Little Rock, AR

In todays negative economic environment it is hard to find some positive news. I thought I would share some surprising news with you!!!

I was reading a Forbes blog dated 1/7/09 and it featured Little Rock as one of America's 25 top housing market. Little Rock's housing market is predicted to only drop 1%. In Pulaski County average sales price dropped 2.2 % from 2007. The higher priced areas of Pulaski County dropped 2.3 %. However, the most impressive figure is our listing inventory is down 15.5 % which means we are selling the backlog of homes. Little Rock's foreclosure rate is 1 out of 200 where the nation's rate is 1 out of 54. Click on the link to read the full article.....

In Depth: America's 25 Strongest Housing Markets

This article is published by the National Association of Realtors..

Existing-home sales rose unexpectedly while inventory declined, led by a surge of sales in the West. Existing-home sales - including single-family, townhomes, condominiums and co-ops - jumped 6.5 percent to a seasonally adjusted annual rate¹ of 4.74 million units in December from a downwardly revised pace of 4.45 million units in November, but are 3.5 percent below the 4.91 million-unit pace in December 2007.For all of 2008 there were 4,912,000 existing-home sales, which was 13.1 percent below the 5,652,000 transactions recorded in 2007.

What does this mean to our local market? Are attitudes changing? Is it a good time to buy? The answer is yes! That is why it is called a buyer's market.

If the stimulus package is passed with a $15,000 tax credit the market will go crazy. There was a decline in listings by 1600 (15.7%) homes in Pulaski County and in our higher dollar areas were down by 561 (12.1%) homes. We are still experiencing a decrease in units sold, but we are not continually adding inventory. If you have had your home on the market or have been considering selling, feel free to contact me for an up-to-date value of your home KerryEllison@kw.com.

I will be updating my blog with the 5 year trends in listings and units sold, please log onto my website Your Market Expert.

Little Rock Area Home Sales saw a great improvement from November to December of 08. Here are the solds for local areas:

Maumelle UP 27% West Little Rock Even North Little Rock UP 5%

Sherwood UP 53% Cabot UP 21% Little Rock UP !7%f

Why is an increase in home sales important to home buyers? Although, central Arkansas property values have held fast or even increased marginally home buyers have been getting plenty of incentives from sellers. The average sales price is averaging 96%+ of the list price. As sales increase that number may go up and buyers may be paying closer to full price. When you couple that with mortgage rates it might be better to get a loan at 4.85% and get a deal vs hoping for something lower and paying 100% of market value.

First Impressions are everything!

If you are a Realtor, which first impression would you want? Your sign in front of a stagnant, unattractive vacant listing or your sign in front of a fully staged show-to-sell Showhome?

With the economy the way it is, and the staggering number of homes on the market, a Realtor is really doing everyone and their industry a dis-service by not enlisting a staging company to assist them with a vacant listing. A Realtor has the responsibility to inform the property owners that a staging company is recommended for their vacant home. A Realtor should inform the property owners that the cost to stage a vacant home is usually less then a reduction in the selling price of the home. By enlisting the services of a staging company the property owners remove the label that this vacant home is cold, distressed, run down, and un-inviting.

Tests have shown that vacant homes upon being staged sell faster and for a higher amount. The amount the property owners save when using Showhomes services also increases as we reduce the property owners holding costs as we eleminate higher insurance premiums, utility bills, and yard expense. A staging company sends a positive message to everyone including the neighbors who do not wish to see their property values diminish.

Working together with Realtors in Central Arkansas, Little Rock Metro Area, and West Tennessee, Memphis Metro Area, our two Showhomes franchises have been able to assist property owners in the staging of a lot of vacant homes this year. Many of the homes have sold quickly after we staged them with a home manager.

www.showhomes.com