Arlington Home Buyers Benefiting from Lower Interest Rates
Mortgage rates fell during the last week, giving Arlington home buyers more purchasing power. According to the Wall Street Journal, the 30 year rates have dipped below 4.0%, which is not too far from their 100 plus historical lows. Five-year adjustable rate mortgages also fell and are closer to three percent. The lower rates, combined with slightly higher inventory have made the end of summer a good time to buy for people looking in Arlington, VA or the greater DC area.
The Trump Effect
Many experts say the drop in interest rates has been a result of the Trump agenda stalling out as the stock market has lowered in recent weeks as well. Gold prices have also risen, which may be a sign that stock price will continue to dip and bond prices will continue to rise, which would keep interest rates low or cause them to dip even more.
Does Higher Inventory Mean Arlington, VA Is A Buyer’s Market?
With the higher inventory, many buyers and sellers have been asking if it is now a buyer’s market. The short answer to that question is no. Although inventory levels have been up seasonally, they are still below their five-year average. The average sold price as a percentage of list price has remained unchanged and is 98.4%, meaning buyers in Arlington are getting very little in terms of discount off list price. The days on market remains very short as well and slightly under the five-year average. One thing to note is the difference in the median days on market and the average days on market. The median days on market is 9, which means half the homes in Arlington go under contract in less than 9 days. The average days on market is 31. This tells us that if a home is on the market for more than 10 days, it is very likely it will take several more weeks to sell. This is where buyers can possibly get discounts in the market, with the exception being new construction sales.
Despite a Competitive Market, You Can Still Get a Great Value on Your Next Home
In order to get the best price on your home, you need to be represented by a proven expert in negotiation. The Orange Line Living Team helped nearly 350 families buy and sell homes last year, there is no one in Arlington more able and experienced. To get into your dream home before it goes under contract with someone else, give us a call or text at (571) 969-7653, email [email protected], or fill out the form below.
First Time Home Buyer?
Reserve a spot at one of our home buying classes in Arlington, VA to get $1,500 towards your first home! Click to view Arlington Home Buyer Class dates.