Local Home Sales On Rise – 40/29 TV Northwest, Arkansas, USA



POSTED: 7:25 pm CDT August 4, 2009


FAYETTEVILLE, Ark. — For almost half a year, home sales have been on the rise.


Realtors tell 40/29 News they’re the busiest they’ve been in years.


Realtors said neighborhoods in northwest Arkansas, specifically in the Fayetteville area, are hot spots in the housing market right now.


Some homes have even been sold just days after they were put on the market.


“This home we actually sold before it even got put on the MLS, which is the Multiple Listing Service,” said LaVeta Key, managing broker for Crye-Leike.


That home on Tradition Avenue, and others in the area, were up for grabs, but not for long.


“I just closed two last week,” said Key. “We’ve had several that have been sold within the first week of being on the market.”


The reason — new home buyers are taking advantage of the $8,000 tax credit offered by the federal government. And many homes currently on the market are those repossessed by banks, selling for as low as $100,000.


It’s something that David Karras, 23, knew he had to jump on.


“It’s a perk, definitely. I can’t argue with getting $8,000 from the government for buying a house. All the home prices are down so low, you can’t lose,” said Karras.


He got a call from his realtor the day a $125,000 home went on the market. Within hours, it was his.


“Closed on Friday, moved on Saturday, unpacked Sunday, went back to work on Monday,” said Karras.


Key, his realtor, said that’s the trend they’re seeing for hopefully more months to come.


“Under the $150,000 mark, we should see those turn around within four to six months,” said Key.


The homes that are selling rapidly are those that are sold as-is.


But realtors are hoping that, in the near future, new home construction will start to shape up again too.


The $8,000 tax credit applies to those homes as well.


Anyone looking to take advantage of the first time home buyer tax credit must close on their home by Nov. 30.


But it’s not all good news yet in the real estate market.


The Washington County Court Clerk confirmed Tuesday taht a bank foreclosed on a large development in Fayetteville.


Ruskin Heights was supposed to be an entirely new neighborhood off of Mission Boulevard.


Metropolitan National Bank has foreclosed on Ruskin Heights’ developers, saying they owe about $9 million.