FAYETTEVILLE, Ark. (KNWA/KFTA) – It’s a trend that goes against the economic reaction to the COVID-19 pandemic… the housing market is hot right now in Arkansas.
Home prices are going up and more people are looking for homes now than ever before.
Arvest Bank’s newest skyline report shows a spike in demand for homes in northwest Arkansas, which is also increasing the prices of homes.
“I think it has everything to do with the pandemic because interest rates have dropped to an all time low,” said Hayley Franklin, realtor for Brandon Group in Bentonville. “Truly it is very, very competitive that sellers can price their home above market value and still get a full priced offer from buyers because of supply and demand.”
One of those buyers was Adler Goode.
He bought a home in Fayetteville after offering more money than what it was listed for, just in hopes to find a home. Goode bought the house the same day it went on the market after seeing that two other people had also made offers.
“When the house came onto the market we made the offer that day and during that day it had already had five showings and two offers on table… so it was like insane we didn’t think we were gonna get it,” he said.
Franklin says this spike in business has not always been the case for her company. When the pandemic first began she says her phone didn’t ring for up to six weeks. But, as interest rates dropped, our local economy grew.
“It is a relief I almost feel like I just need a break I’m not complaining by any means of being busy right now but it’s been pretty nonstop,” she said.
Franklin also says if you are looking to buy a home, be prepared to offer above the listed price and get ready for some strong negotiations.