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Open Houses in Arlington this Weekend

Looking for a home? There are plenty of houses and condos open for viewing this weekend.

Check out the Arlington Realty website for a full list of homes for sale and open houses in Arlington. Here are a few highlights:

3187 17th Street N.
5 BR/6 BA single-family home
Agent: Ttr Sotheby’s International Realty
Listed: $2,095,000
Open: Saturday 2-4 p.m.

 

4148 N. Round Hill Road
4 BR/3 BA, 2 half bath single-family home
Agent: Long & Foster Real Estate, Inc.
Listed: $1,324,000
Open: Sunday 1-4 p.m.

 

1730 S. Fillmore Street
5 BR/3 BA, 1 half bath single-family home
Agent: Keller Williams Realty Falls Church
Listed: $1,000,000
Open: Sunday 2-4 p.m.

 

1245 N. Pierce Street #8
3 BR/2 BA condo
Agent: Rlah Real Estate
Listed: $800,000
Open: Sunday 1-3 p.m.

 

4300 8th Street S.
3 BR/2 BA single-family home
Agent: Rlah Real Estate
Listed: $749,000
Open: Sunday 1-3 p.m.

 

1600 N. Oak Street #927
2 BR/2 BA condo
Agent: Washington Fine Properties
Listed: $674,000
Open: Sunday 2-4 p.m.

 

1921 S. Quincy Street
2 BR/1 BA single-family home
Agent: Keller Williams Realty
Listed: $528,000
Open: Sunday 1-4 p.m.

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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.”

We’ve barely made it to Valentine’s Day (hope you remembered the flowers) and Arlington’s Spring real estate market has already blown up.

This week sellers listed 42 homes and buyers ratified 58 contracts, and 23 of those were on homes only seven days on the market. More than half the new listings sold within a week! Amazing. And of course there were bidding wars.

What’s a buyer got to do to win? To the best of your ability, go big on price and take out as many contingencies as you can. Remember, every home you lose becomes the comp for the next listing. A buyer needs to get out ahead of the market just once to win, otherwise the buyer gets farther behind.

Interests rates bounced upward a bit this week on news that some inflation factors bumped up. The 30-yr fixed rate is at about 4.5%-4.6%.

Nationally, there are already signs that the housing market is not keeping pace with the strong U.S. economy. The number of sales and total sales volumes are down from last year, which itself was a down year. Some economists point to three reasons: student debt holding back first time home buyers, inventory shortage nationwide and uncertainty about mortgage interest rates.

Buyers and sellers are both effected by these conditions. Many home owners want to sell and either move up, move down, or move out, but they can’t find a suitable replacement home. And home buyers are squeezed by rising prices, no choices, rising mortgage rates and relatively flat household income.

As economists generally agree, the U.S. housing market has a profound influence on the U.S. economy.

When you are thinking of buying or selling real estate, call Team Cathell for a free consultation at (703) 975-2500.

Click to see all the fresh new inventory in MRIS.

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Listing of the Day: 2305 N. Monroe Street

Address: 2305 N. Monroe Street
Neighborhood: Lorcom Grove/Maywood
Listed: $1,025,000
Open: Saturday, February 16 and Sunday, February 17 from 1-4 p.m.

Conveniently located just “two lights to D.C.” for driving and along a verdant trail for biking, this classic colonial offers both character and stylish, quality updates.

Desirable details include living room fireplace, gleaming wood floors on two levels, plantation shutters at many windows, main level bedroom and bathroom, and kitchen open to a sun filled family room. The kitchen provides crisp white cabinets, a Haier refrigerator, gas cooking and glistening countertops and backsplash.

Excellent for daily life and entertaining, the living room flows into the dining room, kitchen and then family room. With both a new skylight and windows on three sides, the family enjoys relaxing views of the private rear yard. A stone patio is ideal for al fresco meals.

