“Moving Up” In Today’s Arlington Real Estate Market

If someone is considering “moving up” in today’s Arlington real estate market their concerns are going to differ depending on what market tier they are selling out of and then buying into.

We’ll unpack that a bit, but first let’s define “moving up”: It is simply selling one home in the effort to turn around and purchase a larger, more expensive (typically) home to better meet your needs. It can be anything from going from a 1 bedroom condo, to 2; Condo to town home; or you may skip categories and go from town home to 5,000 square feet.

Here are a couple scenarios and today’s outlook:

  • Condo to Townhome/Single Family under $900,000 North Arlington: If you are in a Ballston condo and have your sites set on a Norther Arlington home for the long term you are looking at one of the more challenging combinations in the area right now. Sales are sluggish in the condo market, while on the single family home side selection is limited and competition is hot in North Arlington.  SOME ISSUES: If you find the home that meets your needs, but don’t currently have a viable contract on your condo you may (among other things) find that sellers are hesitant to accept your offer, especially since competition is highly possible. However; if you wait until you have a contract on your condo before making offers on other homes you run the risk of losing out in competitive situations and being caught in a gap between selling your condo and finally closing on your new home.
  • $500k – $700k Home to a $1m+ Home: A nearly opposite scenario to the one above. Assuming we are looking specifically at North Arlington, you will likely, if the appropriate measures are taken to prepare the home for market and it is priced appropriately, find that the home is going to sell very quickly. Then on the purchasing side you will find a slower moving market in the $1m+ tier, with more selection (including some possible custom and partial custom opportunities).
    In this situation you can likely go out and find your home of choice, get it under contract, and then list your existing home for sale. Again, this assumes the home is in ready condition for the market, and that you are are willing to price it appropriately. Though the market is hot in the mid-level price ranges, buyers are not going to jump on it if they perceive the property to be overpriced.

 

Wondering about other scenarios, or workarounds for the ones above? Please ask in the comments section below!

 

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