Lets get the bad news out of the way first. This week 12 homes were sold in Fairbanks; the third week of declining home sales and the lowest sold since the first of June. The average days on the market, while on a decline in June, has increased to 175 for the week ending July 26th. This is a 33% increase in marketing time since June 1st and an 8% increase since July 1st.
With all that doom and gloom you would think there might not be any good news, but take heart, because there is. The good news is that the average price is still climbing, albeit somewhat slower than previous quarters. Our current average of $216,145 is 2.9% above the average 2007 prices and 1.6% above the average sales price for 2008 YTD.
The key, of course, to surviving in this market is to be prepared. Make sure your home is ready for the market by clearing out the clutter, finishing the 'honey-do' list and most importantly, setting a realistic asking price based on current market conditions. I see a lot of sellers who appear to be pinning their hopes on a quick market resurgence.
Not sure how to proceed? That's ok. Contact us online or give us a call at 907.699.6024 and we'll help you every step of the way. Click the images below to open full size in a new window.
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Thinking about buying or selling real estate in Fairbanks or Interior Alaska? We know Fairbanks real estate – Jesse and Kathy are your local Fairbanks real estate experts.
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