If you’re looking for a new home, there are a lot of factors to consider before you plunk down your deposit or down payment. One of the most important factors to take a look at is the Arkansas housing market.
The market will tell you whether home prices are expected to go up or down. This can have a huge impact on how much you pay for a new home and even a rental.
What can you expect in Arkansas in 2018?
The Arkansas Housing Market: What Can You Expect This Year in the Way of Housing Prices?
Homeowners and sellers were thrilled because over the past year, the Arkansas housing market increased by 2.2%.
Last year, the median selling price for a home was $139,000. Right now, the same home can be sold for over $160,000.
Of course, this is just the average.
Some cities – like Bentonville, for example – have homes that are currently selling for upwards of $250,000. Other cities, including Eureka Springs, have homes on the market that range from $72,000 to $95,000.
Homes for Sale in Arkansas – Will Housing Prices Go Up or Down This Year?
Sellers are thrilled because between now and March 2019 real estate prices will continue to increase by approximately three percent. It’s definitely a seller’s market right now, but because of the low average housing price, more people are able to invest in a home.
This is also a great time to buy because property taxes are at a reasonable rate. For the most part, the majority of homeowners will only have to pay around $80 in property taxes each month.
Arkansas Rentals – What Renters Can Expect in 2018
Nearly half of the U.S. population consists of renters. Some people choose to rent because they don’t want the hassle and responsibility of a home.
Others have to rent because of high housing prices. However, rentals are getting more and more expensive as well. In places where housing prices are more affordable – like the Midwest – it’s often more affordable to buy a home than continue paying rent.
Renters that are ready to purchase their own home should definitely consider making their investment this year.
The prices are rising, but they’re still really reasonable. The current median housing price of $160,000 is within the budget of quite a few people.
Another reason to consider investing in a home this year is that mortgage rates are expected to fall this year.
Ready to Buy a Home in Arkansas? Check Out These Areas
Are you sold? Are you ready to sell your home and move elsewhere in Kansas? Or, are you a renter who is ready to commit to your own home?
Once you know you can afford a new home, the next step is figuring out where you want to move.
Perhaps you already have an idea – the ideal part of Arkansas that fits your personal needs.
But if you’re not 100% sure where you’d like to move within the state, you should consider the following areas.
Bentonville, Arkansas
Though Bentonville is on the higher end when it comes to housing costs, it rates as one of the top places to live in the state.
In fact, reviewers on Niche.com name it the number one city to live in, giving it an A+ rating.
Some of the reasons for the high rating is due to:
- Diversity – This once small town has become a cultural melting pot, with people of all races, religions, and ages living here happily.
- Public Schools – The schools in Bentonville are top notch. If you want your child to have a great education, you don’t need to send them to a private school. They’ll get an exceptional education at one of the Bentonville public schools.
Greenbrier, Arkansas
The overall rating for this town by Niche.com is a B+. However, reviewers have also named this city as the safest in Arkansas.
The low crime rate, small-town feel, and grade A schools make this a great place to invest in a new home.
Fayetteville, Arkansas
Though this is the home of the University of Arkansas, Fayetteville is not a huge city. The population is approximately 77,000 people.
Those who live here enjoy a healthy job market. They also choose to move and/or stay here because the weather is comfortable – one of the most moderate climates in the state.
This Year Might Be the Best Time to Buy a Home in Arkansas
While housing prices have increased a couple of percentage points this year, it’s still a good time to buy.
The market is expected to rise. That means that homes in your price range will be more expensive next year.
Why not save yourself some money this year and watch your new home appreciate over the next 12 months?
Choosing the right time to buy can sometimes seem like a crapshoot, but this year, the Arkansas housing market is strong and it is expected to get stronger. Why not take advantage of it while it lasts?
Featured Image: CC3.0 Jeffrey Beall via Wikimedia