Real Estate Information Archive

Turbulence on the horizon…

Today is January 18th, 2013, what will 2013 bring? Many people are saying that 2013 will be a great year. I believe that we will good times and slow times in the coming year. 2012 saw growth in the number of homes sold in the Anchorage and Eagle River markets. The Mat-Su Valley was closer to flat, with gains in some areas and losses in other. Most will agree that the average home value increased between 1.5-3.5%.

At a recent Chugiak/Eagle River Chamber of Commerce luncheon, Mark Edwards, Economist for Northrim Bank spoke on the economy. Tax reform and government spending are issues here in Alaska as well as Washington DC. He also explained that many new businesses are started with funding taken from the equity one has in their home. So if values are increasing, we may see more new businesses that will lead to job creation.

As we move through the year I believe inflation and interest rates will drive the ebb and flows of the housing market. Currently here in Alaska we have limited supply of homes on the market. Unless values increase 5-6% many home owner may not be able to sell their homes without taking a small loss. So for the first half of 2013 I believe the new construction market will do well. As prices rise in 2013 more homes should come on the market, leading to a saturation point in the 3^rd Quarter.

If interest rates rise, buyers will have less buying power. If inflation occurs in any significant amount then new home prices will also rise above the reach of many buyers. Looking at all this information it is my opinion, and let me emphasis this, my opinion, the market will see good growth in value of homes below $350,000. However buyers in this range will get less for the amount they spend as the year progresses. The best deals will be in the spring.

Higher end homes with smart owners will bring their homes to the market slightly below the retail value and sell quickly, while those trying to take advantage of rising prices that attempt to sell for full retail will sit on the market. If interest rates rise, we will see downward pressure on the higher priced homes.

So fasten your seatbelts. Get your home ready to put on the market before the federal government starts messing with interest rates and taxes. I can create a market evaluation for your home and give you advice on when would be the best time to sell your home.

Call me at 907-360-7471 or click this link Market Analysis.

Christmas time in Eagle River Alaska

A great little shop in Eagle River Alaska is Picture This!  Full of those special gifts that you need and a wonderful selection of custom artwork by local Alaska artists.  Located next to Jitters coffee house, you can stop in and grab a wonderful cup of coffee, then head into Picture This for your last minute Christmas items.

I've found many very nice items over the years at Picture This.  They have a nice selection of stemware (wine Glasses), little nik naks, and a huge selection of custom jewelery!  They also have great baby gifts, as well as a large selection of Smart Wool gifts.  They will gift wrap your purchase for you while you enjoy a sandwich back at Jitters.  

I like to meet clients here for discussions on properties they be looking at or  to discuss what is happening in the local real estate market.  You will find many friends at Jitters everyday!  You can also find them on Facebook, http://www.facebook.com/picturethisalaska and http://www.facebook.com/picturethisalaska#!/jitterseagleriver. 

You can also find more information about local real estate on my Facebook page, http://www.facebook.com/ericbushnell.realtor!

Hello to all interested in the Beach Lake Regional Park Master Plan Update:

 On March 29^th the Eagle River/Chugiak Parks Board of Supervisors held a work session on the draft Beach Lake Regional Park Master Plan Update to thoroughly review the document and recommend any edits or changes.  The Planning Team has made the changes recommended by Board of Supervisors.   The project website has been updated with the full DRAFT Beach Lake Regional Park Master Plan Update.  It is available for download. 

Go to: http://www.muni.org/Departments/ERparks/Pages/BeachLakeMP.aspx. This plan will be considered for final approval at the Parks Board of Supervisors April 12^th regular meeting (public testimony is welcome).

 Mark your Calendar!

Monday, April 12, 2010 @ 7P.M. in the Eagle River Town Center Community Room (12001 Business Blvd.):

ER/C PARK BOARD OF SUPERVISORS MONTHLY MEETING

The Beach Lake Park Regional Master Plan Update will be on the Agenda for approval of the Board. The public is welcome to attend and testify.

I was very surprised this morning when I reviewed the current homes listed for sale in Eagle River.  The number of homes has been slowly diminishing as we moved into the fall selling season, which is reverse of what we normally see. 

If you are looking for a home; the number of home you could visit got much smaller this week: 

• Only 91 homes are on the market available for sale. 
• There a few new homes being built, but not the number need to keep the market balanced. 
• This last week there was only one new home listed for sale and 7 homes went under contract.

Several homes left the market; at least one was a higher priced home and there is very few buyers above the $700,000 mark.  These sellers are waiting for spring.

Good news out there about the First Time Home buyers tax credit:

• It appears that Congress is about to pass some type of extension that may allow you to purchase a new home and receive the credit, as long as you buy a house before next April. 
• There appears to be two versions of the bill, one in the Senate and one in the House. 
• They will need to get together and come up with something they both agree on. 
• It does appear that they may have a meeting of the minds before Thanksgiving.

From what I see there are more people moving to Eagle River in the coming months.  My estimate is 35-50 new families are currently on their way to Alaska and will be in in January and February.  You might want to sell your home and move into something more fitting for you. 

I have two websites that can assist you. 

For Sellers- www.ValueMyAlaskanHome.com

For Buyers- www.EagleRiverHomesforSale.com

Feel free to comment ont his post here or text me at 907-360-7471.

As we get closer to December there seems to be less and less inventory (homes for sale).  Usually this time of year the number of homes on the market is climbing.  There should be more homes on the market, but there isn't.  If you're a buyer looking for a home, I know you must be frustrated.

In Eagle River there was just 141 homes at the beginning of the week.  I just ran a search and there is just 121 homes plus another 15 homes marketed as to be built.  Here is a link to the search Eagle_River_Home_Search.

The number of condominiums available is 31.  This offers some alternatives to those of you desperately looking for a new home.  Don't be discourage, be ready.  Keep an eye on the market, get pre-qualified with a lender you trust.  I suggest visiting www.LendAlaska.com. This is Aaron Gray's website, Aaron is a great loan originator with Homestate Mortgage. 

If you have the right information than buying a house can be very easy, not stress free, but easy.

Hang in there.

This is a quick update after the last one, but I want to get you this new information as quickly as possible.  With school starting last week I know that most people with school age children no longer have the luxury of extra time.  Knowing what is going on at this time is very important in maximizing the time that you do have available.

Eagle River saw a slow down in pending activity, and this was most likely because local schools started last Wednesday.  I anticipate that buyers will be getting back to it this week.  The number of new homes remains fairly steady, we saw 11 new homes listed for sale last week, while 5 homes were placed under contract and pended.  There were no new homes listed in the Chugiak/Peter's Creek are, however we did see 3 homes placed under contract.

There still are some very good deals on the market, there are also several very good new homes that could be built for you.  Local builders are agressively pricing homes for those that have the time to build.  If you have questions about this or any other real estate related question please contact me at bushnell@mtaonline.net, or call me at 907-360-7471.

Have a Great week!