Little Rock Homes Blog by Rusty Armstrong

Home Sales Trends for Little Rock Show Little Change

2010-03-09T22:00:00Z

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.

Febuary 2010
MLS	Sold's	Avg. Sold's	Active	Abs. Rate	Aver Days
Area	6 Mos.	Per Mo	Listings	in Mos.	on Market

LR Area 7	270	45.00	231	5.1	77
Maumelle	170	28.33	152	5.4	80
LR Area 5	185	30.83	167	5.4	81
Area 11 NLR	130	21.67	123	5.7	85
LRArea 3	110	18.33	122	6.7	100
Otter Creek	55	9.17	61	6.7	100
Sherwood	195	32.50	220	6.8	102
Area 10 NLR	93	15.50	116	7.5	112
LR Area 17	110	18.33	213	11.6	174
All Areas	1318	220	1405	6.4	96
Last Month	1367	228	1470	6.5	97

Cabot	411	68.50	382	5.6	84
Jacksonville	137	22.83	151	6.6	99
All w/C&J	1866	311.00	1938	6.2	93

Chenal only	57	9.50	108	11.4	171


Price Range
100-200	736	122.67	577	4.7	71
201-300	261	43.50	297	6.8	102
301-400	102	17.00	151	8.9	133
401-500	44	7.33	70	9.5	143
501-999	36	6.00	113	18.8	283
1000000+	4	0.67	46	69.0	1035

First Time's the Charm: Tips for Beginning Home Buyers

2010-03-03T23:03:00Z

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.

Homes Sales Trend Slower in Little Rock for Second Straight Month.

2010-02-05T20:17:00Z

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.

January '10
MLS	Solds	Avg. Solds	Active	Abs. Rate	Aver Days
Area	6 Mos.	Per Mo	Listings	in Mos.	on Market

LR Area 7	281	46.83	238	5.1	76
LR Area 5	194	32.33	179	5.5	83
Maumelle	175	29.17	173	5.9	89
LRArea 3	129	21.50	131	6.1	91
Sherwood	201	33.50	213	6.4	95
Area 11 NLR	127	21.17	142	6.7	101
Otter Creek	57	9.50	69	7.3	109
Area 10 NLR	91	15.17	112	7.4	111
LR Area 17	112	18.67	213	11.4	171
All Areas	1367	228	1470	6.5	97
Last Month	1699	301	1384	4.3	64

Cabot	424	70.67	423	6.0	90
Jacksonville	134	22.33	170	7.6	114
All w/C&J	1925	320.83	2063	6.4	96

Chenal only	61	10.17	102	10.0	150


Price Range
100-200	801	133.50	952	7.1	107
201-300	302	50.33	308	6.1	92
301-400	109	18.17	157	8.6	130
401-500	47	7.83	66	8.4	126
501-999	45	7.50	113	15.1	226
1000000+	5	0.83	46	55.2	828

Choosing The Right REALTOR To Be Your Agent To Purchase a Home

2010-01-27T21:52:00Z

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.

As a full service organization, ERA Armstrong Team, REALTORS offer our clients a concentration of experience and talent to help find their dream home. With the best interest of our clients in mind, we are built on a client-centric business model. We believe in engaging the consumer, not selling them. We are technologically savvy, up-to-date on all real estate trends, and committed to informing clients of every detail of the buying process.

Getting Aproved for a Loan, A Good First Step

2010-01-14T20:05:00Z

If you are thinking about buying a home or ready to by one, getting approved for a loan is a good first step.Talking to a mortgage company and making application for loan approval can make the buying process much easier.You know for sure you can get a loan and what approximate funds you will need for down payment and closing cost.With this information you can be more confident to make a decision on the right house for you. You will also be in a much better negotiating position with a seller because you can assure the seller that they will not have to worry about your getting a loan.

