Arlington townhome update during coronavirus pandemic
Arlington, VA had 19 townhomes sales in April 2020 vs. 22 in April 2019. Arlington townhome market has not really slowed down.
11 of these townhomes sold above listed sales price.
Arlington still has a lot of pent-up demand from last year and we are still experiencing a very strong seller’s market. I just settled a buyer who purchased a townhome in the middle of this pandemic and we had to beat 4 other offers, and paid 35k over the asking price.
There are companies providing disinfecting services after the weekend of showings – which can put some sellers at ease. I will happily pay for this service for all of my sellers still living in the home.
My townhome listing at 4097 Columbia Pike had 4 offers and went under contract in 4 days – please see the link here.We are waiting for settlement and expecting to close above list price. Call me today at 703-217-2077 for a free virtual consultation so I can guide you through the process and help you figure out the best strategy for the sale of your Arlington townhome!
- Based on March, 2020 real estate data – the inventory of towhomes of Arlington is still very low indicating a very strong seller’s market. It’s still a good time to sell. We are anticipating that prices will come down within the next 6-12 months.
2. My colleagues are reporting appraisal issues – which means appraisers are taking into account the uncertainty of the future.
3. Mortgage interest rates are still at all times lows, even though bigger banks can offer better terms for jumbo loans.
4. We had only 9 townhome listings on March 31st of 2020 vs. 12 on March 31st in 2019.
If you are thinking about selling – now is probably the best time, but you have to take all the associated virus risks into consideration. Call me at 703-217-2077 and we can talk about pros and cons!
- Homes are still selling in Arlington! 3 townhomes went to “pending” status in the last 7 days. (Last school day in Arlington was 3/13/2020)
- Open houses are very unlikely – look for photos and ask for virtual tours from the listing agent.
- BE CAREFUL and assess your own risk when listings and seeing homes – the virus can stay in the air and on surfaces from hours to days. It is YOUR responsibility to protect yourself – not seller’s, buyer’s or their agents’. Good listings still get a ton of traffic, but shortages of masks, gloves and hand sanitizer makes it difficult to provide homes with protective equipment.
- My office – KW Metro Center is closed to the public, but it open for private appointments.
- Here are the statistics for Arlington Co townhome market today – I will be keeping track of this daily:
5. Mortgage interest rates have been fluctuating like mad on a daily basis. Buyers usually have a limit to what they can qualify for and what mortgage payment they can afford. Locking your rate in a timely manner is important. This uncertainty will scare away a few buyers, but they would risk higher interest rates after the pandemic.So what does the future look like? We don’t know yet. Recession is coming, but Arlington is a lot more resilient than other parts of the country.