If you're thinking about buying a house in Arkansas, then you'll no doubt be looking to get the best deal possible. Not only do you need to find a suitable property that's within budget, but you also need to make some considerations about timing.
Timing the market correctly can give you a great chance of negotiating a good price on your chosen property. Factors that could play a part in this are seasonal conditions, the local job market, and even interest rates.
Although the best way to achieve this is to use an experienced buyer's agent that's based in the local area, we've outlined some of the key trends affecting the Arkansas housing market.
Best Time of Year to Buy in Arkansas
Arkansas is one of the most cost-effective housing markets in the country. With median property prices at just $126,200, Arkansas is an excellent choice for low-income buyers. This has been reflected in demand for homes in Arkansas, as inventory levels are relatively low at present.
Even with property prices growing by 6.3% last year, which represents a slower pace in comparison to the national average, Arkansas is a strong seller's market.
This makes the process of timing the market even more important.
Spring is the most popular time for Arkansas homeowners to list their property on the market. This means that you'll have more choice when it comes to finding your dream home. However, this also means that competition from other buyers will be more fierce, so you might need to pay a premium to get the house you want.
If costs are your main concern, then you'll likely to get the best deal once the summer months have passed. The Arkansas housing market typically begins to slow down in autumn and winter, meaning there are fewer buyers to compete with.
This is due to worsening weather conditions, which makes it unsuitable for viewings. Families also prefer to be settled into their Arkansas home well in advance of the new school year, so this segment of the buyer's market has usually closed by August.
With fewer buyers in the market, you're likely to get the best deal possible, although this will also mean lower inventories.
The Best Places to Buy a Home in Arkansas
Bentonville: With its low-crime rates and good cost of living, Bentonville is one of the most sought after areas in Arkansas. Median property prices are higher than the state average at $230,900, however, homes are expected to grow by 6.1% over the next 12-months, which would outpace the U.S. average.
Fayetteville: If you're looking for one of the most cost-effective housing markets in Arkansas, then look no further than Fayetteville. Median property prices sit at just $108,000, making it an ideal choice for low-income buyers. However, property prices are expected to grow by just 1.7% next year, so do take this into account.
Centerton: With more than 14 public schools in the area, Centerton is an excellent choice for families. Property prices are also reasonable, with a median value of $176,000. Centerton also offers good growth prospects, with an estimated 12-month increase of 6.9%.
Conway: If you're looking for a small town that offers good job prospects and an attractive cost of living, then consider Conway. Inventory levels are low here, with 51% of locals renting. However, median property prices are still attractive at $154,000.
Bella Vista: If you're looking for the ideal Arkansas location for your golden years, Bella Vista has a thriving retirement community. The area is surrounded by idyllic lakes and rivers, and there are ample opportunities for hiking. Median property prices are also a steal at $172,200.
4 Ways to Get a Great Deal on a Home in Arkansas
Find a Great Real Estate Agent Based in Arkansas:
Finding a reputable real estate agent that has long standing experience of the Arkansas housing market should be your first port of call. They'll be able to guide you through the buying process and help you time the market well.
An experienced agent will also be able to assist you with other areas of the buying process, such as finding a home to meet your needs, financing, and negotiation.
Read more: What can a real estate agent do for you as the buyer?
Assess Your Needs and Lay Out Your Goals:
When you first meet with a buyer's agent, you'll have the opportunity to lay out your goals. They'll be keen to explore your budget, the type of property you're looking for, and the specific Arkansas location that you'd like to live in. You should also consider whether you need to be situated close to specific amenities, such as schools, public transport, or the airport.
Once this has been ascertained, an Arkansas real estate agent will be able to short-list a number of properties that meet your needs and goals.
Read more: What should I look for when buying a house?
Find a Lender and Secure Financing:
If you're planning to secure financing to buy your property, then it is important that you have this completed well before an offer is made. This not only includes getting a mortgage, but you also need to ensure that you have the necessary savings to pay for a down payment and closing costs.
You'll likely have around 30 days from the time an offer is made to the expected closing date, so you don't want to encounter any financial roadblocks that could hinder the deal.
An experienced buyer's agent will be able to guide you through the financing process. They'll also be able to suggest suitable buyer programs, such as those aimed at low-income or first-time buyers.
Read more: The step-by-step home loan process.
Negotiate for the Best Possible Price:
Although the Arkansas housing market is a seller's market, there are still opportunities to negotiate a better price. This is especially true if your buyer's agent has timed the market well.
Real estate negotiations can be a stressful task, however, a reputable buyer's agent will be able to do this on your behalf.
If you want to find out more about how Clever can connect you with a top-notch buyer's agent that knows the Arkansas housing market well, be sure to get in touch. Simply fill in our online form, and a Clever representative will contact you. They'll also be able to advise you on whether you qualify for a buyer's rebate of $1,000, which is typically available if you purchase a property for $150,000 or more.