Housing Market • June 1, 2024

Era Over Era: The 2020s Home Price Surge Compared to Decades Past

by Craig Melton

Home Prices have continued to rise over the decades.

The 2020s housing market continues to defy expectations. National home price have surged over the past four years, surpassing growth experienced in entire previous decades. This rapid climb has many wondering – is this a sustainable trend, or are we due for a correction?

Today, we are diving into the historical data and exploring what this means for you.

2020s Home Price Growth: Surpassing Expectations

National home price growth in the early 2020s has already outpaced the total growth seen in both the 1990s and 2010s. According to ResiClub’s analysis of the latest data, U.S. home prices have increased by 47.1% through the first 50 months of this decade.

Even the past year alone has seen considerable growth: U.S. home prices increased 6.4% from February 2023 to February 2024.

Locally in Jonesboro, we are seeing a similar trend. In February 2023, the median home price was $215,000. Fast forward a year, and the median home price was $225,950, a 5.1% increase year-over-year.

So, what does this mean for the rest of the decade? To gain a better perspective, let’s dive into some historical data.

Historical Comparisons

The 2020s increase in home prices can bring up a lot of fears (especially for those who see all the doom-and-gloom headlines!). At ERA Doty Real Estate, we often hear questions like: Does this mean a market crash is coming? Is this a bad time to buy? Should I just wait for prices to come down?

Historically, here’s what we’ve seen: a consistent upward trend in home price growth every decade.

Take a look at the national numbers:

US home price growth by decade – Source: ResiClub

1990s Decade: +30.1% increase in home price growth
2000s Decade: +47.3% increase
2010s Decade: +44.7% increase
2020s Decade: +47.1% increase (in just the first 50 months)

In short, the 2020s market (so far) is an outlier, as we’re seeing higher overall price inflation in the current decade compared to similar points in previous decades. However, we also know that long-term, home price appreciation is expected to continue.

What Does This Mean for You?

The historical data suggests a few key takeaways:

Long-term Investment: The consistent upward trend across decades highlights the value of real estate as a long-term investment. Even periods of correction are generally followed by recovery and growth, reinforcing the asset’s stability.
Housing Market Dynamics: Buyers and sellers must stay informed about local market conditions, as national trends can mask regional variations. For example, some markets are currently experiencing an increase in housing inventory, while others remain at record lows.
Future Outlook: With the market showing no signs of a significant downturn, strategic investments can still yield substantial returns. But, as with any significant purchase, careful analysis remains essential.

Interested in current data for Jonesboro? Connect with me at MeltonVenturesLLC@gmail.com.

Final Thoughts

We know the current market may seem daunting, but here’s the upside: history suggests that real estate remains a strong long-term investment.

However, with national trends masking regional variations, it’s critical to stay informed about your local market. After all, understanding local dynamics—including prime locations, market data and up-and-coming neighborhoods—is the key to leveraging the potential of real estate for long-term gains.

Investors • September 10, 2023

Multi-Family Investing in Jonesboro, Arkansas

by Craig Melton

Jonesboro, Arkansas, is a growing city with a population of over 75,000 people. This city has a lot to offer, including a strong economy, excellent schools, and a low cost of living. As a result, it is becoming an increasingly popular destination for people looking to relocate. For real estate investors, Jonesboro is also an excellent place to invest in multi-family apartments. Here are some of the benefits of investing in multi-family apartments in Jonesboro, Arkansas.

Strong Rental Demand

One of the biggest advantages of investing in multi-family apartments in Jonesboro is the strong rental demand. Jonesboro has a growing population, and many people are looking for affordable housing options. Multi-family apartments are an excellent choice for these people, as they offer affordable rent and a variety of amenities. With a strong rental demand, investors can expect to keep their properties occupied and generate consistent rental income.

Cash Flow

Multi-family apartments in Jonesboro can generate a significant amount of cash flow for investors. With multiple units in one building, investors can generate rental income from multiple sources. Additionally, multi-family properties have lower vacancy rates than single-family homes, which means that investors can expect to keep their properties occupied for longer periods of time. With a consistent stream of rental income, investors can use their cash flow to reinvest in their properties or fund other investments.

