In a seller’s market, homes sell faster, and buyers must compete with each other in order to score a property. In a hot seller’s market, you’ve got to be ready to move fast. Among the data buyers need to pay attention to is the number of new homes on the market and the number of days it takes a home to sell… As of April 4th, there are only 30 homes for sale spread out through the entire MOA which equates to only a 1.31 month supply. Some things you will be able to adjust, and some you won't. Rather than finding themselves in a series of never-ending bidding wars, buyers are more likely to score a great deal on a home. Next, get feedback from every showing. Price drops are common as sellers compete to find buyers. At a minimum, do a deep cleaning that includes washing the windows inside and out, declutter the interior, and tend to the yard during summer or clear the driveways and walkways during the winter. If there are more homes on the market than available buyers, it is considered a "buyer's market," and prices tend to stagnate or even fall slightly (depending on the region, the pulse of the economy, the interest rates, stock market… April 8, 2019 by Connie Yoshimura Leave a Comment. MLS listings are also down from 2018 by 95 listings. Without homes for … The market is so much in the favor of the sellers that many buyers are doing all they can do be the chosen one. During the mid-2000s, historically-low interest rates and lax lending rules meant more people were able to take out … Inventory has held steady at or around 164. Anchorage's real estate market is flat, with prices remaining the steady over the last year, even as inventory has dropped. That is also why an extended market time may not be an indicator of a desperate seller or that something is wrong with the property. The first quarter of 2019 also saw sales drop by 66 units compared to the same time as last year. Ask your real estate agent for more specifics on what comparable properties are selling for — not just prices, but concessions too. New single family permits are down for the first quarter of this year, see accompanying chart. Wed Mar 24 2021 This week the median list price for Anchorage, AK is $549,000 with the market action index hovering around 52. A sellers market is the opposite of a buyer’s market, and occurs when there are more buyers than there are sellers. If you live somewhere outside Anchorage, be aware that being a long-distance landlord is difficult. But we also can’t deny that things are looking up for property buyers. Any reasonably priced house is likely to get multiple offers or even instigate a bidding war in highly desirable neighborhoods or cities. One way to determine if it’s a buyer’s market or a seller’s market is to look at inventory, or the number of homes for sale. Since there are fewer homes available, sellers are at an advantage. With between 5 to 7 months of inventory, you have a balanced market, which favors neither buyers nor sellers. It’s hard for first time homebuyers to take a leap of faith for a new home purchase even when there is twice the inventory as what we have today. This is an increase over last month's market action index of 50. You have to be ready to act fast in … The first half of the ratio is for the house-related expenses (mortgage, taxes, insurance, homeowner's dues) divided by your monthly gross. What they mean to you will differ depending on whether you are buying or selling real estate. © 2021 Anchorage Daily News. Do you want to learn more about the current real estate market in Anchorage? I’ve lived here for almost forty years now and, frankly, I wish I had kept every single home I had ever owned. Buying a house in a seller’s market Think of this as preparing to be the bride on her wedding day; being the star takes a little more time, attention and work than being a bridesmaid. Often this is more of a change in mindset than anything else. The supply of housing inventory exceeds demand. In general, prudent buyers still should be justifiably leery of overextending and setting themselves up for financial disaster. But will 2021 feature a buyer's housing market? (Loren Holmes / ADN archive). However, a word of caution: Just because you might qualify for a higher loan doesn't mean you should take the maximum amount offered. [In Anchorage, fewer single-family homes are for sale and prices are flat]. Team Jarratt, Anchorage, Alaska. Here’s how to vote - and what happens next. Next, to maximize your buying power, watch the long-term interest rates. Improvement for buyers. SEE THE TOP BUYERS MARKETS By eliminating the middleman and buying and selling directly, everyone involved in the transaction comes out a winner! A ratio based on aggregate market orders for securities that tells whether there are more buyers or sellers in the current market. On the Redfin Data Center, go to the … Nationally, property market conditions have tipped slightly in favour of buyers. Anytime you have more than seven months’ worth of inventory, you are firmly in buyers territory. Older property owners are beginning to balk at requests for cosmetic fixes and countering back at health and safety items only on home inspection reports. The level of total advertised property was marginally higher than the number of home loans funded. The level of total advertised property was marginally higher than the number of home loans funded. Filed Under: Building Permits, Market Trends, Your email address will not be published. In Anchorage, fewer single-family homes are for sale and prices