Quick answer: generally yes, unless the will permits the sale — Arkansas's own guidance for personal representatives states this plainly. Run your own numbers in the Arkansas probate real estate sale calculator.
A rule stated as plainly as it gets
Personal property has its own caution flags
Selling personal property for less than its appraised value should be discussed with the attorney first; for a substantially reduced price, a court order may be needed, and the representative must account to the probate court for selling at that reduced price.
Buying it yourself takes both approvals
A personal representative is not permitted to purchase estate property without approval of the court and all interested parties — a straightforward conflict-of-interest safeguard that applies regardless of how the rest of the sale is authorized.
A local probate attorney can review your estate — many offer a free consultation.
Pulaski County and Benton County handle these sales at high volume, but the will-first, court-order-second rule applies identically across all 75 Arkansas counties.