Well, it looks like more of the same this month: low housing-market inventory and all-time low interest rates. Just in the past week, though, I’ve noticed more homes coming on the market, so the Spring market is upon us.
And we have some good news and some bad news for Arlington homeowners: Property tax assessments are out, and overall, residential values are up 1.8%, with single-family homes showing the largest increase. The area in general has done well—both Northern Virginia and DC were named #3 and #6, respectively, on a list of Top 10 metro areas with the biggest rise in real estate prices. They showed year-over-year list prices increasing 6.06% and 4.34%. The secret is out: DC is the real estate market that defies the odds, according to Time magazine. But our unique combination of a strong job market, lack of foreclosures, and tight inventory is hard to duplicate in other markets.
Thinking of remodeling instead of selling or doing some upgrades to get ready for the market? Check out the Cost vs. Value report to get an idea of payback.
Do you know someone thinking of selling? NOW is the time to start decluttering and consulting with staging professionals. We would love to give someone you know a free analysis of their neighborhood—this market (and our team) needs listings!
If you or someone you know is thinking of starting the home-buying process, please attend our free first-time home buyer class at Arlington Central Library on March 26th at 7:00 pm, and encourage your friends to do the same. You can register here.
If you or someone you know is looking to move, please contact us. And if you’re thinking of selling, contact us and we’ll be happy to provide you with a free market analysis of your home’s value and a review of statistics in your local neighborhood.