Region 8 Housing Market Holding Steady

JONESBORO, AR (KAIT) -- Last year, 3,000,000 American homes were foreclosed on, setting a new record.  On Wednesday, President Barack Obama unveiled his 275 billion dollar plan to fix the foreclosure crisis.

We hear about prices on homes falling fast across the country as more and more people are forced into foreclosure but that is not happening here.

B.J. Fort is a first time home buyer, and he's in the process of purchasing a house but will end up paying more than he thought he would.

"I just assumed with the asking price there was some negotiation room built in there," said Fort.

But he found that in many cases there isn't a lot of wiggle room.

"Not everybody's got this money where they can just give a home away and then pay the rest of it out of their pocket," said realtor Eric Burch.

In fact Burch says many sellers are selling out of necessity and cannot take less for the property and still pay off their loan.

"Anybody that's serious about buying a home has to understand that the seller can't just take bottom dollar for their house and some are more aggressive than others," said Fort.

Fort said he will pay less each month on a mortgage than he pays in rent.

"Everybody wants to get a good deal, especially on a house.  I think there are a lot of good deals out there, especially in this market," said Fort.

"You hear the national economy it sounds like everything is falling apart, but Jonesboro is actually very strong," said Burch.

"The consensus around here is that Jonesboro hasn't been hit with it that bad and hopefully the economy will shape up and home prices will increase in value," said Fort.

Burch said they are pricing houses very competitively and most of the time houses are selling for or around the asking price and for many the profit made on a house is very small.

"In the past you were probably seeing some that would come in buy a house fix it up and sell them and make that great profit, well right now there's not that room to make those great profits," said Burch.

There are foreclosures that do happen in Region 8, but Burch said those homes don't sell for an very small price either.