Despite rising mortgage and interest rates, real estate agents in Arkansas are seeing an increase in the number of those buying homes in the state.
LITTLE ROCK, Ark – Buying a home can be a difficult journey for anyone, and when you factor in rising mortgage rates and interest rates, it makes it even harder.
Despite the challenges, owning a home is a dream for many across the state.
For those who browse the market, RE/MAX Elite Realtor Langston Carr said it’s a dream more people are trying to achieve this year.
“Low interest rates have of course increased the desire to buy a home,” Carr said.
Currently, Arkansas buyers are seeing 6% interest on homes, up from 3% last year.
Still, Carr said, those costs are historically lower than he’s used to seeing.
“At the end of the day, we’re still at a low point, it’s just that house prices are extremely high,” Carr said.
The average price of a home in central Arkansas is between $240,000 and $250,000, according to Carr.
Despite a steady rise in mortgage rates, Carr said the selling hasn’t stopped.
“The need is still there and I think the majority of that is driven by job opportunities. Central Arkansas is pretty stable and it’s pretty much driven by health care, education, and community. ‘army,” Carr said.
And it’s not just something Carr notices. It’s something real estate agent Rico Edmonson continues to see.
He describes the housing marking as aggressive.
“I sometimes tell my buyers that you have roughly a 24-hour window to view a property and make an offer,” Edmonson said.
He helps people find homes in Pulaski County and said there are some trouble spots in the area.
« West Little Rock [and] Sherwood. These areas are very hot right now,” Edmonson said.
His biggest advice is to research where you plan to move before signing the deed.
“The most important thing is the areas where you buy, are those areas going to hold value or are they looking to build industrial properties in that area,” Edmonson said.
Estate agents said they also don’t expect market rates to drop any time soon, especially since the spring and summer months are peak times for people looking. to buy a house.