Moving to Bentonville is as Easy as 1,2,3!
I’m happy to announce that after 36 years in Northwest Arkansas as an agent and 12 years in my own office, I am adding a new agent - My son, John Horton! John is a graduate of the Sam M. Walton School of Business with an emphasis on Supply Chain Management. He is eager to help you with your real estate needs! You can reach him at 479-903-2685.
Take a look at this beauty! 2350 sqft home with 2020 installed in-ground saltwater pool, detached shop on 3 acres. Inside you’ll be immediately greeted by a large stone fireplace in the end of a spacious living room, a fireplace that is ducted throughout the home to cut back on winter heating bills. It also features three bedrooms and two baths, a galley kitchen, dining room, utility room, storage, and a huge hobby room complete with extensive track lighting and windows for lots of light. Call me at 479-903-0328 or John at 479-903-2685 for an immediate showing today!
Here’s an informative way to look at your home’s value or to compare pricing if you’re looking at buying. It’s from the multi-list, dividing pricing into distance from the Bentonville square. I looked at 1/2 mile, 1 mile, 1 12 miles, 2 miles and 2 1/2 miles from the square. You can see where your home falls within this range.
1/2 mile - average price is 527 per sqft and a median of 650
1 mile - average price is 461 per sqft and a median of 485
1 1/2 mile - average price is 279 per sqft and a median of 301 per sqft
2 miles - average price is 204 per sqft and a median of 277
2 1/2 miles - average price is 197 per sqft and the median is the same, 197 per sqft
Gives you some perspective on home pricing - call me if you have questions, 479-903-0328
Ideal downtown location, 1.05 acre lot with three road frontage on SW A, zoned Downtown Core/Downtown Edge. Perfect location in the heart of Bentonville, listed at $4,300,000.
Brand new to the market, this cute 1298 sqft 3 br 2 bath home is made for you! Large living area, eat-in kitchen big main bedroom walk-in closet and large fenced back yard…just around the corner from Bentonville West High School and Gamble Elementary. $260,000. Call me today and let’s take a look 479-903-0328
Here's the thing I love about brothers Steuart and Tom Walton, grandsons of Walmart founders Sam and Helen Walton: They could live anywhere in the world and do anything they want to do. Their entire focus, however, is on improving life in Arkansas. And that's something for residents of a small state to celebrate.
The Walton brothers appeared last month on a panel with AOL co-founder Steve Case during Gov. Asa Hutchinson's policy forum known as the America Leads summit. The event, held in Bentonville, attracted politicians, business leaders and policy wonks from across the country.
As recently as five years ago, the brothers wondered if there would be enough opportunities in northwest Arkansas to keep them anchored. They've since learned the answer. They now think northwest Arkansas can be the best place to live in the country as long as it learns from mistakes made by other fast-growing areas.
"We don't want to be Austin or Nashville," Tom said. "We want to be the best Bentonville we can be. We will die trying to make this the best place to live, work and play on the planet."
That sounds like a long-term commitment to me.
"We want to help grow and start businesses in the region that solve unmet needs and present opportunities," Steuart said. "We've invested in place-making and the concept of urban living in downtowns along with some aviation ventures. Last year, we invested in a solar energy startup because we see solar as part of the energy independence solution."
Case runs a venture capital firm called Revolution that invests in startups in places such as northwest Arkansas. He pointed out that almost 75 percent of venture capital goes to California, New York and Massachusetts. He's intent on finding good companies in other parts of the country. The Walton brothers are glad to direct him to northwest Arkansas.
"We want Bentonville to compete in the global arena, and we had to look at our pitch," Steuart said. "Here, it's logistics and supply chain. We then had to try to perfect that. We also looked at what makes us unique. . . . We've invested in trails and quality-of-life elements that are also paying big dividends."
Those quality-of-life elements include everything from hiking and biking trails to restaurants and craft breweries. The Walton brothers and Case all made the point that economic development in the knowledge-based economy of the 21st century is about attracting and retaining talented people.
Earlier this year, I had the honor of speaking in Rogers to the group known as 40 Under 40. The Northwest Arkansas Business Journal annually selects a class of 40 up-and-coming professionals younger than 40. This year's class consisted of 14 honorees from Fayetteville, eight from Rogers, five from Bentonville, five from Fort Smith, four from Springdale, two from Cave Springs and one each from Tontitown and Gentry.
