The Story of How I Got Here (Part 2)

This is a continuation from Part 1 (Click Here to see where we left off.)

 

We had gone to high school together in Flippin, but went to separate colleges. She graduated from the University of Arkansas in Fayetteville a year after I graduated from UCA in Conway.  I lived in North Little Rock at the time (2008), so every time I wanted to see her it meant a three hour drive to Fayetteville.  (Oh, and $80, because gas was $4 a gallon at the time. Ouch!)

It didn’t take me long to realize that I didn’t want to live my life without Amanda in it, and that being in separate parts of the state just wasn’t going to work.  So I proposed.

We were at Noodles Italian Restaurant here in Fayetteville and I was so nervous I was shaking.  Which was a disaster because I was trying to do this slight-of-hand magic trick where I made a quarter disappear and then reappear, but when it reappeared, it was a ring!  She was so confused by it all, and by my nerves, that when I produced the ring, she just said, “What’s that?”

(Just a side note: It wasn’t a diamond ring because she had seen the Leo DiCaprio movie, Blood Diamond, and told me she didn’t think she would want a diamond ring.  But that further complicated things.)

She snatched the ring and started trying it on.  She still didn’t get it.  I was really messing this up.  I was so nervous, and she had grabbed it so fast, that I had completely forgotten to drop to on one knee.

She said, “It only fits on my ring finger…”

And I said, “Yeah, I want to be with you! Will you marry me?”

“Are you sure!?” We had only been dating for about three months.

“Yes.” I said. Then she said “Yes!”

A few months later, our families came together for the wedding.  Most of her family is from Baton Rouge, Louisiana, so we had a big Cajun feast and a great time with friends and family.  It all came together so quickly.  But it turned out so well.

We had big dreams and a bright future ahead of us.  For the next year, we put a plan together to make the jump to Hollywood so I could pursue acting.  We kept our budget small, we both worked, and through hard work (and a lucky severance package when her company got bought out) by the end of 2009, we had enough money to make the move.

When we landed in LA, because of the year of planning, we were able to hit the ground running.  And we worked as a team.  Amanda was able to land a job as an assistant at a home health agency, and I went to work on the movie lots.

My “day job” was being a professional “extra.”  You know when you watch a movie and you see people hanging out in the background of the scene, like sitting in a restaurant or walking across the street or standing in a crowd?  Yep.  That was me.  Professional Background Actor!

Not the most glorified position, to say the least.  But it got me on the TV and movie sets, which was where I wanted to be.  About 4 days a week, I would get a call or email early in the morning, “You need to be at Paramount Pictures at 9 am.  Bring your ID.  For wardrobe, bring the following options…”

Over the months of doing this, I worked on almost every major Studio Lot: ABC, CBS, Warner Brothers, Paramount, etc.  I worked on a lot of different TV shows including GLEE, Grey’s Anatomy, Greek, Rizzoli & Isles, and CSI: NY.  I worked on music videos for Lifehouse, Kylie Minogue, and others.

I even got to work on some big feature film projects.  The first time I walked onto the Warner Brothers lot in Burbank, the one with the iconic water tower (from Animaniacs), I checked in with security and then was directed to the wardrobe department.  Taking the stairs down to the basement, I walked past row after row of costumes from some of the biggest movies of all time.  I even recognized the armor used in 300.

When I got to my final destination, the wardrobe assistants started pulling clothes and putting a costume together for me that made me look like I had come right out of 1985.  The project was called Hot Tub Time Machine.  And it turned out to be a really fun time.

On set, I remember being amazed at how quickly Rob Corddry and Craig Robinson could come up with one-liners.  These guys were true masters of improv comedy and would play off each other’s words like it was a tennis match.  They were hilarious, and they could go on and on, but only a small portion of that magic could make it into the final cut of the film.  I also got to meet Diora Baird and William Zabka (the bad guy in The Karate Kid) on that set.  Good times.

