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Spiking home prices in central Arkansas, national average increasing too

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In the last couple of months, an increasing trend of home prices is seen all over the country and this trend is lately seen in central Arkansas.

The latest data shows that home prices are higher for almost 8% in the Little Rock area, according to Zillow Home Value Index.

“Low inventory, short supply, and there’s a high demand,” Chris Marsh, marketing director for Capital Sotheby International Realty said. “There’s a lot of buyers out there.”

According to him, the actual home value will follow the home prices and the increasing home prices are seen across the state.

The high demand of homes makes harder for the homes to even hit the market. Marsh says that if you put a ground sign in front of the home, you can easily expect several calls from potential buyers wanting to see the property in a matter of hours.

“When you can’t find what you want maybe you’re reevaluating what it is that you really need and so you’re able to expand or you’re really narrowly focused on finding that specific property and you’re willing to wait,” he said.

However, the house market will probably stabilize in the upcoming period as closing times dropped down to around 30 days from recent weeks when they were pushing 45 days because of backlogs.

“Right now, what we’re seeing is buyer fatigue,” he explained. “They’re emotionally and even physically drained for just getting beat down on not getting the deals on the houses that they want.”

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