Listings are scarce in 2017. Even in a burgeoning economy like that of Northwest Arkansas. According to a report published by Bloomberg, the last three months had the fewest homes in the market on record, and prices jumped 6.9 percent in January from a year earlier, the biggest increase for any month since May 2014. Homes are selling faster than the past few years, spending an average of 58 days on the market. Why? Reduced inventory. Sellers are reluctant to put their property on the market because they would have limited options to buy.
What does this mean for the Northwest Arkansas homebuyer? If you are a seller and have thought about putting your home on the market, now is the time. Lower priced homes are very much in demand in Bella Vista and particularly in Bentonville, where improvements in the downtown area have caused homes around the Bentonville square to triple in value in the last two years. It has become common for bidding wars to take place on homes under $200,000, and particularly in the $100,000 range throughout Northwest Arkansas. Investors and first-time homebuyers are often bidding on the same properties, leaving first-time homebuyers out in the cold. Some of this tension is relieved by programs such as the Fannie Mae First Look Initiative, which gives buyers looking to reside in the home they purchase a 20-day window to bid before investors are able to have their bids considered.
If you are thinking about selling your home, give us a call at Kaufmann Realty. We are specialists in the Northwest Arkansas area and are here to help you find creative options for buying and selling in the current market. (479) 855-0909