are flat, 2021 Anchorage municipal election guide: Q&As with candidates for mayor and school board, Hilcorp shuts down two offshore platforms in Cook Inlet after natural gas leaks from fuel line. If you've been proactive and kept up with those little maintenance items, you will have less to do. The Anchorage election is Tuesday. The first thing buyers should know is that they’re entering a seller’s market. First, be aware that market time is just one of many market indicators. Low inventory would usually make for price increases but, unfortunately, the average sales price the first quarter of 2019 has dropped by 5.95% compared to the average sales price of 2018. Click here to stay informed with the Anchorage market! Many vendors selling a house in a buyer’s market do so without really knowing what this means, or because they have to sell. One thing agreed upon by all is that we are in a seller's market, and it's a good market for both sellers and buyers. You want to try to see the house from the buyer's perspective. She can be reached at info@ramseyteam.com. Not only are there the personal benefits of home ownership but Alaskans, despite two significant recessions, have always benefitted from home ownership when taking the long view. Remember that in a buyer’s market, there are opportunities as a vendor to make the most of a tougher selling market to in fact improve your returns. Looking into the future of housing in Anchorage, if you can find a single family home on a 6,000+ square foot lot in reasonably good condition with a seller who will take care of any health and safety issues, now is probably a good time to buy, despite all the negative news about potential job losses. This means you’re not likely to cut a deal or get discounts—sometimes even if the home needs major repairs. This is a useful measurement because it can help us to determine whether we are in a buyer's market (indicated by high DOM), or a seller's market … Essentially, it’s a sellers market if the local inventory is sufficient for less than five months’ worth of sales. However, it is interesting to note that MLS has an average supply of only 2.87 properties for sale. Million dollar properties are down by over 30% with only an 8.21 month supply. Buyers have the advantage over sellers due to the abundance of homes on the market, with homes often selling at reduced prices. In other areas, it’s a mixed bag. 350 likes. Anchorage's real estate market is flat, with prices remaining the steady over the last year, even as inventory has dropped. But that’s coming to an end. When this happens, sellers obviously have the upper hand. This often prompts sellers to be more flexible on sale prices. Home prices are surging and sellers are calling the shots in most of the Gold Coasts housing market but there are still areas where buyers have the upper hand. Here are a few thoughts for homeowners – and homebuyers – when considering the current real estate market. “We think it’s going to be another good year for the Anchorage housing market,” says Popp. For the first time since 2015, the average price of a condo sale has dropped below $200,000 to $199,514. If you’re looking at a condo or townhouse near a city center, you’re likely in a buyer’s market. Anchorage’s real estate market may be flat, but that doesn’t tell the whole story. Perhaps, but the shortage of inventory in all price points makes for a competitive market for a property that is well priced and in excellent condition. Local property management companies usually charge 10 percent of the rental amount, plus other fees. New construction at Gustavus airport digs up old worries about toxic chemicals, Tracking COVID-19 in Alaska: 505 new infections and no deaths reported Saturday through Monday. Required fields are marked *. Copyright 2021 KTUU. Some properties are even being marketed ‘as is’. This indicates that in the current market, buyers have slightly better negotiating power than sellers. Almost all MLS districts have seen a decline in average price compared to last year, even if the number of sales has increased. This indicates that in the current market, buyers have slightly better negotiating power than sellers. Remember the most recent "sold" properties are the ones an appraiser will likely use to confirm the value of your home, if the buyer is financing the purchase. As always, the answer to that question depends on the price range, location and condition of the property. When selections are limited, what can a buyer do? Enter the buyer’s market “In the simplest terms, it’s a seller’s market when prices are going up, and a buyer’s market when prices are going down,” says Conisbee. Good news for buyers? 30+ years as Anchorage Residents. When my partner and I first started looking at homes, we considered ourselves casual buyers — that is, until our dream home came on the market late one Sunday night. ANCHORAGE MUNICIPALITY REAL ESTATE MARKET REPORT Looking at the chart to the right, you might be wondering why average days on market (DOM) is important. But, better to buy today while rates are still low than wait for summer price increases, fueled by new construction costs. But those facts alone don't really tell the whole story. Comment document.getElementById("comment").setAttribute( "id", "a5a901e58f0b7ec247866eb43dc38c1b" );document.getElementById("jf83ec5eb2").setAttribute( "id", "comment" ); sitemap   •   admin   •   ©2021 All Rights Reserved  •  Real Estate Website Design by IDXCentral.com. 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