Exit Pinnacle Realty Signs are Everywhere

“We see your signs everywhere.”  This is usually the first comment I get when I tell folks I’m a real estate agent working at Exit Pinnacle Realty in Rogers.  There is a lot of interest in our company throughout Northwest Arkansas because we go about business a little bit differently.  People see the value in progressive ‘out of the box’ thinking and like the results that brings.

Exit Pinnacle Realty was founded in 2006 by Cameron Torabi, a truly remarkable person who thinks big and knows how to make things happen.  Cameron, together with Exit Realty International has created something special in Northwest Arkansas, a progressive, pro-active, highly trained force that is out to professionalize real estate.  Speaking from my experience at Exit Pinnacle Realty, you won’t find a more tech-savvy, highly trained real estate agency anywhere in Northwest Arkansas.  Some of the tools our Realtors use include Exit’s proprietary E-listings, Live-Interactive Training, and the Exit 50-G Program.  Realtors at Exit Pinnacle Realty invest heavily in today’s technology and have excellent web presence for both themselves and their clients.  Not only is Exit Pinnacle a great company to list your property with, it is a great company to work for.  I have been in the industry for four years and I can tell you that the culture within the office is always friendly and helpful.  Any question that I cannot answer myself can be answered by someone in the office that has experience with that situation.  So, the truth is, Exit Pinnacle Realty is just getting started.  I would venture to guess you’ll be seeing our signs for a long time to come.  If you have a real estate need, residential or commercial, we can help you meet it in Rogers, Bentonville, Springdale, Fayetteville, Bella Vista, and the surrounding areas.  If you have questions about any of the programs I mentioned above or want to see how Exit Pinnacle Realty can help you sell your home in the least amount of time and for the highest possible price contact me or call our office at (479) 845-1234.  You can also visit us on the web and search all of Northwest Arkansas area homes for sale at www.EXITpinnacle.com or www.BenSellsNWA.com.

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Benton County Real Estate Trends

It has come to my attention that everyone seems to want to know what their home is worth in Northwest Arkansas.  While I can’t imagine why, I’ll try to accomodate. *snicker*  Home prices in Benton County in particular are not as grave as they may seem.  We are seeing a large number of price drops in Bentonville, Rogers, and Bella Vista because some homes have been on the market a long time.

Generally speaking, we’ve seen un uptrend in sales, showings, and offers in the last few months.  We’ve also seen an uptrend in for sale by owner properties which I think can be mostly attributed to the fact that people feel they have less money to spend marketing their property.  While I am not going to go into the many benefits of having a good Realtor, I will say that most of these properties end up listing anyway (something to think about if you are one of those people and don’t want to waste anymore time).

For all of Benton County there has been over 1765 sales in the past six month.  I do not guarantee that accuracy about such a number because this is MLS data (which is not perfect) and there may be sales that have not been recorded here.  Of those sales since February of this year, the average price is $189,430 with the average square footage being 2,023.  That gives us an average price per foot of $93.63.  Not too bad considering there are REO properties selling in the mid $50’s per foot.  Let’s also look at the SP/LP ratio (Sale Price to List Price) and see what you can expect to get after listing your home near market value.  Average list price was $196,647, average sale price was $189,430.  The SP/LP ratio comes out to about 96.3%.  This is expected with homes that have been on the market for a while as well as homes that are slightly overpriced.

Another encouraging sign regarding market strenth is the number of pending sales.  523 homes are pending at this time.  That means a sale should occur within the next 15-60 days and that the property has entered escrow.  That is about 30% of the sales for the past six months.

Average Days on Market for Benton County homes at this time is 154 for sold listings, and 146 for current listings.  Speaking of homes currently for sale, there are 3,697 of them.  That seems on the high side so make sure you are competitively priced when selling your home.  You should also carefully consider your marketing plan with your agent to differentiate your property from all those other listings.  Obviously price is a base consideration but you might consider agent incentives, web video, and viral marketing along with a serious internet presence.  It’s all about getting your property exposure after all.

Foreclosures, REO’s, and Short Sales, Oh MY!

Let’s just cut to the chase.  Foreclosures, repossessions, and short sale inventories are at an all time high in Northwest Arkansas and around the country.  While this is most definitely unfortunate for those homeowners going through these processes, the investor or home flipper in all of us perks up at the mention of a distressed property, hoping that there may be a way for us to benefit.

