We are definitely in a sellers real estate market in Arlington VA nowadays! It’s very frustrating for a buyer but gives wonderful opportunities to sellers and usually provides a little flexibility to them for selling their property. For example, if you need to sell your current home in order to buy your next one, you’ll need some flexibility in closing time and time for moving. Also, many buyers end up in multiple offer situations and are waiving contingencies all together or doing inspections before they submit an offer so they can go in without any contingencies at all but have the information they need.
We are seeing homes get upwards of 10 offers on homes! The real estate market has been mostly dead with new inventory the last few months so there is a HUGE pent up buyer demand for homes. Buyers are anxious to move forward and are doing what they have to in order to put their best foot forward. It’s a great time to be a seller!
There are currently just over 600 properties on the market for sale or currently pending (excluding Coops and the Retirement condo). Abut 327 homes sold since January 1 of this year. Our inventory levels, strictly from a numbers point of view (forget how the activity is actually behaving), points to a strong sellers market.
My suspicion and what I’m hearing from other agents is that inventory should start loosening up (hopefully) in the next 4-5 weeks as we really hit the peak of the Spring market, when it’s busiest, but nobody really knows. There are still far more buyers than sellers in Arlington today!
If you have ANY inclination to consider selling your home, please, please, PLEASE call or email me. You might be surprised to learn what your home is worth.