Only 13 of the 40 are native Arkansans. I was incredibly impressed, though, with their love of and commitment to Arkansas.
Not so long ago, Arkansas was a place to "pass through" for those climbing the career ladder. People transferred to the region to work for a Walmart vendor, put in a few years and then moved on. These days, I'm meeting more and more people younger than 40 who say this is their final stop. They've decided that Arkansas is where they want to raise their families.
That's not to say that business and civic leaders here can become complacent. Developing, attracting and retaining diverse talent is an effort that can never stop. It's something those leaders are focused on, as made clear in the 2022-26 strategic plan released earlier this year by the Northwest Arkansas Council.
Richard Florida's Creative Class Group prepared the report. Florida is an internationally recognized expert on urban affairs.
"Talent is the single most important consideration that drives corporate location decisions and regional prosperity," the report said. "Having a deep base of skilled workers creates a virtuous cycle of business attraction and formation, which brings in still more talent. Up until now, northwest Arkansas has punched above its weight when it comes to talent attraction. But the pandemic and the rise of remote work has tilted the playing field even more in the direction of talent.
"Regions that develop, attract and especially retain talent will gain additional advantages, while those that do not will lose ground. Northwest Arkansas must double down on its existing efforts. Professional workers with families have increased freedom and flexibility to choose where they want to live. Attracting and retaining them should be the region's No. 1 priority. Northwest Arkansas must leverage its amenities and quality of place."
Florida said public schools, colleges and universities, economic development partners and existing businesses must be part of this process. If northwest Arkansas has shown us anything in the past, it has been the ability of such entities to work together for the greater good. The Northwest Arkansas Council serves as the coordinator of such efforts.
"The rise of remote work creates additional opportunities for the region to attract professionals," the report said. "The recent remote work initiative known as Life Works Here, which offered a modest financial incentive along with a bicycle, attracted thousands of applications and brought additional remote workers. It also brought a raft of positive press and helped build national and global brands.
"All that said, northwest Arkansas continues to lose young talent to larger metro areas' bigger and deeper labor, dating and mating markets. Northwest Arkansas has a dire need for talent with 12,000 job openings, including 3,000 in the tech sector. Seven in 10 Northwest Arkansas Council members surveyed said talent attraction and retention is a critical priority. Less than half (45 percent) of northwest Arkansas' college graduates remain in the region, and a large share of those who hail from Texas leave the region upon graduation."
The report called on northwest Arkansas leaders to continue to enhance the quality of life in this part of the Ozarks.
"A key feature of the region, and one that has driven its growth, is its affordable quality of life," it said. "Northwest Arkansas regularly scores in the top five in U.S. News & World Report's annual Best Places to Live survey. It has made defining investments in institutions like the Crystal Bridges Museum of American Art, The Momentary, Walton Arts Center, Arkansas Music Pavilion, TheatreSquared, Scott Family Amazeum and Museum of Native American History. It has thriving restaurant and music scenes and an excellent network of bike trails.
"The region can do a better job of promoting and marketing these initiatives. ... Focus on specific market segments where the region has competitive advantages, such as families with young children. The region offers an ideal environment to raise children with a variety of high-quality school options, houses with yards, plenty of greenspaces and events and activities that cater to families. Northwest Arkansas can also focus on so-called boomerang talent -- natives of the region who left to pursue their careers and who may consider returning."
Florida noted that a busy arts scene is no longer something that's just "nice to have." It's something demanded these days by well-to-do, educated people.
"Study after study document the ways that arts, music and cultural scenes strengthen talent attraction and retention while building community and quality of place," the report said. "Northwest Arkansas' music ecosystem alone produces $389 million in economic output and is responsible for the creation of about 4,000 jobs."
Northwest Arkansas is far more these days than Walmart, Tyson Foods, J.B. Hunt Transport Services and the University of Arkansas. I came away optimistic following my session with the 40 Under 40 honorees. If they're a proper indication of the region's future, the good times are here to stay.
