Arlington County Virginia residential real estate assessments are up 5.3% (5.8% overall inclusive of new construction & commercial properties) increasing the average residential property value in the county to $552,700. This is further indication of a strong local Real Estate Market, putting upward pressure on home valuations. Driving the increase is pent up demand, low interest rates, and a shortage of inventory (fewer homes for sale than buyers interested in purchasing).
This dynamic has created a challenging market for potential home buyers who find themselves having to navigate a market with limited inventory and may find themselves in a multiple bid situation. It’s not uncommon to have to write several offers before being the ‘winning’ bidder on a home. It’s important that buyers work with a real estate professional experienced in successfully navigating this type of market.
Meanwhile, sellers are experiencing a quick sale at top market value if their home is staged (prepared for the market) and priced right.
Click here if you’re interested in finding out how much your home is worth in todays real estate market.