There are sunny areas for play, gardening and sports, as well as shady spots for reading and a lazy day nap. The main level bedroom is now used as a den, and has a renovated bathroom with linen-look tile, bathtub and vanity storage.

Upstairs, the large master bedroom features two closets — one professionally organized — and space for a seating or desk. The second bedroom has a closet with built in drawers along with hanging space. The renovated bathroom has a large walk in shower and vanity space. A wide linen closet provides additional storage.

In the walkout lower level, there is a rec room with a large niche for media and storing games and toys. Several closets and the utility room have excellent storage space and the laundry is on this level. The sun filled fourth bedroom features a renovated bathroom with an oversized shower and vanity — ideal for an in law, au pair or pampered guest.

Walk to Cherrydale shops, restaurants, Safeway grocery with Starbucks and Maywood Park and Playground.

A well renovated home in pristine move in condition.

Listed by:
Betsy Twigg
Associate Broker, Licensed in Virginia
McEnearney Associates
4720 Lee Highway
Arlington, Va 22207
703-967-4391
[email protected]
betsytwigg.com

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Just Reduced Properties in Arlington

Each week, “Just Reduced” spotlights properties in Arlington County whose price have been cut over the previous week. The market summary is crafted by licensed broker Aaron Seekford of Arlington Realty, Inc. GET MORE out of your real estate investment with Aaron and his team by visiting www.arlingtonrealtyinc.com or calling 703-836-6116 today!

Please note: While Aaron Seekford provides this information for the community, he may not be the listing agent of these homes.

Hello there, lovebirds.

In case you forgot, tomorrow is Valentine’s Day. So, if you’ve failed at getting your boo a little somethin’-somethin’, I’m trying to help you remember here.

Speaking of love, let’s review a few of the reasons you’ll love living in Arlington:

  • The diversity of our neighborhoods. Whether you’re looking for hopping nightlife (in Clarendon) or an expansive, green front yard (options galore in Aurora Highlands), Arlington has it. And, a good chunk of our neighborhoods are connected by public transportation.
  • Our schools rock. Niche.com (among other sites) named us the No. 1 school district in the state. ‘Nuff said.
  • And, our employment scene is among the best nationally. According to the latest Bureau of Labor Statistics report, Arlington’s unemployment rate is hovering at 2.0%. The region continues to be anchored by comparatively high salaries as well.

When you’re ready to turn your Arlington crush into a full-fledged romance (with a beautiful home), our team is ready to help you GET MORE out of your transaction.

As of February 11, there are 112 detached homes, 17 townhouses and 101 condos for sale throughout Arlington County. In total, 15 homes experienced a price reduction in the past week:

Please note that this is solely a selection of Just Reduced properties available in Arlington County. For a complete list of properties within your target budget and specifications, contact Aaron Seekford.

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Ask Eli: Dealing With Homes Selling Above Asking Price

This regularly-scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Rosslyn resident. Please submit your questions to him via email for response in future columns. Enjoy!

Question: Are you seeing people use Escalation Addendums in their offers now that the supply of homes has dropped?

Answer: The use of Escalation Addendums in multiple offer situations is not new, but the frequency with which they are being used is. In the last three months over 25% of sales have been for over the asking price (another 24% have been for full ask). All-time low inventory levels + strong demand = price increases and a lot of competition from well-qualified buyers.

In the last 24 hours our team has submitted three offers on properties with multiple offers that will no doubt sell for over the asking price. In many cases, using an Escalation Addendum is the best strategy for buyers and sellers so let’s take a look at what that means.

What is an Escalation Addendum?

An Escalation Addendum provides the maximum value a buyer will pay and an escalation factor, the amount their offer is to increase over the next highest offer. Sellers may use the escalation without further approval from the buyer, but they must deliver to the buyer the entirety of the contract used to escalate the accepted offer. Escalations are based on “Net Price” meaning purchase price less any seller credits.