The towns that anchor mountain bike destinations are often just hubs for adventures—a grid with bike shops, brewpubs, and coffee shops between mountains with trails a short drive nearby.
While the concept of a mountain bike-driven economy is relatively new, the benefits of having a trail network that can be ridden from town square are undeniable. And though Bentonville, Arkansas didn’t necessarily intend to grow their singletrack this way, the Slaughter Pen trails were the first ones to grow around the homey Midwestern town and ultimately put it on the map.
But, before mountain bikers zipped up and down the hardpack singletrack and flowy trails in the Slaughter Pen network, much of the land held cattle.
“It just don’t look like it use to,” Gene Lovell, one previous slaughterhouse owner told the Northwest Arkansas Democrat Gazette in 2017. The area held six slaughter pens and became known as Slaughter Pen Holler by the 1940s. Gene took over the family business in the 1950s and some of the pens began to close in the 1970s when regulations around animal waste formed. The Lovell pen had a strong run, and was the last to close. The land’s history lives on in the network’s name.
“That little slaughter pen that dad and I had on Park Street there, we fed the whole north end of town,” he said.
The Trailblazers, Northwest Arkansas’ trail advocacy, procurement, and management group bought the property at some point around 2002, initially to bridge a paved path between Bella Vista and Bentonville. The land was one unfortunately shaped piece of the puzzle to make the path a reality. The Trailblazers didn’t need the entire parcel for the path, but that’s how it was sold. The land surrounding the path held the potential to change Bentonville’s future though.
“Once that was purchased that left all the wooded hillside of phase one available for soft surface trails,” said Erin Rushing, the CEO of the Trailblazers. “That’s when Tom [Walton] had the vision to make Bentonville a mountain bike destination.”
Phase one, the installation of five miles of trail in the northern part of the park in 2007 was led by the Trailblazers and funded by the Walton Family Foundation.
At this point, Rushing remembers a slow and quiet downtown mountain bikers were just discovering. Only a few buildings had employees. If Rushing left work after 6 p.m., he was usually the only car in the lot.
The phase two expansion happened in 2010 and in 2012 and Slaughter Pen connected with downtown in 2013, signaling a watershed moment for Bentonville.
“And then it really clicked,” said Rushing. “You could ride in an out of the downtown square. There’s food, there’s beverage. So it started to work a lot better once it was connected to downtown. It got a lot more use once it was connected.”
By 2013, the Slaughter Pen network had evolved and grown into roughly 15 miles of singletrack and other trail networks in Northwest Arkansas grew in tandem. In 2016, Bentonville was chosen for the IMBA World Summit, which was “the turning point that made it a tourist destination,” said Rushing. After the Summit, tourists poured in. It’s estimated that 75% of mountain bikers are from out of town now.
Rushing calls the beginner-rated All-American trail which runs along the Razorback Greenway the “spine” of the system and its most popular trail. Most people who ride Slaughter Pen will end up on All-American at some point, whether it’s the hallmark of someone’s ride or just a way to connect other singletrack.
The Trailblazers have found that over time, the green trails are vital to the network’s success too. In 2018 after reviewing the system, they realized they needed more green trails to balance out the variety. With the majority being blue or black-rated trails, the system first catered to more advanced riders. Rushing calls the backfilling of green-rated trails one of the smartest things they have done in Slaughter Pen.
At around 30 miles, the Slaughter Pen trails likely won’t see many more additions. The property has slowly been turned over to the City of Bentonville with most of the land from the greenway and phase one donated to the City in 2008. City workers conduct light maintenance on the trails like weed eating or landscaping and the Trailblazers handle more trail-specific tasks like drainage or tread work with its pool of volunteers.
Bentonville’s investment into its trail network and city seem to have worked. In 2006, according to KNWA, the tourism budget was around $650,000. In 2020, the department had a budget of $2.8 million. Visit Bentonville estimates about one million tourists visit the area every year. In 2018, the U.S. Census Bureau reported Bentonville as the fifth fastest-growing city in the country adding about 10 residents per day, though the Northwest Arkansas Council credits much of the growth to Wal-Mart’s expansion.
