Buying or Selling • January 23, 2024

Where is the Hot Springs Real Estate Market Heading in 2024?

by Doug Wingfield

Good afternoon and thanks for clicking on this blog. If you don’t want to read all of this (most of us do not!), then check out the last paragraph for my thoughts on the Hot Springs real estate market in 2024. Information overload potential; if you have any questions, please reach out and let’s chat!

I am Doug Wingfield, an Associate Broker and Global Luxury agent with Coldwell Banker – RPM Group in Hot Springs. Thank you for joining me today as we delve into the current real estate market and explore the correlation between several key metrics that will be of utmost importance to both buyers and sellers. By analyzing the data at hand, we aim to provide you with valuable insights that will help you make informed decisions.

Months Supply of Inventory, which currently stands at 4.13. This figure represents the number of months it would take to sell all the available homes on the market if no new properties were listed. A lower number suggests a seller’s market, indicating a higher demand for homes compared to the supply available.

The 12-Month Change in Months of Inventory, which is recorded at +49.1%. This data point reveals the percentage increase in the supply of homes over the past year. In this case, the positive sign signifies a significant rise in the number of available properties compared to the previous year, suggesting a potential shift towards a buyer’s market.

Moving on, we come to the Median Days Homes are On the Market, which currently stands at 47. This metric provides valuable information about the average time it takes for a home to sell. A lower number indicates a faster-paced market, with homes being snapped up more quickly, while a higher number suggests a slower market where properties may take longer to sell.

Next, we have the List to Sold Price Percentage, which currently stands at 95%. This figure represents the percentage of the original listing price that sellers typically receive when their homes are sold. A higher percentage suggests that sellers are often able to secure offers close to their asking price, indicating a strong market where buyers are willing to pay a significant portion of the listing price.

Lastly, let’s consider the Median Sold Price, which currently stands at $259,200. This figure represents the midpoint of all the sold prices in the market. It provides an overview of the general price range of homes being sold, and can be used as a guide by both buyers and sellers to understand the market’s overall pricing trends.

Now, let’s connect the dots and explore the correlation between these metrics. A higher Months Supply of Inventory, coupled with a positive 12-Month Change in Months of Inventory, suggests that the market may be shifting towards a buyer’s market. This could potentially lead to longer median days on the market and a slightly lower list to sold price percentage as buyers may have more options and negotiating power.

However, it’s important to note that the Median Sold Price remains relatively stable at $259,200. This indicates that, despite the potential shift in the market dynamics, home prices have remained consistent. This stability could be attributed to various factors such as strong demand, desirable location, or limited new construction.

In conclusion, the current real estate market appears to be experiencing a shift towards a buyer’s market, as indicated by the increase in Months Supply of Inventory over the past year. However, it’s worth noting that home prices remain steady, suggesting continued demand. Buyers may benefit from a wider selection of homes and potentially more negotiating power, while sellers should be mindful of setting realistic listing prices to attract buyers in this evolving market.

Thank you for reading this far, and we hope that this analysis has provided you with valuable insights into the current real estate landscape.

If you are considering a move, please consider giving me a call for a free consultation.

Doug Wingfield

501.699.0279
dwingfield@cbrpm.com
ASuperHome.com

Buying or Selling • January 9, 2024

When is the best time to sell? When you need to obviously.

by Doug Wingfield

Determining the opportune moment to sell your house is a decision rooted in readiness and necessity. Backed by 25 years of experience and knowledge in the real estate industry, I bring a seasoned perspective to guide you through this process.

As affirmed by data, the strategic timing for a successful sale is crucial. According to Zillow, listing in mid-March is optimal for a quick sale, while aiming for late April enhances the potential for maximum profit. For those aspiring to go above and beyond, Thursday stands out as the most favorable day to launch a listing.

To ensure your property is market-ready, consider the following steps in preparation for a seamless sale:

Schedule a seller consultation with me to discuss current market data.
Address suggested repairs, declutter, and stage your home effectively.
Establish a competitive listing price and schedule professional listing photos.
List your property on the Multiple Listing Service (MLS).
Anticipate an offer within an average of 51 days, based on October 2022 market data.
Engage in negotiations with potential buyers.
Prepare for inspection and appraisal processes.
Successfully close on your home.

