Want to know how the housing market in NWA compares to other parts of the country?
When it comes to buying or selling a home in NWA, don't listen to the national media about how things are going in the housing market. It's different here in NWA than any other part of the U.S. We may be lagging behind in new homes, but resale homes that are priced right are moving. As a seller, yes, you are competing with bank owned properties and short sales, but when you purchase another home you are getting so much more for your money.
I have gone through this type of cycle back in the late 70's and early 80's as a homeowner so this does not scare me at all. I bought my first home for $16,000 with about 1,000 square feet and sold it about 6 years later for $75,000. (Huge price jump!) Then purchase another home for $142,000 with 1,436 square feet. Lived in it for about 7 1/2 years, just about when the housing bubble burst we decided we needed a larger home for our growing family. Sold that one for $134,000 (Oh no!), but was able to get a much larger home for less money than we though possible, $120,000 with about 2,600 square feet. (Woohoo!) Then, because I needed to sell again approximately 7 years ago due to my husband passing away I sold it for $175,000. (big Woohoo!)
The moral of this story is home prices rise and fall over time. Don't panic at the market value of your home if you are wanting to sell right now. Yes, there are bank owned properties and short sales in NWA and yes market values have dropped, but this too shall pass. You can find such good deals out there right now and it's a great opportunity to purchase a much larger home or downsize in NWA!
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