The Trailblazers believe Slaughter Pen will only get better though and the connectivity is unbeatable. By paved paths or bike lane connections riders can make their way from downtown Bentonville to Slaughter Pen, to the Coler Preserve, the newly unveiled Handcut Hollow, or travel north to the Little Sugar and Back 40 trails.
“Slaughter Pen is the glue that holds it all together,” said Rushing.
That headline is no surprise I guess. The need for developable land in Northwest Arkansas is, and has been, on the rise. And in the words of Al Jolson, “You ain’t seen nothin’ yet!”
In the area immediately around Bentonville and Centerton there are about 65 land listings over 10 acres. These range from a median list price of $55,000 per acre to an average of $117,000 per acre. Now this includes commercial potential, so it has the tendency to trend upward, but from what I am seeing, the price for developable and potential development for future use is pushing $60,000 to $70,000 per acre.
We are seeing out of town buyers, both individuals and corporations, much more frequently than we were even a year ago. This is a great thing for property owners, as they are seeing the fruits of their labor and investment pay off. Northwest Arkansas is finally on the national radar, and in a big way. It’s good for everyone involved.
That being said, land sales are some of the most difficult to navigate; negotiations, zoning approvals, utility access, annexations - the list goes on, but not every agent is qualified to perform a successful large scale acquisition.
I am one of the few agents that have been in business for this long - 35 years. I am a native of Bentonville and I have experience in selling all types of property, from residential to land to commercial - hotels, restaurants, office lease, 1031 tax exchanges, you name it…I’ve probably done it.
If you need help buying in the area, you need eyes on the ground, or you need help in getting your property sold at the correct price, please give me a call.
I am a small office, but I offer big service. And confidential service.
Larry Horton, 479-903-0328
So here we are…a lot of things have changed over the past year. Last year in December there were - get this - 65 listings with a Bentonville address that were currently for sale. The lowest price was $252,000. Today, there are 314 listings with the same parameters, with the cheapest home at $235,000. The average price per sqft is $323 and the median is $205; last year these numbers were $275 average and $208 median.
The difference is the huge number of new homes that have come onto the market within the last year. 159 of our listings are new construction. ranging from $280,000 to $2.5 million. They are averaging $228 as an average price and 198 for the median,
Of course, we all know that the economy has changed since last year. The market was hot, almost too hot. Interest rates have gone up, cutting the number of qualified buyers, or at least their price range. Wal-Mart stock dropped from a high of $160 per share to a low of $119, causing those who use their stock to back up their loans to have less buying power.
But these things are changing and will continue to get better I think. We have an election coming up which will affect pricing, Wal-Mart stock is back up $20 over its low, and interest rates appear to be stabilizing.
It can be a scary process to buy or sell, but homes are still in demand, and in serious demand, in Northwest Arkansas, and will continue to do so. If I can sort things out for you, please give me a call.
We have listed this 2300 sqft home on a big lot that’s over 3 acres! Four bedrooms, 2 baths, large family room with two-sided fireplace shared with the dining area. Property also features a large shop building. Just off Mount Olive Road west of Centerton, you’re about 10 minutes from Centerton, 10 minutes from Gravette, 10 minutes from I49 - you’re just 10 minutes away from where you need to be but still in the country! Listed at $395,000 and you can take a look nearly any time by calling Larry at 479-903-0328
Gotta love that country life but so close to town! 2420 sqft 4 BR/3 bath with large open kitchen and living room, 3.6 acres near SWEPCO lake, 1200 sqft detached shop with electric and concrete floor, 600+ sqft RV storage with concrete floor, much more…take a look today, 479-903-0328
Bentonville is a hot market as you may know…my clients snagged this beautiful home in the heart of Bentonville and you can too! Call me…I can help!
On the market for two days, this wonderful little home in Elkins will have a new owner soon. Don't let the name fool you, I list and sell all over the state. I picked Bentonville for the name of my company because of the international interest in the home of Walmart…and I can help you too!
I was thinking this morning about houses and prices and so on. You know, it's not about selling the house. Selling the house is the easy part, any of the 3400 real estate agents in Northwest Arkansas can sell your home in this particular market. Heck, you don't even have to advertise. And many sellers are trying to negotiate a lesser commission on the selling side because "it's easy." But it's really not. There are so any things that make up a home sale and not just anyone can do it. Many who think they are experienced are shorting themselves in the market by either pricing mistakes or poor negotiating technique.