With diligent attention to these steps, you can potentially sell your home in as little as 8-10 weeks, contingent on the speed of receiving an offer. If you seek assistance or have inquiries regarding the selling process, I am available for a consultation to address your needs and ensure a successful real estate experience. Let’s connect and navigate this journey together.

Buying or Selling • November 9, 2023

So you want to buy and sell a home at the same time…let’s talk about that…

by Doug Wingfield

Hey there! So, you’re thinking about buying and selling homes simultaneously, huh? Buckle up because it can be a bit of a rollercoaster, but no worries—I’ve got your back, and we’re working hard to make it as smooth as possible.

Doing both at the same time is a bit of a rarity these days, especially if you’re going the loan route. There are rules to keep you from going overboard with your finances, but they can make things a bit tricky. Typically, the relay race goes like this: sell your old home first, then snag your shiny new one.

Selling before buying is the safer bet. Your old and new homes aren’t tied together, so no one’s twiddling their thumbs waiting on the other. But, you’ll need a place to crash in between, which can be a bit of a hassle and an extra expense. If you can manage to find a short-term rental (no easy feat these days) or crash with family, it’s a great way to take your sweet time finding that perfect new spot.

Buying before selling is more convenient—you can move at your own pace and even spruce up your new place before moving in. But, can you swing a new mortgage without ditching the old home first? It’s possible if you can handle juggling two properties for a bit, but be ready for extra costs if the old place doesn’t sell like hotcakes. You might have to rent it out or list it as a short-term rental. Been there, done that—buying before selling is a bit of a financial juggling act, but it eventually worked out for us and made the transition easier.

When you’re coordinating this tag team of a sale and purchase, be picky with your buyers and sellers. You don’t want someone who’s not fully committed. Watch out for red flags like deals depending on other deals, doubts about financing, low deposits, crazy repair requests, or shaky moving plans. Your schedule matters, so choose your partners wisely.

When you’re ready to make a move, hit me up, and let’s make it happen!

Buying or Selling • November 9, 2023

Are You Team Upsize or Team Downsize?

by Doug Wingfield

Thinking about whether it’s time to make your family nest bigger or smaller? Well, it’s not always an easy decision. There are a bunch of things to mull over before you decide to take the plunge into a bigger space or cozy up in a smaller one. Whether you’re daydreaming about extra room for the fam or eyeing that minimalist lifestyle, here are some things to think about.

First off, how’s your current space treating you? Are you all bumping into each other, craving some personal space, or maybe tired of using the dining table as your makeshift office? Maybe it’s time to upsize. But if there are rooms gathering dust or you’re tired of paying taxes for space you don’t need, downsizing might be more your speed.

And what about the upkeep? If you’re eyeing a bigger place, think about the extra cash and time you’ll need for maintenance. Can you handle the cleaning, lawn care, and general house TLC that comes with it? If not, maybe it’s time to downsize to a place where someone else takes care of the nitty-gritty.

Now, let’s talk outdoor vibes. Ready to trade your garden for a low-maintenance spot? Or maybe your furry friends need some space to roam. Consider what kind of outdoor scene fits your lifestyle.

Peek into the crystal ball and think about the future. Do you see yourself hosting family gatherings in a big house, or are you more the guest type? Will you be throwing parties, or are you planning to hit the town for fun? And what if life throws you a curveball – can you see yourself solo in your current digs?

Money matters, right? Can you handle the extra costs of a bigger place, or is it time to tighten the belt with a downsized budget? Check where you’re at with your current mortgage and weigh the pros and cons of starting a new one. And don’t forget about the tax implications – they can be a game-changer.

Speaking of games, let’s talk market. Selling a big house in a hot market? That’s a win. But upsizing in a seller’s paradise might be a bit of a gamble. It’s all about weighing the risks and rewards.

So, whether you’re team upsize or downsize, I’ve got your back. Let’s figure out your next move together and make sure it’s the right one for you. Let’s connect.

