Questions From the Front Lines

I recently emailed Arkansas Realtors® Association members in Harrison and Texarkana to get a feel for what is on the minds of Arkansas home buyers/sellers and how they are addressing those concerns. Here’s what I heard:

Q: Why would I want to buy now, when the national news says the economy is still shrinking?

Terry Stambaugh, Jerry Jackson Realtors®, Harrison: Recent economic reports show that Arkansas has weathered the recession far better than most of the country. My advice to people is that you don't watch the national news to get the local weather, so why gauge your local real estate market by what is happening in more depressed and volatile markets?
Q: Are houses selling?

Randy Moore, Owner/Broker, Harp & Associates Real Estate, Harrison: Sure houses are selling and with the low interest rates we are currently seeing it is a great time to buy. With a lot of inventory on the market it is also critical that you do an accurate Current Market Analysis of your home and have it looking its best before potential buyers come to look.

Q: Do you know of any foreclosures?

Moore: Our Multiple Listing Service (MLS) system has the capability to search for all the foreclosures on the market. Sometimes you find other homes on the market that are not foreclosures that are as good if not better buys, so it is always important to keep an open mind when doing our search.

Q: Are the banks making loans?

Moore: Yes, the banks are still making loans, and I would be happy to give you a list of banks in the area to check with and would encourage you to get prequalified. This shows you to be a serious buyer when we get ready to make an offer.

Q: Are banks requiring more money down and how does my credit score affect the amount of down payment?

Regulo Olvera, Regulo Olvera Real Estate Co., Texarkana: Yes, most banks are requiring more money down, especially for investment properties. In years past I could get my customers loans on single family investment houses with about 10 percent down; however, now even local in-house lenders are requiring 20 percent. On owner occupied homes the down payment is at about 3-5% on most conventional loans. If you have a lower credit score it will definitely affect the amount of down payment money. In fact you may not even qualify for a secondary market loan if you are under 640.

For more information on your Arkansas Realtors® Association and how Arkansas Realtors® are working hard for Arkansans every day visit http://www.arkansasrealtors.com/.

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House to House is written by Amy Glover Bryant, APR and

distributed weekly by the Arkansas Realtors Association.