Within a few months, I also discovered a way to get in front of the biggest casting directors on the planet.  They’re the people who decide which actors get to audition and help the directors and producers find the right fit for each role.  When people say “it’s all about who you know,” these are THE people you need to know to make it in Hollywood.

More on that next time, along with how I landed my first movie role…

The Story of How I Got Here (Part 1)

Many of you know that I spent time in Hollywood, and although I’m no Brad Pitt or Will Smith,  I’ve starred in a few independent films.  So, I thought I’d share some stories from that time and let you in on the journey that got me to where I am now, doing what I’m doing here in Fayetteville.

Yes, during my time in LA I got to play the lead role in some cool little indie horror movies.  The first one, Donner Pass, ended up on Showtime and many of the cast went on to bigger projects.  Adelaide Kane, in particular, you may recognize from The Purge and her role as Queen Mary Stuart in the CW’s hit show Reign.

Madison County was cast in LA, but we actually filmed it back here in Madison County Arkansas.  It went on to a sold out audience at LA’s Screamfest Horror Film Festival.  It was picked up by Chiller, the cable horror channel.

Both of those were available to rent in Redbox, and you can buy them on Amazon or Walmart.com.

So yes, you can check my Internet Movie Database page (IMDb.com) for more info on all the projects I’ve worked on as an actor.

Another movie you’ll see on that list is Valley Inn.  We filmed that here around Hindsville and all over Northwest Arkansas.  It has been sold in Wal-Mart stores all over the place.  It’s a great Ozark story, and I’m very proud of it.

I’ll cover more behind-the-scenes stories from each of these movies later on, but first, if you’re curious, let me take you all the way back to the beginning.  This is my life story, from acting, to art, to real estate, my family, and (almost) everything in between.

You see, as a little boy, I grew up on a small farm in Rea Valley, 10 miles outside the nearest town, which only had about 2,000 people.  That town was Flippin, Arkansas, home of Ranger Bass Boats.  My mother always kept horses on our 12 acre farm, and sometimes we would also raise cattle, or sheep, or goats.  I spent a lot of time running around in the woods and fishing the Crooked Creek or the White River.  I raced dirt bikes and BMX bikes.  So, I was a really outdoorsy kid from a hard-working family.

But, I also had another passion.  I always loved to draw, and to make story books.  From a very young age, my mom put me in art classes and I began to develop my creative side.

I thought I might grow up to be an architect or something.  I liked sketching out designs on graph paper, and I even took classes to learn computer aided design.

In high school I worked hard to develop musical ability, learning to play saxophone in the school band.  And then during my junior year, something big happened:  It was announced that the school would produce a play called Rebel Without a Cause.

Yes, the iconic James Dean movie Rebel Without a Cause.  That one.  So, naturally, I auditioned for it, and to my surprise I got that leading role, the same one that James Dean had brilliantly performed so many years ago.

And I didn’t know anything about acting at the time, so I watched the film over and over again, trying to imitate the master.  I watched how he walked, how he talked, how he carried himself as the character, Jim Stark.  I would rewind and watch certain scenes several times until I could move and sound just like him.  I started memorizing lines and repeating them to myself during class.  I walked down the school’s hallways with my head down and to the side and my hands in my pockets, imitating the “Jimmy Dean swagger.”  I even searched the internet for pictures, quotes, and anything else I could find about him.  I wanted to be cool.

The play centered around one central question though, “What can you do when you have to be a man?”  Jim is sort of lost in adolescence without any strong guidance from his father.  He’s trying to find himself, but his dad is not a role model he can look up to.

This is something that really hit home for me because my biological parents divorced when I was 2.  I have no memories of them together.  Then my mother remarried when I was 4.  So, I grew up with a step-dad and (although we’re close now) we didn’t have a close relationship when I was young.  My biological father lived 2 hours away while going back to school and getting his degree.  I only got to see him every other weekend.  A lot of times as a teenager, I remember feeling that I didn’t have a dad, even though I technically had two of them.  (It’s all better now though. Great relationships.)

