Selling Homes in Cabot Arkansas Over $250,000
Currently there are 114 homes over 250K on the Cabot real estate market listed for sale in the Multiple Listing Service. Homes over 250K make up 20% of the total homes for sale in the Cabot area. This year there has been a total of 29 homes sold over 250K in the Cabot Arkansas area. That is only 4.6% of the total number of homes sold in the Cabot area since the beginning of this year.
Last year's numbers
Last year at this time there were 54 homes that were sold over 250K by this time. That is a 46% drop from last year.
Why so Slow?
The national real estate slow down is for sure a key factor, but in some ways you may not have thought of. Sure, just hearing the news of the slow down in the country has scared buyers away from homes in this price range, but there is something else. I believe that other markets in the country being down has impacted the Cabot market and buyers in this price range. Most buyers shopping in this price range have a home they need to sell. Those homes are not selling. Buyers are stuck and can not buy the home they want in Cabot because their other home has not sold.
Many buyers we get looking in this price range have homes out of the county or the state and they can not get them sold. We have been talking with buyers for month that are ready to buy in this price range, but can't until they sell their home. I am not talking about one or two month, I am talking about seven and eight months.
Another Reason
Loans are getting harder to get. Some lenders are requiring a minimum of 10% of the purchase price for a down payment. That is a change from the 3-5% that was required.
A Good Time to Buy
If you are interested in buying a home over 250K, now is a great time to buy. If you do not have a home to sell and can get approved for a loan good deals are out there. Sellers of homes in this price range have seen that homes are not selling and are way more willing to negotiate than sellers of lower price ranges that are still moving.
If you are interested in purchasing a home in this price range we can help you get a good deal on the home. Right now we recommend that if you are buying, you need to plan on staying in the house for three to five years after your purchase. For more information about a purchase visit the Contact Us page on our Cabot real estate website. Just click the link.
Good day