Understand the Risks

The obvious risk in using an Escalation is that buyers are exposing their maximum purchase price and some sellers may ask for that max, regardless of whether or not another offer allows them to get there contractually. There are strategies buyers can use to prevent a seller from doing this and, in my experience, most sellers use Escalations as they’re meant to be used.

The other not-so-obvious problem is with non-financial differences between two contracts. The Escalation Addendum says nothing about differences in settlement date, contingencies and other non-financial terms that make a material difference between contracts (e.g. no Home Inspection Contingency vs full Inspection Contingency is treated equally in the Escalation Addendum).

When to use an Escalation Addendum

Escalations are best used when there are multiple confirmed offers and the seller has set a deadline for “best-and-final” offers. It’s important for buyers to establish expectations with the seller before they include an Escalation Addendum to maximize the benefit and reduce the risks.

This is where having an experienced agent working for you can be the difference between making a smart decision and irresponsible one or securing a home and helping somebody else secure it.

Proper Communication is a Win-Win

I strongly believe that with proper communication between sellers and buyers, Escalation Addendums benefit both parties by allowing the seller to draw out the highest available price for their home and allowing buyers to confidently maximize their chance of securing a home. Improper communication leads to a lack of trust and a lack of trust will almost always earn sellers less and may keep the most motivated buyer out of the home of their dreams.

I can think of a recent example where a seller left 2% on the table by failing to communicate appropriately which compromised the trust of our client leading them to hold back on their offer terms. A lack of trust kept 2% out of the seller’s pocket and kept our client out of a home they loved.

It’s Not Always About Price

Being the winning offer amongst multiple offers isn’t always about price. Buyers need to focus on non-financial terms as well to set themselves apart and it’s important to understand how you can increase the strength of your offer without taking on excessive risk, but that’s a topic for another day.

If you’re thinking about buying or selling a home and would like to discuss the right strategies in today’s market feel free to email me at [email protected] to set-up a meeting.

If you’d like a question answered in my weekly column, please send an email to [email protected]. To read any of my older posts, visit the blog section of my website at www.EliResidential.com. Call me directly at (703) 539-2529.

Eli Tucker is a licensed Realtor in Virginia, Washington DC, and Maryland with Real Living At Home, 2420 Wilson Blvd #101 Arlington, VA 22201, (202) 518-8781.

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Open Houses in Arlington this Weekend

Looking for a home? There are plenty of houses and condos open for viewing this weekend.

Check out the Arlington Realty website for a full list of homes for sale and open houses in Arlington. Here are a few highlights:

2626 N. Nelson Street
4 BR/3 BA single-family home
Agent: Casey Margenau Fine Homes and Estates Inc.
Listed: $1,525,000
Open: Sunday 1-4 p.m.

 

50 N. Fenwick Street
4 BR/3 BA, 1 half bath single-family home
Agent: Samson Properties
Listed: $1,195,000
Open: Saturday 12:30-3:30 p.m.

 

4409 S. Pershing Court
4 BR/3 BA, 1 half bath villa/townhouse
Agent: Keller Williams Realty
Listed: $924,900
Open: Saturday 1-4 p.m.

 

1109 S. Rolfe Street
5 BR/3 BA single-family home
Agent: Compass
Listing: $849,900
Open: Sunday 2-4 p.m.

 

1530 N. Key Boulevard #324
2 BR/2 BA condo
Agent: Washington Dulles Real Estate Group
Listing: $680,000
Open: Sunday 1-4 p.m.

 

4119 S. Four Mile Run Drive #102
2 BR/2 BA condo
Agent: Keller Williams Realty
Listed: $410,000
Open: Saturday 1-3 p.m.

 

900 N. Stafford Street #1711
1 BR/1 BA condo
Agent: Century 21 Redwood Realty
Listed: $385,000
Open: Sunday 1-4 p.m.

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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.”

Sellers got the memo this week that Arlington’s Spring real estate market has arrived and they listed 57 homes of all types and prices.

