July home sale market numbers for Little Rock continued on the same course as June trends. Closings for July were up by 6.25% but properties for sale in creased by 2.14%. June saw increase in both numbers but July was a much bigger increase in closings and much smaller increase in the number of properties for sale. Both very positive for the market.  The supply of homes on market remains just over a six month supply which has remained at that level since April. With the extreme heat in July and a historically slower month it will be interesting to see if the July sales can maintain this level of closings by the end of  August.

With a good inventory of properties for sale and low-interest rates it would seem the be a great market for buyers. However there is no urgency for buyers to make a decision therefore they a looking a lot but do not seem to want to make a decision. The uncertain economy and no urgency are big factors thar seem to be keeping the home market from really getting on a roll.

Nothing compares to the feeling of having a place to call home. At one time or another, however, most of us have felt frustration at seeing hard-earned money go into rent every month rather than a more permanent house payment. Renting is most people’s first step toward homeownership, but what do you need to do to realize the dream of owning a home?

Sometimes, it’s not the regular rent-money obligations but other expenses that are the main obstacle in saving. A whole debt-counseling industry has arisen to guide consumers in getting out from under what they owe. Smart saving – not depriving yourself, just ensuring stability and enjoyment over the longest term – involves many moves both major and simple, and can help prepare you for that first down payment.

On the simple end, rediscovering home cooking (and enjoying the leftovers as brown bag lunches) can amount to significant savings as compared to regularly dining out. On a higher level of financial planning, establishing a household budget and sticking to it – including a specific amount set aside for savings every month – can get you to your home-affording goals sooner than you might have imagined.

You may also want to meet with a counselor who can negotiate a lower rate and set a sensible structure for your repayments on credit cards – while advising you how to ease dependence on them. (This not only gets you on your own financial feet, but helps keep your credit rating intact for the very home loan you hope to someday secure.)

There are additional ways to start working toward homeownership. Some sellers will enter into a “rent-to- buy” agreement, in which part of the regular rent is considered an installment of the home’s down payment, which, once built up, can help you obtain financing. Low-income renters may also qualify for federal “Section 8” vouchers which are paid to the landlord, subsidizing your rental expenses and helping you save for a permanent home.

Just as some renting options allow you to set funds aside, some types of purchases can help defray your costs even as you fulfill the stepped-up obligations of homeownership. Pooling resources with other buyers to occupy a two-family home could be one; buying such a home by yourself and renting one half of it could be another.

Even if your economics remain challenging, there are low-down-payment mortgages, and other forms of financing for special circumstances, available to buyers who meet the right criteria. Your local real estate professional can help you navigate through these options. He or she can also identify what government help might be available, and generally counsel you on your readiness to be a buyer – and on what else you might need to do to get there. If you consult the right sources and seek common-sense strategies, then your every move in the renter’s world can be pointing you home.

After just under a 14% increase in sold homes in May, June's only showed a 3.1% increase. Obviously a result of a slowing of closings after the Tax
Credit ending of contract time at the end of May. The number of listings on the market also increase in both months but instead of slowing, the number of listing increase. May had a 3.1 % increase and June had a 7.5% increase in properties on the market. These figures  lead to a decrease of days on the market in May to 93 average days on market, but lost half that with an increase in the average days on market to 97 days at the end of June. Even though interest rates remain in the 4.5% range there seems to be no real urgency for buyers to make a decision in the market.  Look for the market to become more competitive with more listings and about the same or less sales. It is even more important for homes for sale to be priced right, be in good condition and show well to sale. These properties seem to sale quickly and all others set around.

April was a good month for home sale numbers and market trends in the Little Rock area. The number of homes that sold was up 3.3% over March six month trends and the number of listings on the market remain all most unchanged. Average Days on Market trended down by almost 3% to 102 days for all areas with over half of the market areas being at or under 90 days on market. This is a very positive move since the average days on market has been going up for the last few months. A lot of things probably contributed to this positive movement. Spring time sales period, tax credits, and great interest rates being the main ones. The tax credits are now gone but the other two factors remain in place and the economy and consumers confidence seems to be moving in a positive direction.