 

How do we find these diamonds in the rough and separate them from the truly atrocious properties that have so many liens and repairs that “money pit” doesn’t begin to describe them?  There is now a wealth of resources for those looking for foreclosed properties in and around Northwest Arkansas.  If you contact me directly, I’ll give you my secret stash, otherwise, you’ll have to hash it out with the rest of the dreamers out there.  I will tell you that websites like www.nwafiresale.com are popping up at a staggering rate.  While firesale is a local site, there are a host of pay sites that give you information on all types of distressed properties.  Just a few that come to mind are: www.RealtyTrac.com, www.homesales.gov, www.hud.gov, www.foreclosure.com, the list goes on.

 Working with foreclosed properties, short sales, and bank owned properties can be a harrowing experience.  I highly recommend using a realtor that at least has a few of these under his/her belt.  Preferably, you might even want to find a ‘specialist’ in the foreclosure field.  He/she will know the tricks of dealing with these properties as well as what you need to watch out for along the way.  A savvy buyer paired with a knowledgeable realtor can get some amazing deals in today’s market.  That being said, you had better do some homework before tackling any kind of distressed property.  If you don’t know what a short sale is or what REO stands for, you need to do some down and dirty research of your own.  Remember that every situation has a silver lining.  The mortgage crisis and stagnant home values have created a situation that may not be repeated for a very long time.  Why not take advantage as an educated buyer looking to make a deal.  If you have any questions you may feel free to contact me anytime.  If not me, talk to someone you trust because I cannot stress enough that these properties need to be researched, inspected, and understood thoroughly before making a move.

It’s a Sad Day for Coffee Fans in Benton County

News has come out this week that has caused some Northwest Arkansas residents to lapse into decaffeinated mourning.  Alas, Starbucks is closing THREE stores in Rogers and Lowell just weeks after announcing their 600 store closings nationwide.  While some are glad to see the coffee giant off every corner, others are not excited about the prospect of losing their morning pick-me-up and meeting spot.  As my office is just across the street from one such establishment, I thought it only pertinent to reflect on our coffee habits as a society as well as my own in particular.

Why is a $5.00 cup of coffee so appealing to us anyway?  I like to think of myself as a bit of a coffee snob and can make a pretty decent cup of joe at home when the mood strikes.  Heck, I even have a french press!  So, while I can make a $0.25 cent cup of coffee (that is usually more than respectable) at home, I, like much of the rest of America, take to the streets and order up a cup from Starbucks or Seattle’s Best or whatever the corner coffee store happens to be when the mood strikes.  Is it better coffee?  Most of the time, absolutely not.  In fact, I won’t buy Starbucks Coffee to make at home because I don’t think it has much flavor.  As an old friend used to say, “Then what’s the dill pickle?” 

I think the “dill” is (among other things) — and this is just me — that I like the luxury of going out and getting a cup of coffee.  Will McDonald’s suffice?  Heh, right.  I’d rather bring my own percolator to work.  I like the routine, the atmosphere, the camaraderie of like minds gathering to feed their addiction.  I don’t think it’s one single thing that makes me (or anybody else for that matter) spend outrageous sums of money on coffee that is simply ‘Better than the alternative.’  Don’t get me wrong, I like the coffee.  But after drinking it for years, I’m not really sure if it’s really the coffee I like or just the act of buying coffee, then drinking it.  Who can say? 

Will the world go on? Oh, I think it will.  Will I miss the Starbucks across the street?  I will, for a while.  I’m sure my additions will take me down many paths, Starbucks just being a white mocha among a sea of Arabica beans.  Hmmm.  I’m going to have to make these last few days count.  I bet these 3 stores’ sales skyrocket while they remain open.  Maybe it’s all just a ploy by Starbucks corporate to increase sales.  Time will tell.

Search Northwest Arkansas Listings with MLSEARTHview!