Incredibly, 18 of those homes sold within a week. In total, buyers ratified 43 contracts. Stories are being told in real estate offices of multiple offers on many of those sold this week, some homes attracting 13 offers. Lower to medium priced homes up to $750,000 are more likely to enjoy the bidding wars primarily because there are just more buyers in those price ranges.

Also, in most cases homes in pristine move-in condition get the most attention and sell quickly. Of course all homes will sell when priced properly for their location, size and condition. The abundance of fresh new listings this week helps to improve Arlington’s problem of low inventory.

Nationally, home prices rose just 4.7% last year, according to CoreLogic. That’s the lowest rate of increase since 2012. Rising interest rates and lowered affordability were to blame. “For 2019,” says CoreLogic, “we are forecasting an annual average price growth of 3.4%.”

Arlington should expect a higher rate of appreciation with continued bidding wars fueled by strong housing demand, low inventory and a healthy economy with only 1.9% unemployment. Memo to buyers: the longer you wait, the less home you can afford.

Right now is the best time to buy. Mortgage rates have flattened at 4.5% for a 30-yr fixed mortgage, but could start going up again anytime. With prices rising, the only way a buyer can get ahead of the market is to score a significant boost in their income.

Click here 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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Pre-Market Source: Feb. 7

Every week the Eli Residential Group scours our network for pre-market or off-market homes to give home buyers and investors access to properties they can’t find anywhere else online.

If you are interested in a property you see here, have specific needs you cannot find on the market or would like your pre-market or off-market property featured for a half million local readers on PoPville or ARLnow, please click here to contact us.

2 BR/2 BA condo in Rosslyn
Description: 1,100 sq. ft. 2 BR/2 BA + parking. New floors, hvac and more. Newer building w/gym + front desk. Walk to Rosslyn Metro.
Price: $675,000

 

2 BR+Den/2 BA in Clarendon
Description: 1,425 sq. ft. 2 BR+Den/2 BA + parking. Newer boutique building. Quiet residential street on edge of Clarendon. Walk to downtown Clarendon + Metro.
Price: $800,000

 

Custom Home Walkable to Westover
Description: 6,000+sq. ft. 6 BR/4.5 BA + 2 car garage. 1/3 acre private lot with in-ground pool. Walk to Westover or East Falls Church Metro.
Price: $1,575,000

 

 

***Contact us for property photos and additional details***

To view all of our pre-market and off-market properties, visit the pre-market section of our website. We add new properties every week.

The Eli Residential Group is a real estate team with RLAH Real Estate, 2420 Wilson Blvd #101 Arlington VA 22201 (703) 390-9460. Office locations also include Dupont Circle, Georgetown, H Street and Chevy Chase. Contact the team directly at [email protected]

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Just Reduced Properties in Arlington

Each week, “Just Reduced” spotlights properties in Arlington County whose price have been cut over the previous week. The market summary is crafted by licensed broker Aaron Seekford of Arlington Realty, Inc. GET MORE out of your real estate investment with Aaron and his team by visiting www.arlingtonrealtyinc.com or calling 703-836-6116 today!

Please note: While Aaron Seekford provides this information for the community, he may not be the listing agent of these homes.

Where is the best place to live in Virginia?

Arlington, duh.

Well, in addition to our very well-formed opinion, the folks at niche.com named Arlington the No.1 place to live in the Commonwealth in 2018.

And, we’re not going anywhere in 2019.

The rankings were based on nearly 20 different factors, including higher education, cost of living, housing, public schools, diversity, crime and safety and outdoor activities. Part of what makes our part of the state so spectacular to call home are its charming neighborhoods and unique living quarters, all of which are grounded in all Arlington has to offer.

So, when you’re ready to explore the No. 1 place to live in Virginia, our team is ready to help you GET MORE out of your real estate search.

As of February 4, there are 105 detached homes, 14 townhouses and 94 condos for sale throughout Arlington County. In total, 11 homes experienced a price reduction in the past week:

Please note that this is solely a selection of Just Reduced properties available in Arlington County. For a complete list of properties within your target budget and specifications, contact Aaron Seekford.