Hot Springs Faces and Places • October 18, 2023

Hot Springs Area Facts You Should Know

by Doug Wingfield

Hey there, folks! If you’re considering making a move to the picturesque Hot Springs area in Arkansas, you have come to the right place for all the local market information you need. Whether you are a current resident or thinking about becoming one, these details will give you a great insight in the community.

Community Snapshot

Let’s start with a quick snapshot of the community:

Garland County Population: With approximately 100,330 residents, it’s the 7th most populous county in the State.
Hot Springs City: This charming city is home to around 36,050 people and ranks 11th in the State.
Median Age: The median age here is 43.2, making it a well-balanced community.
Median Household Income: The median household income stands at $42,718.
Housing Stats: In terms of housing, 56% of residents own their homes, while 44% opt to rent.

Education and Taxes

Education is a priority in Hot Springs, with seven individual K-12 school districts and the prestigious Arkansas School for Mathematics, Sciences, and the Arts (ASMSA) for advanced students. Plus, you have National Park College and a Henderson State remote campus for higher education.

When it comes to taxes, there’s a 9.5% sales tax within the City (6.5% state tax, 1.5% city tax, and 1.5% county tax). Keep in mind, though, that there’s an extra 3% tax on prepared food and lodging within the city limits, which goes toward promoting Hot Springs.

Economic Drivers

Major employers in the area are healthcare, education, and tourism. Institutions like CHI St. Vincent and National Park Medical Center lead the way. And let’s not forget Oaklawn Racing Casino and Resort, Magic Springs, and variety of manufacturing, call centers, restaurants, and hotels providing ample job opportunities.

Things to See and Do

Hot Springs has no shortage of attractions to keep you entertained. From the stunning Hot Springs National Park and the adrenaline-pumping Oaklawn Racing Casino and Resort to the serene Northwoods Bike/Hiking Trails and the engaging Mid America Science Museum, there’s something for everyone. Don’t miss the beautiful Lakes Hamilton, Catherine and Ouachita, the magical Garvan Woodland Gardens, and the historic charm of Bath House Row and Downtown Hot Springs.

Lakes Galore

Speaking of lakes, if you’re a water enthusiast like I am, you are in for a treat. Lake Ouachita boasts over 690 miles of shoreline, 66,324 acres of water, and is one of the three cleanest lakes in the US. Lake Hamilton offers over 200 miles of shoreline, 7,200 acres of water, and is 18 miles long, while Lake Catherine has over 56 miles of shoreline and is 12 miles long.

Hot Springs Village

If you prefer a more relaxed lifestyle and gated community, then Hot Springs Village (HSV) is a mere 20-minute drive north. It’s the largest gated community in the US, sprawling across 26,000+ acres of mountains and trees. The population hovers around 15,970, with a median age of 70 and a median household income of $62,938. Here, a whopping 86% of residents own their homes.

Market Update

Let’s not forget the real estate scene (that is what I do by the way). In 2021, there were 2,428 homes sold with a median selling price of $199,000. The list vs. sales price ratio was 96.26%, and homes spent an average of 126 days on the market. In 2022, things picked up slightly with 2,125 homes sold, a median selling price of $215,000, a list vs. sales price ratio of 96.34% and homes spending an average of 117 days on the market.

If you’re interested in real estate in Hot Springs area, Coldwell Banker RPM Group sold 233 homes in 2022 with a median selling price of $254,900. The list vs. sales price ratio was 96.75% and the average time on the market was 107 days.

All this data comes from various sources, including the US Census Report 2020 statistics, Hot Springs Board Of REALTORS MLS Residential sales, and the City of Hot Springs Visitor’s Center.

Now that you’ve got the lowdown on Hot Springs and Hot Springs Village, you can make an informed decision about your future in one of these lovely Arkansas communities. Whether you are into outdoor adventures or seeking a peaceful retirement spot, Hot Springs and Hot Springs Village have something for everyone. So, come on over and experience all that this fantastic area has to offer!

I look forward to you being my neighbor.

Let’s connect!