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Navigating Fluctuating Mortgage Interest Rates in 2023: 7 Tips For Arlington Homebuyers

Navigating Fluctuating Mortgage Interest Rates in 2023: 7 Tips For Arlington Homebuyers

Potential homebuyers in Northern Virginia are facing a unique set of challenges in 2023.

One of the most significant factors is the fluctuating interest rates for mortgages, which have been rising.

In this blog post, I’ll delve into the reasons behind the increasing interest rates and offer tips for homeowners-to-be in planning their mortgage financing in this dynamic environment.
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3 Reasons To Avoid Dual Agency When Buying or Selling a Home

5 Reasons to Avoid Dual Agency Representation by Top Arlington Realtor Meg Ross

Dual agency, when one real estate agent represents both the buyer and the seller in one transaction, can be fraught with perils and pitfalls. 

Dual agency is a bad idea and I won’t do it – and neither should you.

Before I explain my reasons why you should avoid dual agency, let me first list the types of real estate representation that are available when you buy or sell a home:

4 Types of Real Estate Representation by Meg Ross, Arlington Virginia Top Realtor

When Are You Likely To Encounter Dual Agency?

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3 Tips For Buying a Fixer-Upper That Won’t Zap Your Home Buying Budget

3 Considerations For Buying a Fixer-Upper That Won't Zap Your Home Buying Budget

Every so often, an opportunity arises for Arlington, Virginia, area homebuyers – and investors – to purchase homes at a good price because the homes are in need of light (or dramatic!) repairs, improvements, replacements or cosmetic attention.

While buying a house that needs some TLC can have real advantages (like being able to update it the way you want), the renovation process is not without its challenges.

So before you invest into any level of home buying inspired elbow grease, do consider the following tips to help preserve your home buying budget:

  1. Check Local Zoning
    Zoning regulations specify how a property can be used and can – or cannot – be changed. Think about how you may want to change the property. (For my Arlington-focused buyers, you can start checking your local zoning from this interactive zoning map or by checking out Arlington County’s Zoning Ordinance PDF from here).
  2. Investigate Local Building Codes
    Building codes are designed to ensure the structural and fire safety of buildings. Codes cover pretty much everything relating to building design, construction, additions, enlargements, alterations and even repairs and maintenance including standards for plumbing, electrical and mechanical construction. (Arlington buyers, start investigating local building codes here.)
  3. Check Permits
    Have changes already been made to the home that required permits? If so, check the county website to make sure the permits exist and have been satisfied. (Homebuyers interested in Arlington County homes, check residential permits via this link)
  4. Bonus! One more consideration: Investigate development plans
    Conduct research to find out whether the city, county or state has plans or has approved private-entity plans that might adversely affect the home’s value.

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ARLINGTON REAL ESTATE MARKET SAW SALES REBOUND AS PRICES REMAINED STEADY IN 2021

Arlington VA home prices 2021 v 2020

The Arlington, VA, real estate market remained steady in 2021 with the big news being that home sales increased 27 percent while the average home sales price was up 1.3 percent compared to 2020.

Here’s a look at the 2021 housing market numbers in Arlington:

Arlington Home Sales Were Up 27% In 2021

There were 3,546 homes sold in Arlington County in 2021, a 27.1 percent increase compared to the 2,793 sold in 2020.

The sales rebound in 2021 included the condominium market, which stalled during the height of the pandemic in 2020 as buyers sought more space.

  • Condo sales were up 31.8 percent.
  • Townhome sales jumped 22.1 percent.
  • Single-family home sales rose 25.6 percent.

Arlington Home Prices Were Up 1.3% In 2021

While the number of home sales was up strongly, the average home sales price in Arlington in 2021 was relatively flat, up just 1.3 percent overall, to $783,488 versus 2020’s $777,296.

However, price changes vary depending on the type of residence with single-family homes and townhomes showing strong gains and the condominium market slipping.

  • Condo prices decreased 1.0% to $463,894 from $468,408.
  • Townhome prices jumped 3.3% to $730,605 from $707,213.
  • Single-family home prices were up 2.2% to $1,214,250 from $1,188,730.

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Arlington Housing Market Remains Steady So Far In 2021

Arlington VA home prices 2021 v 2020

While the Coronavirus pandemic continues to upend our lives, it has not impacted the strength of the Arlington, VA, real estate market.

The Arlington County housing market remains steady with the number of all homes sold during the first half of 2021 increasing while the average home sales price for all homes up 1.2 percent compared to 2020.
However, while prices for single-family homes and townhomes grew and the time it takes to sell them remained steady (townhomes) or went down slightly (single-family), condo values dropped and the time to sell them increased by 57 percent from 21 days to 33 days.

This reinforces the shift I am still seeing of home buyers moving away from purchasing condominiums and instead buying single-family homes, as people look for more space to accommodate home offices and home gyms.

Now, let’s look at the housing market numbers for the first half of this year:
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Arlington Housing Market Stayed Strong In 2020 With Prices Up 10.5%

2020 Arlington Housing Market Stats

While the Coronavirus pandemic upended life in 2020, it did not impact the Arlington, VA, real estate market as much as expected.

The Arlington County housing market remained strong with the number of homes sold in 2020 remaining steady while the average home sales price increased 10.5 percent compared to 2019.

One notable change was the shift to home buyers moving away from purchasing condominiums and instead to buying townhomes as people looked for more space to accommodate home schooling and home offices.

Now, let’s take a little deeper dive into the 2020 housing market numbers:

Arlington County Home Sales Overall Were Flat In 2020

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What We Call “Home” Is Taking On A New Meaning … And Other Such Thoughts As We Near 2021

What We Call “Home” Is Taking On A New Meaning

As we enter further into a time of year that many refer to as “the holiday season,” my mind swarms with so many thoughts about the state of home buying and selling affairs, not just in our immediate area of Arlington, Virginia, but nationally as well.

Now that the presidential election has ended, and the days of autumn inch closer towards the upcoming winter season, I can’t help but think about all that’s happened in 2020 as well as what awaits us all in the coming new year.

At random, here are some of my various thoughts that come to mind as I reflect on the whirlwind that’s been 2020 and what I hope and see for 2021:
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This Beautiful Arlington Home Went Under Contract In Just 5 Days!

Arlington Virginia homes for sale by Meg Ross Top Arlington VA Realtor

Our local real estate market, despite tight inventories and challenges presented by COVID19, has continued to stay active and homes for sale in our area don’t last long; many fly off the market in a matter of a few short days!

This summer, I assisted a variety of clients and families in buying or selling their homes in our immediate area but the home featured in this post was a favorite:

5729 8TH ST N, ARLINGTON, VA, 22205

This beautiful 4BR/3.5BA home in Arlington went under contract in 5 days!

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Arlington, VA, housing market remains healthy with prices up but less homes for sale

Arlington VA April 2020 Real Estate Statistics

The question I am asked the most recently: How has the coronavirus pandemic impacted the local real estate market? The answer is that the Arlington, VA, housing market remains healthy with prices up but less homes for sale in April. While it has slowed, people are still continuing to buy and sell homes.

Number Of Homes For Sale Down 18%

Compared to April 2019 the number of homes coming on the market and going under contract in Arlington in April 2020 is down:
* Homes listed for sale fell 18% (279 vs 341).
* Homes under contract tumbled 35% (191 vs 294).
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