Ask Me!

By
Real Estate Agent with Samson Properties

THE QUESTION - THE ANSWER

Ask me what?  Ask me if it is a good time to buy or sell a house in Arlington Virginia. Why?  So that I can tell you that the market in Arlington VA and other areas of Northern Virginia is different from the rest of the country.  This unique campaign was started by NVAR (Northern Virginia Association of Realtors) earlier on this year on the basis that just like politics, all real estate is local.  What is happening in one area of the country does not necessarily mean that it is the same in all regions.

However, with most people getting their information from the sensational headlines of the media, they have been fed a steady drumbeat of mostly negative real estate news.

 






 

 

WHAT'S HAPPENING IN ARLINGTON VA AND NORTHERN VIRGINIA 

The truth is that Arlington real estate and NOVA real estate did not suffer as steep a downturn as, say, Florida or California.  So for the past several months there has been a ticking up in prices over the same period last year -  Since October 2011, there has been a 7.6% increase.  Homes sales in Northern Virginia has seen a 22% increase - 1,385 in October this year compared to 1,134 in October 2011.

In addition, inventory has decreased by 44% since October 2011 to a mere 2.25 months' supply of available homes as opposed to the 'normal' 6 months' supply.  As a result prices have been rising.  Also, the stats are now showing that it is more expensive to rent than own with average increased rental prices across various cities in Northern Virginia ranging from 1.09% in the City of Alexandria ($2,186 to $2,210) to 3.91% in the City of Falls Church ($2,269 to $2,357).  

WHAT SHOULD YOU DO?

What does this mean to you?  Should you buy a home now in Arlington, Virgiinia or Northern Virginia?  Should you sell a house now in Arlington Virginia or Northern Virginia?  My answer to you is a definite 'Yes'.  In addition to the aforementioned encouraging barometers, interest rates continue to be historically low.  On a 30 year mortgage of $350,000, a 1-point increase in rates from 3.5% to 4.5% means an additional $201.74 per month on your mortgage payment!  No one knows when these rock bottom rates are going to rise, so why not take advantage of them while you can.

Coupled with these unbelievable rates, homes prices, although rising, are still attractive.  Rents do not build equity whereas home ownership does.  Real estate has and continues to be a prime method of wealth building.  Buy now! Do not wait.  Sell now!  Multiple offers are common place with sellers receiving 97% of their list price in Northern Virginia compared to 95% nationally.

So, is it a good time to buy or sell a home in Arlington Virginia and Northern Virginia?  The answer is a resounding 'yes'.

Fellow agents, join the campaign and get the word out to your customers to ensure a successful 2013! 

Call me at 703-920-0003 and  Ask Me!

Click here to find what's your home worth  -   http://www.buysellinvestarlington.com/sell/

Click here to search for Arlington Virginia condos  -   http://www.buysellinvestarlington.com/listings/areas/5973/maxprice/500000/beds/1/baths/1/propertytype/CONDO/listingtype/Resale+New/

 

   

Comments (4)

Susan Haughton
Long and Foster REALTORS (703) 470-4545 - Alexandria, VA
Susan & Mindy Team...Honesty. Integrity. Results.

Excellent post!  I just read a comment you so eloquently made on a post earlier and had to hop over and read your blog. You are a good writer with a lot to say - I'm subscribing!

Nov 24, 2012 11:16 PM
Norma Skeete
Samson Properties - Arlington, VA
ABR, GRI, SFR, SRES, CNE, MRP, Arlington VA

Thank you Susan.  I'm of the opinion that if you are going to comment on something, you should try to make it meaningful.  It can be challenging what with time being so limited, but I try to make the effort.

Hope to 'see' you around.  I spent a few months with L&F before switching to KW.  

Nov 25, 2012 02:02 AM
Todd Clark
eXp Realty LLC - Tigard, OR
Principle Broker Oregon

Welcome to Activerain and I hope you are learning a lot and if you ever need any assistance, don't hesitate to check out my blog, email me, call me, I will be glad to help you in any way possible. Also, check out the main page of Activerain and look for the Activerain University tab, there are lots of educational webinars to help you build your business.

Dec 01, 2012 11:10 AM
Norma Skeete
Samson Properties - Arlington, VA
ABR, GRI, SFR, SRES, CNE, MRP, Arlington VA

Todd -Thank you so much for your welcome.  There is no doubt that AR is the place to be if you are in real estate.  There is just so much information and offered help and opportunities to advance one's business.  I am truly excited and I'll definitely be calling on you.  It is really heartwarming when total strangers reach out.

Dec 01, 2012 09:15 PM