Many people have left Austin because of the dramatic price inflation. Portland and California are also suffering the trickle-down effect.
It is a good time to buy now in Northwest Arkansas from September through April because home prices hold this period. Like always, they’ve been affordable here and will remain so due to the influx of more people. It’s also okay to buy beyond April because there’s more availability and opportunity.
Admittedly, some places are hit harder than others based on the rate increase, and Northwest Arkansas has been among the latter over the last couple of months for the following reasons.
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Home Prices Are Holding
Home prices have remained the same in Northwest Arkansas primarily because home prices were and are still highly affordable in the area.
Moreover, there’s such an immense influx of people to the area, and the influx is keeping that stability despite the rising interest rate.
Furthermore, the Northwest Arkansas Council is a separate council that sits aside from every city in Northwest Arkansas. The council does an excellent job of cutting the red tape for builders to build quickly, safely, efficiently, and economically.
You should know there are a lot more factors that contribute to Northwest Arkansas’s steady home prices. However, these have been some significant ones of late.
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Homes Are Taking a Bit Longer To Sell
NWA homes are taking a bit longer to sell because it has become more of a buyer’s market.
However, the buyer’s market didn’t result from a massive swing in the past, where one had to make an offer quickly like it was many months ago. Still, it was less extreme here than in Carolina or Austin.
We’ve swung back in the middle, like in an even dead market, but more of a buyer’s market. I believe so because homes are taking a little bit longer to sell because of interest rates and because it’s a season when parents have already put their kids in school.
Hence, there’s less shuffling around America, but it will change in the spring and summer of 2023.
That said, if it’s a good-priced home in a nice area and has a good floor plan, there’s a very high chance it’ll still sell quickly.
As a seller, if you’re pushing the boundaries of what the market can take and your floor plan’s “interesting,” it might take a little bit longer to sell. The timelines are affected because Northwest Arkansas is becoming more of a buyer’s market.
Buyers are becoming choosier and pickier because they have the time frame and opportunity. Whereas in the past, they only have an hour with their first child going with them for the offer, forcing them to make a decision there and then.
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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.
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Is It a Good Time To Buy in Northwest Arkansas?
As discussed, homes are taking a bit longer to sell with their prices holding. Since their rates and seasonality have also increased, is it an excellent time to buy in Northwest Arkansas?
It is a fantastic time to buy in Northwest Arkansas from September through April because you can jump ship from wherever you’re coming from and move here.
Moreover, you can buy here and keep your house somewhere else, which many of my clients have done, capitalizing on people moving around the area.
People don’t necessarily want to put their houses on the market on December 1st, but if they do, that signals to the buyer that something’s going on.
Hence, if you want to move here and you can purchase a home, Airbnb, or rent it out, and hold on for a year, definitely do that.
Between September and April is a great time to buy because it’s not a vast and fast-moving market as it was a couple of months ago, primarily because of seasonality and interest rates.
You can check this article to explore the whimsical and creative homes NWA offers. There are no basements in many NWA homes, but the several unique advantages outweigh that. For example, the region solves its heat south by raising its roof lines above what some consider “standard” in other areas.
Many homes are also brick-made, unlike most regions in the country. We enjoy it because architects here find it cheaper to get in this area. Other houses in Bella Vista are tucked away in lush trees in scenic neighborhoods, and carports everywhere are completely normal.
Just visit the link above to learn what you’re in for by considering homes here.
Like many of my clients, you can use HELOC loans or bridge loans — loans against one’s current property to put a down payment on another property. You have many flexible interest rates and loan mortgages, so speak to your loan officer about that.
Just know if you own your home in a different place and want to move here, you don’t necessarily need to sell it. You can buy here and keep them both at the same time to subsequently sell out the former and move here full-time.
Lastly, beyond April is also a great time to buy, not necessarily because of the market’s capitalization, but because there’s a lot more opportunity and availability.
There will be many more homes that might fit your fancy between April and September of 2023 versus September 2022 and April 2023.
But be aware that you can be more patient and picky around this time. Also, know that next April, there will be many more homes in the market with fiercer competition because of the enormous influx of people and businesses moving here with jobs.
Conclusion
It’s always an ideal time to buy homes in Northwest Arkansas for several reasons, especially the influx of people into the area. However, September through April is the most recommended period because home prices hold during the period.
You can also get a bargain beyond April because there’ll be more opportunities and availability.
When considering settling here, you don’t always need to sell your previous property. You can buy here, keep both, and sell the older one after your full-time move.