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Ask Eli: I’m Moving into a Dirty House

This regularly-scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Rosslyn resident. Please submit your questions to him via email for response in future columns. Enjoy!

Question: What obligations does a seller have on the condition and cleanliness of a home when it transfers ownership?

Answer: Many sellers apply The Golden Rule of treating others how you wish to be treated and convey their home in the condition they’d like to move into a home. Unfortunately, this rule isn’t a contractual obligation so let’s take a look at what the contract states and some common points of contention.

Contract Language on Property Condition

The Northern Virginia contract states that the “Seller will deliver Property free and clear of trash and debris, broom clean and in substantially the same physical condition to be determined as of [Select One] Date of Offer, Date of Home Inspection, or Other [as defined in contract].”

If you’re doing a home inspection, use the home inspection as the date of determination because there’s a documented property condition report.

All systems, finishes and fixtures convey in as-is condition as of the time period selected in the previous statement, unless otherwise noted in the contract. Electronic components/devices don’t convey, but all related mounts and hardware do (e.g. TV goes, the wall mount does not).

Your Final Walk-Thru 

The final walk-thru is your opportunity to catch any property condition issues before they become your problem. Once you sign the paperwork any leaks, holes in the wall, or faulty systems are yours to deal with.

While the contract allows you to do a walk-thru as early as seven days before settlement, I recommend doing it just before you sign the paperwork to reduce risk.

Common Points of Contention

Pre-Existing Condition — During the final walk-thru you find a hole in the wall that was previously covered up by a large piece of furniture. If the hole existed prior to the contract, the seller has no contractual obligation to address it.

If a faulty water heater leaks and causes damage in the basement, the seller must clean up the leak and repair any damage the leak caused, but likely won’t be obligated to replace the faulty water heater.

Get it? The seller’s obligations revert back to the as-is condition at the point in time stated in the contract (date of offer, date of inspection, or some other defined time), unless a separate addendum is created that provides other direction.

Clean or Dirty — Broom clean doesn’t mean “clean” in the way most buyers want to arrive to their new home, so plan to hire professional cleaners prior to moving in. On the other hand, it’s normal for sellers to leave behind paint, lawn tools and cleaning supplies.

You should confirm the buyer wants these prior to leaving them behind or you may be scrambling to clear them out at the last minute to remove “trash and debris.”

Nails and Screws — Do you have a bunch of nails and screws left in the wall after removing photos, art and shelving? Leave those in place otherwise buyers can make a case that the physical condition of the home changed due to all the new holes.

Contractual obligations are not what most of us would consider the right way of doing business. That’s why I stress maintaining a positive relationship between all parties during negotiations so that when something unexpected comes up, it’s handled with care and consideration instead of contractual force.

For those who subscribe to the business practice of brute force [ahem Roger Stone], I suggest picking up a copy of Ron Shapiro’s “The Power of Nice.”

If you’d like a question answered in my weekly column, please send an email to [email protected]. To read any of my older posts, visit the blog section of my website at www.EliResidential.com. Call me directly at (703) 539-2529.

Eli Tucker is a licensed Realtor in Virginia, Washington DC, and Maryland with Real Living At Home, 2420 Wilson Blvd #101 Arlington, VA 22201, (202) 518-8781.

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Open Houses in Arlington this Weekend

Looking for a home? There are plenty of houses and condos open for viewing this weekend.

Check out the Arlington Realty website for a full list of homes for sale and open houses in Arlington. Here are a few highlights:

4009 23rd Street N.
6 BR/6 BA, 1 half bath single-family home
Agent: Long & Foster Real Estate, Inc.
Listed: $2,300,000
Open: Saturday 12-4 p.m.

 

1630 N. Kirkwood Road
4 BR/2 BA, 1 half bath single-family home
Agent: Keller William Realty
Listed: $1,000,000
Open: Saturday 1-3 p.m.