Appreciation

Another benefit of investing in multi-family apartments in Jonesboro is appreciation. Real estate values in Jonesboro have been steadily increasing over the past few years, and this trend is expected to continue. As the city grows and becomes more popular, the value of multi-family properties is likely to appreciate. This can result in significant returns for investors who choose to hold onto their properties for the long term.

Diversification

Investing in multi-family apartments in Jonesboro can also provide diversification benefits. Unlike other investments, real estate is a tangible asset that investors can physically see and touch. Additionally, real estate investments are less volatile than stocks and bonds, which can help investors weather market fluctuations. By diversifying their investment portfolios with real estate, investors can reduce their overall investment risk.

Tax Benefits

Investing in multi-family apartments in Jonesboro can also provide significant tax benefits for investors. Real estate investors can take advantage of tax deductions such as mortgage interest, property taxes, and depreciation. Additionally, real estate investors can use 1031 exchanges to defer taxes on the sale of their properties. By working with a knowledgeable tax professional, investors can maximize their tax savings and increase their returns.

Property Management

Investing in multi-family apartments in Jonesboro can also be easier to manage than other types of real estate investments. With multiple units in one building, investors can consolidate their property management efforts. Additionally, investors can hire property management companies to handle day-to-day operations such as tenant screening, rent collection, and maintenance. This can help investors save time and focus on other aspects of their investment portfolios.

Community Building

Investing in multi-family apartments in Jonesboro can also provide opportunities for community building. Multi-family properties can bring together people from different backgrounds and provide a sense of community. Additionally, investors can work with local organizations to provide resources and support for their tenants. By building strong relationships with tenants, investors can create a loyal tenant base and improve the overall quality of life in their properties.

In conclusion, investing in multi-family apartments in Jonesboro, Arkansas, can provide significant benefits for real estate investors. With strong rental demand, cash flow, appreciation potential, diversification benefits, tax advantages, and easier property management, multi-family apartments can be an excellent addition to an investor’s portfolio. Additionally, community building opportunities can help investors create a sense of pride and ownership in their properties. If you are considering investing in real estate, multi-family apartments in Jonesboro, Arkansas, should definitely be on your radar. With a growing population, a strong economy, and a low cost of living, Jonesboro is an ideal location for real estate investors. By working with experienced real estate professionals and doing your due diligence, you can find the right multi-family properties to meet your investment goals and maximize your returns.

Contact me for more details on how you can get started Multi-Family Investing in Jonesboro, Arkansas.

Sellers • September 10, 2023

Preparing Your Home for Sale is a Critical Step

by Craig Melton

Preparing your home for sale is a critical step in the selling process. When you put your house on the market, you want to make sure that it looks its best so that you can attract as many potential buyers as possible. A well-prepared house will not only attract more buyers but will also increase the chances of getting a higher selling price. In this blog post, we will provide you with a comprehensive checklist of items that you should consider when preparing your house for sale.

1. Clean and declutter your home

The first and most crucial step in preparing your home for sale is to clean and declutter it. Your home should look as if it’s ready for a photo shoot. Decluttering your home will make it look more spacious and appealing to potential buyers. Remove any excess furniture, personal items, and decorations from your home. Deep clean your home and make sure that every surface is spotless.

2. Make small repairs

Walk around your house and identify any small repairs that need to be made. These could include fixing leaky faucets, replacing broken tiles, or repairing any cracks in the walls. Small repairs can make a big difference in how your home looks to potential buyers.

3. Repaint your walls

If your walls have any scuff marks or are painted in bold colors, consider repainting them in a neutral color. Neutral colors are more appealing to potential buyers, and they will help your home look more spacious.

4. Update your lighting

Make sure that your home has adequate lighting. Replace any broken or outdated light fixtures, and add some additional lighting to any dark areas of your home. Good lighting can make your home look brighter and more welcoming.

5. Improve your curb appeal

Your home’s exterior is the first thing that potential buyers will see, so it’s important to make sure that it looks its best. Trim your bushes and hedges, mow your lawn, and make sure that your driveway and walkway are clear of any debris. Consider adding some potted plants or flowers to your porch to add some color and charm.

