72°Partly Cloudy

by ARLnow.com Sponsor — March 10, 2017 at 6:00 am 0

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 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

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’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

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’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

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 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

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.”

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

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.”

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

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’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

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.”

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.

by ARLnow.com Sponsor — January 6, 2017 at 6:00 am 0

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 holidays are over, kids are back to school, people are back to work and Arlington’s real estate market is sliding back to normal as well. Last week’s paltry 6 new listings has been upstaged this week with 25 homes going on the market.

Buyers kept pace with 24 ratified contracts. Arlington is starting off the new year with only 2 months of inventory.

But the good news is that mortgage rates slid back about 11 basis points on a 30-yr fixed rate to 4.21% breaking a nine week long increase in rates. It’s important for buyers to remember that they can’t lock in an interest rate until they have a ratified contract.

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 30, 2016 at 6:00 am 0

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.”

Best wishes for the holidays!

Arlington set a new low record this week with only six, that’s right, six new listings. Okay, everybody knows the week between Christmas and New Year’s is the slowest of the year, but only six?

Buyers however were busy ratifying 29 contracts.

The rise in interest rates since the election has stifled home sales the last two months. A new report from the National Association of Realtors credits the rise in interest rates to the declining number of home sales. Rising rates lowers a home buyers purchasing power. A decline in the national housing market going into 2017 could impact economic recovery.

Many economists note that as goes the U.S. housing market, so goes the U.S. economy because every home sale leads to spending on related products like furniture, appliances, home furnishings, etc. Optimists point to the tightening labor market at only 4.5% unemployment rate as an indicator that salaries and wages should start to increase. This will help to offset the higher mortgage interest rates, when and if it starts to happen in our area.

For those considering buying a home in 2017, the message is clear. Ratify a contract and lock in your interest rate the soonest you can before rates climb any higher.

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 23, 2016 at 6:00 am 0

Just Listed banner

Merry Christmas and happy holidays to all!

The holiday season hasn’t stopped home buyers this week. Some 39 homes were snatched up by buyers, while only 18 new listings came on the market this week before Christmas. Housing demand in Arlington remains strong and steady.

The big news is that interest rates continue to surge, increasing by 16 basis points just this week. The 30-yr fixed rate rose to 4.41%. Long term interest rates like mortgages are influenced by the yield on the US Treasury 10-yr bond, and that yield rose this week on more news of a strengthening economy. The latest revision this week of economic growth for the 3rd quarter puts the GDP at 3.5%.

So investor money has moved away from US treasuries and into the stock market. There’s also been a drop off of international investor money flowing in to treasuries which has pushed the yield up. We can expect this trend to continue into 2017. So we should see mortgage rates to continue a slow steady rise into next year. For would-be homebuyers, the lesson is clear. Ratify a contract the soonest possible so you can lock in your interest rate before rates climb any higher.

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 16, 2016 at 6:00 am 0

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.”

We have good news and bad news this week.

The good news is that our Arlington real estate market has perked up beyond a normal pace for mid-December. Some 41 new listings came on the market this week, while 43 homes sold.

The bad news is that buyers’ purchasing power is eroding. The increasing mortgage interest rates and increasing home values right now are outpacing increasing incomes. And the Federal Reserve on Wednesday increased it’s short term rate by a quarter of a point and signaled three more rate increases are likely in 2017. The Fed anticipates inflation increasing from its current 1.5% to 2% in 2017. The Fed chairman cited the strengthening economy in its decision to raise rates.

Mortgage rates have climbed 12 basis points since last week, settling at 4.27% 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 — December 9, 2016 at 7:30 am 0

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.”

Sellers picked up the pace this week by putting 44 fresh new listings on the market, nearly all of those priced below $1 million.

Most of those homes are condos and townhomes. Buyers were also busy this week ratifying 32 contracts. The average list price of homes sold this week jumped to $777,347 and the average days on market was 61. Many of the homes sold had been on the market over 200 days.

Interest rates have stabilized this week after the tumultuous fluctuations following the election. Rates rose only a few basis points this week, settling at about 4.15% for a 30-yr fixed rate. The housing affordability index is at its lowest since 2010. Rising interest rates and rising home values are outpacing rising incomes.

Advice to buyers: Get off the fence. Don’t delay. Get focused and purposeful and buy a home the soonest you can before your purchasing power drops any further.

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 2, 2016 at 10:15 am 0

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.”

It’s been a week of mixed messages for the housing industry.

For Arlington, only 20 new listings came on the market, and only 24 homes sold. That’s incredibly slow but not surprising for the week after the Thanksgiving holiday. And interest rates continue their march upward another 8 basis points to 4.08% for a 30-yr fixed rate loan. In the last three week’s rates have increased a full 1/2%.

Nationally, a report this week shows home values have increased 5.5% average over last year. And the Mortgage Bankers Association reports this week they expect to see a 10% increase in the number of purchase mortgages for 2017 driven by the strengthening economy, increased employment, and housing demand.

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 25, 2016 at 6:00 am 0

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.”

Best wishes to all this Thanksgiving holiday weekend. It’s a time to reflect on how much we have to be grateful for, and to appreciate our family, friends, and those who are close to us and have impacted our journey through life.

The market in Arlington continues to steamroll along with 46 ratified contracts this holiday week, and 40 new listings. Pent up demand so far indicates we may see a rare and an unusually strong real estate market through the New Year.

Happy Thanksgiving!!

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

×

Subscribe to our mailing list