 

3625 10th Street N. #505
2 BR/2 BA, 1 half bath condo
Agent: Washington Fine Properties, Llc.
Listed: $919,000
Open: Sunday 2-4 p.m.

 

3409 Wilson Boulevard #801
2 BR/2 BA condo
Agent: Keller Williams Realty
Listed: $814,999
Open: Sunday 2-4 p.m.

 

1111 19th Street N. #1909
1 BR/1 BA condo
Agent: Keller Williams Realty
Listed: $530,000
Open: Sunday 1:30-3:30 p.m.

 

4821 29th Street S.
2 BR/2 BA condo
Agent: Century 21 Redwood Realty
Listed: $489,900
Open: Saturday 12-2 p.m.

 

5041 7th Road S. #102
2 BR/1 BA, 1 half bath condo
Agent: Samson Properties
Listed: $285,000
Open: Sunday 12-3 p.m.

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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.”

While Arlington shivers in its coldest temperatures in a decade, home buyers are warmed up and ratifying contracts.

The cold didn’t stop 45 buyers from purchasing homes this week. But home sellers seemed intimidated, listing only 39 properties. This does not help our problem of low inventory. Arlington currently has only 197 homes actively for sale.

At the current rate of absorption, that’s only 1.1 months of supply. This is the lowest level of inventory I have witnessed since the crazy days of 2004. We should start to see this kind of pressure pushing prices higher which is not good news for buyers.

But the Federal Reserve this week delivered some good news that it will hold off raising the short-term bank rate until further notice. That gave Wall Street a bump, lowered yields on U.S. Treasuries and pushed mortgage rates down a few basis points to about 4.5% for a 30-yr fixed rate.

The Fed said it wasn’t as concerned about inflation but is watching “global economic developments.” It lowered its assessment of U.S. economic growth from “strong” to “solid.”

Click here 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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Listing of the Day: 3830 9th Street N.

Address: 3830 North 9th Street #206E
Neighborhood: Virginia Square
Listed: $459,000
Open: Sunday, February 3 from 1-4 p.m.

In the heart of Virginia Square, this second floor spacious 838 sq. ft. 1 BR + Den/1.5 BA condo with balcony and reserved garage space offers convenience and amenities galore (pool/fitness center/party room).

Just blocks from two Orange line metro stops, restaurants/shops at the new Ballston Quarter and the future Target. Bright living area with open kitchen and separate dining area with coffered ceiling, large enough for dinner parties. Master bedroom offers a huge walk-in closet with en-suite bathroom and stacked washer/dryer.

Den can serve as an office or bedroom for guests. The updated powder room is conveniently located adjacent to the den. Large windows throughout offer ample light and a private overlook on the quiet side of the building. A low condo fee is the cherry on top!

Listed By:
Liz Lord
Keller Williams Realty
571-331-9213
[email protected]
www.arlvahomes.com

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Just Reduced Properties in Arlington

Each week, “Just Reduced” spotlights properties in Arlington County whose price have been cut over the previous week. The market summary is crafted by licensed broker Aaron Seekford of Arlington Realty, Inc. GET MORE out of your real estate investment with Aaron and his team by visiting www.arlingtonrealtyinc.com or calling 703-836-6116 today!

Please note: While Aaron Seekford provides this information for the community, he may not be the listing agent of these homes.

If you’ve been reading this column long enough, you know that I love quirky, daily holidays.

Case in point: Today is Yodel for Your Neighbors Day. Yes, this is apparently a real thing and, well, happy yodeling out there, folks. (Okay, so maybe don’t yodel here in Arlington too late into the evening)

Anyway, there is quite a bit to yodel about here in Arlington.

  1. Our schools remain among the top-rated in the nation.
  2. The government is finally open again, so a good chunk of our locals can go back to earning some of the highest wages in the nation.
  3. And, real estate prices are projected to spike in early 2019, thanks in part to Amazon’s forthcoming HQ2 in Crystal City.

