Home sales slowing (Hope, Pea Ridge, Sunset: real estate, condos, neighborhood)

[lazarus2]

I work in the title industry in NWA. Home sales have slowed down quite a bit. The amount of building apts. Condos and homes is still going on. There are a lot of speculation building going on. On Walton over by the home office there are so many 4 and 5 story complexes going up its insane. I see price drops in Pea Ridge that we have not seen since before Covid. Property is sitting on the market unlike before where it would sell before it hit the MLS.



It was not possible to sustain. Home prices went from 175k for a 1700sf home to 350k for that same home. Insane. Even though prices have dropped the home prices are way over value. We have been in a bubble for a few years now.



There will be some buyers who will regret buying at the top. There is an old saying in Real Estate. It should not cost a man any more today to buy a home than it did 75 years ago. That is that say it took a man 5 years wages to buy a home, it should not now cost him 10 years wages. This is a bubble. I saw it in 08 when that crash came.



Funny thing is they started to do the exact same thing with in 2 years after the crash. I do see a Real Estate crash coming some time in the near future. The Fed is a large part to blame. Creating easy money and zero interest rates to manipulate the market is a bad thing.



Here in NWA there is so much money in the pipe line that they are still creating whole new 100 plus single family subdivisions its insane. There are three going up in Pea Ridge right now. I see home prices have fallen there but still way too much.



One thing that has not helped is that so many from the crap hole states like California, NY, and other Liberal destroyed states are moving here. The sell there and then come here and think a 1900sf home new for 425k is a steal. This is artificially driving up prices. Many people here starting out can not afford a home.



Buckle up its going to be a fun 2024

[latunafish]

i know it is a little different market in hot springs, but lake property is still bringing a premium and selling fast. off lake is beginning to soften quite a bit. (most lake buyers are paying cash and are from out of town or state)


thanks for reviving the ark thread!

[xray731]

Originally Posted by lazarus2

I work in the title industry in NWA. Home sales have slowed down quite a bit. The amount of building apts. Condos and homes is still going on. There are a lot of speculation building going on. On Walton over by the home office there are so many 4 and 5 story complexes going up its insane. I see price drops in Pea Ridge that we have not seen since before Covid. Property is sitting on the market unlike before where it would sell before it hit the MLS.



It was not possible to sustain. Home prices went from 175k for a 1700sf home to 350k for that same home. Insane. Even though prices have dropped the home prices are way over value. We have been in a bubble for a few years now.



There will be some buyers who will regret buying at the top. There is an old saying in Real Estate. It should not cost a man any more today to buy a home than it did 75 years ago. That is that say it took a man 5 years wages to buy a home, it should not now cost him 10 years wages. This is a bubble. I saw it in 08 when that crash came.



Funny thing is they started to do the exact same thing with in 2 years after the crash. I do see a Real Estate crash coming some time in the near future. The Fed is a large part to blame. Creating easy money and zero interest rates to manipulate the market is a bad thing.



Here in NWA there is so much money in the pipe line that they are still creating whole new 100 plus single family subdivisions its insane. There are three going up in Pea Ridge right now. I see home prices have fallen there but still way too much.



One thing that has not helped is that so many from the crap hole states like California, NY, and other Liberal destroyed states are moving here. The sell there and then come here and think a 1900sf home new for 425k is a steal. This is artificially driving up prices. Many people here starting out can not afford a home.



Buckle up its going to be a fun 2024

Unless they are coming from NYC - they aren't driving up the prices. Homes in most of NY State are reasonably priced but people like to think NYC reflects how all NYers live. I can't speak for Cali.

[Gerania]

Originally Posted by xray731

Unless they are coming from NYC - they aren't driving up the prices. Homes in most of NY State are reasonably priced but people like to think NYC reflects how all NYers live. I can't speak for Cali.

