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Feb 09, 2021
Although 2020 was a year full of uncertainty, the real estate market continued an amazing upward trend. Real estate leaders across the nation have forecasted a continuation of this market through 2021. Suburban Migration trends and new opportunities for working from home caused many regions to see a surge in population, and Northwest Arkansas was no exception. As we enter the second month of 2021, we continue to see stats that reflect an optimistic view of real estate validating the 2021 forecasts.
We have some good news for anyone interested in selling their home this year. Keep reading below to find out…
Low-Interest Rates
With historic Low-Interest Rates, more buyers may be eligible to buy your home. Low-Interest Rates mean the buyer dollar will go farther, allowing some monthly payment flexibility during a competitive pricing market. . *We saw trends during January 2021 with rates near 3.00%, and even lower for 15-year loans. Here is interest rate data over the last 10 years provided by Gateway Mortgage for a better reference point.
2010: 4.69%
2011: 4.45%
2012: 3.66%
2013: 3.98%
2014: 4.17%
2015: 3.85%
2016: 3.65%
2017: 3.99%
2018: 4.54%
2019: 3.94%
Any of our REALTORS® will be happy to assist through the pre-approval process with access to our in-house mortgage partner, Gateway Mortgage.
Source: Gateway Mortgage group
*Rates dependant on several variables
Low Inventory
Not only are we experiencing record lows in Interest Rates, but we have seen the lowest inventory (highest demand) since the beginning of the COVID-19 Pandemic. In May of 2020, you may remember reading our “Five Reasons to Sell Your Home” blogpost and seeing all of the indicators then as to why it was an excellent time to list your home. These indicators continued through 2020, and our stats reflect they have continued into 2021. In fact, the low inventory is continuing to drive even more competition and market value for sellers. Active listings have dropped to 859, which is 19% less than a year ago.
Increasing Population
NWA continues to see a huge population increase. Recently, NWA Council announced its’ latest statistics in relocation to NWA, which has peaked at 30 people per day. This statistic is staggering, not only as a strong indicator of the current job market and growing economy but also for the opportunity to sell your home even quicker. With demand so high, homes that list with Coldwell Banker Harris McHaney & Faucette sell like hotcakes.
# Days a home spends on the Market
Homes are currently selling in 34 days, which is down 39% from this time last year (20 days!). When stats indicate a decrease in the time it takes to sell your home, that means the competition is HOT! Your home could be selling in just over a month! What a speedy turnaround from listing, meaning less time in limbo with selling your property.
Median Listing Price
With the number of days on the market dropping, prices are going up. All of the previously mentioned reasons to sell your home all add up to one thing, more money in your pocket as a seller. Currently, homes are selling for a median price of $296k, which is up from $274k a year ago.
Source: MATRIX MLS Through January 31st, 2021
If the reasons listed above were not enough to convince you to sell your home, then contact one of our agents. They can give you a home value estimate over the phone in as little as 5 minutes. Click the link below to get in touch with your Coldwell Banker agent today!
