real estate

Just Listed highlights Arlington properties that just came on the market within the past week. This feature is written and sponsored by Andors Real Estate Group.

Welcome to JUST LISTED, Arlingtonians!

I’ll pile on the bad news for those seeking a mortgage and let you know right off the bat that rates have continued to surge, with Freddie Mac reporting that over the past week, the average rate has hit 6.7%, and that’s with almost a full point at closing!

Wow, compare this to the same week last year when mortgage rates were 3.01%. This translates to well over $1,000 in additional costs for a typical Arlington mortgage, per month!

What does this mean for buyers and the market? Well, it means it has gotten more expensive to finance a home, but the rest of the calculation is the same — go ahead and buy that home, live in it for five or more years, and expect that you may refinance somewhere along the way! Mortgage rates are not likely to stay this high, though they may continue to rise in the short term — there will be opportunity down the road to correct your mortgage payment with a lower interest rate. Give strong consideration to an ARM (adjustable-rate mortgage) product these have surged in popularity recently and can save you a lot of money.

This week in Arlington, sellers listed 64 homes for sale (three more than last week), while buyers ratified 45 contracts, 19 of which were on homes just listed in the last seven days.

Of the 415 homes currently available for sale (one more than last week), 137 are detached homes, 69 are semi-detached/town houses, and 209 are condos. Of those currently available properties, the average asking price is $919,984 and the median is $699,999. These properties have been sitting on the market for 53 days on average, while the median is 29.

PICK OF THE WEEK — The Andors Real Estate Group is proud to have JUST LISTED 2735 Fort Scott Drive, Arlington, VA 22202 — $1,650,000.

This is a once in a generation (or two or three) opportunity to own a one-of-a-kind storied Arlington Colonial with views! In the same family for over half a century, this beautiful home shines with loads of charm, character and attention to detail. Beautiful wrap around staircases, soaring 20′ ceilings in the foyer, seven bedrooms, four full bathrooms and one half bathroom and nearly 5,000sf of finished space on all four levels. An almost 10,000sf lot overlooks Crystal City’s skyline and into Washington, D.C. Gorgeous hardwoods throughout, large proportioned rooms, a very functional floor plan and a walk-out lower level are just some of the features of this wonderful home.

Find my team there this weekend for public open houses, Saturday 1-4 p.m. and Sunday 1-3 p.m.!

Click here to search currently available Arlington real estate. If you see a home that you’re interested in purchasing, give us a call! Our team are experts at WINNING when it comes to Arlington real estate — our agents routinely outmaneuver others when it comes to multiple offer scenarios — call us to find out how!

Call the Andors Real Estate Group today at (703) 203-1117 to talk more about buying or selling Arlington real estate. Below are eight properties I think you might light to check out!

• 4626 34th Street S., #1602, Arlington, VA 22206 — $469,000
• 3107 9th Road N., Arlington, VA 22201 — $835,000
• 3206 22nd Street N., Arlington, VA 22201 — $925,000
• 1142 N. Vernon Street, Arlington, VA 22201 — $990,000
• 1332 N. Danville Street, Arlington, VA 22201 — $1,125,000
• 2735 Fort Scott Drive, Arlington, VA 22202 — $1,650,000
• 1732 N. Veitch Street, Arlington, VA 22201 — $2,075,000
• 3712 N. Woodrow Street, Arlington, VA 22207 — $2,375,000

Just Listed highlights Arlington properties that just came on the market within the past week. This feature is written and sponsored by Andors Real Estate Group.

Good morning, Arlingtonians, and welcome to JUST LISTED!

Well, the negative economic news continues to weigh heavily on interest rates, and Wednesday’s Fed rate hike marks three in a row at 75 basis points, or ¾%. The reality is that we are approaching, and in some regards have already hit, an affordability ceiling. The 30 year fixed rate mortgage averages 6.29% over the past week according to Freddie Mac, the highest it’s been since October of 2008.

Many like to point out that these rates are reasonable, at least historically. While that’s true, what that sentiment does not take into account is that home prices were hundreds of thousands of dollars lower, and it also does not factor in that incomes haven’t kept up with house prices. So, we do in fact have an affordability problem now that interest makes up such a large share of a monthly mortgage payment.

