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Arkansas is one of the most affordable housing markets in the country, making the state a good option for low-income buyers. If you're hoping for a great deal on an Arkansas home, you may wonder if it's possible to time the market. While pricing depends on a variety of factors, you can start your research by looking at listing price and mortgage rate trends.
In recent years, listing prices for homes in Arkansas were lowest in January. On average, homes were $19,539 less expensive. While in November — the month with the highest prices — the listing prices were $15,041 more than the annual average.
Mortgage rates, on the other hand, were lowest in December. But with interest rates on the rise, it pays to explore your options with a trusted mortgage provider to make sure you get the best rate possible.
In truth, the best time to buy a house in Arkansas comes down to your priorities. Read on to find out which time of year to start searching for a home in Arkansas.
Best month for
7.0% lower than average
24.0% more homes to choose from
2.92% interest for 30-year mortgage
Realtor.com data (10/1/2020)
Bankrate data (12/1/2020)
Getting ready to buy a house in Arkansas? The first step is to connect with a real estate agent who understands the local market. Economic conditions in Arkansas can change from month to month, and the right agent will help you find the best house for your budget and priorities amid these changes.
The easiest way to find a great local realtor is to use a free service like Clever Real Estate. Clever matches you with top agents in your area — from trusted brands like RE/MAX and Keller Williams.
Interview as many agents as you'd like until you find the perfect fit, or walk away at any time with no obligation. Add your zip code below to request hand-picked agent matches today!
The best time to buy a house in Arkansas
January is the most popular time for Arkansas homeowners to list their property on the market. You'll have a wider selection to choose from, which means you're more likely to find a house that fits your criteria. However, this also means you'll face stiff competition from other buyers, so you might need to pay a premium to get the house you want.
If you're primarily concerned with getting a discount, consider starting your home search in the autumn or winter months. The Arkansas housing market typically slows down after the summer, so you'll have fewer buyers to compete with.
That said, price trends in Arkansas can vary from city to city — and there may even be anomalies within certain neighborhoods. The best way to find a home in your target market is to connect with a local realtor. They'll help you navigate the ins and outs of your market and find the best time to buy a house in Arkansas.
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The best places to buy a home in Arkansas
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.
If you're looking for one of the most cost-effective housing markets in Arkansas, consider Fayetteville. Median property prices sit at just $108,000, making it an ideal choice for low-income buyers.
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.
Conway is a small town with good job prospects and an attractive cost of living. Inventory levels are low here, with 51% of locals renting. However, median property prices are also relatively low at $201,000.
If you're looking for the ideal location for your golden years, Bella Vista has a thriving retirement community. The area is surrounded by idyllic lakes and rivers and offers ample opportunities for hiking. Median property prices are also a steal at $172,200.
Four ways to get a great deal on a home in Arkansas
1. Find a great Arkansas real estate agent
If you're hoping to get a great deal on a home, start by finding a reputable real estate agent. A great realtor will help you time the market and guide you through the buying process, including house hunting, financing, and negotiations.
2. Determine what you need and want in a house
When you first meet with a buyer's agent, you'll get to lay out what you're looking for in a new home. Your agent will want to know your budget, the type of property you're looking for, and the specific Arkansas location you'd like to live in. You should also consider whether you need to be close to specific amenities, such as schools, public transport, or the airport.
Once you nail down details, your Arkansas real estate agent can short-list a number of properties that meet your needs and wants.
3. Find a lender and secure financing
Unless you plan to buy your home with cash, you'll need to apply for a mortgage. For most home buyers in Arkansas, interest rate is one of the biggest factors when choosing a lender. Doing some upfront research and comparing options to find the best rate could save you tens of thousands of dollars over the life of your loan.
For example, in Arkansas a typical house is worth $142,000. Assuming a 20% down payment, if you took out a 30-year mortgage for 3.5%, your monthly payment would be $507. But if you shopped around and found a 3% mortgage, your monthly payment would drop to about $479.
4. Negotiate for the best possible price
Once you find a home you're serious about, your real estate agent will help you submit and negotiate an offer, ensuring that you get the best deal possible in the current market conditions.
If you're looking for a realtor, Clever can connect you with the top buyer's agents in your area for a free, no-obligation consultation.
Fill out our online form, and a Clever representative will reach out to get the process started and answer any questions.