Inventory remains too low for most buyers’ comfort. At the end of February, Arlington and Northern Virginia had less than 2.75 months of inventory! (And trust me, not all of that inventory is good.) For comparison, at the peak of the bubble, Northern Virginia was at about 1.6 months, and at the “bottom” the market had about 12.5 months of inventory. Those numbers are scary, and the March numbers are so far consistent with February.
Interest rates, hovering at around 4 percent, are still great but have started to inch up just a touch the past few weeks. While a dramatic jump in rates is not expected, buyers are starting to get nervous.
Landlords: Arlington County is offering a free Landlord Seminar on April 14 from 11:00 am to 2:30 pm at the Walter Reed Community Center. You can register here. The session is offered in conjunction with Arlington’s Home Show Expo.
If you or someone you know is thinking of starting the home-buying process, please attend (and encourage your friends to attend) our free first-time home buyer class at Arlington Central Library on April 17th at 7:30pm. You can register here.
P.S. Don’t forget that we have a nationwide network of quality agents—let us know if you or someone you know needs a referral to another city.