By all accounts, Northwest Arkansas is enjoying a pretty strong real estate market. You’ll often see quotes like, “prices are booming to record levels” and “the market is growing steadily.” But what does that mean for you specifically? The answer can depend on your place as a buyer, seller or renter.
Some of the most common terms when talking real estate are “buyer’s market” and “sellers market.” Rising values are good news for sellers, and the average home selling price for homes in Washington and Benton Counties increased last year. Due to high demand, limited availability and fewer lots to build on, this trend is expected to continue into 2019. All of which puts sellers in an advantageous position to get top dollar.
After selling, a homeowner often becomes a buyer in a seller’s market. The good news is Northwest Arkansas’ cost of living is lower than many metropolitan areas. The down side is high demand and a growing population affects home affordability. One way to alleviate this concern and take the guesswork out of your personal affordability is to sit down with a mortgage officer at Legacy National Bank. With the strong demand and small supply for homes, it’s more important than ever to get pre-qualified, so you can act quickly when you find that perfect home in your price range. At Legacy, we can help you go over your budget and find a payment that fits your expected income. We offer many home loan options including home equity loans, fixed-rate and other mortgage products
There is one more group of people to discuss on this topic. With all this demand, you may find it’s the right time to build your own home, or take advantage of this growing market and build some developments of your own to sell or rent. If this sounds like a venture you’re willing to take on, come see one of the banking professionals at your local Legacy National Bank. When it comes to financing builders, we are one of the top-rated banks in NWA. We will learn your specific needs for a home building, commercial loan or business loan.
Information for this blog post was taken from this article:https://www.arkansasonline.com/news/2018/oct/10/nw-arkansas-real-estate-prices-soar-201/