The housing market in Arlington, Va. is thriving ? and pricey.?The average sold price for June 2012 was $628,902, the median was $550,000 and inventory is low. Whether you?re thinking of buying a custom home or renting a house in Arlington, there are several factors to consider.
Custom Homes in Arlington
The best building lots in the most desirable parts of Arlington easily sell for $600,000 to $800,000. And homebuilders will often build a custom/spec home on that lot and sell it for north of $1.5 million. These homes are incredibly large, 4,000 square feet or more, with features such as 10-foot ceilings, three finished levels, hardwood floors and beautiful moldings. ?Custom? does not necessarily mean customized, but rather high-end with the best features. Many builders create spec homes of this kind, and they always sell.
It can take six months to a year to get a custom home built in Arlington, and add time on top of that to find the lot, unless you are building on your own lot.
Many people are choosing to build on their own lots and tear down their existing homes. Seems crazy, but if you have a nice building lot and bought your home over 10 years ago, it could make financial sense to do this instead of buying another home. Most builders provide this sort of option and are heavily marketing it. Stanley Martin and New Dimensions, Inc. both have very popular and affordable ?Build on your own lot? programs right now. Costs range from $400,000 and up for the construction and permits, and go much higher for more custom and luxury finishes.
If you want to build your dream house and budget is really no object, there are many different homebuilders in Arlington who can help you realize this dream.
Custom homes in Arlington, Va. can sell from $1.4 million to over $2 million. There are less expensive options that can get a home built for $400,000 to $500,000, not including the price of the lot. Those are usually not what one would consider ?custom? and would likely have less than high-end finishes such as solid wood doors, custom built-in bookshelves, luxury appliances like Wolf and Sub Zero, and hardwoods throughout both main and upper levels.
Consider a Home Addition to Gain Extra Space
Many people who bought a home in Arlington in the past seven years bought their first starter home for around the price of a building lot. Then, once a few kids come along, they needed more space. There are very few ?medium? sized homes in Arlington, which would be in the $750,000 to $1 million price range. So, a buyer?s idea of a ?dream? home should be adjusted according to the very expensive market and high demand for houses. Many Arlington homeowners who want about 1,000 additional square feet end up opting for a home addition, a choice that worked for my family as well.
House Renting in Arlington
If you decide to do a home addition in Arlington, Va., you will likely need to find a place to rent while you add on. This is also a challenge as the rental market, as you may have guessed, is very tight. Often people going through a remodel need only four to six months of temporary housing, but most landlords require a year-long lease. The key to house renting in Arlington, Va. is to network, network, network. Yes, get a Realtor? helping you, but also ask everyone you know, troll Craigslist every day and pound the pavement looking for a landlord who will take a flexible lease. For a detached North Arlington rental, you will pay at least $2,000 a month for a very modest two-bedroom, one- or two-bath home that?s about 1,000 to 1,500 square feet. A larger home with three or four bedrooms will be north of $3,000 ? and if it?s very nice, closer to $4,000.
There are many options to consider, and it often requires talking to both a local Arlington Realtor? and several homebuilders to find out what is best for you.
Written by Coral Gundlach, McEnearney Associates, Arlington, Va.
Source: http://www.realestate.com/advice/the-housing-market-is-going-strong-in-arlington-va-90005
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