6. Stage your home

Staging your home can help potential buyers visualize themselves living in your home. Remove any personal items and decorations, and rearrange your furniture to create a more spacious and welcoming layout. You can also add some decorative accents such as throw pillows or artwork to add some color and style to your home.

7. Hire a professional photographer

Once you’ve prepared your home for sale, it’s important to showcase it in the best possible light. Hire a professional photographer to take high-quality photos of your home. These photos will be used in online listings and marketing materials, so it’s essential that they look their best.

In addition to these items, there are a few other things that you should consider when preparing your home for sale:

Set a realistic asking price. Your real estate agent can provide you with a comparative market analysis (CMA) that will help you determine a fair asking price for your home.
Be flexible with showings. Potential buyers may want to see your home at inconvenient times, but it’s important to be accommodating to their schedules.
Consider getting a pre-listing home inspection. A pre-listing home inspection can help you identify any major repairs that need to be made before you put your home on the market.
Disclose any known issues with your home. If there are any known issues with your home, such as a leaky roof or foundation problems, it’s important to disclose them to potential buyers.

Contact me for more information and help with preparing your home in today’s real estate market.

Buyers • September 10, 2023

Get Pre-Approved for a Mortgage to Start the Process

by Craig Melton

Hey there, future homeowner! 🏡 Are you ready to embark on the thrilling adventure of house hunting? It’s an exhilarating journey, but before you start envisioning your dream home and picturing cozy evenings by the fireplace, there’s a crucial first step you need to take: getting pre-approved for a mortgage. Let’s dive into why and when you should get this essential pre-hunt task done.

Why Get Pre-Approved for a Mortgage?

Imagine this: You stumble upon your dream home, and it’s love at first sight. You rush to make an offer, but there’s a problem—you don’t know how much you can afford. This is where pre-approval swoops in as your knight in shining armor. Here’s why it’s your house hunting BFF:

1. Know Your Budget: Getting pre-approved helps you determine your budget with laser precision. Lenders review your financials—credit score, income, and debts—to calculate how much they’re willing to lend you. This number sets the stage for your house hunting adventure, ensuring you don’t waste time on homes that are way out of your price range.

2. Seller’s Confidence: When sellers see that you’re pre-approved, it tells them you’re a serious buyer who can secure financing. In a competitive market, this can make your offer shine brighter than others. It might even help you negotiate a better deal.

3. Smooth Sailing: Pre-approval streamlines the mortgage application process once you find your dream home. You’ve already done much of the legwork, so you can move swiftly to secure financing and close the deal faster.

When Should You Get Pre-Approved?

Now that you’re sold on the idea of pre-approval, let’s talk timing. When should you kickstart this process?

1. Before You Start House Hunting: Ideally, you should seek pre-approval before you set foot in that first open house. It’s your financial compass, helping you navigate the real estate market with confidence. Plus, you won’t risk falling head over heels for a house that’s way above your budget.

2. When You’re Serious: If you’re at the point where you’re seriously considering buying a home, that’s the perfect time to get pre-approved. It’s a firm commitment that shows you’re ready to take the plunge into homeownership.

In conclusion, getting pre-approved for a mortgage is like putting on your armor before a quest—it prepares you for the adventure ahead. So, don’t wait! Take that first step, know your budget, and let your house hunting journey begin with confidence. Happy hunting, future homeowner! 🏡🔑 #HouseHunting #MortgageMagic

Contact me for more tips and help with your house hunting journey.

Housing Market • February 26, 2023

Jonesboro Housing Market Continues to Grow

by Craig Melton

Considering a move to Arkansas? The Jonesboro housing market continues to grow steadily year over year, with the city seeing an increase in demand for homes from both local buyers and out-of-state buyers. Our market has remained strong, with affordable interest rates and a growing economy making it an attractive destination. This is appealing for those looking to invest in real estate for both personal and business opportunities in Jonesboro and the surrounding towns, such as Brookland, Paragould, and Walnut Ridge.

