If you’re keeping an eye on the real estate market in Cabot, Arkansas, and its surrounding areas, you’re not alone. The market has seen fluctuations in recent years, and 2024 is no exception. Regina Thompson, a seasoned real estate agent with RE/MAX Real Estate Connection, shared her insights about the current market trends, interest rates, and what buyers and sellers can expect moving forward. Here’s a closer look at what she had to say and what it means for you.
“Interest rates went up, and so it kind of slowed down the buying process,” says Thompson. As of now, “interest rates for conventional loans are in the low sixes… They can get that lower with discount points.” These higher rates have impacted affordability, pushing some buyers to reconsider their price ranges.
Although inventory remains tight, there has been some improvement compared to previous years. “We’ve got more inventory than last year, but it’s still limited,” Thompson explains. Recent data confirms this, with homes staying on the market around 30-40 days. Thompson notes, “If it’s a great house in the $200,000 to $250,000 price range, we’re still kind of dealing with some multiple offers.”
“Housing prices stayed up, but buyers were buying,” Thompson says. “(Prices) came down just a little bit because when those interest rates went up, payments went up.”This trend is consistent with broader market data showing steady appreciation in Cabot. Buyers hoping for significant price drops may be disappointed, as Thompson believes that prices will continue to rise due to high demand and limited inventory.
For those considering entering the market, Thompson offers practical advice: “Now’s the time to really start to get in… you can always refinance later when (rates) do come down again.” She stresses that buyers shouldn’t wait too long, as home prices are unlikely to drop, and they can always refinance when interest rates decrease.
For sellers, Thompson highlights that it’s still a strong seller’s market, especially for those who’ve owned their homes for a while. “If you’ve owned your home for a few years or more, you might be surprised how much equity you have in your home,” she says. The high demand and increasing prices mean it’s a good time to sell and capitalize on that equity.
When it comes to navigating the complex world of real estate, Thompson believes working with an experienced agent is key. “Buying or selling a home is often the largest investment of someone’s life,” she explains. “You need an agent who knows the local market and can guide you through the process.” Re/Max agents are known for their professionalism, deep community ties, and years of experience in the field. Thompson also highlights Re/Max’s commitment to giving back, noting that a portion of every sale listed as a Miracle Home or Property goes to the Children’s Miracle Network, supporting local hospitals and families in need.
While 2024 has seen a slower start, Thompson expects things to pick up toward the end of the year and into 2025. “We’re supposed to be real busy for 2025,” she explains. Thompson expects more new construction to help ease the inventory shortage, but the increased demand will likely keep the market competitive.
For now, buyers, sellers, and investors should stay informed and be prepared to act quickly, especially in the lower price ranges. With Cabot’s growth, driven by new businesses and schools, housing demand will remain strong for the foreseeable future.
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