Choosing a lender to work with can be an important decision. There are many options when looking to find a lender. The internet is loaded with options the you can check rates and even apply on line. In most areas there are many good local lenders that you can talk with to check rates and get advice. In my career I have seen both work great but have seen the most delays and problems with companies that are online. Many of the online mortgage companies can get low rates but because they are getting quotes from many companies in a lot of cases, they do not have control of the process. Even though the approval process may be very quick, the problems come when you find a home and the rest of the process that starts after a home is found can be a very inefficient process. Local lenders can have the same problems but if there are problems a local lender usually has more to gain to get the problem solved. Most interest rates are fairly competitive so making sure you can get good service is just as improtant.

How can you find a good lender? As with any service get recommendations from people who have recently gone through the process. REALTORS can give good advice on lenders and their service.Getting the loan closed without delays is very important to REALTORS, so most will know who they have confidence in getting the loan done at a good rate with good service. If you find a good rate somewhere and want to go with another lender that you have confidence ask them if they can meet the rate, a lot of times they can.

Another point when comparing rates is that you need to not only look at the rate of interest but look at the amount of money required for closing. Many times a lower interest rate at one place maybe because of higher closing cost to make up for the rate reduction. A lender should give you a True In Lending statement which will estimate these cost. This is the only way to compare rates that you are quoted

This may sound complicated but it a very important part of the process. With the advice of an experienced real estate agent and the right loan officer it really is not that big of a deal. If done right, it can make the buying process much less stressful.

Holiday Season Slows Home Sales in Little Rock Area

2010-01-07T20:34:00Z

After months of a positive trend in the absorption rate of homes selling in the Little Rock area, the numbers show a slowing market at the end of December. All areas showed and decrease in number of sold homes and an increase in properties for sale on the market. Sold homes were down 6% and homes on the market increase by 8%. Looking at the numbers by price range. All price ranges slowed but the tend of the market below $400,000 being better than above that number continued to show a bigger gap. This change in the trend was to be some what expected since the holiday season is always the slowest time of the year for home sales. The absorption rate and days on market are still better than they were at the end of the first quarter of 2009. Most factors such as low interest rates, home buyer tax credits, and a good selection are still in place which helped to create the positive trend for most on 2009. Therefore it should be expected that the better sales will be seen again in January and the coming months.

What does this mean if you are thinking about selling your home or have it on the market at this time? It shows that it is till a very competitive market to get a home sold. The positive news is that there are still a lot of homes selling but you must be priced right,have it in excellent condition, and staged to show to sell. What we are seeing that homes meeting those conditions are selling way below average and those that are not take a long time to sale or do not sale at all.

December 2009
MLS	Solds	Avg. Solds	Active	Abs. Rate	Aver Days
Area	6 Mos.	Per Mo	Listings	in Mos.	on Market

LR Area 7	367	61.17	226	3.7	55
Maumelle	255	42.50	164	3.9	58
LRArea 3	160	26.67	113	4.2	64
LR Area 5	234	39.00	168	4.3	65
Sherwood	229	38.17	183	4.8	72
Area 11 NLR	155	25.83	125	4.8	73
Area 10 NLR	102	17.00	95	5.6	84
Otter Creek	69	11.50	52	4.5	68
LR Area 17	128	21.33	258	12.1	181
All Areas	1699	283	1384	4.9	73
Last Month	1803	301	1284	4.3	64

Cabot	510	85.00	399	4.7	70
Jacksonville	150	25.00	168	6.7	101
All w/C&J	2359	393.17	1951	5.0	74

Chenal only	74	12.33	156	12.6	190


Price Range
100-200	898	149.67	550	3.7	55
201-300	330	55.00	286	5.2	78
301-400	100	16.67	184	11.0	166
401-500	30	5.00	85	17.0	255
501-999	28	4.67	108	23.1	347
1000000+	5	0.83	44	52.8	792

Little Rock, North Little Rock, Conway Area is a "Great Bang for the Buck"

2009-12-17T20:52:00Z

In Forbes November 30, 2009 report on America's Best Bang for the Buck Cities ranked Little Rock, North Little Rock and Conway Metro Area second out of the top 100 Metro areas. The report stated that the area solid housing market, relatively stable employment, enviable cost of living and quick commutes make the Little Rock area one of the country's most affordable places to live.The report ranked the 100 metro areas by housing affordability, travel time, real estate taxes, unemployment, vacancies, job forecast, home price forecast and foreclosures.