April of 2009 was first time this report was published on Absorption Rate and sales over a 6 month period to see how the market was trending. A year later the market has shown improvement in most areas. The number of sold homes in the previous 6 months has gone up by 18% and the number of listings on the market has only gone up .5%. The average days on the market at the end of April 2009 was 115 and this April ended with 102 average days to market. The market is improving even though it may be slow at times, but that is probably how it will continue as a slow improvement over the balance of this year. It will be interesting to see how it goes.

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1. They don’t ask enough questions of their lender and end up missing out on the best deal.

2. They don’t act quickly enough to make a decision and someone else buys the house.

3. They don’t find the right agent who’s willing to help them through the homebuying process.

4. They don’t do enough to make their offer look appealing to a seller.

5. They don’t think about resale before they buy. The average first-time buyer only stays in a home for four years.

Source: Real Estate Checklists and Systems, www.realestatechecklists.com.

The number of single family homes that sold over the previous six months continued to go down from a high at the end of November 2009. The number of homes of the market for sale had also been going down but this number was gone up by 4.12% at the end of March. The Absorption Rate (number of months need to sale all the homes on the market and present sales rate) went up from six months at the end of last month to seven months at the end of March. The 2009 First Time Buyer Tax Credit that ended at the end of November made a big impact in November numbers. So far the 2010 Tax Credit which ends April 30 does not seems to have had as much of a positive effect. Going into the last month of the tax credit extension, it will need to be seen if there will be a rush like we saw last November this month. What this means to sellers is that it remains a very competitive market to sale a home but some are selling. The properties priced the best and in the best condition are selling quickly. The others are setting on the market. It will be interesting to see if the spring season can start a stronger market for home sales.

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The homes sales trends in Absorption Rate and Average Days on the Market for February show little change from the end of January. The number of sales for the six month period were down 3.6% but the number of homes for sale on the market is down 4.4%. This makes both the Absorption Rate and Average Days on the Market remain about the same. The sales number by price range shows a little more slowing of sales but really not a big change. With the weather getting warmer and the normal spring pick up sales should start showing a more positive trend. With the deadline for the Tax Credit from the government ending April 30 remains to be see if there will be a last minute push by buyers, if there is it should start to show up this month. The other question is if there is sales push will there be a lull in sales after it expires. Meantime it is still a buyers market in most areas and price ranges.

Buying a home is often times a difficult decision to begin with; the only prospect more daunting may be doing it for the first time. But by asking the right questions and considering a few simple but important issues, you can pave the way for some powerful beginner's luck.

Becoming a first-time homeowner has its uncertainties, but remember that you're not alone. A National Association of Realtors® survey says that in 2001 (the most recent year for which figures are available), first-timers made up nearly half of all home buyers. If so many made the move, you can too.

Chances are they did it with the help of a real estate professional. Realtors® can navigate the complexities of the home buying process, and let you concentrate on the rewards of this new experience. These professionals will tell you that there are three major points you should take into account: finding the right financing, investigating the community you're considering, and evaluating your prospective home's qualities.

Before your home-search begins it's helpful to determine what price-range you are comfortable with and get pre-approved for a loan. Many hopeful home-seekers will quit the search before they start, out of worry that they can't afford a down payment or sheer unfamiliarity with the financing process. But today those worries are often unfounded; there is an array of financing options available for aspiring homeowners of almost every income.

Once you've gained confidence in that area, it's important to make sure you're familiar with the location you'd like to live in. Think about what you want in a community and how your chosen one meets these interests, including nearness to the city (or country), reputation of the school system, access to public transportation, and property values.

You also need to evaluate the soundness of your possible new home. What condition are major components like the furnace, windows and roof in? Is it a house needing only cosmetic improvements which will one day pay for themselves in resale value, or structural repairs that will eat into your future profit? A qualified home inspector can help you answer such questions with confidence.

Keep in mind that being new to all this does have its advantages – first-time home buyers usually move on within a few years, so you have a flexibility that homeowners with more experience but also more burdens may not. Becoming a homeowner still poses many questions, but knowing which to ask and obtaining good guidance can help make sure you get it right the first time.

