The real estate market is constantly changing. New trends emerge, the real estate market grows or shrinks, and consumers respond to new opportunities.
Many factors impact the rural real estate value, such as the economy, new businesses moving into the area, population growth, housing needs, and employment opportunities. In this blog post, we will discuss the current state of the real estate market in Fort Smith and what’s driving these trends. So let’s get started.
The Changing Market around Fort Smith, Arkansas – What’s Happening?
Going into 2022, the real estate market in Fort Smith has changed dramatically. New developments and businesses are moving to the city, while many long-established families are leaving. In addition, home values have been steadily rising. Fort Smith’s average sale price for a house was over $192k at the beginning of 2021, an increase of over 225 since the same period in 2020.
The Cause of Shifts in Buying and Selling
Prices have steadily risen over the past decade, making buying difficult. Current trends suggest that now is an excellent time for home selling while prices are still high.
The demand is up. Housing shortages are strong across the United States, including Arkansas. Population growth has pushed up demand for homes, causing real estate prices to rise.
Inventory is low. Low supply is another factor driving up housing prices in Fort Smith. Construction has not kept pace with demand in 2022.
Home Selling in This Market – Tips and Advice
To succeed in home selling, you’ll need to price your home competitively to attract potential buyers. Try to price your home at the lower or middle end of the market to ensure it sells quickly.
Additionally, for those in the rural real estate market, ensure your home is “show ready” and make it look good for photos. After all, photos sell in 2022.
With these tips and an experienced agent on your side, your home selling experience can be a successful one.