I just checked prices in Norwich, NY.

https://www.realtor.com/realestatean...=srp-list-card

[Tyryztoll]

Originally Posted by lazarus2

I work in the title industry in NWA. Home sales have slowed down quite a bit. The amount of building apts. Condos and homes is still going on. There are a lot of speculation building going on. On Walton over by the home office there are so many 4 and 5 story complexes going up its insane. I see price drops in Pea Ridge that we have not seen since before Covid. Property is sitting on the market unlike before where it would sell before it hit the MLS.



It was not possible to sustain. Home prices went from 175k for a 1700sf home to 350k for that same home. Insane. Even though prices have dropped the home prices are way over value. We have been in a bubble for a few years now.

Huge reason we never pulled the trigger on moving down there (or back to DFW as we also discussed). Those homes are not worth their prices, period. Most come with almost no property and are on fenced in, puny lots surrounded by scores of others right on top of them. They are built to sell and sell fast sans any true value for the buyer. When we decided to stay put up here and buy again we at least got 3/4 of an acre with beautiful natural borders in a lakefront neighborhood for what we would have paid for one of those cookie cutter subdivision homes in AR or TX.

We still want to move back south eventually, but not on those terms. Hoping that waiting will prove to be the right decision down the line in correlation.

[TRex2]

Originally Posted by xray731

Unless they are coming from NYC - they aren't driving up the prices. Homes in most of NY State are reasonably priced but people like to think NYC reflects how all NYers live. I can't speak for Cali.

Good to point out, the rest of NY state isn't like NYC (and maybe a couple other large cities).
From what I have been able to determine, in CA (aka Cali ) it seems to be from Mexicali to Sacramento, and anything else within 20 or so miles of the Ocean.

[drinkthekoolaid]

Originally Posted by xray731

Unless they are coming from NYC - they aren't driving up the prices. Homes in most of NY State are reasonably priced but people like to think NYC reflects how all NYers live. I can't speak for Cali.

As someone who lives in western NY (300 miles from NYC) I can attest to this being accurate. NYC is not all of NY state. I live in the suburbs in a nice 4 bedroom house in a nice neighborhood and school district and my house is probably worth 325k on a good day. The killer which makes it terrible is 6k annual taxes that will never go away. That's 500 every month for escrow. Nope. Done with that. So even though property values aren't insane in my area when you combine the mortgage, interest and taxes that actual monthly payment grows quite large very quickly.

NYC ruining NY state is why I'm looking to escape to a better are with common sense. So here I am.

I missed the boat buying property in East Tennessee in 2018 And now it's nearly tripled there so Tennessee isn't very realistic so I'm expanding my search net. NWAR appears to have a lot going for it.

[drinkthekoolaid]

Originally Posted by TRex2

Good to point out, the rest of NY state isn't like NYC (and maybe a couple other large cities).
From what I have been able to determine, in CA (aka Cali ) it seems to be from Mexicali to Sacramento, and anything else within 20 or so miles of the Ocean.

Hey! Hope things are going well, I'm checking out your neck of the woods a little more.

[TRex2]

Originally Posted by drinkthekoolaid

...
NYC ruining NY state is why I'm looking to escape to a better are with common sense. So here I am.

I missed the boat buying property in East Tennessee in 2018 And now it's nearly tripled there so Tennessee isn't very realistic so I'm expanding my search net. NWAR appears to have a lot going for it.

Originally Posted by drinkthekoolaid

Hey! Hope things are going well, I'm checking out your neck of the woods a little more.

Prices doubled, here, but these increases are temporary.

A few years of chiggers, ticks and Rednecks, we should be able to clear out anyone that isn't meant to be here

Reality is, the interest rates are killing the middle class (that is you) down here. There are quite a few areas in AR that should experience a housing market collapse (collapse back to normal).

Taxes are real cheap, here, if you are in my income and property class.
I suspect you are a class or two above me, so the advantage won't be as dramatic.

[StraightTalker2022]

Many people not happy with their knee jerk decision with relocating during the pandemic. https://www.nar.realtor/magazine/rea...mic-purchasers