Reatlor Paul Donaldson say, "If you are considering moving to the Washington, DC area, Arlington should be number one on your list of places to consider. Arlington is a short commute to the regions major employment centers. From Capitol Hill or downtown D.C. and all the major federal agencies, including the Pentagon and the technology corridor near Dulles Airport, Arlington is in the center of this employment hub."
He adds, "At the end of summer, the local real estate market quickly shifted to one that is much more friendly to the buyer. Listings are staying on the market much longer allowing for an inventory to build up. This is causing some sellers to reduce their original listing price. The local job market remains strong, so this trend may not last. If you are considering a home purchase, my recommendation is to buy now. Take advantage of the opportunity to negotiate the best price and terms you can, but be reasonable in your offers. Real estate will remain a good investment, even though you might not see an annual 20 percent growth in your home purchase, it should still be in the 10 percent range."
"If you hang on to your new home for three to five years or more, you'll do fine. My advice to sellers is, don't get greedy. This is a price sensitive market. Make you home as presentable as possible, clean, paint where needed, get rid of the clutter. Work with your Realtor in deciding what the best list price should be so you are at a competitive advantage. If your house goes unsold for a month or more, you will come out with less than if you priced it properly to begin with. In this market a good listing agent is your best asset."
"As of October home inventory has reached a point that puts the buyer in control and sellers are having to adjust their thinking. Price is the biggest adjustment. In addition, typical contract contingencies are quickly becoming part of the sale and the shift of market is moving to the buyer," say Realtors Chris Fries and Paul Cizek .
They continue, "In short, greater inventory means more days on market and provides buyers options that they haven't had in almost 4 years. There continues to be a lot of activity especially in areas of North Arlington; Lyon Park, Lyon Village, Clarendon, Ballston or anything that is truly within walking distance to Metro rail. Average home prices in these areas are in the high 800's and new construction homes continue to sell in the $1 to $1.6 million range, but due to the volume of finished homes it is not uncommon to see price reductions in this area as well. Bottom line, builders, renovators need to sell and that is why you should always have a qualified buyers agent working with you. Buying from the builder's (sellers) agent is not going to give you the "best deal." South Arlington continues to see a strong boost in average home prices which is a result of many new construction homes, quality renovations and focused revitalization to the area."
