Updated on March 13, 2020
Now is a good time to be selling a house in Arkansas! According to Zillow Research, property values in the Natural State rose 3.53% in 2019, and are projected to rise a further 3.90% over the next year.
Of course, even the best Arkansas properties will struggle to sell if you don't price the home properly, do a poor job of marketing it, or don't know how to handle the negotiations.
Read on to learn the eight steps to successfully selling your home in Arkansas!
1. Finding a Arkansas realtor
Selling a home isn't easy. It's a high-stakes, complex transaction and requires a considerable amount of time and expertise to get a good outcome. If you're looking to sell your Arkansas home for the best price — and minimize stress along the way — you need to find a top-rated real estate agent in your area.
The best Arkansas listing agents know exactly what local buyers want and how to reach them. They'll offer expert advice, guidance, and support every step of the way, from the initial listing all the way through closing.
In fact, sellers who work with real estate agents net 33% more, on average, than those who list on their own. For a $127,052 home — the median home value in Arkansas, according to Zillow — that's a premium of $41,927. In other words, hiring an agent is well worth the investment.
2. Deciding when to sell
Timing is an important factor when you're selling a home in Arkansas. Prices of properties fall and rise during specific times of the year in Arkansas and timing the market can yield excellent profits.
In winter, home prices fall to their lowest. The spring and summer seasons see the highest sales numbers. So, if you want to sell your home quickly, this is the time to do it.
However, during late fall, just before the onset of winter, home prices reach their peak. It's more or less a seller's market during this time. So, if maximum prices are what you're after, this is the time to sell.
Your real estate will help you with timing the market. There are plenty of factors to consider before setting a price. The job market, economic outlook, and real estate trends are some of the important ones.
For example, during the winter, you might have to lower the prices of your home. However, undervaluing your home by too much isn't a good idea at all. Your agent will help you in setting the ideal price.
Best time to sell a house across the U.S.
Source: 2019 Redfin Data Center
Best time to sell a house in Arkansas
Best Month to Sell for Speed in Arkansas
|June||62 days on market||13 days faster than average|
Best Month to Sell for Price in Arkansas
|June & July||$156,000 median sale price||4% more than average|
If you're shooting for the fastest sale possible, listing in June is your best option. Homes listed in this month spend 62 days on market — significantly quicker than the Arkansas average of 75 days on market.
To get the highest sales price, put your house on the market in June or July. The median sale price of homes listed then is $156,000, which is around $6,500 more than average.
Learn More: The Best Time to Sell a Home in Arkansas
3. Pricing your home
Setting a competitive price is crucial if you want to sell your home. If the price is too high, people won't be interested. If it's too low, you risk the chance of people assuming that there's something wrong with your house.
So, it's important to make sure that the price you set for your home is competitive in the market. The best way to do this is by conducting a Comparative Market Analysis (CMA).
A CMA is essentially a comparison of your house with other similar ones. Usually, real estate agents conduct a CMA. They take note of the location, features, and the size of your home. They then compare it with similar homes.
With the help of this process, they arrive at a competitive price for your home. This price is not only competitive but will also yield you maximum profits. While most real estate agents charge for this service, some do it for free!
4. Preparing, marketing, and showing your home
Preparing your home for a sale is extremely important if you want a great price. There are simple things that you need to do to prepare your home for sale.
Simple repairs have to be done without fail. Cracked windows, broken doorknobs, malfunctioning lights — things like that. The idea is to make sure that potential buyers see your home in a well-maintained condition. To this end, cleaning is important too.
Marketing is the next important thing to do. Try to reach as many potential buyers as possible. Inform everyone on social media that you're selling your home. Also, list your home on various portals on the internet.
For an online listing, there's a specific way of attracting customer interest. Take high-quality pictures, to begin with. Also, maybe shoot a video of your home. If your home has something special, make sure to highlight it.
In Arkansas, people love pools. If your home has one, take multiple photos of it. Gardens are also popular with buyers. If you have a garden, clean it, and post good photos of it.
When you're clicking pictures, always remember that good lighting helps you take the best pictures.
Learn More: The Best Paint Colors For Selling A House
5. Fielding offers and negotiations
Once people start looking at your home, you will start receiving offers. Remember, you can do anything you want with an offer. You can accept it, reject it, ignore it, or submit a counterproposal to the offer.
Ideally, your real estate agent must help you with proposals. Make sure that you look at all the offers. If a buyer is offering close to what you want, consider sending a counterproposal.
Know that buyers can also choose to ignore your proposals. Once you find a buyer whose offer you can accept, draw out the purchase agreements. Given that there are a few legal requirements as well, consult your real estate agent before you go ahead and draft the agreement.
Learn More: Real Estate Counter Offer Etiquette
6. Appraisal and inspections
Customers who are seriously considering your home might want to get an appraisal done. An appraiser is a state-approved official who will determine the value of your home.
It's important to understand that an appraiser isn't an inspector. An inspector checks appliances, foundation, and much more. However, an appraiser is only concerned with the value of the home in its current state.
Appraisers are usually hired to get loan approvals and inspectors are hired for business purposes. Both of them might need to take a look at your home before a buyer goes through with the deal.
Once all this is done, it's time for another round of negotiations. There might be something that needs fixing and the buyer might request you to take care of the repairs.
Sit down with the buyer and your real estate agent during this final round of negotiations. Make sure that you're aware of everything that you may or may not need to do.
7. Paperwork and required Arkansas disclosures
Unlike most states, Arkansas is a "‘caveat emptor," or a "buyer beware state." This means, legally, the state doesn't require you to make formal disclosures to buyers.
However, this does not mean you can lie when potential buyers as you a direct question. You'll also have to let buyers know if your house was built before 1978; since lead-based paint was popular before then the federal government requires you disclose your house's age to buyers.
Even if you don't have to make disclosures, a lot of paperwork goes into selling a house.
While it's good to be familiar with all the documents you might need to close on your home, always consult your agent or attorney before signing or filing paperwork. A licensed professional should walk you through all the paperwork and ensure you have everything you need for your situation.
Learn More: Disclosure Requirements in Arkansas
8. The closing process
When it's time to close the deal, you and the buyer will sign the remaining paperwork and pay closing costs. Most of the costs are borne by the buyer, especially if the buyer's taking a mortgage.
Sellers typically pay closing costs between 1% and 7% depending on your exact case.
Finally, you'll have to pay real estate agent commissions for both your agent and the buyer's. Unless you negotiate for a lower rate or work with a discount agent, you'll pay about 6% of your sales price in commissions.
Once all the paperwork is filed, the buyer will officially take ownership of the house and you'll get paid.
Depending on your purchase agreement, you'll have around three days to move out.
Learn More: How Much Are Closing Costs for the Seller?
Next steps: Sell your Arkansas home and save thousands
Whether you're looking to list your Arkansas home immediately or 6-12 months from now, it's never too early to start looking for an agent, getting advice, and making a plan.
Clever is here to help guide you through the home selling process — and save money along the way! In fact, homeowners who list with us save an average of $9,000 on home selling costs.
Top ways to sell your home in Arkansas
- Discount real estate agents in Arkansas
- We Buy Houses for Cash companies in Arkansas
- Flat-fee MLS companies in Arkansas