It's been a busy week in Anchorage real estate.I personally listed 3 properties and within 5 days one of them had pended. A look at the local MLS confirms that things are still movin'.
A quick look at Realtytrac- one of the nations top foreclosure tracking company's / website shows that Alaska is ranked number 34 with regards to number of foreclosures for Aug 2009. 17 other states had less than us (DC is included, and they had a lot more). We were down 33% from the month before.
And the most alarming fact that shows Alaska is still a great palce to live- 6 states account for 62% of all foreclosures in the US.
The Title 21 re-write is almost done, and they are proposing putting it to work spring 2010. A local architect told a group of real estate professional on tuesday that with the new changes comes an expected increase in workload during the planning phase of a project. This means it's going to cost more to even get a project off the ground.
Wednesday, September 16, 2009
Thursday, September 3, 2009
Starting September with some stats
A quick glance at the latest MLS statistics for Anchorage show that YTD most homes being listed with A brokerage are selling in the 98 percentile of their asking price with the average marketing time being well over two months and in some areas over 3. Of course, keep in mind these are average satistics and no 2 transactions are alike. But these are pretty encouraging.
As a side note, according to the National Association of Realtors, the number of homes being sold by unrepresented sellers is going down, as people are finding the home selling arena to be more competetive. The typical unrepresented seller (commonly called the FSBO) according to NAR sells their home for as much as 26% less than if a Realtor had represented them. The list is long as to the reasons why.
As a side note, according to the National Association of Realtors, the number of homes being sold by unrepresented sellers is going down, as people are finding the home selling arena to be more competetive. The typical unrepresented seller (commonly called the FSBO) according to NAR sells their home for as much as 26% less than if a Realtor had represented them. The list is long as to the reasons why.
Tuesday, September 1, 2009
Have we hit bottom in Anchorage, Ak?
It's a question that people ask often. In addition, it is normally followed by, "if not, when will we"?
Consider this- no one will know when we have hit bottom until we are moving back upward. You must follow the trend to see what is happening.
Something homebuyers should consider though, is the fact that interest rates are still historically low.
Prices in Anchorage for the most part are stable. We are not seeing huge decreases in property values like a lot of cities.
So, if you are waiting for the big price drop on that dream house, it could be offset by rising interest rates. A good rule of thumb is each 1% of interest rate is good for about $10,000 of the homes value. Interest rates are more likely to go up before you'll see that huge price drop. Again, that's a rule of thumb and each transaction has many variables to consider.
Consider this- no one will know when we have hit bottom until we are moving back upward. You must follow the trend to see what is happening.
Something homebuyers should consider though, is the fact that interest rates are still historically low.
Prices in Anchorage for the most part are stable. We are not seeing huge decreases in property values like a lot of cities.
So, if you are waiting for the big price drop on that dream house, it could be offset by rising interest rates. A good rule of thumb is each 1% of interest rate is good for about $10,000 of the homes value. Interest rates are more likely to go up before you'll see that huge price drop. Again, that's a rule of thumb and each transaction has many variables to consider.
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