My thought process originated from looking over properties in general, land sales specifically. Let's say you have a nice and desirable piece of development property and you'd like to sell it and retire. Maybe it's worth a million dollars, which in our market is not unrealistic. But you think to yourself, hey, everyone is selling property for astronomical amounts, maybe I need to list my one million dollar property for 5 million and maybe someone will bite. And it happens occasionally. But more often than not, it doesn't, because of several factors involved in selling the property for development that you or an inexperienced agent might not consider, such as zoning and utility access.
I have seen some properties that were listed several million over likely sales price and they sit on the market, stagnant. Maybe someday it will be worth more. That's likely. But what if, instead of sitting on your property for 4 or 5 years, you sold it at the going rate. Instead of the property sitting stagnant on the market, you have the net proceeds to do as you like. You could have made many times the local interest rate by reinvesting the money in rental property or other income producing property. Three or four years of renting just a single-family dwelling in Bentonville might rent at 1500 to 2000 per month and more. Sometimes the pie in the sky might not be realistic. Maybe you need to look at what you have and what the market will bear, even considering future development. Four rental homes purchased at $250,000 might bring in up to $100,000 per year in rental income. Three at $350,000 might bring in nearly the same amount. Five years down the road, instead of sitting on a property that might or might not sell, you have an additional $500,000 in income PLUS you have the original asset, that has likely increased in value.
These are simplistic terms, but you get my meaning. There's more to the process than just selling your property. And unless you get experienced help you may be making an expensive mistake.
I think my 35 years in Northwest Arkansas real estate has given me an edge over the competition. If I can help you with your real estate needs please give me a call.
You want to know how tight the NWA real estate market is right now?
Listings:
Bentonville - about 65 listings that aren't just homes for demo for the lot or large acreage. Prices starting at $252,000.
Rogers - 77 listings
Centerton - 33 listings
Springdale - 71 listings
Fayetteville - 92 listings
Cave Springs - 5 listings
Lowell - 7 listings
This on top of being named one of the most undervalued "hidden gem" markets in the country. With more people on the way every day. Yes, there are homes available and yes, it is an excellent time to sell your property. Crazy times but we're here for you!
Cute little home in Gentry only 25 minutes from Bentonville, 3 BR with partial remodel, 1448 sqft for $159,900. Nice larger lot with an extra nice shop that’s 12 x 20 with upstairs storage. Call me for a showing today, 479-903-0328
Sometimes I feel like I’m not in Northwest Arkansas any more. The real estate market continues its juggernaut upward with no end in sight. In my opinion, as long as the powers that be continue to pour money (thankfully) into our area this trend is not going to end any time soon.
The latest numbers are - 105 homes currently on the market with a Bentonville address, the cheapest being $195,000. Average list price is $275 per sqft but the median is a modest $208 per square foot. Anybody remember when they opened Glenbrook Subdivision over behind the ball park and the homes started at $100 per sqft? We thought it was madness. Anyway…
30 Day sold prices average $187 per sqft and the median is $163 which is a little more in line with reality. What an odd reality it is, too. The Arvest Skyline Report says that the average sales price in both Bentonville and Rogers over the last quarter is just above $350,000. There’s a lot of smaller new construction that make up this lower average, but that figure is up from just over $300,000 at this time last year. The number of homes for sale is at the lowest level since 2009.
In multi-family, every city is experiencing a decrease in vacancy rates from near 5% to just above 3%. lack of rentals is hurting the area as much as lack of homes to purchase, and Bentonville and Centerton alone have 2700 units under construction .
So it’s tight. I would say.
Some advice for those with property to sell - make sure you are dealing with an agent who knows about land sales. There are a myriad of factors to consider when selling your land, and if you list too high, you’re only going to be frustrated. And if you are selling directly to the developer - sorry developers but its true - you are likely getting less than market value for your land, even if you have to pay a commission. You have to have an expert. A stab in the dark won’t cut it, and whatever your neighbor got last spring may be sorely undervalued from where we are today. Give us a call at 479-903-0328. I can give you some advice. And it’s free.
