Could This Be Your Perfect Time to Buy or Sell?

As we close out the third quarter of 2024, both buyers and sellers are finding plenty of reasons to take advantage of the current housing market conditions. Nationally, mortgage rates have improved, and locally in Garland County, the market offers favorable opportunities for both sides, making now an ideal time to make your move.

National Overview:

Interest rates have settled around 6.3% for a 30-year fixed mortgage, slightly lower than earlier in the year. This reduction is giving buyers a chance to re-enter the market with more affordable financing. Meanwhile, rising home values continue to benefit sellers as prices remain strong. With demand steady and inventory increasing, both buyers and sellers are in a favorable position.

Garland County, Arkansas - Q3 2024 Highlights:

In Garland County, the real estate market has seen some key shifts that offer excellent potential for both buyers and sellers:

Residential Sales: Sales have decreased by 10%, but this opens up a unique opportunity for buyers to explore options without the intense competition seen earlier this year.
Average Sales Price: The average price is up by 4%, a positive sign for sellers looking to get a solid return on their property investment.
Days on Market: Homes are taking 30% longer to sell, which gives buyers more time to consider their choices. Sellers who are strategic with pricing and presentation will still find motivated buyers.
Inventory: Inventory has surged by 40%, creating more options for buyers and making it a good time to shop for homes. Sellers, however, should act quickly and competitively to capitalize on current pricing trends before inventory levels rise further.

Why Take Action Now?

For buyers, the increased inventory and improved interest rates make this a perfect time to explore the market and find the home that fits your needs. You have more choices and time to negotiate favorable terms.

For sellers, home values are remaining stable, and this could be your moment to sell while demand remains high. With the right pricing strategy, you'll attract serious buyers and close deals faster, despite the longer average days on market.

If you're ready to buy or sell in Hot Springs or Garland County, reach out for expert guidance. Contact me today at 501-655-6247 or [email protected] for a smooth and successful real estate experience.