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Old 11-26-2018, 06:07 PM
 
Location: Phoenix, AZ
2,101 posts, read 1,489,684 times
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Zillow predicts home values in NWA to go up an incredible 10% in the coming 12 months.

As an interested future resident, this is good and bad news to hear. Not sure what to do--buy and rent out til I'm ready to relocate?
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Old 11-26-2018, 06:09 PM
 
Location: Ozark Mountains Arkansas
1,816 posts, read 1,131,476 times
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Zillow doesn't predict anything. Home prices are going to increase everywhere as time goes on especially with a strong economy. The real estate industry considers zillow a joke mostly, especially with their estimated home values. Watch the home prices on realtor.com to determine trends as they happen.
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Old 11-27-2018, 06:13 AM
 
Location: Bella Vista, Ark
69,741 posts, read 80,092,253 times
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Quote:
Originally Posted by DougStark View Post
Zillow predicts home values in NWA to go up an incredible 10% in the coming 12 months.

As an interested future resident, this is good and bad news to hear. Not sure what to do--buy and rent out til I'm ready to relocate?
This depends on how many years you are talking about. Prices will increase continually most likely as Holly said but there are no guarantees. If you are talking 10 years or even 5, I would probable wait is out, if less I would buy now. Remember while our prices are increasing so are yours.
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Old 11-27-2018, 08:12 AM
 
Location: Phoenix, AZ
2,101 posts, read 1,489,684 times
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OK, good points you two make, but Zillow reported on the PREVIOUS 12 month home appreciation rate in NWA and it was above 10% !! So I don't think they are just pulling figures out of the sky.

Do you locals see news articles and TV segments about massive construction/development and housing prices rising in NWA?

nmita makes a good point that I need to consider my metro increasing in value over time to, but I don't think it's doing a 10% raise right now

Ideally I'd like to rent for a year to see if living in a smaller metro without easy access to a major airport will work for me. I think renting will give me a lot of answers on those points.
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Old 11-27-2018, 11:56 AM
 
Location: Bella Vista, Ark
69,741 posts, read 80,092,253 times
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Quote:
Originally Posted by DougStark View Post
OK, good points you two make, but Zillow reported on the PREVIOUS 12 month home appreciation rate in NWA and it was above 10% !! So I don't think they are just pulling figures out of the sky.

Do you locals see news articles and TV segments about massive construction/development and housing prices rising in NWA?

nmita makes a good point that I need to consider my metro increasing in value over time to, but I don't think it's doing a 10% raise right now

Ideally I'd like to rent for a year to see if living in a smaller metro without easy access to a major airport will work for me. I think renting will give me a lot of answers on those points.
Many people decide to rent first which is not a bad idea. You wouldn't want to buy, decide the area isn't what you wanted and then have to sell, at maybe a loss, after expenses. On the other hand think of what property values could do in the year you are renting. We have always purchased when re-locating and only regretted it once. I don't think we lost anything on the home we purchased but we certainly didn't make much.
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Old 11-27-2018, 12:00 PM
 
Location: Riding a rock floating through space
775 posts, read 201,446 times
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Where in nwa? I think probably Bentonville will go up faster than the rest of the area. Tulsa international is a couple hours drive - not ideal but not terrible either.
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Old 11-27-2018, 01:11 PM
 
Location: Cambridge, Isanti County, MN
2,729 posts, read 4,277,156 times
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I'm not as concerned about home prices as I am wages in NWA. They need to come UP if we are ever to realize our dream of living there (yes, we're still dreaming about it 3 years later ). It’ll be another 4 to 5 years before we can try again, though, so hopefully as NWA continues to grow the overall wages will grow along with it.

Sorry, not trying to hijack the thread.....I realize a lot of folks in here are retired or going to be retired soon and as such have no dog in the wages fight. For what it’s worth I surf the real estate sites down there all the time and remain encouraged that homes continue to look affordable for people in my price range at least.

Last edited by Tyryztoll; 11-27-2018 at 02:33 PM..
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Old 11-27-2018, 03:34 PM
 
Location: Ozark Mountains Arkansas
1,816 posts, read 1,131,476 times
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I'd probably be more concerned with rising interest rates right now, which also happens in a strong economy. That could cost you more in the end that the value increase, unless you are a cash buyer.

I think housing all across the country is going up right now, as I said before. Whether it's 10% in a year or not is anyone's guess, but as long as the economy is strong, unemployment is low, and the area is growing, housing prices will be on the increase. I just wouldn't be using Zillow as my source. If their "zestimate" is any gauge of their info's worth, it's worth nothing.
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Old 11-28-2018, 01:58 AM
 
Location: NWA/SWMO
2,754 posts, read 2,640,396 times
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Quote:
Originally Posted by DougStark View Post
Zillow predicts home values in NWA to go up an incredible 10% in the coming 12 months.

As an interested future resident, this is good and bad news to hear. Not sure what to do--buy and rent out til I'm ready to relocate?
Prices in NWA are always climbing, but Zillow is stupid and you shouldn't pay much attention to it, specifically.

Like another poster, I'd worry more about interest rates.

Last edited by JWG223; 11-28-2018 at 02:14 AM..
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Old 11-28-2018, 06:14 AM
 
Location: Bella Vista, Ark
69,741 posts, read 80,092,253 times
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Quote:
Originally Posted by Hollynla View Post
I'd probably be more concerned with rising interest rates right now, which also happens in a strong economy. That could cost you more in the end that the value increase, unless you are a cash buyer.

I think housing all across the country is going up right now, as I said before. Whether it's 10% in a year or not is anyone's guess, but as long as the economy is strong, unemployment is low, and the area is growing, housing prices will be on the increase. I just wouldn't be using Zillow as my source. If their "zestimate" is any gauge of their info's worth, it's worth nothing.
i agree about property prices. I also know what you mean when it comes to interest rates. No one likes to see them constantly climb, especially the realtors and the buyers. I was in the business when rates were running right at 20% Try selling real estate in a high price area like Los Angeles of NO Va when rates are running that high. It is hell for everyone.
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