You gotta love these lists that predict doom and gloom for home buyers and sellers across the United States. This one, from GoBankingRates website, has a list of the top 50 most overpriced markets in the US.
“Buying a home can either be a great investment or a money-draining liability. And while there are safer bets than others, no one can predict all the ebbs and flows of the housing market. What can be said with certainty is that the houses in certain cities carry price tags that exceed their actual value. To learn where exactly this is in the case, we turned to a new GoBankingRates study that identifies the 50 cities with the most overpriced homes in the U.S. Using housing 2019 data from Zillow, GOBankingRates analyzed the 722 biggest housing markets in the country. For each city they took the Median list price and compared it to the Median home value to see where the largest difference in price and value was found. Read on to discover which city has the most overpriced homes in America.”
So what is the real story? Can you really take data from a third party company and determine your home value vs market price? The short answer is no.
With many companies a proprietary algorithm is used to determine what they believe to be the market value of your home. This figure can be a range of several thousands of dollars and is supposed to give you a good representation of your true value; many people fully believe everything they read on the internet, especially something as complicated to the layperson as real estate value. But is it in your best interest, as a layperson. to rely on a computer program to determine the value of your biggest asset?
Let’s take the Rogers example given, but we can assume this is the case for all of the Northwest Arkansas Metro. The company doing this list states that the median list price is $321,854.75 and the median home value is $184,960, which they indicate is $136,894.75 overpriced. They clearly state in the article that they used 2019 numbers, two years old and stale numbers if you are familiar with our market.
Let me tell you something first: asking ain’t getting. List price has little to no meaning in determining value. You can ask anything you want for your house, a million dollars or a dollar…asking isn’t getting. The best way to determine - and the way your Realtor will determine - value is to look at the market overall, listings, pending sales and sold listings over a set time period. If you look at the sold listings in Rogers over the last six months, you’ll find that the median list price was $277,500 and the median sold price was $276,000 - that amount is perfectly balanced, 100% of market price. The median price of listings currently on the market is $394,560 and the pending sales are at a median of $331,250. What does this tell us about your home’s value? Nothing. Yet. What it shows is a trend. Median sales over the last six months were $53,750 lower than today’s pending sales.. But this still doesn’t indicate SOLD price. Not until they close can you determine this month’s trend. Can you tell what the actual trend is from looking at a third party site? Nope. But I can. As a Realtor, I have immediate access to this information.
Sales in the last 30 days are at a median of $269,900 list
30 to 60 days ago - $264,995
60 to 90 days ago - $279,000
90-120 days ago - $296,000
120-150 days ago - $262,900
150-180 days ago - $279,950
So what do we see? The overall market over the last six months in Rogers is steady. Homes are selling at nearly 100% of list price. If the pending sales price of $331,250 hold to be true then that would be a huge jump in median price over the course of a month.
But there is so much more to determining your home’s value. The price per square foot in one neighborhood is far higher than in others. A median price for the entire city gives you very little insight into your home’s value. Rogers has homes scattered over a huge area, from Beaver Lake to Cave Springs, with all sorts of variables. You have to study the prices in relationship to similar homes that have sold - not that are listed - in order to determine value. This is exactly what a licensed appraiser does, and what a Realtor does for you on an informal basis. We cannot, by law, determine an appraised value if not licensed to do so.
Let’s look at a city overall, then. If you are selling homes at a modest pace at a stated price then the value of your home is pretty well determined by that price. But let’s say a new subdivision comes online and starts selling homes.
Here’s a quick refresher from Wikipedia on the meaning of Median:
“In statistics and probability theory, the median is the value separating the higher half from the lower half of a data sample, a population, or a probability distribution. For a data set, it may be thought of as "the middle" value. The basic feature of the median in describing data compared to the mean (often simply described as the "average") is that it is not skewed by a small proportion of extremely large or small values, and therefore provides a better representation of a "typical" value. Median income, for example, may be a better way to suggest what a "typical" income is, because income distribution can be very skewed.”
So then we can say that median price is the typical home price not skewed by a few high or low numbers. But if you add a subdivision with 30 or 50 homes at a price $50,000 above the current median - and you have ready, willing and able buyers for those homes - then the median price goes up. Maybe it’s short term if the number of homes is limited. But in our area, with new subdivisions coming online nearly every month, this median price will continue to rise.
