Obviously our market in NWA has shown a swing from being a seller's market to a buyer's market, but there are still signs of this struggle. Seller's have to be sure to educate themselves accurately with a realistic market analysis. This should show them not only a range from least expensive to average to highest priced homes that have sold, are currently on the market, and have expired in the last six months; but also how long these homes have been on the market.
In considering selling your home you should always take the time to get this research from at least 2 agents from different companies. In doing so you will verify an agents integrity, and be able to witness first hand the professionalism that you want representing you.
Likewise, buyers have to keep wise. Areas of NWA are still selling at close to if not full asking price. When looking at these areas be sure to have your agent find out if concessions/allowances were given to the buyer that you could benefit from. Closing costs, fencing, and additional building perks are being offered by many builders with full price offers. This is good for you because it keeps cash in your pocket (with current interest rates being so low this could be wise). This is also good for the builder because it keeps the appraisal value high in the neighborhood and allows him to sell all of the homes for top dollar.
Resale has become quite different. For one, resale homes are not showing as much decline in value as new home sales. There are also not as many on the market. Homes that sold in 2005 and 2006 are particularly difficult at this time. They were bought at top dollar, and have little equity now for resale. This can be very frustrating for sellers and creates quite a problem for people who must relocate. In this case, the best option is to investigate your companies relocation benefits. Many of these will help reduce or even accept all of the loss one would take in selling an upside down investment.
All of the issues pointed out here are issues that I have had to deal with already this year. In January I had sold nearly a million and saw all of these things play out. The beauty of it is that with the right agent and the right education a buyer or seller or both can be happy with the outcome. Real Estate in NWA is still booming, and October was the last month showing decline...many analysts are even saying September.
Remember, the best agents are those who have decided not to participate in the so called "slowing market", but have worked hard, continued to prove themselves with results, and have continued to sell NW Arkansas.