Alaska Real Estate
The local real estate market continues to chug along with more buyer moving up from the lower 48. Many of the buyers that I am seeing in the market are military relocating from other bases. Will these new Alaskans buy or rent. Many of the inquiries I've seen have asked about rental in our area. This is a trend that has been ongoing for the last 3 years and I believe is driven by the turmoil down south.
The housing market across the country is getting better, however there have been casualties along the way and unfortunately many buyers that are relocating to Alaska have taken losses before they moved here. I understand that it is very frustrating to lose money that you have invested in your home. Our parents taught us that his was one of the safest investments we would ever make, but in the last 5 years that changed.
Here in Alaska the market has had its ups and downs. We've seen corrections in valuation, but not to the extent that our neighbors have down south. There are a few more foreclosures in recent months, and there will be more. Even here in Alaska there were lending practices that snared a few ill prepared buyers. For the most part we have seen a slow down in the market.
Last year in the Eagle River area the number of homes sold decreased by approximately 6%, but the average sales price went up. It varied depending on the price range. The Anchorage market saw minor increases, as did the Mat-Su Valley. As we move towards the spring sales season, homes are slowly coming on the market. Inventory numbers are increasing, but only marginally. The number of sales are increasing as well. Three years ago I forecasted that it would take 5 years to fully rebound here in Alaska, and I still stand by that forecast.
There will be a move to quality, and that has been a trend that started about a year ago. People want more for their money. New construction will continue to get better. I believe that Eagle River will see growth from this has the subdivisions in this community continue to grow. This year should be good, a little better than last year. According to ADEC there will be more jobs in Anchorage, and the Mat-Su Valley will also see job growth.
No boom here just good growth. Just what we need.
If you have questions about buying or selling a home feel free to call me at 907-360-7471, or visit me on Facebook at www.facebook.com/eric.bushnell/
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