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Declining home prices in Arkansas | Business

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Declining home prices in Arkansas
Declining home prices in Arkansas

MAUMELLE, Ark. (KTHV) - If you are looking for a new home, now could be the time to buy. But declining home values in Arkansas aren't good news for everyone.

According to CoreLogic, average home prices are up across the country. They're 7.4 percent higher compared to prices last summer. But in Arkansas, home prices have gone down by 2 percent.

"There's not one thing in particular to pinpoint, just a lot of people decide to sell at the same time," said broker Kim Burkes.

In 2014, 269 more homes were listed than in 2013, but the average sale price has gone down from $192,624 to $184,070, according to the Cooperative Arkansas Realtors Multiple Listing Service.

"Some of those may be foreclosures and short sales which brings the general price down," Burkes said.

She said homes in Arkansas were largely unaffected in 2009 while cities in other states saw drastic changes in their prices.

"We didn't have the over inflation of homes so therefore we didn't have that far to fall," she said.

Lower home values all around mean sellers have to get competitive. So in a market saturated in houses, it has to be the cheapest and the prettiest to get sold.

"It is a buyer's market right now and buyers can get some great deals," Burkes said.

Those deals include low rates for single and first-time home buyers.

The first thing Burkes asks her clients is "Do you have to sell now?" If the answer is 'yes,' then she recommends they price it to sell not to sit. And if the answer is 'no,' wait six months and try again.