65%-4.7% for a 30-yr fixed rate with no points. The number of mortgage applications for purchases was up by 3% over the same period last 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.

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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 bounced back this week to match the peak Spring season with 122 fresh new listings and 97 homes sold. Of those, 41 homes sold within seven days.

This pace could indicate that the strong spring market may keep accelerating as we head into summer. Typically, the spring market starts to slow over Memorial Day weekend. But this year the spring market started very late because of our never ending winter.

And with all that pent up demand, the market could continue at a feverish pace right into the summer. Why? High demand and very little supply. This is a national condition, not just regional.

Adding to the buyer’s sense of urgency is the rise of interest rates. Freddie Mac reported this week that rates rose another six basis points. The 30-yr fixed rate with no points is now at about 4.8%-4.85%.

“Mortgage rates so far in 2018 have had the most sustained increase to start the year in over 40 years,” Freddie Mac said.  “At a time when housing inventory remains extremely low, it’s worth watching whether these higher borrowing costs lead some would-be sellers to stay put in their current home.”

Sellers are reluctant to sell because they can’t find a replacement home, and because their new mortgage will be at a higher 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.”

Is the heavy rain this week responsible for dampening Arlington’s real estate market?

Why else were sellers hesitant to put their homes on the market, and buyers seemed to take a siesta? Only 106 new listings hit the market this week, and buyers ratified only 64 contracts. That’s way off the pace of the last several weeks. Of those sold homes, nearly half sold within seven days.

Interest rates got a jolt on Tuesday reaching the highest levels in seven years. The 30-yr fixed rate is now ranging 4.75% to 4.85% with no points. It won’t be long before rates break the 5% barrier. Rising rates erode buyers purchasing power and forces them to look at homes priced lower.

Agents and lenders are reporting that homes, townhomes and condos priced below $800,000 are frequently receiving multiple offers. How do you win in the bidding wars?

Numerous variables are involved that all contribute to delivering the most attractive offer. But it starts with finding an experienced agent with a winning track record in the bidding wars. While sellers like to select the offer with the highest price, they often choose an offer based on other factors like the closing date, or free rent back, or fewest contingencies.

If you are a buyer just getting started, and know you’ll be buying below $800,000 you should talk to several agents and find one with the experience and skills to get you into the winner’s circle.

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 enjoyed another week of robust real estate activity.

Sellers listed 124 homes for sale this week, while buyers ratified 84 contracts. Some 41 of those homes sold within seven days of hitting the market. That’s a clear demonstration of incredible demand. The upper end market showed continuing strength as well with 14 home sales over $1 million. Arlington still has only 1.5 months of inventory.

Interest rates held steady this week with the 30-yr fixed rate hovering at about 4.65% with no points. Be sure to shop around for the right mortgage for you because rates right now vary among the many lenders. When comparing rates, be sure you ask for a rate with NO points so you are comparing apples to apples.

Here’s some great news for condo owners in Arlington. For the three month period of February-March-April, the average price of a condo went up 8.3% over the same period last year. That’s an amazing rate of appreciation, the highest among any housing type in Arlington since the great recession in 2008. Way to go condo owners!

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.”

It’s been another wild and crazy week for real estate in Arlington with some good news for home owners.

Buyers were thrilled to see more fresh inventory as sellers listed 122 homes for sale this week. Buyers were quick to act by ratifying 79 purchase contracts, with an incredible 44 of those on homes that had been listed for less than a week. Agents are telling stories again of bidding wars with as many as 15 contracts on a new listing.

With 487 homes currently for sale in Arlington, and at the current rate of ratified contracts, Arlington has only 1.5 months of inventory. If no more homes came on the market, all the available stock would be sold out in 1.5 months. A market in equilibrium is considered to have 5.5 months of inventory.

Mortgage interest rates actually declined this week by three basis points, moving the 30-yr fixed rate to about 4.65% with no points.

But the good news for home owners is that Arlington is enjoying some home value appreciation, finally.