$6500 Tax Credit Now Available for Move Up Buyers

2009-12-09T20:46:00Z

If you’ve been on the fence about moving into a bigger home, jump off! But make sure you have the right person to help you land softly. Lower prices, more available homes and the exciting new $6,500 federal tax credit for qualified move up buyers create the perfect storm for those interested in buying a new home. But with the many recent changes in real estate the process has changed since you last bought a home making it more important than ever to have a knowledgeable professional to help guide you. At ERA Armstrong Team, REALTORS we’re able to help you through the process from listing your home, to selecting your next home, to inspection and closing. On November 6, President Obama signed legislation for a one-time $6,500 tax credit for move up homebuyers, offering you money for home repairs and the chance to buy your next home. This tax credit is available for a short time and is not likely to be offered again. To qualify for the $6,500 tax credit, you must have lived in your current home for five consecutive years out of the last eight. In addition, you must sign a contract on a home before April 30, 2010, and close on that home by June 30, 2010. Income limits to qualify for a tax credit are generous. For single homebuyers, the credits now phase out between $125,000 and $145,000; for married couples, the range is $225,000 to $245,000. Consult your professional tax advisor for more specific tax calculations. In addition, qualified military service members who are ordered on a period of official extended duty will be able to apply the tax credit to sales with a sales contract in place on or before April 30, 2011 and closed by June 30, 2011. With interest rates at all-time lows and a $6,500 federal tax credit for move up buyers, there truly isn’t a better time to buy a home. In most areas, housing prices have reached all-time lows, so now is the time to act. Never before has there been so many reasons to say yes to a new home. Just think—compared to even a year ago, you can get a much bigger home than you expected in a prime area of town. Don’t delay, interest rates will not stay this low forever, and you must sign a contract on a home by April 30, 2010 and close on that home before June 30, 2010, to take advantage of the $6,500 tax credit.

Home Sales and Inventory Numbers Improve in Little Rock Area

2009-12-07T22:13:00Z

Sales for the six month period from June 1 through November continue to increase each month. Average days on the market for the target areas has drop to 64 days down from 77 days at the end of October. For the first time every area showed improving numbers over the October numbers. The number of sales increased about 5% and the number of homes for sale on the market went down. Only the west Pulaski County and Chenal area had over a six month supply of homes. This inventory reduction is due to increased sales and some homes that did not sale being taken off the market. It will be interesting to see if these trends can continue through December. December sales tend to slow because of the holidays but right now activity seem to be high for December. First Time Buyer and Move up Buyer Tax Credits should keep the market moving at to it runs out in April. Hopefully by then the market will have improved enough to carry on with out the tax credits.

November
MLS	Solds	Avg. Solds	Active	Abs. Rate	Aver Days
Area	6 Mos.	Per Mo	Listings	in Mos.	on Market

LR Area 7	398	66.33	215	3.2	49
Maumelle	258	43.00	153	3.6	53
Sherwood	261	43.50	169	3.9	58
LR Area 5	236	39.33	159	4.0	61
LRArea 3	164	27.33	115	4.2	63
Area 11 NLR	155	25.83	120	4.6	70
Area 10 NLR	110	18.33	87	4.7	71
Otter Creek	67	11.17	57	5.1	77
LR Area 17	154	25.67	209	8.1	122
All Areas	1803	301	1284	4.3	64
Last Month	1712	285	1471	5.2	77

