The Arlington Patch reported recently that no less than one in five Arlington VA homes for sale are currently listed at at least $1 million dollars. Posh neighborhoods, great schools, and unmatched proximity to D.C. have long kept the city’s homes among Northern Virginia’s most-coveted, but the spring thaw has witnessed a serious steaming-up of the housing market. These properties may be sporting loftier price tags, but evidence suggests that buyers can’t get enough.
Zillow estimates the median home price in Arlington VA at $609,300, which is a mighty 7.6% change over last year’s figures. The real estate aggregator deemed the city’s “market temperature” to be “very hot,” which comes as little surprise to those vying to snap up a home amid a handful of other comers within days - if not hours! - of a desirable listing going live on the MLS. It’s predicted that prices will continue to rise as 2014 marches on.
The ramping trend in home prices is stellar news for sellers, but not so much for anyone looking to acquire a home in Arlington VA. Demand is far outpacing supply, and single-family homes with the right specs are tough to come by. Anything nice that’s close to the city has always been in demand, but there are sure signs that the burst bubble of the last decade’s real estate crash is starting to slowly, steadily revive itself. Buyers entering the fray need to really consider their strategy.
Right now, coming to the table with a fat wad of cash on hand is the best strategy for “winning” a prime property, with sheer luck coming hot on its heels. Any concession that favors the seller, such as forgoing an appraisal or forking up closing costs, could also potentially bounce the proverbial ball back into your court. Bidding wars are becoming commonplace for the hottest homes, and many end up selling for higher than the initial list price. If you haven’t secured mortgage preapproval before so much as setting foot over the threshold, you aren’t in the game! Love may be a battlefield, but so is the market in Arlington. Make sure you come armed!