This is impacting the local real estate market. Sellers feel it, agents feel it, and buyers are, well, missing. Sure, there is some activity, but it is massively impacted by the things I mention above, and transactional volume is down while inventory is rising. The supply and demand equation that drives real estate is shifting, and it is taking longer to sell a home, even in a highly desirable area such as Arlington.

Right now, there are 30 properties in “Coming Soon” status. This does not account for all of the new and upcoming inventory we’ll see hit the market in coming weeks, but it does show that sellers still plan to sell homes this fall, potentially adding to the rising inventory we’ve seen for the past five weeks.

This week in Arlington, sellers listed 61 homes for sale (21 less than last week), while buyers ratified 14 contracts (15 less than last week), just 10 of which were on homes just listed in the last seven days.

Of the 414 homes currently available for sale (20 more than last week), 140 are detached homes, 59 are semi-detached/town houses, and 215 are condos.

Of those currently available properties, the average asking price is $916,448 and the median is $699,950. These properties have been sitting on the market for 52 days on average, while the median is 30.

This week last year, there were 555 properties available for sale, sellers listed 77 homes and buyers ratified 77 contracts. Mortgage rates were 2.88%!

PICK OF THE WEEK — The Andors Real Estate Group is proud to have JUST LISTED 1912 N. Daniel Street, Arlington, VA 22201 — $950,000.

You won’t want to miss this gorgeous brick townhome featuring three bedrooms, two full bathrooms and one half bathroom, loaded with recent updates and renovations. Nearly 2,000sf of finished living space, a gorgeous white kitchen with Calcatta Gold Quartz countertops and brand new stainless steel appliances, hardwood floors throughout, an envious owners suite and an attached one car garage! Note, our team has an ownership interest in this property.

Find my team there this weekend for public open houses, Saturday and Sunday 1-3 p.m.

Click here to search currently available Arlington real estate. If you see a home that you’re interested in purchasing, give us a call! Our team are experts at WINNING when it comes to Arlington real estate — our agents routinely outmaneuver others when it comes to multiple offer scenarios — call us to find out how!

Call the Andors Real Estate Group today at (703) 203-1117 to talk more about buying or selling Arlington real estate. Below are eight properties I think you might light to check out!

• 4844 28th Street S. #A, Arlington, VA 22206 — $549,999
• 3420 S. Stafford Street, Arlington, VA 22206 — $590,000
• 319 S. Abingdon Street, Arlington, VA 22204 — $875,000
• 1328 S. Rolfe Street, Arlington, VA 22204 — $919,900
• 1912 N. Daniel Street, Arlington, VA 22201 — $950,000
• 533 N. Oxford Street, Arlington, VA 22203 — $999,000
• 2607 S. June Street, Arlington, VA 22202 — $1,495,000
• 4600 26th Street N., Arlington, VA 22207 — $2,825,000

Just Listed highlights Arlington properties that just came on the market within the past week. This feature is written and sponsored by Andors Real Estate Group.

Hey, Arlingtonians, and welcome to JUST LISTED!

Mortgage rates just topped 6%, another fresh new high since 2008. The persistent inflationary environment is spooking banks and it’s really showing up in the cost of borrowing money.

“Will this make home prices go down?” No, it will not, not necessarily. Nationally, there are some indications that home prices are falling, though only in certain instances or price points. With that being said, overall inventory nationally, but especially locally, is very low. This means that prices will stay propped up; remember, at the end of the day this is still and always will be, a supply and demand equation. If there are more buyers than sellers, prices generally will remain the same, or rise.

Another week of solid new listings has resulted in slight growth in available inventory — expect this to continue for at least the next few weeks, possibly longer, as fall approaches. After all, fall is the “second spring market” and is historically a great time to sell a home.

As I write this, there are 30 properties in “Coming Soon” status, a good indicator that more and more properties will become available over the next 21 days.

This week in Arlington, sellers listed 82 homes for sale (14 more than last week), while buyers ratified 59 contracts (16 more than last week), 27 of which were on homes just listed in the last seven days. Of the 394 homes currently available for sale (2 more than last week), 134 are detached homes, 57 are semi-detached/town houses, and 203 are condos.

