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More Arkansans buying homes despite rising interest rates

Despite rising mortgage and interest rates, Arkansas realtors are seeing an increase in those around the state purchasing homes.

LITTLE ROCK, Ark — Buying a house can be a challenging journey for anyone, and when you factor in increasing mortgage and interest rates, that makes the task even more challenging.

Despite the challenges, owning a home is a dream for many throughout the state. 

For those browsing the market, RE/MAX Elite realtor Langston Carr said that's a dream that more people are trying to make come true this year.

"The low interest rates of course drove up the the want to buy a home," Carr said.

Currently Arkansas buyers are seeing 6% interest on homes, which is up from 3% last year.

Still, Carr said, those costs are historically lower to what he's used to seeing.

"Ultimately we're still at a low point, it's just the price points of homes are extremely high," Carr said.

The average price of a house in central Arkansas is between $240,000 to $250,000, according to Carr.

Despite mortgage rates on a steady climb up, Carr said sales have not stopped.

"The need is still there and I think the majority of that is driven by job opportunities to things. Central Arkansas is pretty stable and it's pretty much driven by health care, education and military," Carr said.

And it's not just something that Carr notices. That's something realtor Rico Edmonson continues to see.

He describes the housing marking as being aggressive.

"I sometimes tell my buyers pretty much you have like a 24-hour window to see a property and to put in an offer," Edmonson said.

He helps people find homes in Pulaski County and said there are certain hotspots around the area.

"West Little Rock [and] Sherwood. Those areas are very hot right now," Edmonson said.

His biggest advice is to research where you are looking to move before signing the deed.

"The biggest thing is the areas where you're purchasing, are those areas going to hold the value or are they looking to build industrial properties in that area," Edmonson said.

Realtors said they also don't expect market rates to decline anytime soon, especially as spring and summer months are peak times for people looking to buy a house. 

   

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