Real Estate Information

Hot Springs Market is Heating Up

A Winter Chill ... not just in temperatures, but also in home sales in Garland County has taken over for a while.  Click here for the full details on the latest market statistics for December, and take a look at the overall picture of home sales for our area over the last few months:

However, the good news is - The winter chill may be gone for now.  Buyer Activity has picked up significantly as of January 1, 2010.  As of the first of the year, we have been extremely busy, showing properties to qualified buyers in town, and many of our listings are getting increased showings from other Realtors.  The showings are ranging from $25,000 to $5,000,000, which is a wonderful sign (not just the low-end price for first-time home owners - which has been the norm for a while).  Buyer email inquiries are HOT, with many of the buyers that we've been working with for many months are now starting to say that "I may have my home sold, and I'm getting ready to move to Hot Springs now". 

While this sign is very encouraging, let's make sure that we don't take it for granted and sit back and relax.  Now's the time for sellers to get busy.  Think like a buyer -- spruce up your home and make sure you're prepared for a showing appointment at all times.  Best wishes for a wonderful 2010 from the Kennedy Team! 

In addition, we just reviewed the market statistics for our area (Garland County, AR), and we would like to share it with you. At the end of November, the total number of active single family home and condo listings on the market in Garland County was 1,307 – a significant decrease from the two previous months (Oct – 1,355 | Sept – 1,423). We consider this positive news for sellers, as we watch more and more sellers continue to withdraw their listings from the market during this time of year.  However, while the inventory is steadily decreasing, we also noticed that the home sales dropped slightly in November to 59 total units sold in Garland County during this month, as compared to 78 total units sold in October and 74 total units sold in September of this year. For more details, please click here to review our monthly market update.

Just finished reviewing last month's statistics for home sales in Garland County, and thought you would be interested in an update.  Home sales stayed exactly the same in October as compared to the previous month with 66 total sales.  The condominium sales rose slightly in October with 12 total condo sales, as compared to only 8 total sales the previous month. 

While the total number of home sales rose only slightly, the better news is that the inventory level dropped significantly - from 1,423 to 1,355 total homes actively on the market.  This tells us that some of those sellers "that really don't have to sell" may have taken their home off the market for the fall - which in turn helps reduce the competition for our sellers, and also helps balance the market.  Although the scale is still heavily tipped in favor of the buyers at this time, we consider this a positive sign of the market.

Please click here for the full details of our local market.  We prepare this report monthly and post it on our site, so you may view the report anytime by visiting www.BestofHotSprings.com and then clicking on the "Get the Latest Market Update" button on the left-hand side of the menu. 

There is some positive news brewing these days for the real estate industry, and we're keeping our fingers crossed that things continue to move forward in this direction very quickly.   We are receiving news that the original credit in the stimulus bill for the first-time homebuyers may be extended, AND the extra good news is that the bill may offer additional assistance to "move-up" buyers. 

The current first-time homebuyer credit is set to expire at the end of November and the Senate sources told CNN they have tentatively agreed to extend that $8,000 credit for first-time buyers until the end of April. In addition, they are adding a $6,500 credit for some current homeowners who buy a new residence by then.  For the full article from CNN, Click here.

If this passes, we hope to see many of those buyers get off the fence and make a move.   

Hamilton Pointe condominiums are still a hot commodity in Hot Springs.  This unique community has all the amenities that attract investors ... prime location, flat ground with very few steps, panoramic lake and mountain views, covered parking, covered boat docks, strict covenants, gate guarded entrances, pool, large private outdoor decks, and great floor plans.  

 If you currently own one of these homes at Hamilton Pointe, and you are thinking about selling your home, we would love to talk!  We have a buyer who is very interested in purchasing a home in this neighborhood, and hopes to make a purchase before the end of the year.  Please call us today!  501.655.6247 Jeff or 501.276.4446 Debi.

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Thought you would be interested in a market update.  As we reviewed the market statistics for the month of July, here’s what we noticed – the total number of single family homes sales increased in July with a total of 77 sales during that month – which was a significant increase over June’s total number of sales at 53.  While this seemed to be a sliver of good news, the current inventory level of single family homes actively on the market for sale is at 1,111.  Yes, this means there’s huge competition out there for our sellers, still making it a strong Buyer’s market.  In this kind of market, competitive pricing seems to be the biggest factor.

While single family home sales picked up in July, the condo market stayed about the same.  There were a total of 13 condos that sold in July (which was about the same number as the previous month).  The total number of active condos on the market is 384.  While the summer months are normally the peak season for condo sales – we are seeing this market suffering the most with the lack of expected sales during this peak period, which is also having an affect on the sales prices.  Unfortunately, we are seeing the values for waterfront condos continuously decreasing this year.

Our website tracking reports are also very good indicators of our current market, and we are pleased to report that we had a record breaking number of total hits for the month of July.  This was the first month that we have received hits over 100,000 and the total figure was 122,647 total hits for that month.  This figure tells us that the real estate market is very active – with buyers hovering, reviewing, researching, and continuously thinking about the real estate market.  While this number peaked in July, the month of August has started to slide downward in hits.  We’re hopeful that this is only part of the normal cycle that we see every year with summer coming to an end, vacations slowing down, and the kids preparing to start back to school.  In a normal market in this area, we tend to see this three week slow down in August every year.

As we continue to watch the trends of our market, we’ll keep you posted.  Click here for an overall view

The Kennedy Team of Trademark Real Estate, Inc. ranked No. 3 in the state of Arkansas in Residential Real Estate Sales Teams with $22.42 million in total sales in the Hot Springs area in 2008.  Trademark Real Estate, Inc. ranked No. 10 in the state of Arkansas with $123.29 million in total sales in the Hot Springs area in 2008, as reported by the Arkansas Business Journal.

While the real estate market has shifted significantly to a buyer’s market and the lender guidelines have changed considerably, it's critical to provide a competitive edge for our clients.  Advanced education, interactive web site, and good communication systems are the key elements for performing in a changing market.  Every market goes thru cycles and the market shifts with the supply and demand concept.  Being prepared means paying close attention to the indications of a shift, and being ahead of the shift instead of following the shift.   

In a heavy buyer’s market, proper pricing is a must.  The homes that sell are homes that are priced ahead of the shift.  If the seller fails to price accordingly, they will end up chasing the shift downward, which could be much more costly with continuous maintenance fees, insurance, property taxes, etc. in a market that is volatile. 

The Real Estate activity is starting to pick up slightly in Hot Springs.  The web hits to our primary website at www.BestofHotSprings.com broke another record this week.  This site received about 35,000 hits over the last 7 days.  At this rate, we hope to hit 100,000 hits for the month of June which is another new record for activity.  This means that we are receiving maximum online exposure to our listings at this time, and our marketing tactics are working. 

While the market activity is increasing, it’s critical for sellers to take advantage of this peak in the real estate market, and capture the buyers while they are hovering around.  Now this doesn’t mean your Realtor can do it alone ….  If you’ve been putting off mowing the lawn, sprucing up the front entry, cleaning up the pool, or making those necessary repairs – please get moving now!  There are tons of homes on the market now competing with your property, and it’s critical that your property stands out among the others. 

While condition is critical, pricing is also another major factor!  If you’re serious about selling – now is not the time to overprice your property.  If your property is overpriced, the buyer may skip right on to the next one.  The good news is that even though you may have to sell low at this time, you can also buy low on your next investment!

Let’s all work together and get things moving!