Are you looking to sell your house in Arkansas? If so, then you have come to the right place. Buying a home is becoming more attractive to many people due to the increasing rental costs and the desire to own a piece of property. With interest rates low and steady, sellers are in for a good time. The price is right, which means there is plenty of cash out there for the taking. In this article, we will discuss whether it is a good time to sell a house in Arkansas, including details on how to go about selling your home fast and easily. We will cover aspects such as the current real estate market, buying vs. renting, and what to look out for when selling your home.
The current real estate market in Arkansas is healthy. This is evidenced by the increasing number of home sales. According to data from the Arkansas Real Estate Commission, the state had 79,600 home sales in the second quarter of 2019 – a 7% increase over the same period in 2018. This indicates that purchasers can now access the home-buying market more easily and confidently. Home prices are also on the rise. According to the AREC, the median selling price for all residential properties in Arkansas rose by 17% year-over-year in the second quarter of 2019 to $159,900. During this same period, the average time to sell a home decreased by 7% year-over-year to 42 days.
There are many benefits to buying a home instead of renting. First, you own the home. This means that you have full responsibility should things go wrong. You are not liable for any damage or injury that occurs due to a lack of quality or safety measures in the home. In some countries, owning a home is considered a status symbol. It demonstrates your wealth and/or status so do visit betterhousebuyers.com to buy houses at the most economical rates. Second, you have the flexibility to change the home's direction. If you purchase a two-bedroom apartment, you have no choice but to use the space as is. You cannot add additional rooms or change the layout of the house in any way. Third, you get to take advantage of tax breaks and deductions for mortgage payments. On the other hand, rental properties do not provide for any tax deductions or benefits. Finally, you are not locked into a long-term contract with a landlord should you decide to end the agreement. Instead, you have the option to sell the home at any time should you choose to do so.
As we stated above, the Arkansas real estate market is currently healthy. This is evidenced by the increasing prices of homes and the decreased time to sell homes. Between April 2019 and March 2020, the average sale price of a home in Arkansas rose by 17% year-over-year to $159,900. During this same period, the time to sell a home decreased by 7% year-over-year to 42 days. These figures confirm that people are competing for homes and that sellers have lots of choices in terms of the properties they can sell. In 2020, it is a good time to buy a home in Arkansas.
From a seller's perspective, it is indeed a good time to sell a home in Arkansas. This is due to the fact that there are a number of buyers interested in purchasing a home. What's more, the price-to-sale ratio is favorable. The average sale price of a home in Arkansas is equal to the list price plus any concessions made by the seller. This means that you are likely to get your money back should you choose to sell. From a buyers perspective, renting a home may be a safer option than buying. The COVID-19 pandemic has shown that residential property management can be highly vulnerable to security threats and accidents. This is particularly the case if the owner or property manager is not insured. For these reasons, you may want to buy your next home instead of leasing.
At the end of the day, it is a good time to sell a house in Arkansas. The price is right, and home ownership provides many advantages. Moreover, mortgage interest rates are low, which means that even those with low incomes can afford to buy a home.
Whether you're looking to rent or buy, there are many advantages to owning a home. The next step is to figure out how to make the most of it.
