How is the market in Arlington, VA for June, 2023?
Their market is very tough for buyers. VERY TOUGH. Why?
Low inventory. You’ve heard this before. It’s a nationwide problem. Nobody wants to sell, because home owners are sitting on 2.5% interest rates. Where to go once you sell? Pay the 7.26% rate (current national average loan rate)? I don’t think so! Only those that really have to move are selling.
This is an active listing chart for the last 10 years in Arlington, VA for those interested – look how low we are right now. It was this bad before pandemic as well:
If you took a loan for $1,000,000 a couple of year back – your monthly payment was $3,951 (assuming 2.5% interest rate). If you buy now it’s $6,829 (interest rate of 7.26%) That’s almost a $3,000 per month difference!
Here are more Arlington real estate statistics numbers for those interested:
New listings are down 44% compared to June, 2022!!!!! (424 vs. 236) That is CRAZY!
Average days on the market 21 vs. 20
Average list/sold ratio 99.8%
Should you buy now? Should you wait? Should you sell now? It’s IMPOSSIBLE to time things – you should buy or sell whenever it makes sense for your life and your situation. There are ways around it if you’d like to buy – you can buy down your interest rate, you can get a 5-year arm loan with lower rate, you can buy something smaller. You should definitely buy if you are planning to stay in the neighborhood – you just need to figure it out. And it’s an AMAZING time to sell – don’t even think about it. The big question for sellers is what to do after the sale.
Every situation and property is different! I’m here to help! Let’s talk – contact me here!