NWA Real Estate | S1E9 | How to be a Buyer

14.11.22 07:43 PM By Ryan Veit

How You Can Win as a Buyer

-May 11th, 2022-

Are you moving to Bentonville, Arkansas? What about Rogers, Fayetteville, Springdale? Northwest Arkansas is quickly becoming one of the TOP AREAS to move to in the country receiving national recognition in publications like Forbes, Fortune, and US News. With local attractions like The Crystal Bridges Museum of American Art and Collegiate Athletic Events with the Arkansas Razorbacks our small corner of Northwest Arkansas has everything city life has to offer minus the traffic jams. In 2010 Bentonville began its Downtown Revitalization Program which set off a surge in area development, attracting new businesses and developers ready to invest in our future. NWA is no longer the sleepy small town it once was. Our region is emerging as the premier mountain biking destination in the country and becoming a hub for the performing arts. 

Housing Supply

Current Interest Rates | 5.25%

Weekly Spot Check Active (vs 2Wks ago) | 504 ⬆️ 566

New Listings (vs 2Wks ago) | 205  ⬆️ 220

Avg $/sqft April of 2021 vs April 2022 | $146 ⬆️ $188 (22%)

Avg Sales Price April of 2021 to April of 2022 | $292K ⬆️ $397K (26%, +$105K)

Number of Homes Sold from Q1 of 2021 vs 2022 | 971 ⬇️ 924 (-5%)

Agenda

This seller's market is tricky and we're going to sit down and discuss what you can do as a buyer to put yourself in a position to be successful. 

CHAPTERS: 

00:00-03:24 - Introduction 

03:25-07:17 - Market Update 

07:18-21:48 - How to be a Buyer 

21:49-28:23 - Interviewing your agent 

28:24-34:47 - Get your money in order

Talking Points

  • Avg Sales Price in Northwest Arkansas (Benton and Washington Counties) increased by 7% ($260K), 12% ($296K) and 20% ($373K) from April 2019 to April 2022
  • Inventory is coming. Active listings available to new buyers entering the housing search are up more than 120 compared to 2 months ago
  • A Real Estate Agent is different from a REALTOR®. An agent is someone who simply passed the real estate requirements of the state, a Licensed REALTOR® 

Interviewing Your Agent

  1. Are you full-time or part-time?
  2. How many homes have you sold?
  3. How is the market? (They should know specifics on avg sales price, $/ft, current trends, what difficulties buyers are experiencing, what houses are selling and 
  4. What does it take to be successful at my price point?
  5. Is there anything I should do before we get started?
  6. What is  your showing availability?
  7. How many buyers are you currently working with?

Tips for Buyers

  • Do not try to buy a house unrepresented
  • Know what your needs as a buyer client are in regards to agent's availability to show, broker support and office resources and knowledge. Both part-time and full-time agents can be effective for you
  • An exclusive buyer agency agreement specifies what you can expect from your agent and that they will represent your interests first and foremost
  • Commit to one real estate agent. You can always make a change if they aren't meeting your expectations
  • Do NOT spam click showings and requesting information on sites like Zillow
  • Ask trusted friends/family/co-workers or even neighbors to recommend a REALTOR® they used and that did a great job
  • Check an agent's social media pages and agent web sites for reviews
  • Get your proof-of-funds letter or pre-approval letter before going to see your first home
  • Ge approved with a local lender
Contact Information

Get in Touch

5yrs of Experience

VA Loans, First-Time Home Buyer, Investors

(479) 225-9100

Ryan Veit

20yrs of Experience

Downtown Bentonville, Corporate Relocation, Luxury

(479) 644-1849

John Mayer

Ryann Thornton

Ryan Veit

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