Cabot	543	90.50	351	3.9	58
Jacksonville	158	26.33	178	6.8	101
All w/C&J	2504	417.33	1813	4.3	65

Chenal only	89	14.83	102	6.9	103


Price Range
100-200	748	124.67	401	3.2	48
201-300	361	60.17	260	4.3	65
301-400	141	23.50	146	6.2	93
401-500	53	8.83	61	6.9	104
501-999	56	9.33	118	12.6	190
1000000+	4	0.67	44	66.0	990

Little Rock Homes Sales Continue Positive Tends in Most Areas Through October

2009-11-11T14:37:00Z

The absorption rate and average days on the market improved in all areas except west Pulaski County and Chenal, along with Otter Creek. Of the eleven areas that are look at all but three are at or under a 6 month absorption rate and at or under 90 days average on the market.Little Rock west of I-430 and Maumelle were the best markets with under a 60 day average market time.

Looking a the market by price range continues to show homes priced under $400,000 to improve and the market for homes above $500,000 to be getting slower. Both these trends have remained the same over the last few months. Improved financing terms in the Jumbo loans would greatly help this market

October
MLS	Solds	Avg. Solds	Active	Abs. Rate	Aver Days
Area	6 Mos.	Per Mo	Listings	in Mos.	on Market

LR Area 7	380	63.33	236	3.7	56
Maumelle	242	40.33	154	3.8	57
LR Area 5	221	36.83	178	4.8	72
LRArea 3	161	26.83	129	4.8	72
Sherwood	251	41.83	218	5.2	78
Area 11 NLR	144	24.00	145	6.0	91
Area 10 NLR	106	17.67	111	6.3	94
Otter Creek	65	10.83	73	6.7	101
LR Area 17	142	23.67	227	9.6	144
All Areas	1712	285	1471	5.2	77
Last Month	1681	280	1522	5.4	81

Cabot	541	90.17	405	4.5	67
Jacksonville	147	24.50	198	8.1	121
All w/C&J	2400	400.00	2074	5.2	78

Chenal only	84	14.00	120	8.6	129


Price Range
100-200	757	126.17	479	3.8	57
201-300	376	62.67	280	4.5	67
301-400	145	24.17	160	6.6	99
401-500	54	9.00	73	8.1	122
501-999	53	8.83	127	14.4	216
1000000+	4	0.67	52	78.0	1170

First Time Buyers Tax Credit Extension and New $6500 Move-up Credit Information

2009-11-09T14:47:00Z

$8,000 First-time Home Buyer Tax Credit Major Points:

The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.

The tax credit does not have to be repaid.

The tax credit is equal to 10 percent of the home’’s purchase price up to a maximum of $8,000.

The tax credit applies only to homes priced at $800,000 or less.

The tax credit now applies to sales occurring on or after January 1, 2009 and or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.

For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.

For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

The $6,500 Move-Up / Repeat Home Buyer Tax Credit Major Points:

To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.

The tax credit does not have to be repaid.

The tax credit is equal to 10 percent of the home’’s purchase price up to a maximum of $6,500.

The tax credit applies only to homes priced at $800,000 or less.

The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by May 1, 2010, the home purchase qualifies provided it is completed prior to July 1, 2010.

Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

Little Rock Arkansas Neighborhoods: Hall High Area

2009-11-02T20:30:00Z

Normal 0 false false false MicrosoftInternetExplorer4 st1\:*{behavior:url(#ieooui) } /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman"; mso-ansi-language:#0400; mso-fareast-language:#0400; mso-bidi-language:#0400;}

The Hall High area is largely a residential area located in what is considered the midtown section of Little Rock. Like most of the areas located east of Mississippi Avenue, it is not one cohesive neighborhood but an area that was developed in small subdivisions and gets its name from Hall High School which is located in the center of the area. This area is located west of University Avenue, east of Mississippi Avenue, north of Markham Street and south of Cantrell Road. H Street and Evergreen Road are through streets running east and west.