Market Value Growth Jonesboro Arkansas

Market Value Growth

According to Zillow, the median home value in Jonesboro is currently around $200,000, which is a 8.2% increase from the previous year. The average home goes pending in approximately 41 days. The market is competitive, with homes selling quickly and multiple offers are being made on desirable properties. I can you help maneuver our real estate market with ease.

111 Eva Lane New Construction

Employment Demands Housing

One of the reasons for the strong demand for homes in Jonesboro is the city’s growing economy. The area is home to several large employers, including Arkansas State University, NEA Baptist Hospital, and Riceland Foods. This has created a strong job market, which has in turn attracted a growing population of young professionals and families. With more employment comes the need for more housing. I personally work with a builder that specializes in new construction of single-family residence. We will have no problem finding what you need from the existing homes on the market and the new constructions coming on.

Low Cost of Living Jonesboro Arkansas

Cost of Living

Another factor driving the housing market in Jonesboro is the city’s attractive cost of living. The area has a lower cost of living than many other cities in the region. Consequently, this makes it an affordable place to live for many people. This has contributed to an increase in demand for homes, as buyers are able to get more for their money in Jonesboro than in other nearby cities. Even with the recent rise in material and labor costs, our average median home price remains approximately 56% of the national average of $359,000, according to NAR. I can help you “Count Your Pennies” because even the smallest of details matter and add up.

Moving to Jonesboro Arkansas

Buying Strategy

Accordingly, the Jonesboro housing market continues to be influenced by the COVID-19 pandemic of the past couple of years. The pandemic led many people to reassess their living situations. Some have chosen to move to smaller, more affordable cities like Jonesboro. This has increased demand for homes in the area, as more people are looking to buy homes outside of larger, more expensive cities. I have helped clients from East coast to West coast take advantage of our growing housing market so they can move here. Come experience our ease of living and Southern hospitality.

Shaking Hands Jonesboro Arkansas

Conclusion

Overall, the housing market in Jonesboro, Arkansas is strong. We do not show no signs of slowing down. With a growing economy, affordable cost of living, and a high quality of life, it is an attractive destination for both local and out-of-state buyers looking to invest in real estate. If you are considering buying a home in Jonesboro, now is a great time to do so. Please reach out by email, text, or a phone call. I would love to help work through your real estate needs.

Local Industries • February 26, 2023

Strong Job Market in Jonesboro’s Restaurant Industry

by Craig Melton

Jonesboro, Arkansas, has a strong job market in the restaurant industry, offering a variety of job opportunities in different types of restaurants and locations. This blog will highlight some of the businesses contributing to this strong job market, the types of food they serve, and their locations.

Chick-fil-A Jonesboro Arkansas

Fast Food

Firstly, let’s talk about the fast-food chains in Jonesboro. McDonald’s, Wendy’s, Chick-fil-A, and Subway are among the most popular fast-food chains in the city. These chains offer job opportunities in areas such as food preparation, customer service, and management positions. They are located in various parts of the city, including the downtown area and shopping centers.

Cheddar Scratch Kitchen Jonesboro Arkansas

Casual Dining

For those looking for something more casual, Jonesboro has a variety of chain restaurants that offer sit-down service. Examples include Cheddar’s Scratch Kitchen, Chili’s, and Buffalo Wild Wings. These restaurants serve American-style cuisine, such as burgers, steaks, wings, and salads. They offer a range of job opportunities in areas such as cooking, serving, bartending, and management positions. These restaurants are mostly located in the shopping and entertainment areas of the city.

Colton's Steakhouse Jonesboro Arkansas

Steakhouses

Outback Steakhouse, located in the Southwest shopping center, is a chain restaurant that serves Australian-inspired cuisine, including steak, chicken, and seafood dishes. The restaurant provides employment opportunities in various areas, such as cooking, serving, and management positions.

We also have Colton’s Steak House & Grill located on Parker Road. This is a family-owned chain that offers a variety of dishes, including steak, chicken, and burgers. The restaurant provides job opportunities in cooking, serving, bartending, and management positions.