The play definitely brought those feelings out in a powerful way.  Both of my dads reminded me of the father character in the play.  When I yelled at him on stage, I was yelling at them in my mind.  I realized this after rehearsal one time and my whole day was ruined.  Everyone said my performance was so real, and that’s why.  I had a lot of unresolved issues, and acting became a kind of therapy for me at that time in my life.  And I got a lot of personal power from it.

I think that’s why I fell in love with the process, and even though I wasn’t convinced I could make a living as an actor, by my sophomore year in college, I had convinced myself I should give it a shot.  I had gone to the University of Central Arkansas, and was a member of the Honors College.  I loved my time at university and declared my major in Theater/Mass Communications.

I studied creative writing, linguistics, photography, of course acting, and pretty much anything else I thought would help me become a better storyteller.  I loved the process of creating stories and conveying messages to an audience.  I read everything I could find about the industry, trying to figure out how to navigate an acting career in Hollywood.

A year after I graduated from UCA, another huge life-changing event happened: my first date with Amanda Lee.  Although I tried to resist for a few weeks, I fell head over heels for her.  Five months later, we were married!

That’s a crazy story in itself, and in the next installment, I’ll continue on with how I proposed with a bad magic trick…

Click here to continue…

April 2017 – Monthly Market Update

Thanks for checking out another Monthly Market Update!

Click Here to download the full charts, graphs, and data.

I’ve been waiting to put this one out for most of this week, hoping I could shoot the video for you. However, I got sick last weekend, and I lost my voice. Between showing properties and meeting with home sellers looking to list this month, struggling to communicate, my vocal chords have been aching for a break. I’ve been whispering for days now!

So, alas, there will be no video this month. My hoarse, sand-paper throat is too painful to listen to. However, there’s a lot of market activity to discuss.
Our Median and Average Days on Market were as fast in March as they were in the middle of last summer. Which means this summer is probably going to be the fastest moving Real Estate market since 2005 or 2006. Homes are going FAST! The ones that are in great condition are getting multiple offers within the first few days of hitting the market.

The main reason is that we’re still seeing a lot fewer resale homes in the market, about 17% fewer than this time last year. But we did have the seasonal surge of properties hitting the market, with about 31% more hitting the market in March than what hit in February. And more are coming online here in April.

However, we’re still dealing with low supply. There just aren’t enough homes in the market for the number of buyers. In fact, at Fathom Realty, we have buyers who aren’t able to find the properties they’re looking for. They just aren’t available in the market. I’ve been reaching out to homeowners in several neighborhoods this month and seeing if they wouldn’t consider selling to some of our buyers, even without having to list it in the market. The market is that desperate for properties right now.

So, if you have any property that you’ve considered selling, please get in touch with me. We have buyers just sitting and waiting for properties right now. I’ll get it sold for you!

This market is crazy!

Of course, you can get my top 7 tips at www.HowToSellNWA.com. That will walk you through all my Pricing, Presentation, and Promotion Strategies to get the best results in the current market.

Don’t hesitate to call me at 479-856-9422 or email me at colleybailey@gmail.com.

Once again, this has been Colley Bailey with Fathom Realty providing “Your Premium Real Estate Experience.” Thanks.

Click Here to download the full charts, graphs, and data.

The Hardest Thing I’ve Ever Done!

Be warned. It’s about to get raw. I’m gonna be real with you. And some people may not like what I’m about to share, especially those within the Real Estate industry.

But here it is: trying to make a living as a Real Estate agent is the hardest thing I’ve ever done in my life. (Oh, and the industry has some huge problems.)

And I’ve done a lot of hard things in my life so far.

Some people think college is hard. It’s certainly a commendable achievement, but is it hard? My college experience was a breeze compared to this.