MLSEarthview has just been implemented for the first time in Northwest Arkansas.  Search for homes and land in Benton or Washington counties from Fayetteville and Springdale to Bentonville, Rogers, and Bella Vista using the latest satellite imagery technology and live updated real estate listings.  Currently, you can only use this search tool on my personal website www.BenSellsNWA.com/searchareahomes.  What makes this tool so glorious?  It seemlessly integrates the Northwest Arkansas MLS with google earth and google maps, allowing the user the ability to get a great visual and spatial understanding of where a home is and what is around it.  After all, Location, Location, Location!  Search by number of bedrooms, square footage, price; even street, city, and zip codes.  Additional features include an advanced search feature where you can view homes by subdivision, listing agent, acreage, year built, structure, school district, area, the list goes on!  Find new homes, resale homes, luxury listings, land, you name it.  Once you have used MLSEARTHview, you’ll never go anywhere else to search for real estate in Northwest Arkansas.  Use the link above or to the left in the blogroll to check it out today.

Rogers Market Data for Mid June

After looking at the general market data for Bentonville in June, I thought it only prudent to give Rogers it’s fair share.  Again, this covers all of Rogers’ Current, Sold, Pending, and Non-listed Solds within the last 6 months up to 6/23/08.  Here’s the overview of the numbers . . .  There have been 598 homes sold or pending in the last 6 months.  Of those sold listings, the average list price was $226,185.  The average sale price on the same homes was $218,460.  That comes to a 96.6% Sale Price to List Price ratio.  It looks like we can infer that sellers will continue to make the adjustments necessary to sell their homes in Rogers as well as greater Northwest Arkansas.  The Average Days on Market (DOM) for a sold Rogers home is 175 days.  This figure is slightly higher than Bentonville’s DOM but that is to be expected with so much new home inventory on the market in Rogers.

 

As of today, there are 1165 Current listings on the market in Rogers with an average list price of $292,298.  The Average DOM for current listings in Rogers is 160 days.  As the statistics show, there is a gap between properties that sale (priced to move) and properties that do not (overpriced).  If the average price of current listings is $292,000 and the average sold price is $218,000, that leads us to infer that many (but not all of course) properties are priced well over their final sale price because, as we know, property prices are certainly not appreciating at the same level as a few years ago.

 

My advice to property owners in all of Northwest Arkansas is this, “If you want to sell your home, list it at a price where it will sell.”  Anything more than 5% over market value is a waste of you and your realtor’s time.  Price your property with the market and you will see results. 

 

                        

 

 

Pinnacle Hills hosts Blastapalooza on Independence Day!

I think most people in Benton County and Rogers and Bentonville in particular have just about figured out that the Bentonville fireworks display that normally happens at Memorial Park every year is, alas, no longer.

The CVB or someone around town thought there was just no need for two competing events just a few miles apart on the same evening.  So, they decided to fold them together.  Bentonville has thrown $5,000 in the pot of a $20,000 fireworks blastapalooza that is sure to blow our socks off.

If you are attending the LPGA event at Pinnacle Hills Country Club then you’ve got a front row seat.  Even if you aren’t, there is some great designated parking just east of the Bank of Rogers and South of the J.B. Hunt building on Pinnacle Hills Parkway.

I know some of you out there have some strong opinions about this one way or the other.  There’s no better place to get something off your chest than right here on Northwest Arkansas Home Blog.  Keep it PG for me though (I’d like to keep this blog).  Happy Independence Day!

 

It’s time NWA got up to speed in Real Estate!

It seems Northwest Arkansas (and most of the rest of the world) is a little bit backwards when it comes to staying up to speed in the technological sense.  I am hoping to remedy that with this weblog/site that will always be a work in progress.  The Northwest Arkansas housing market has seen it’s fair share of problems lately.  It’s kind of hard to keep up with everything that is going on but I am going to give it the old college try.  Use the search bar, categories, or tag cloud to find out the latest happenings (hopefully not like the M. Night movie), market data, and area information focusing on Benton County in general and Bentonville, Rogers, Centerton, Lowell, and Bella Vista specifically.  Along the way we’ll laugh, we’ll cry, maybe have some fun and learn something about local real estate all at the same time.  Whew!  What an emotional roller coaster.  I anyone would like to comment on my information or make suggestions about content or the blog in general, please do so in a constructive manner.  If there are any links you think we need on here or even if you would like to put a link to your business, just holler (yeah, I’ve lived in Arkansas for a while now) and I’ll see what can be done.