FAYETTEVILLE, Ark. (KNWA/KFTA) – Local realtors say what we’re seeing right now is a seller’s market, and while homes are being sold the same day they’re being listed, some are still expressing a lot of reservations because of the pandemic.
President of the Northwest Arkansas Board of Realtors, Mike Warner says, “a lot of people still are moving to the area. We also have a lot of people that want to move up, but at the same time we have people who are afraid to put their house on the market because they are worried they can’t find one.”
Local realtor Landra Bench adds that because of all this, normal tricks of the trade are a thing of the past. Bench says, “a lot of buyers will say well ill offer them this and I want the closing cost paid, no your not getting a house if you’re going to do that.”
Building homes also has its challenges. Warner says, “the builders can’t build the homes fast enough some are having a few supply issues.”
Warner says it’s not looking good this year for buyers. Housing costs have the potential to rise around 8% because people are paying more than they’re asking to get these houses.
He also thinks not as many homes will be up for sale until we get a firmer grasp on the coronavirus.