Most of you know I was an actor in Hollywood for a time, and starred in several feature films. There were tons of auditions with lots of rejection, the emotional ups and downs of the casting cycle, and long hours on set when you got the job. I won’t lie, it was often really emotionally draining and sometimes downright dream-crushing. But I always kind of knew it was such a numbers game that I didn’t get too discouraged when any particular audition didn’t pan out. And acting was never my sole form of income, so my bills were never at stake. Real Estate feels like you’re auditioning every day, being judged all the time, but if you don’t get the job, you don’t eat.

Some think marriage is hard. Fortunately, mine has been spectacular, mostly because of how amazing Amanda is. She’s truly the light of my life. But this Real Estate career has even started to affect our relationship in negative ways. Yet another reason Real Estate is hard: time away from the ones you love.

Real estate is harder than most anything else I’ve ever done:

Harder than learning website coding and design? Yep. Magazine quality photography? Yep. Managing restaurants and retail? Yep. Being a construction worker? Yep.
Real Estate, as a career option, is incredibly difficult to be successful at.

Why? And Why Even Try?

Well, the job itself isn’t “hard” per se. It’s actually very enjoyable. I love working with my clients to help them achieve their goals. Helping a family find the perfect house to make their home, is a true pleasure. It’s a huge honor to work on something so important for my clients. I love my job. I love my clients.

That’s the easy part. That’s the part that I’m passionate and excited about every day.

Even the difficulties of contract negotiations, multiple offers, unrealistic buyers, or over-priced sellers aren’t the hard part. Those are just par for the course. Those are just the day-to-day realities of the profession. Every career has similar issues that must be dealt with. It’s nothing to complain about.

In fact, I really enjoy building my skills in marketing, or coming up with creative new strategies to sell properties. I love continually working to get the absolute best results and being able to provide the highest quality service.

My clients sell fast and often net Thousands of Extra Dollars for their homes.

The best part is how completely fulfilling it is. Helping that young couple buy their first home. Helping the growing family find the perfect house with the right amount of rooms for the kids. Or helping the elderly cash out and regain all that equity they spent years and years building. Those are just a few times when the job is really fulfilling and meaningful.

I love the job.

I know what you’re asking: Ok, what’s so hard about it?

No, it’s not the job itself that is the hard part. It’s getting the job in the first place.

Of course, most everybody knows there are no baseline salaries in this career. It’s all commission, baby!

But most people assume that the brokerages dole out clients to their agents. Not so.

Every client an agent has, is a client they’ve worked to attain. If you’re an agent, it’s all on you to find your own clients and make your own deals.

It seems that 80% of an agent’s time is spent finding and convincing clients to hire them, and probably only 20% of their time actually helping their existing clients.

It’s a sales job, and the biggest part of the job is selling yourself to clients, not actually selling homes.

That’s the hard part.

The problem

This all-or-nothing approach is both the beauty and the downfall of the industry.

The upside is that, theoretically, the harder you work and the more contacts you make, the more money you can make. Your income has no cap. Your sales potential is unlimited.

The downside is that, every agent is desperate for that next deal. And every time they close a deal, and get that family into their dream home, the agent is unemployed again. So the desperation cycle starts all over again.

This desperation is the dark side of the industry. It’s why we have a negative reputation. In a list of “most trusted” professions, Real Estate agents consistently rank last, down at the bottom with car salesmen and politicians.

Most of the public knows how easy it is to get a license and call yourself an expert. And unfortunately, the highly competitive, desperation driven “sales culture” has led to some questionable practices among agents over the years. (I’ll probably discuss these questionable tactics much deeper in the future.)

So the public never knows who to believe. They don’t trust “salespeople” because they don’t want to be lied to. It’s a protection mechanism to keep them safe.

I’ve met people at events for my kids and when asked what I do, they go on the defensive when I say I’m a real estate agent. One conversation went about like this: the guy said “What do you do?” “I’m in real estate.” And he simply said, “Oh…” But his body language completely changed. He shifted his weight away from me, and withdrew a little. He turned a little to the side, as if, at any moment he could run away, just in case I pulled out a contract for a million dollar house and tried to get him to sign it in blood. No joke, he was visibly off put by my profession. He was really awkward after that.

