insideyournwa.com

Over the past several months, and particularly as we enter the new year, affordable housing is quickly becoming the norm rather than the impossible.  This is classic of a “market correction”.  As the market corrects itself, builers and developers seek alternatives that make sense in current market conditions.  This is why I never got too excited about the far outlining areas of Northwest Arkansas, such as Gravette, Decatur, McDonald County, MO, and so on.  It’s not that these areas won’t grow, it’s simply that their growth must be predicated on the services, retail, and infrastructure growth that accompanies an area that is seeing a quick rise in population.

For instance, the Bella Vista bypass is what could fuel growth in Gravette.  The bypass will lead to increased traffic, which leads to services, which leads to jobs, and so on.  But affordable housing alone will not be sustainable.

Contrary to popular opinion, there are numerous brand new homes avaiable throughout Benton County for as low as $115,000.  When I mention that, most people have a puzzled look of disbelief.  There is an opinion that Benton County has only a glut of too expensive homes available.  While it is true that expensive homes are sitting still and empty, the affordable housing options are plentiful and selling. 

What is the larger market segment??  People who can afford $300,000 and up or people in the $115,000-$175000 range??  If builders are providing this product, could it be that Northwest Arkansas might grow at a faster clip that it recently has.

It’ll be interesting to see how this part of a “market correction” works in our favor….