If you’re interested in living or investing in Northwest Arkansas, today’s article is for you. Here I’d like to talk about whether it is a good time to buy in Northwest Arkansas as a local real estate agent.
Between September and April is a good time to buy in Northwest Arkansas. The market is less active, which means you will face less competition and can capitalize on situations that force people to sell before the hot season.
Read on to find out more about the current rates on the real estate market in Northwest Arkansas and get all the answers about whether right now is a good time to buy.
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Is It Worth Buying in Northwest Arkansas From September to April?
Between September and April is a fantastic time to buy in Northwest Arkansas. If you can move here or buy here and keep your house somewhere else, which many of my clients have done, buying in NWA during this season is an excellent opportunity for you.
Usually, people are not eager to put their houses on the market in December, for instance, as it is clearly not the best time for selling. So, if they do, that sends a buyer a certain signal: there are probably certain circumstances that force people to sell, like having to move to another area, and you can capitalize on that.
Between September and April is a great time to buy because the market is not as vast and fast-moving as it is the rest of the year. That’s primarily because of seasonality and because of interest.
Also, if you live in a different state and want to move to Northwestern Arkansas, there are opportunities to do that without selling your property. Many of my clients have used HELOC loans or bridge loans, which means you can loan against your current property to put a down payment on this property.
So, you can buy in NWA and keep both properties at the same time with the intention to sell out there and move here.
After April is a great time to buy as well, and not necessarily because of the capitalization of the market. There’s a lot more opportunity and availability, meaning there will be a lot more homes to choose from between April and September of next year.
However, there’s a lot more competition around this time, too. There’s a huge influx of people and new businesses and companies moving here. So, while it’s also a good time to buy, you have an excellent opportunity to do it before April and get a better deal, even if it will take a little more patience to find your perfect home.
With that said, let’s now dive deeper into what the market is like between September and April and what makes Northwestern Arkansas a great place to buy around this time.
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Home Prices Are Holding Steady
In a lot of places around America, prices have been highly inflated. Austin, for instance, has seen a dramatic reduction in price. In Portland, California, and so on, the situation is similar: it’s kind of like a trickle effect.
However, here I’m talking specifically about Northwest Arkansas, which is quite different. While some places have been struck badly, others, like NWA, are not hit as hard in terms of the rate increase over the course of the last couple of months.
So this leads to the first important point: home prices have held steady and actually even increased a little in Northwest Arkansas, and several factors helped maintain them around the same level.
First, home prices were highly affordable and are still highly affordable in the area. Secondly, there’s a healthy influx of people to the area that has kept that stability even with the rising interest rate.
Of course, it’s not just interest rates and people moving in here that have been holding the prices in NWA. The Northwest Arkansas Council, which sits aside from every city in Northwest Arkansas, does an excellent job of cutting the red tape for builders to construct economically, efficiently, quickly, and safely. Here I explain what the Council does in more detail.
Also, I have a 3-day itinerary that can help you decide what activities to do if you’re overwhelmed by everything Northwest Arkansas has to offer.
It doesn’t matter if you’re a foodie, a sports person, a sightseer, or want to spend quality time with your kids; I have something for you. Check out the link below to learn more:
https://www.allthingsnwa.com/3-day-itinerary-northwest-arkansas
Homes Are Taking Longer To Sell
Another interesting factor is that homes are taking a little bit longer to sell. It’s definitely a noticeable change from what was the case some months ago.
There was a huge swing in the past where, you know, you had to put in an offer within 30 minutes and give your firstborn son potentially as well. It wasn’t that extreme in Northwest Arkansas in comparison to the Carolinas or Austin, but still, this dynamic was a common trend back then.
Now, homes are taking a little bit longer to sell. Granted, it’s that kind of season where people have already put their kids in school, and there’s not as much shuffling around America right now. That will definitely change in the spring and summer of next year.
However, at the moment, we swung back to a point where it’s almost a dead market, and the current trend is pushing it closer to becoming a buyer’s market.
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Becoming a Buyer’s Market
A shift to a buyer’s market makes a big difference for both buyers and sellers. Let me explain what a buyer’s market brings and how it can be used to your advantage.
If it’s a good price home in a Northern Arkansas area and has a good floor plan, there’s a very high chance it’ll sell quickly. On the other hand, if a seller is pushing the boundaries of what the market can take, it might take longer to get a deal.
As it is becoming more of a buyer’s market, the potential customers are being chewier and pickier because they have the ability to and they have the timeframe. There is not as much activity and, therefore, a lot more flexibility for buyers.
In the past, you used to only have about an hour to make a decision there and then, whereas now you’ve got a longer window as a buyer, so the homes with interesting floor plans, so to say, might take a little bit longer to sell. This also means that as a customer, you have a high chance of getting a better deal.
I’ve talked about the best time to buy in Northwest Arkansas in great detail in another blog post. Check it out to help you decide better.
Final Thoughts
Buying between September and April in Northern Arkansas is a great opportunity to capitalize. You will have less competition and are likely to get a good deal. The overall situation in the area is better than in many other states, which makes it great for investment.