If I would have said, “I’m a dentist” he would have had a completely different response. Maybe we would have become great friends. Who knows?

But that’s what we get after decades of “salesmanship” and the “always be closing” type interactions with the public. We have a negative reputation.

The Trust Gap

Trust is the key issue.

And since the public doesn’t know which agents to trust, many people will only work with an agent they know personally. In fact, around 80% of the time real estate clients hire a friend, family member, an agent referred by friends/family, or they go with an agent they’ve used before.

Sounds logical, right? Except that agent isn’t always the best choice. There are many people who just happen to have a license, but actually aren’t very good at the job. And sometimes these clients are getting inferior results because of this trust gap issue. They trust the agent as a person, but that may not actually be the best agent for them.

I will never dog on any individual agent, but industry-wide, I see some problems. There are listings that constantly hit the market with bad photos, poor marketing strategy, uninspiring written descriptions, and incorrect pricing.

Again, the “trusted” agent isn’t always the best agent.

All of this makes it extra difficult for an agent like me, who didn’t grow up in the area I serve, and started in the profession without a large friend group or family members to get my career started.

That generally means I’m trying to find business within that 20% of people who don’t already have a “trusted” agent. So, what am I supposed to do to get business?

The Coaches

Not to worry! There are coaches, mentors, and gurus of all sorts who will teach you all the “Secrets of Success” for a price.

Now, don’t get me wrong. Self-development is very important and necessary to be successful and happy. We should all work to become the best version of ourselves.

But there are plenty of gurus out there who prey on the desperation that every agent feels. This desperation is strong enough to fuel an entire off-shoot industry, just training agents what to say and how to convince clients to work with them. Again, the “sales” skills are used on home sellers, not on selling their homes.

This is where many of those questionable practices I mentioned earlier originate. “Just use this script and they’ll hire you.” “Go after this demographic. They’re the low hanging fruit.” “Buy, die, or sue me for harassment.” I’ve actually heard these words come out of the mouths of coaches and gurus.

Seriously? I don’t want to think of my clients as low-hanging fruit. I don’t want to run “scripts and dialogues” on people I’m supposed to care about and serve with the highest integrity. I don’t want to be a pest. And I’m not a “Shark.”

Not all coaches are bad. Not all of their approaches are wrong.

But if there’s a major culprit for the trust gap, this is it. And it’s not working. In fact, I think they’re making things worse.

By the Numbers

When you look at the actual sales numbers in the industry, it’s very apparent just how hard it is for an agent to survive in this career.

In 2016 there were almost 13,000 transactions here in Northwest Arkansas. That was $2.65 Billion worth of Real Estate. And there are 2,779 licensees in our MLS.

Now assuming that the agents made 3% on each transaction (and often it’s less than that), the average agent in this area made $28,657 in 2016. That’s before we factor in splits with the brokerage, fees, dues, licensing, and marketing expenses. That means most agents are only making poverty level wages, especially if you are trying to raise a family on your Real Estate business, as I am (I have a 4 person household, and poverty level for Arkansas is $24,250 for my family.)

The numbers are fuzzy, but from the best I can tell, about 900 licensed agents didn’t close a single transaction last year.

My personal numbers were better than average last year, but were still barely above the poverty level after accounting for business expenses. And I placed in the top 1/3rd of the local industry, and can still barely make a living. It’s hard to admit that, but I feel a huge weight off my shoulders by being open and honest about it.

But there are obviously some agents doing really well. And based on my calculations*, the top 9 agents/teams grossed over $1,000,000 in 2016. That’s the top 0.3% of agents.

  • The top 1.4% grossed $500,000 or more.
  • The top 4.3% grossed $250,000 or more.
  • The top 14.8% grossed $100,000 or more.
  • And only the top 23% grossed $60,000 or more.

