ARKANSAS, USA — Many people relocate for various reasons, whether it be because of a new job, a new school, or even due to the cost of living.
Real Estate Agent Ethan Phillips explained that he and his family moved to Arkansas a year ago— and one reason behind the move was affordability.
“Central Arkansas is way more affordable than a lot of areas currently are at the moment,” said Phillips. “So when you move into a house here you're not you know, moving into a house it's overpriced in a market because it's a metropolis or something you're more rural here.”
Phillips is not the only person who's made the decision to move here.
Real Estate Executive Broker Tamra McMahon, said that there are a lot of people who have been wanting to call the Natural State home.
“Nevada, Oregon, California, Arizona, there are a lot of people from the west coast moving to Conway, Little Rock, and Central Arkansas in general,” said McMahon.
Both real estate experts explained that last year it was difficult to buy a home because of low-interest rates that made the market competitive.
“You basically had to get into a bidding war with somebody a year ago and hope that you were one of 20 people that bid the best on the house and that was just the offer that they liked,” said Phillips.
“A lot of people were buying because why not? why wouldn't you buy a house at 2,3 %,” said McMahon.
Luckily the market isn't as competitive right now because interest rates have gone back up.
“Now there is less competition, but I feel like houses are selling on the market a little longer. so, buyers are able to go negotiate a little bit more and get something that they really want,” said McMahon.
With less competition, there aren't as many houses that are being sold.
“In Pulaski County from January 1 to now this year we have seen 393 homes sold, but this time last year from January 1 to now, we had seen 607 houses sold,” said McMahon.
With more people moving to the state, she explained that now is the time to buy or sell.
“I have a lot of buyers; we just don't have enough houses. so, if people want to sell their house, they should because there are lists of buyers ready to purchase,” said McMahon.