Buyer demand has pushed prices up 2.7% for existing home sales (not including new construction or condos) for the period Feb-March-April over the same period last year. This is a major improvement over 2016 and 2017 which saw zero appreciation. The average home sale price is now $907,585.

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 banner
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.”

Mortgage rates hit a four-year high this week, sellers set a new record, and buyers were insanely busy. It’s been an incredible week with sellers listing 128 homes giving our sparse inventory a huge boost. Buyers responded by ratifying a record 95 contracts this week, some 52 of those on homes that had been on the market less than seven days.

The average days on market has now dropped to 28. At the current rate of sales, and with only 468 homes actively for sale, Arlington is now down to only 1.2 months of inventory. The market is so hot you can hear it sizzle. Bidding wars are becoming more common, especially on homes priced under $900,000.

The high end market again rebounded this week to a new high with 21 homes selling that were priced over $1 million.

But the biggest news this week is that interest rates shot up 15 basis points. That’s more than 1/8th of a percent. The bond markets were busy with sell offs of mortgage backed securities, and more auctions of 10-yr US Treasuries which drove the yield to 3% for the first time in many years.

Analysts expect mortgage rates to continue a slow steady increase for the foreseeable future, so buyers need to get off the fence and lock in their rates now.

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 banner
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 saw the best week yet this year for fresh listings with sellers putting 125 homes on the market.

Buyers ratified 79 contracts, some 35 of those within seven days of hitting the market. And the upper end market continued its rebound with 15 homes sold that were priced over $1 million. The average list price of homes sold this week rose to $713,665 and the days on market settled at 31.

These stats show a robust market with home values rising. But interest rates shot up again this week by five basis points, according to Freddie Mac. The 30-yr fixed rate is now about 4.57% with no points.

It’s helpful for home buyers to understand there are two types of points when applying for a loan. Mortgage rates are always quoted as a combination of interest rate and points. Most lenders automatically quote and charge about a half point (0.5% of loan amount) to originate a loan. Buyers can get a “zero” point loan, but then the interest rate will increase.

The other type of point is called a “discount” point. This is when a buyer can actually pay points (cash) up front to discount or buy down the interest rate. This can be a smart approach if the buyer will hold the property more than a certain amount of time when they hit the breakeven mark. That’s when the savings each month from a lower interest rate equals the amount of up front discount points paid. Ask your lender for further information.

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 banner
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 warm weather and blooming flowers inspired 126 sellers to put their homes on the market this week giving buyers their biggest selection for the year. Home buyers quickly ratified 71 contracts. Some 36 of those new listings sold within seven days.

Mortgage rates held steady this week rising only two basis points to about 4.52% with no points. But the Labor Department reported that the consumer price index rose in March to its highest level in several years. Inflation for last month hit 2.36% prompting the Federal Reserve to consider raising its short term rates sooner than later.

The question realtors often hear is: When is a good time to buy? In today’s market, that answer is NOW. Home prices are increasing, mortgage rates are increasing and inventory levels are not getting better. The longer a buyer waits, the less home they will be able to buy. So don’t delay. Go get pre-approved with a lender, connect with a good agent, and find your dream 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 banner
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 reason why trying to make sense of a housing market drives economists crazy.

This week, for example, in the prime Spring market some 91 sellers listed their homes for sale, but only 53 buyers ratified contracts. There were no snow storms stopping buyers from touring homes, no natural or political disasters. Buyers were just not motivated this week.

The slow pace of absorption raised the level of inventory in Arlington to two months. But the average days on market stayed steady at 28. Of the 53 ratified contracts this week, 20 of those homes sold within seven days.

Arlington seems to be settling into a tale of two markets. Homes priced below $900,000 may receive multiple offers and sell quickly, while homes priced higher typically may linger a few weeks before that single offer comes in. We are hearing more and more of bidding wars on homes priced at $300,000 to $700,000.

Buyers enjoyed the good news this week that mortgage rates dropped for a second consecutive week. Freddie Mac reported that the 30-yr fixed rate dropped four basis points to about 4.5% with no points. Trade-related anxiety in financial markets pushed the yield down on the benchmark 10-year Treasury bill. Mortgage rates followed.

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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