And, there is so much more to our amazing community. When you’re ready for a yodel-worthy home of your own, our team is ready to help you GET MORE out of your transaction.

As of January 28, there are 112 detached homes, 12 townhouses and 97 condos for sale throughout Arlington County. In total, 11 homes experienced a price reduction in the past week:

Please note that this is solely a selection of Just Reduced properties available in Arlington County. For a complete list of properties within your target budget and specifications, contact Aaron Seekford.

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Ask Eli: Arlington 2018 Real Estate Review — The Amazon Impact

This regularly-scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Rosslyn resident. Please submit your questions to him via email for response in future columns. Enjoy!

Question: What impact has Amazon HQ2 had on the Arlington Real Estate market so far?

Answer: For those keeping score, this is Part Four of my Four-Part series reviewing the 2018 Arlington Real Estate market and Part Two of my ongoing look at the impact Amazon is having on our market… I’m sure you care.

Over the last three weeks I looked at how the Arlington market for detached single-family homes, condos and townhouses/duplexes did in 2018. Now we’ll dig into the impact of Amazon’s HQ2 announcement.

Key Dates

On Saturday, November 3 the Washington Post broke news that Amazon HQ2 was in final discussions with Crystal City and by Monday, November 5, the impact on property values was all over the national news. Late on Monday, November 12, the Wall Street Journal reported the decision was final, and the next day, it was confirmed by Amazon.

Top Three Takeaways

  1. Massive Loss of Inventory:From the time the Washington Post broke the news on November 3 until now, the amount of homes to go under contract increased by nearly 17% from the same period over the last four years.The amount of new inventory to hit the market during that time decreased nearly 25%. The result being a net loss of 157 homes available for sale during a time when we usually have a net gain in inventory due to lower demand.
  2. No Time To Wait: 30% of homes listed since November 3 went under contract in five days or less. Of the 410 homes listed for sale since November 3 that are under contract or closed, they averaged just 17.5 days on market which is 3x faster than the average time properties spent on the market the rest of 2018.
  3. Prices Are… Down?: In order to draw a high level of confidence in a data set, data scientists generally recommend collecting at least 30 samples.With 350 sales (samples) of Arlington homes having gone under contract since November 3, you’d think that I’d be confident in the conclusion highlighted in the data set below which shows a decrease in the average sold price of Arlington homes that went under contract from November 3 to January 28.

This is a perfect example of data not correlating to reality and a good time to stress the importance of not using one or two data readings, especially average sold price, to drive your decision-making on a purchase or sale.

The reason average prices are down over this period isn’t because the Amazon announcement or because historically low supply and historically fast sales are magically making real estate less expensive.

It’s simply because we’ve had a higher volume of less expensive real estate sell during that period, thanks to a spike in investor activity since the announcement.

I can assure you that based on what my clients, both buyers and sellers, are experiencing in the market over the last three months that prices are up and competition is fierce in Arlington and the surrounding Northern Virginia communities.

The big question heading into the spring, which usually brings out the strongest buyer demand, is whether or not we will see a spike in new inventory coming to market from owners seeking to take advantage of low inventory or whether new inventory will remain at historically low levels because as owners hold out for potentially larger returns once Amazon starts hiring.

Look out for an inventory progress report from me in a few months!

If you are planning to buy or sell in 2019 and want an in-depth analysis of how Amazon HQ2 and the current market conditions will impact you, don’t hesitate to reach out to me at [email protected].

If you’d like a question answered in my weekly column, please send an email to [email protected]. To read any of my older posts, visit the blog section of my website at www.EliResidential.com. Call me directly at (703) 539-2529.

Eli Tucker is a licensed Realtor in Virginia, Washington DC, and Maryland with Real Living At Home, 2420 Wilson Blvd #101 Arlington, VA 22201, (202) 518-8781.

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