Of those currently available properties, the average asking price is $926,076 and the median is $699,999. These properties have been sitting on the market for 55 days on average, while the median is 34.

This week last year, there were 555 properties available for sale, sellers listed 107 homes and buyers ratified 79 contracts. Mortgage rates were 2.86%!

Click here to search currently available Arlington real estate. If you see a home that you’re interested in purchasing, give us a call! Our team are experts at WINNING when it comes to Arlington real estate — our agents routinely outmaneuver others when it comes to multiple offer scenarios — call us to find out how!

Call the Andors Real Estate Group today at (703) 203-1117 to talk more about buying or selling Arlington real estate. Below are eight properties I think you might light to check out!

• 1021 N. Garfield Street #B29, Arlington, VA 22201 — $505,000
• 4819 28th Street S. #A, Arlington, VA 22206 — $519,000
• 3800 Fairfax Drive #611, Arlington, VA 22203 — $578,000
• 880 N. Pollard Street #925, Arlington, VA 22203 — $579,900
• 3463 Kemper Road, Arlington, VA 22206 — $915,000
• 500 N. Nelson Street, Arlington, VA 22203 — $954,900
• 1718 N. Wayne Street, Arlington, VA 22201 — $2,949,999
• 1801 N. Herndon Street, Arlington, VA 22201 — $3,195,000

Just Listed highlights Arlington properties that just came on the market within the past week. This feature is written and sponsored by Andors Real Estate Group.

Good morning and welcome to JUST LISTED, Arlingtonians!

WOAH — mortgage rates just hit their highest average since 2008 — 5.89% average for the standard, 30-year fixed rate mortgage. This continued upward trend reflects the nervous sentiment about the overall trajectory of the economy, the persistent and elevated rate of inflation and simple uncertainty that comes from this.

The flood of inventory I predicted would hit our marketplace just after Labor Day is here, and available properties just jumped significantly, after a six-week run of decreasing inventory.

Additionally, as of now, there are 24 properties in “Coming Soon” status, many of which will begin hitting the market over the next few days and within 21 days at most. This number varies greatly depending on the day of the week, due to the weekly cycle most agents follow of listing properties in “active” status on Thursday and Friday.

What are we seeing in the market right now? Well, we’re seeing some things we hadn’t for a long time. Lowball offers, houses sitting that everyone thought would sell, an abundance of price reductions to find the marketplace, and overall lower activity on all fronts. The reality of our market, and how fast it has shifted is lost on some, especially on sellers. The days of intense bidding wars, large price escalations and over-exuberance are largely behind us, and that may be the new norm, for a while.

This week in Arlington, sellers listed 68 homes for sale (22 more than last week), while buyers ratified 43 contracts, 12 of which were on homes just listed in the last seven days. Of the 392 homes currently available for sale (34 more than last week), 131 are detached homes, 62 are semi-detached/town houses and 199 are condos.

Of those currently available properties, the average asking price is $902,205 and the median is $715,000. These properties have been sitting on the market for 55 days on average, while the median is 37.

This week last year, there were 532 properties available for sale, sellers listed 93 homes and buyers ratified 41 contracts. Mortgage rates were 2.88%!

Click here to search currently available Arlington real estate. If you see a home that you’re interested in purchasing, give us a call! Our team are experts at WINNING when it comes to Arlington real estate — our agents routinely outmaneuver others when it comes to multiple offer scenarios — call us to find out how!

Call the Andors Real Estate Group today at (703) 203-1117 to talk more about buying or selling Arlington real estate. Below are eight properties I think you might light to check out.

• 1804 S. Nelson Street, Arlington, VA 22204 — $745,000
• 2332 N. Columbus Street, Arlington, VA 22207 — $949,990
• 6124 11th Street N., Arlington, VA 22205 — $1,175,000
• 4666 20th Street N., Arlington, VA 22207 — $1,299,900
• 4405 1st Street S., Arlington, VA 22204 — $1,324,990
• 4715 38th Place N., Arlington, VA 22207 — $1,395,000
• 2407 N. Rockingham Street, Arlington, VA 22207 — $1,569,000
• 1626 N. Adams Street, Arlington, VA 22201 — $1,699,900