FAYETTEVILLE, Ark. (KNWA/KFTA) – The real estate market is getting hotter and hotter for both home buyers and sellers.
If you are looking to sell your home, realtors say your home will go quicker than ever right now. If you are wanting to buy a home, you can expect quick bidding and higher offers.
“It is fierce competition,” said Mackenzie Kemmsies, lead buyer specialist at Navigate Home. “We’re bringing our highest and best and there’s still so much competition that even if it is above listed price, we’re still getting beat out.”
Her partner and lead listing agent and owner of Navigate Home, Nina Stoecker, said it is just as intense from a listing standpoint.
“What I’m seeing is $10- 20,000 over list price with cash to back it up,” Stoecker said. “You might as well take a three day vacation if you list on Thursday, because you’re not gonna get to go back home.”
For one homebuyer, Seth Ellsworth, his family got a home before it was even listed on the market.
“When our neighbor was putting it up for sale, we said, ‘Yeah, we’ll go ahead and take it,'” Ellsworth said. “They said, Maybe you should talk to your bank before you’re serious,’ I said, ‘Okay well I’ll let you know tomorrow,’ so I let them know tomorrow and said, ‘Okay, we’re ready to go, I just need you to tell me a price.'”
Ellsworth attributes the hot housing market to the large corporate offices in Northwest Arkansas- bringing in more and more families to the area.
“You’re seeing that in the housing market,” Ellsworth said. “I mean, that’s why a lot of people want to move here.”
Stoecker and Kemmsies both said it is important to be patient if you are buying a home. Each home has up to 20 bidders and if you do not get that home, always be confident the next one will work out.