How have Interest Rates Impacted Pricing?
What the data says is coming...
The END of $250,000 Prices
No one has a crystal ball so I can't tell you with any certainty what will happen in the next few years or even months for that matter. What I can tell you, is that you are looking for an affordable home under $250,000 in Northwest Arkansas you have to remain aggressive in your offer writing process.
In a sample size I reviewed with a client of mine that consisted of 3 or more bedrooms from Bella Vista down to Cave Springs I showed them that we as a market are leaving that $250K price range behind. As interest rates have had a massive impact on the affordability of homes buyers are dropping down $50K-$100K in price brackets and out bidding those entry level buyers who just can't compete in the same way.
So the two things we are still seeing are the elimination of that $250K and under price range with a surge in the $250K-$450K range & the entry level still being super competitive closing at or above list price.
If you find yourself in that $250K-$300K range you still need to be aggressive when writing your offers. Talk with your realtor. Review the comps. There are still some opportunities out there for a deal. My advice to my clients are wait until Monday or Tuesday to look at listings. See what survived the weekend without getting under contract. That's where you can be competitive and offer lower, ask for closing costs, or try to work the refrigerator/washer/dryer into your deal.
Good luck out there everyone!
Ryan Veit - The Legacy REALTOR®
