Could You Get Priced out of the Arlington, VA Housing Market in 2013?
Many real-estate analysts are predicting that the growing housing recovery could speed up more quickly than anticipated in 2013, bootsting prices in some areas by double digits. A quick question for you... Would an increase like that price you out of the Arlington, VA Housing Market?
Can you afford to wait? Will you get priced out of the Arlington, VA Housing Market in 2013?
The housing recovery in Arlington, VA, as with many other markets, feels a bit too new to pose much of a threat to affordability, right? But in many areas, it's moving a lot faster than in others, as demand pushes up against a diminishing supply of homes for sale.
J.P. Morgan predicts an overall gain of 3% to 4% in home prices for 2013. In some markets the pace of gains has already been so powerful that many first-time buyers are being priced out of the market... And this is before the spring selling season has even begun!
Prices here in Arlington are rising as we are seeing a significant decrease in inventory. The current (February, 2013) median list price for single family homes in Arlington, VA (22207) is $1,298,000. List prices increased by 15.63% from January. The number of active listings in Arlington, VA (22207) dropped by 17.3% from January, 2013. The median number of days active properties in Arlington, VA (22207) have been listed is 91. This is significantly shorter than the national average.
Thankfully, one advantage that is expected to stick around and mitigate rising prices are low mortgage rates. So what can you expect when obtaining a loan for your dream home in Arlington, VA in 2013? The average 30-year fixed mortgage rate is expected to stay under 4% for most of the year, according to Greg McBride, senior financial analyst with Bankrate.com.
The biggest factor shaping the housing market in 2013 is supply: Just how many sellers will be motivated to list their home, and how many developers will build new ones? If inventory increases, it will help ease the bidding wars and make it easier for buyers to secure a home.
The question remains... How long can you afford to wait for the right Arlington, VA home?
I would be happy to provide you with information related to the Arlington, VA real estate market, the marketability of your home or real estate in general. To learn more about the Arlington, VA market, I invite you to visit my website, www.brittanysalemproperties.com and register for Arlington, VA home alerts or to become an Arlington, VA Market Insider today!
Brittany Salem provides an exceptional level of real estate services to home buyers and sellers in Northern Virginia and Washington, DC. Visit www.brittanysalemproperties.com to search for homes and get community information for Arlington, VA, Fairfax County, Washington, DC, Viena, VA, McClean, VA, The Odyssey Condominiums, The Continental, Barrister's Place, Carper's Farm, Lillian Courts, Reserve at Tysons, West Lewinsville.
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