In Northwest Arkansas the Real Estate Market hit its high in 2007 or 2008 and then its been going down ever since with the exception that maybe this year we are starting to see the average price on sales to start moving up. For the last few months we have seen average prices of properties move up. Are inventory, meaning houses for sale is about half the amount it was last year which is helping the prices hold stable.
So if you are looking for amazing prices in NW Arkansas today is as good as you get. With interest rates as low as they are we are at a place in history that we have never really seen before. Low Prices and Low Interest Rates. The average consumer is spending only 11% of their monthly income on housing. Now that's amazing.
Northwest Arkansas is a very stable economy because of the large employer base of Walmart, Tyson Foods, and JB Hunt. We had over 25,000 people move into Northwest Arkansas just last year. Because of supply and demand you probably have seen housing prices as low as you will ever see them other than you might see the prices hold for a while if banks start putting more of their properties back on the market, but don't look for them to flood the market as in the past. They want to get as much for their houses as they can, just like everyone else.
I hope this helps...
Sara, that's a great question!
However, so the conversation can be objective...please define "AMAZING PRICE."
Without some vague notion of what you are looking for, it will be easy to say, "If you don't buy by years end, you will be guilty of sitting along the sidelines watching as the bottom of the market passes by."
There are GREAT deals to be found today. Some however, may have unrealistic expectations. These folks may be listening to intently to renters who have never owned a home, have not been engaged in a real estate transaction in ten years yet offer 'real estate' advise on aggregate web sites, where unsuspecting citizens think the data is valid.
Now, what is 'Amazing price?"
Best of Success to You.
Annette Lawrence, Broker/Associate
Remax Realtec Group, Palm Harbor, FL
727.420.4041 - http://www.RealEstateMadeEZ.us (al)