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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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.
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.
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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.
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As with most things, my answer to this question largely depends on who you are and what your goals are, so I’ll break down my responses into homebuyer and home seller-related answers.
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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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
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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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:
This beautiful 4BR/3.5BA home in Arlington went under contract in 5 days!
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.
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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