Confused? Naturally. Real estate is complicated and it involves one of the biggest investments you make. It can’t be determined by entering in your address and getting a result that you can bank on. It is so much more.
Here’s the bottom line: Use a Realtor. IT COSTS YOU NOTHING TO ASK QUESTIONS! Many people don’t like salespeople and real estate salespeople can be persistent. But the good ones pay attention to your needs and act accordingly. I answer calls, emails and texts. If you don’t want to be bothered by marketing just say so; I don’t send unsolicited marketing but I know some do. They won’t if you tell them not to. The goal is to find you the ideal home for your family or to get the best market price possible from your home. Realtors who list your property for you collect their fee from the seller, but not until you sell. If you are looking for a home, it costs you nothing to look. It costs you nothing to ask questions about your home’s value, about the value of homes you are considering buying, or about anything related to real estate sales.
We can help you sort through the tremendous amount of information to be found online about local real estate. Don’t make a possibly costly mistake by trying to figure the current market out on your own. An experienced Realtor can sort it out for you. I’ve been in the business for 34 years now and I feel like I have a grip on the market. 479-903-0328.
LInk to the original article at This City Has the Most Overpriced Homes in America | Best Life (bestlifeonline.com)
It’s been a while since I’ve updated the numbers but now, what with Covid-19 more or less in the rear view mirror, let’s take a look at the Bentonville market. These numbers will reflect nearly all of Northwest Arkansas but I’m keeping with Bentonville as the prime example.
There are currently 79 listings, 69 of which are below a million dollars. The least expensive listing today is $249,500 which is an astounding number and reflects the lack of listings on the market vs. the number of buyers. Of course it’s a seller’s market as we are all acutely aware.
Average price per square foot is $260 on properties less than a million; I exclude these because in many instances they include acreage or properties better suited for commercial/residential. The median is $209 per square foot.
Pending sales are at an average of $160 list and sold listings over the last six months are at $155 per square foot.
Looking at the pending sales over the last 30 days the average price per square foot was $157.
The explanation for all of this is that there are a number of homes on the market that are priced far above market in hopes that someone will come along and pay the price.
33 of the homes have been listed in the last month, 12 between 30 and 60 days ago, and 10 between 60 and 90 days ago, and the remainder - 14 - being listed over 90 days ago. Average days on the market of Bentonville listings is 61 and median is 33.
What does all this mean then?
It means that there are 36 homes that are priced above market enough that they are hard to sell in a hot market. The median price of homes listed in the last 30 days is $177 per sqft which is slightly above the average pending sales but the median reflects more accurately the actual market value than the average, which is skewed by higher price-per-square-foot homes.
The lesson here is that, sure, you can buy a home on your own. You can list your home yourself too, it’s easy to do and quickly sells. But - you are far better off with an agent on both ends. Your agent can tell you, or should be able to tell you, minute by minute market stats and housing availability. If you are buying you absolutely need an agent to be watching the market constantly for homes to be listed that will suit your needs. I can guarantee if you are looking at a third party real estate site you are getting stale information. What they don’t tell you are of the number of homes that agents are aware of that are coming on the market soon or have just been listed. In a market this hot you have to have help if you don’t want to make a mistake. Remember, when you use an agent,. at least at Bentonville Real Estate, it costs you nothing to be represented by an agent. Commission is collected from the seller, not the buyer.
If you are selling you may well be able to determine market values on your own. But agents have vast resources at their fingertips that allow you to price your property at market instead of guessing what it should be based on what you to believe to be a valid comparison. We also take care of things such as advertising and disclosure. Did you know that you can be liable for your advertising? That you can be held liable for non-disclosure of salient issues with your home? A real estate company can be expensive but is the safest way to market your property correctly and at an accurate price point.
Those who know me know that you can call me any time, 479-903-0328 or 273-2684. I answer promptly. Or email questions or requests to bentonvillerealestate@Hotmail.com. I serve all of Northwest Arkansas.
Real Estate Sales Bentonville, Northwest Arkansas
Larry Horton, Principal Broker 24 Hour Contact Number 479-903-0328 Larry@bentonville123.com
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