So, there are a few high-income agents out there. But, these are gross amounts, not the actual net. As you can see, 77% of agents, which is almost 4/5ths of the industry, are not making a great income from this business. Even at $60,000 gross, when you account for a 30% split to the brokerage (low estimate), you end up with $42,000. Then subtract marketing, education, and travel, and I bet you won’t clear $35,000. Then MLS fees, Realtor® dues, etc. It would be very difficult to clear $2,700 per month even at that level.

In order to make a comfortable living and support my family, I absolutely have to be in the top 15% of agents. (Although, my actual written goal is much higher.) That means I need 18 to 20 transactions with average priced homes. That may even mean helping as few as 9-10 families sell one house and buy their next one. More realistically, I need about 15 really great clients per year. That’s my baseline, absolutely necessary income to feed my kids and keep a roof over our heads.

Seems doable, right?

Well, this is my 3rd year in the business, and after 2 years of doing what the gurus preach, I’m not impressed with the results.

  • I’ve done tons of Open Houses to meet new clients.
  • I’ve knocked on 3,000 doors providing market updates.
  • I’ve called the For Sale by Owners.
  • I’ve spent thousands of dollars learning Social Media marketing strategies.
  • I’ve done it all.

But I still don’t have the career I’ve always strived to have. I’m still not helping enough families to reach their homeownership dreams.

It’s been so, so hard.

And I finally figured out why…

It’s The Trust Gap, Silly

Over the years, I’ve assembled a skillset that is incredibly valuable to my clients. My clients get great results in the market. I work hard to sell homes, painstakingly getting the pricing, presentation, and promotion of the homes just right to bring them the quickest sale and most money. I’m constantly devising better and better strategies to improve performance.

All of my clients love what I do. I can confidently say that I’m very good at my job.

So what’s my biggest problem to getting more business? Why’s it so hard? The trust gap.

It’s a combination of a negative reputation industry, poor tactics taught by ineffective gurus, and the lack of a huge friend group.

In short, I haven’t done enough to let people know me, like me, and trust me.

I’ve focused for far too long on how to be a better “salesperson” and haven’t spent enough time connecting just as a person.

This blog is an attempt to fix that problem. I’d like to bare my soul here, to form a real relationship with YOU, yes you. And I’d love any feedback. Please engage with me.

I’ll share stories about my family, my life, past experiences, current events, and things I find to be inspirational. I may even talk about real estate once in a while too. But, when you read this blog, I want you to see the real me, to know the core of my character.

Not Colley Bailey, REALTOR®. Just Colley.

Just your friend.

A person you can trust.

Thanks for reading. I hope to have more for you soon.

 

* I don’t have access to real income data, just sales volume, so I can’t be entirely accurate. I’m using 3% as the average commission per transaction, although I’m pretty sure it’s lower than that in reality for many agents. Also, many of the highest earning agents employ lots of office staff, pay for office space, etc. in addition to the other standard expenses, so the net income may be considerably lower than the gross.

March 2017 – Monthly Market Update

Click here for the full PDF with all the Charts and Graphs for Northwest Arkansas and Fayetteville.

Well, the speed of this market is picking up. Compared to this time last year, we’re seeing shorter days on market, both average and median. And our months of supply is dropping as well. These are big increases in the speed of the market, which are only going to drive prices higher.

We’ve also seen a lot fewer homes in the market this February versus last February, about 18% fewer. And it’s worth noting again that all of these numbers are for residential resale. So new construction is not included here.

Now, there are a number of new subdivisions being developed all over Northwest Arkansas, and they are filling a lot of that buyer demand. In fact a lot of these homes are being sold before they’re even built.

So keep that in mind if you’ve been thinking of selling your home, you’ll be competing with new builds, so make sure your home is in tip-top shape and you stage it well.