Skinny J's Jonesboro Arkansas

Local Favorites

Jonesboro also has a thriving local restaurant scene, with a range of independent restaurants offering unique and diverse cuisine. For example, the Brickhouse Grill offers a variety of dishes, including steaks, seafood, and pasta. The restaurant is located in the historic downtown area of the city.

Also located in the downtown area are two local favorites of Omar’s Uptown and Skinny J’s. Both independent restaurant that has contributed to the strong job market in Jonesboro. Omar’s Uptown restaurant offers a select fine dining menu from the premiere chef, Omar, himself. Skinny J’s, which features Southern comfort food from burgers with fries to seared salmon with veggies.

Sumo Japanese Steakhouse and Sushi Bar Jonesboro Arkansas

Ethnic Flavor

Jonesboro also has a variety of ethnic restaurants, including Chinese, Japanese, and Mexican. Examples include Sumo Japanese Steakhouse and Sushi Bar, El Acapulco Mexican Restaurant, and Hibachi Grill Supreme Buffet and so many more. We have a strong diversity of foods from around the world to satisfy your taste buds.

Omar's Uptown Jonesboro Arkansas

Conclusion

In summary, Jonesboro, Arkansas, has a strong job market in the restaurant industry, with a range of job opportunities in different types of restaurants and locations. From fast-food chains to independent restaurants to ethnic cuisine, there is something for everyone in the city’s thriving restaurant scene. Businesses such as McDonald’s, Cheddar’s Scratch Kitchen, Brickhouse Grill, and El Acapulco Mexican Restaurant have contributed to this strong job market and provide job opportunities in a range of roles. Come visit our town and we just might make you want to move here.

Local Industries • February 24, 2023

Thriving Job Market is Worth Moving To Jonesboro

by Craig Melton

Welcome to Jonesboro, Arkansas! A city that has a lot to offer to those who are looking to move here for work. Not only is it a friendly and welcoming community, but it also has a thriving job market. This is particularly evident in the education, health, and manufacturing industries. In this blog, we will explore why moving to Jonesboro is a great idea. I will provide examples of companies that are contributing to the growth of these industries.

Arkansas State University

Education

Jonesboro is home to several schools and universities, including Arkansas State University (ASU). ASU is a four-year, public university that offers over 150 different degree programs, including programs in engineering, nursing, business, and education. The university also employs over 1,400 faculty and staff members, making it a significant contributor to the local economy.

Other educational institutions in Jonesboro include the Jonesboro School District, which is one of the largest school districts in the state of Arkansas, as well as the Valley View School District. Both these institutions and several others provide a range of job opportunities, from teaching positions to administrative roles.

Healthcare

Jonesboro is also home to several healthcare organizations that provide a wide range of services to residents in the area. For example, St. Bernards Healthcare is a regional healthcare system that includes a 438-bed hospital, a cancer center, a heart center, and multiple clinics and outpatient facilities. The organization employs over 3,000 people. This makes it one of the largest employers in Northeast Arkansas.

Another healthcare organization in Jonesboro is NEA Baptist. This not-for-profit healthcare system, includes a 228-bed hospital, a cancer center, and several clinics and outpatient facilities. NEA Baptist employs over 1,800 people. They are committed to providing high-quality healthcare to patients in the area.

Manufacturing

Jonesboro is also a hub for manufacturing, with several companies operating in the area. Nestle, for example, operates a manufacturing facility in Jonesboro that produces a variety of frozen foods, including pizzas and entrees. The facility employs over 800 people, which provide a strong presence in the local and surrounding area.

Other manufacturing companies in Jonesboro include Hytrol Conveyor Company, which planted roots in the area in 1962 and produces conveyor systems for a range of industries, and Frito-Lay, which produces snacks and other food products. These companies and many others provide a range of job opportunities, from production line positions to management roles.

Conclusion

In summary, moving to this area of Arkansas, is a great idea for anyone looking for a welcoming community with a thriving Jonesboro job market. With a range of opportunities in education, healthcare, and manufacturing, there is something for everyone in this vibrant city. From Arkansas State University to St. Bernards Healthcare and Nestle, there are plenty of companies that are contributing to the growth of these industries and providing job opportunities to those who call Jonesboro and Northeast Arkansas home.