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Why Now Is the Perfect Time to Sell Your Northwest Arkansas Home

The Northwest Arkansas real estate market has been heating up the last few years, with market trends such as healthy regional economic growth, a slow but steady rise in home prices, and competition among buyers for the limited housing supply all playing a hand.

If you're looking to sell your NWA home, now is an ideal time. Let's explore all the reasons why below!

Why Do People Love to Live in Northwest Arkansas?

While economic reasons are always a primary factor when deciding when you want to sell your home, it can also be helpful to consider other reasons why buyers might be attracted to your housing market in the first place.

In the case of Northwest Arkansas, that isn't a hard question to answer. From the glorious natural beauty of the Ozarks, to the high quality of living available in the region, it's no wonder that so many people want to find an NWA home.

Folks can also find plenty of opportunities for outdoor recreation (such as four state parks, 40 miles of hiking and walking trails in Fayetteville alone,  and wildlife-watching at Turpentine Creek Wildlife Refuge in Eureka Springs) and entertainment (including museums galore, botanical gardens, and symphonies), making this a great place to live for many different demographics.

NWA also has some of the top-rated public schools in the entire state, making this region well-suited for families with school-age children. For all these reasons, plenty of people want to make this neck of the woods their home, which is a perfect situation for NWA homeowners looking to sell.

The Impact of Economic Growth on Home Prices

It's no secret that NWA has been experiencing an impressively consistent economic boom in the last few years. With median household incomes increasing by 18.8% and the unemployment rate getting sliced nearly in half (from 4.6% in 2020 to 2.4% in 2022), the NWA region is a fabulous place for professionals and blue-collar workers looking to earn a good living.

Part of this fantastic economic outlook has to do with the fact that NWA is becoming for transportation and freight what Silicon Valley has been tech innovation. In other words, you can make a good living in a rapidly growing industry while living in an area with a much more reasonable cost of living.

The cash value of all this (no pun intended) is that more folks moving into the area translates to greater housing demand, meaning current NWA homeowners can expect a market that operates in their favor.

Buyers Like Low Interest Rates

It's no secret that buyers want mortgage rates as low as they can go, and while mortgage rates nationwide have been on the rise in recent years, Arkansas has managed to stay below the national average.

For example, at the time of this writing, the national average for a 30-year fixed-rate mortgage (FRM) is 7.44%, compared to only 6.88% for the same mortgage structure in the state of Arkansas. Similarly, the national average for a 15-year FRM is 6.76%, compared to only 4.88% in Arkansas.

While those interest rates are admittedly higher than the historic lows seen just a few years around the height of the COVID-19 pandemic and lockdowns, it's promising that NWA continues to see lower rates than the national average.

This makes buying a home in NWA more attractive than other regions, once again giving an advantage to homeowners looking to sell their prized property.

Housing Supply Is Growing Scarce

The law of supply and demand continues to impact the NWA housing market. Even as the region's population increases by an average of 36 people per day, creating a huge demand for housing, builders have been struggling to keep up. Construction has slowed due to a variety of factors, including supply-chain issues, problems with regulatory approval, and similar red tape issues.

All of this means that there is a housing scarcity in NWA. Specifically, in mid-2023, Northwest Arkansas only had about a 2.6-month supply of housing available.

The general rule of thumb is that an average housing market should have between 5-6 months' worth of housing supply. A greater supply would suggest a buyer's market (since buyers would have the pick of the litter thanks to so many available houses), while a smaller number normally indicates a seller's market (thanks to increased competition between potential buyers for the limited number of available homes for sale).

The current housing scarcity in NWA means that sellers can often command a higher final sale price, even going well above the list price if potential buyers end up in a bidding war. Unless and until the NWA housing inventory catches up to the seemingly ever-increasing demand, this will likely continue to be an ideal time for NWA homeowners to list their houses on the market.

Tips for Selling Your NWA Home Now

So let's say that, having taken into account the desirability of NWA for many potential buyers, the robust regional economy (including well-paying job opportunities), interest rates below the national average, and the current housing scarcity tipping the scale in favor of sellers, you're now convinced that this is the right time to sell your Northwest Arkansas home.

How do you go about selling your NWA home while the market is still in your favor?

Start by recruiting a top-rated home sales team that can help you determine your unique selling objectives. Having the right real estate agents can make all the difference in selling your home for the best price and within the right time frame.

You'll want to work with your real estate team and home staging experts to prepare your home for possible buyers. By showing off the best parts of your home through smart staging, cost-effective repairs, and simple tricks that can maximize curb appeal, you can create an environment that will attract the type of homebuyers you want.

You'll also want to start your home off at a strategic price, at least when initially listing your property. Doing so will likely create excitement among buyers and, if you play your cards right, could even trigger a lucrative bidding war. A lot of work goes into determining a fair asking price for your home, but this effort can pay huge dividends later on.

Finally, smartly marketing your property is another essential piece of the puzzle. An experienced real estate agent can will handle effective marketing of your home on the major sites (Realtor.com, Zillow.com, etc.), along with 250 local niche real estate sites across the United States. Your Summit Realtor will discuss our custom marketing packages that can keep more money in your pocket!

When you and your Summit agent put in the work during the selling process, you can expect to sell your NWA home in a reasonable amount of time while taking advantage of this favorable market!

Contact a Top-Rated Home Team Today!

Looking for guidance on selling your NWA home in this exciting market? Contact the real estate experts at The Summit Home Team to get started with a crew that will work with your selling needs and help you create a plan for your home ownership future!

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Welcome to The Summit Home team, your personal guides to Northwest Arkansas's vibrant real estate market. Whether you're buying, selling, or investing, our experienced team is here to offer tailored solutions that meet your needs. Connect with us today.