The market in Northwest Arkansas is poised to heat up in the coming months and if you have been sitting on the side lines waiting for just the right time to pounce, I think the time is now.
During the last 5 months of 08' several things occurred that really slowed the Northwest Arkansas real estate market and they had very little to do with Northwest Arkansas. We had the normal lull in August as the beginning of the new school year approached that was compounded by the entire world watching the fascinating Presidential race as it unfolded before our eyes. In the middle of all that we had the financial crisis and bailout. Our business always slows down before school starts, but returns about the second week of school and is brisk until Thanksgiving. This year we had the normal lull, the Presidential lull, and the dreaded financial crisis lull. So our typical pattern of business was interrupted by two events that have very little to do with the Northwest Arkansas real estate market. Homes have been on the market for extended periods and some sellers have resorted to desperate measures to sell their property.
As the pace of sales in Northwest Arkansas has declined over the last 12 months most of the local home builders have suspended operations and very few new homes are being built. Although the number of homes on the market in Northwest Arkansas has increased to record numbers, the ratio of new homes is going down and there are no new homes in the pipeline at this time. The market will flip back to the sellers quickly when buyers re-enter the market.
Once the real estate market in Northwest Arkansas begins to heat up again, the opportunity to capitalize on this unique set of events will quickly disappear. Interest rates are at an all time low and unemployment in Northwest Arkansas is well below the national average. Northwest Arkansas growth has slowed the last few years, but continues to be one of the top areas in the country to live, work, and raise a family.
I have shown property over the last few weeks to buyers seeking opportunity and we have been surprised to find many of the properties going under contract.
I think the time to buy property in Northwest Arkansas is now and the opportunity won't last forever.