And if you’d like to know what price you can expect to sell for, just reach out to me and I’ll be happy to go through the recent sales in your neighborhood and put together a pricing strategy for you.
The good news is that our average sale prices are on the rise. We gained almost 11% Year over Year.

And to see the process of selling your house, you can get my top 7 tips at www.HowToSellNWA.com. That will walk you through all my Pricing, Presentation, and Promotion Strategies to get the best results in the current market.

Don’t hesitate to call me at 479-856-9422 or email me at colleybailey@gmail.com.

Once again, this has been Colley Bailey with Fathom Realty providing “Your Premium Real Estate Experience.” Thanks.

Click here for the full PDF with all the Charts and Graphs for Northwest Arkansas and Fayetteville.

February 2017 – Monthly Market Update

Click here for the full PDF with all the Charts and Graphs for Northwest Arkansas and Fayetteville.

Hello again, this is Colley Bailey with Fathom Realty.  Thanks for joining me for this February 2016 Monthly Market Update.

I’m sorry the Update is a little late this month.  The beginning of the month was pretty hectic, and just this week, we’ve had a very tragic death in the family.  Amanda’s Uncle suffered what appears to be a massive heart attack, and he didn’t make it.  This man was an incredible husband and father.  Just the best guy you’d ever hope to meet, and he left us too soon.  He was only in his mid-40s.  So, we’re heading to Louisiana to be with family this week.

Unfortunately, that means I won’t be able to do the video portion of the update like I usually do.

However, I do want to keep you all up to date on the market as I’ve committed to doing, so let me just focus on a few interesting points this month.  Let’s take a look back at January’s numbers.

The first thing I’d like to point out is that January is usually the worst month for NWA real estate in terms of average sale price and numbers of sales.  This graph clearly shows that trend.  (I’ve circled the January data in red.)

However, notice that this January was the highest in both Average and Median Sale Price.  So, even with the seasonal slowdown, we’re still on an upward trend, Year-over-Year.

I’m excited to see what 2017 holds for our market.  We were ranked as the #5 city to live in America by the US News and World Report.  This is the second year we’ve placed in the top 5.  Last year was #3.

We continue to have good job opportunities, and we continue to have a big influx of people moving into our communities.  So overall, we have a strong pool of buyers, and I don’t see that changing.

However, interest rates have risen over the last few months, making homes more expensive to purchase.  Should the interest rates continue to rise, we will probably start to see a slowdown in the market later this year.  Maybe not a decline, but an easing of the rate of growth.  Other areas in the US have already seen this slowdown starting to happen.  But again, our local economy is doing well, and our NWA communities are very desirable places to live.

Much of this depends on Federal Reserve policy, and currently there is still quite a bit of pressure on the Fed to keep rates low.  Really, they’re in between a rock and a hard place.  If they let interest rates rise, the fear is that it will halt economic growth (they’ve been trying to bolster the economy with low rates since 2008.)  But, if they keep rates low for too long, we may start to see too much inflation, which will hurt the value of the dollar globally.  So it’s hard to predict which way the Federal Reserve will move.  Any move they make has negative consequences at this point.  And of course the real estate market is just along for the ride.

Region wide, those average sale prices outperformed last January’s by about 13%.  We saw 17% fewer properties on the market with only a 1.5% drop in the number of sales, which accounts for the higher prices.

So, I know I keep saying it, but if you’ve got a home to sell, this is a phenomenal time to get it in the market.  Homes are selling for great prices.  Plus, you can still a low interest rate on the next purchase.

If you are thinking of selling your house, head over to www.HowToSellNWA.com and grab my free Listing Secrets there.  That will walk you through all my Pricing, Presentation, and Promotion Strategies to get the best results in the current market.

Don’t hesitate to call me at 479-856-9422 or email me at colleybailey@gmail.com.

Once again, this has been Colley Bailey with Fathom Realty providing “Your Premium Real Estate Experience.” Thanks.

Click here for the full PDF with all the Charts and Graphs for Northwest Arkansas and Fayetteville.