After many months trending in a positive direction for the Little Rock home sale market, for the second month in a row it has reversed and moved back. In fact a the end of January the number of sold homes was down almost 20% as compared to the end of December 2009. From the end of November sold homes for the target areas are down about 26% as compared to the end of November. As sales go down, inventories of homes for sale increased, up about 6% since the last month. These numbers result in the Absorption Rate ( time for all homes to sale at the present sales rate per month) has increased back up to over a 6 month supply and increases the Average Days on Market to 97 days.

There are some factors which should be taken into consideration. After the holiday season it is normal for it to take a while for the increase activity in the to show up in these numbers. Also even though the First Time Buyer Tax Credit was extended till the end of April, there seems to be a lull in its effect after November 30 the original ending date. Another factor that may have contributed to the slower sales is the bad weather in the form of rain, cold and freezing precipitation has not made it conducive for home sales activity. It will remain to be seen if this increase activity and the continued tax credit programs will put the market back on the positive tend it was on for many months in Little Rock. All other factors such as interest rates and level home prices  seem to be the same to encourage a positive tend in the market. It will interesting to see in the coming months.

Choosing an experienced REALTOR to represent you as your buyers agent, when purchasing a home, can help you make informed decisions.You should discuss with agents their background and experience in representing buyers along with their knowledge market before choosing an agent to represent you.The right agent can make the difference in the quality and success of your home buying experience.

  Here is a list of services you might expect for an agent to provide to help you find the perfect home.

• Conduct a planning session to discuss your needs and plan your search for your home.
• Educate you on every detail regarding a real estate transaction.
  
• Advising you on what to look for to choose a loan company to get financial approval for a loan.
• Assist you with property to preview based on your criteria and needs.
• Evaluate the positive and negative features of the home that may effect its value and future resale.
• Help you prepare a negotiation strategy for the home you select, including a market analysis and advice in initial price and terms to the offer.
• Prepare a written real estate contract to present to the seller.
  
• Help you schedule a professional home inspection and attend it with you and work with you to request the seller to remedy the items you specify after a review of the inspection report.
• Assure the all of the contingencies are satisfied in a timely manner and attend your closing.
  

Of the many concerns to weigh when buying a new house, a major one is whether to buy a new one in name only: both state-of-the-art properties and distinguished older homes have their attractions – and possible drawbacks.

In making this decision, it's important to literally leave your preconceptions at the door of any home you're considering. Quality construction can appear in any era, and you just have to be knowledgeable about the strengths and problems to look for in each individual house.

Surely newer homes assure a certain measure of structural integrity, energy-efficient features, and safer electrical wiring and heating systems. They can have less wear and tear, more modern conveniences built in, an aesthetic more suited to today's tastes, and often better handicap accessibility.

On the other hand, older homes can have a proven history of safety and stability, styles appealing to those looking for more old-fashioned elegance and charm, and a track record of repairs that leaves no surprises.

There are some pros and cons in which old and new houses are evenly matched. Newer homes, as part of newer economic growth, can be found in more promising areas just setting out on a boom of development (and thus presenting substantial investment advantages), while older homes can be found in more established, comfortable, and picturesque locations which have their own premium value to many types of subsequent buyers. Older homes can come with the headaches of aging structures and systems, while newer ones can be hastily made, with their own set of consequences. Old homes can harbor the health concerns of obsolete materials (like lead paint and asbestos), while new homes can include ones more recently recognized (like arsenic in outdoor wood and formaldehyde in carpets).

But either can still be your dream home, and this overriding point is tied more to the intangible interests that lead you to shop for homes in the first place than it is to scientific specifics. For any house you'll want to get a professional inspection done, but in the end you have to follow your heart.

Old homes and new ones have upsides and downsides of equal weight, so tip the balance with your own preferences and abilities – personal taste, financial resources, handy-person skills, available time and long-term goals. Which is the winner of Old vs. New? If you decide carefully, either one can be the winning choice for you.