Housing Market Continues to Fall Across Arkansas
The housing market in Arkansas is continuing to slip, according to the latest statewide statistics.
In the Fort Smith region, home sales are down more than 15 percent, when compared to the number of homes sold in August of last year, according to the Department of Housing and Urban Development’s statewide statistics.
It’s not just the number of houses being sold that’s down, but people are paying less for the homes as well.
Nancy Weaver, a realtor in Fort Smith, says now’s a good time to be looking for a house.
“Probably in the past year, we’ve seen every price range become a buyer’s market,” Weaver explained. “It used to be that it was more of a sellers market in the 150 [thousands] and below…and now that has turned into a buyer’s market as well.”
In addition, interest rates are much lower, which Weaver said can really pay off if you’re looking to buy a new home.
But in the current economy, Weaver said people are more hesitant to purchase a new home, unless they really need to.
“People are a little more cautious,” Weaver said. “People are waiting to buy that move-up house, and waiting on the house they’re in to sell first.”
The problem isn’t limited to the Fort Smith area.
Home sales in Northwest Arkansas are also down right now, coming in at close to 5 percent below what they were in August 2011.
That said, the value of homes sold in both Benton and Washington counties have seen an increase, as shown in the statewide report.
On the national scale, the housing market is showing signs of bouncing back, according to national statistics from the Department of Housing and Urban Development, which show more homes are being built this past year.
Weaver said that’s a good sign for anyone looking to sell. Also, that it’s important to remember the housing market is always fluctuating.
“Don’t get discouraged,” Weaver said in response to the latest statistics. “It’s just taking time. Follow the advice of your agent as to things you might want to do to help your home sell.”
For more information on the latest global housing trends, CLICK HERE to visit the International Monetary Fund’s website, which reinforces statistics explained above.