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Just Listed in Arlington

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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 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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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’s Spring market brought out 72 buyers who ratified contracts this week, and 83 sellers listed their homes. But the overall inventory dropped to just 1.4 months of supply at the current rate of absorption, making it difficult for buyers to have much selection. Of the homes sold, 31 got snatched up within seven days of hitting the market.

Buyers were happy to see interest rates dip a tiny bit this week, rather than their steady climb. The 30-yr fixed rate dropped about four basis points to 4.54% following the drop in the yield on the 10-yr US Treasury note.

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.”

Buyers were intimidated this week by the snow storm and only ratified 63 contracts, but sellers stuck to their plans to sell in the prime spring market and listed 87 homes. Some 24 fresh listings sold within a week, dropping the days on market to only 26.

On Wednesday, the Federal Reserve raised short term interest rates from 1.5% to 1.75% which will effect consumer loans like credit cards and car payments. They signaled the likelihood of three more rate hikes later this year.

That news influenced the yield on the 10-yr US Treasury note, which in turn caused long term mortgage rates to rise about six basis points. The 30-yr fixed rate mortgage is now 4.4%-4.65% depending on the lender. Rates are fluctuating much more than usual this week, so be sure to shop around before locking in your rate.

The biggest news this week impacting our housing market is the deal struck Wednesday night by Congress to avert a government shutdown at midnight Friday. The deal, if passed by both houses and signed by Pres. Trump, would raise military wages by 2.4% and federal employee’s wages by 1.9%. The budget would fund the government through Sept. 30.

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’s real estate market was on fire again this week.

Sellers listed 94 properties, and buyers ratified 79 contracts. That’s the busiest week so far this year. Of those ratified, 32 homes sold within a week. And the upper end market showed a huge rebound with 18 homes selling that were priced over $1 million. That’s the most in a week since last Spring.

Nationally, home values increased 6.2% last year. That’s 6% higher than peak values in 2006. Locally, prices haven’t increased at all in 2016 and 2017, but we should see some gains from this robust Spring market. Low inventory continues to put upward pressure on prices.

Buyers got a break this week with interest rates. The 30-yr fixed rate actually dropped just two basis points, breaking a nine-week consecutive streak of rising rates. Today’s 30-yr fixed rate now ranges 4.5%-4.6%.

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

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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 Spring real estate market is now in full force in Arlington.

Home owners put 121 properties on the market this week, and home buyers ratified contracts on 82 homes. Of those ratified, an amazing 39 of them sold within seven days dropping the average days on market to only 26.

The upper end market also showed continuing signs of rebounding. Of the 82 ratified contracts, some 13 were on homes priced at over $1 million.

Arlington has 411 homes actively for sale. At the current rate of absorption, that equals only 1.5 months of inventory.

Mortgage interest rates continued their steady climb this week, the 9th consecutive week of increases, according to Freddie Mac. The good news is that the increase this week was only three basis points. The 30-yr fixed rate is now ranging 4.55% to 4.65%.

Check out the Listing of the Week:  219 N. Garfield St., an iconic home in Lyon Park.

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.”

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.

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Just Listed in Arlington

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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 pace of real estate activity slowed this week in Arlington with only 69 new listings and only 48 ratified contracts.

But 17 of those homes sold within a week of hitting the market. The average days on market this week climbed to 48 with half a dozen homes finally selling that had been for sale over six months.

Nationally, existing home sales slipped 3.2% in January over December, and 4.8% over last year. Lack of inventory is blamed, and a slight drop off in sales by first time home buyers. The trend continues of college grads moving back in with mom and dad to save money and pay off school loans rather than buy their first home.

Currently there are only 361 homes actively for sale in all of Arlington. At the current rate of absorption, that is only 1.3 months of inventory.

Interest rates continued their slow gradual climb this week increasing about six basis points to 4.55% for a 30-yr fixed rate. Rates vary greatly among lenders in this rapidly changing environment, 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.

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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.”

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.

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Just Listed in Arlington

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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.

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Just Listed in Arlington

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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.

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Just Listed in Arlington

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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.

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Just Listed in Arlington

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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.

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Just Listed in Arlington

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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.

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Just Listed in Arlington

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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.

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Just Listed in Arlington

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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.

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