BENTONVILLE, Ark — From the gas pump to the grocery store, Arkansans are seeing a slow return to normalcy but not without an increase in pricing.
A recent Skyline report shows that real estate in Northwest Arkansas is booming and so are the home prices.
“It’s harder and harder for buyers to secure properties. We’re seeing people come in and I just sold a house this past weekend and we got 19 offers on it. So, it’s a market like no other,” said Mick Broach with the Northwest Arkansas real estate firm the Duley Group.
In terms of market terminology, this is a definite seller’s market, which means demand surpasses supply, and houses receive more offers than usual. Experts say even in this kind of market there are some tricks to getting your offer except on a house.
“Go to the bank, go to your lender, prequalify have that prequal letter with you and be able to make a decision fast,” Sharla Lau at the Fort Smith Board of Realtors said.
The report shows the 15% increase in price along with the increase in new home construction over the past year. Benton and Washington counties alone have seen a 40% increase in new home development. In the River Valley, the Fort Smith Board of Realtors says many buyers in the area are purchasing homes, without previously viewing homes and moving in from out-of-state.
“I think the market is going to continue to be strong for a while. I feel like in the spring time that’s when people put their homes more and more on the market I think we are going to see an uptick in inventory,” Broach said.
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