Shopping and service are located conveniently at Park Plaza Mall and Midtown Center which are located to the southeast, Cantrell Road commercial area to the north and Heights Shopping to the northeast. Many churches are located along Mississippi Avenue. Williams Elementary School is also located in the area, as well as Forest Heights Middle School just to the east of University Avenue.

The homes were generally built in the late 50’s to early 70’s. They range in value from just below $100,000 to about $400,000. The median price for the area in 2009 has been $168,500. Homes are of good quality construction as a whole and many have been updated. Resale is good because of the price range and location close to most areas of the city and near the upscale Heights area of town.

Other For Sale in Walton Heights

2009-10-20T20:55:00Z

Priced to Sell!

• 2,264 sq. ft., 3 bath, 3 bdrm other "Split Foyer" - MLS® $189,000 - Remodled Recently

Walton Heights, Little Rock - Newly renovated inside and out. Large upper and lower deck added in 2005. Experience its natural beauty from the privacy of your own backyard. Renovated kitchen, decks and gutters all in 2005. Hardwood floors and exterior paint in 2009. Large picture window in living room and in kitchen. 2 large living areas with fireplace in family room down stairs. Upper deck could easily be screened. Great home for entertaining indoors or out. 2 car side loading garage with storage room. Seller's are ready to sell.

Property information

Open House in Marlowe Manor on Sunday

2009-10-08T17:31:00Z

Marlowe Manor, Little Rock - We invite everyone to visit our open house at 1517 Jennifer on October 11 from 2:00 PM to 4:30 PM.

Property information

Home Sales Numbers Trends Remain on Positive Direction in Little Rock Arkansas

2009-10-05T19:15:00Z

The residential sales trends for the Little Rock, Arkansas area continue to move every slowly in a positive direction in most all areas at the end September. Homes that are in good condition and price right are selling in a reasonable time.. Supply continues to move slowly down ward and sales move upward slowly which has been a trend over the last few months.The absorption rate remains under six months for the total area and of the eleven areas monitored all but four had an average days on market of under 90 days. The areas with the longest absorption rate continue to be West Pulaski County and the Chenal area, along with the Jacksonville are both with a eight to nine month supply of homes on the market. Both these areas continue to see improvement on earlier months numbers.

September
MLS	Solds	Avg. Solds	Active	Abs. Rate	Aver Days
Area	6 Mos.	Per Mo	Listings	in Mos.	on Market

Maumelle	235	39.17	161	4.1	62
LR Area 7	370	61.67	257	4.2	63
LR Area 5	211	35.17	170	4.8	73
Sherwood	245	40.83	221	5.4	81
LRArea 3	145	24.17	130	5.4	81
Area 11 NLR	146	24.33	145	6.0	89
Otter Creek	69	11.50	76	6.6	99
Area 10 NLR	107	17.83	128	7.2	108
LR Area 17	153	25.50	234	9.2	138
All Areas	1681	280	1522	5.4	81
Last Month	1614	269	1546	5.7	86

Cabot	500	83.33	418	5.0	75
Jacksonville	140	23.33	191	8.2	123
All w/C&J	2321	386.83	2131	5.5	83

Chenal only	89	14.83	125	8.4	126

Looking at how the market is doing by price range shows two different markets. In prices from $100,000 to $400,000 absorption rate is under five months and above $400,000 it is just under 14 months. Some factors causing this gap are financing for loans over $415,000 is getting better but is still at a higher rate and more difficult to get than loans under that amount. First Time Buyer Tax Credit continues to help make sales good below the $250,000. Time will tell how the market is affected if the tax credit is not extended past the November 30 end date.

Price Range
100-200	882	147.00	621	4.2	63
201-300	394	65.67	327	5.0	75
301-400	143	23.83	180	7.6	113
401-500	53	8.83	85	9.6	144
501-999	60	10.00	126	12.6	189
1000000+	5	0.83	54	64.8	972