Property Management Arlington VA
Professional Property Management in Arlington, VA
Are you curious about professional property management in Arlington VA? Wondering what a shifting real estate market will mean for Northern Virginia homeowners?
The real estate market in Northern Virginia, which had begun to favor sellers in 2012 and 2013, and then again in 2018 and 2019 has been edging back towards being a buyer’s market due to lower interest rates. Additionally, with the onset of the COVID-19 Pandemic, sellers are going to have to exercise patience as their homes are likely going to sit on the market, at least in the short-term.
Arlington County is no exception to that recent regional trend, despite a history of strong resales for both single family homes and condos. Sellers are feeling the heat and looking increasingly to professional, Arlington property management firms to help them get the most out of their investment while they await the return to a more predictable selling economy. However, with the boom of Amazon HQ2 and National Landing as the region’s newest technology sector, Arlington will continue to remain a premium location to own real estate.
Do you own a residence or investment property in Arlington? Here’s what you should know about the local rental market.
What Arlington Real Estate Statistics Show
Let’s begin with some local NVAR statistics to help put things into context:
Arlington County home price appreciation: Arlington County approximately 17.2%
Median Sale Price: $635K, +%12.49
Active inventory: low, decline of 37.5%.
In light of these statistics, a significant number of Arlington homeowners who would otherwise be putting their homes on the market are instead opting to rent. For some who are underwater on their mortgages, selling in this current climate is not a viable option at all. For homeowners anticipating a relocation to a different part of the country or an assignment abroad, becoming a landlord means getting help.
That’s when those who’d be selling in a stronger market start seeking Arlington property management firms for assistance in placing tenants and caring for their homes once they’ve moved.
WJD Understands the Arlington Rental Market
WJD has been managing properties for Arlington property owners and investors for more than three decades. We understand the current regional rental market.
1. The Washington area–Arlington especially–tends to maintain a robust rental market no matter which direction home sales are trending in. Why is the D.C. area so “bulletproof” when it comes to rentals? It’s a unique market–and some of the reasons for the strength of rentals in Northern Virginia is due to the temporary assignments of many workers in our area–as well as the political, government, and military roles that rule much of Washington-area life.
2. Although a decrease in interest rates is predicted to increase the number of buyers in 2020 who will be able to get mortgages that will (theoretically) give them more buying power, the fact remains: Many homeowners are still choosing to hold off on selling, at least during the COVID 19 Panademic, while they take the temperature of the market. Moreover, even though interest rates have come down, the economic recession is likely to wipe out the savings of many in our area. And even those who can get approved for a mortgage with affordable monthly payments still may not have anywhere near enough saved for the down payment on a home.
The result of all of this uncertainty? There’s more competition among renters for single family homes in our area than there is among buyers. While it may not be a seller’s market at present, it’s certainly a landlord’s market.
We’ve Specialized in Northern Virginia Property Management for Over Three Decades
WJD has been serving landlords in Northern Virginia for more than 35+ years. We offer a comprehensive range of property management services, and our fees are very competitive. Our office is located close by in the City of Fairfax, and we are the leading Arlington property management specialists in Northern Virginia. Contact us today, and we’ll give you a free rental market analysis right away.
If you would like to learn more about WJD Management, please review our comprehensive Management Program guide. If you are ready to rent your Arlington home, feel free to take advantage of our exclusive FREE Rental Market Analysis. Finally, don’t forget to connect with us on social media! Follow us on Facebook, Twitter, LinkedIn, Instagram, and Pinterest for tips, ideas and updates.