Real Estate Information Archive

Mid Summer Market update for Eagle River Alaska

I know that a lot of pople are out and about enjoying the summer.  So far this year the weather has been decent, not great but at least everyday has not been cold and rainy.  so I know that everyone is enjoying themselves.  Dip net fishing on the Kenai River has been awesome, the Eagle River Bear Paw was great and this week I know my wife is hiking the Crow Pass trail from Girdwood to Eagle River.  so there is plenty to do out there.

So with all this going on; what's the real estate market doing.  I've seen recent reports about consumer confidence being down, but that does not appear to be the case here in Eagle River Alaska.  The Mat-Su valley(Palmer/Wasilla) is holding its own compared to last year, and Anchorage is down about 9.5% in the number of homes sold.  Eagle River and Chugiak are up 16.1% so far this year. 

One difference this year is that we are selling more land for new home construction, and as a result of this new home sales are up.  This is much different then what we are seeing in the markets in the lower 48.  It should be noted that many towns in the lower 48 are doing just fine.  Middle America is surviving, even though the talking heads and Wall Street don't give us much credit.

There are tough sales out there, and there is more homes available this year than last.  the selection is good, and some homes are just over priced for their condition or location.  Remember the #1 rule in real estate is location, #2 is condition, and #3 is Price.  You can't change #1, but you can change #2 & #3. 

For more detailed information feel free to call me anytime. 

Remember to rinse your fish before you put them in the smoker, they turn out too salty otherwise, but most importantly...

Enjoy the summer!

4 weeks into the new year and real estate sales in Eagle River Alaska are steady.  There was an initial rush of new homes on the market just after the first of the year.  Many of these homes had been previously listed and removed from the market during the holidays.  So, after this initial rush, the flow of new inventory has continued at a slow pace.  This good for sellers and buyers alike; the market remains stable.

The National association of Realtors came out with their latest number and the country saw a reduction in number of sales by 17% over last year at this same time.  They were anticipating the number to be closer to 10%.  This means that the housing recovery is going to take time.  I think everyone realizes this, they just wish it would happen sooner.

In Alaska, we're seeing the same steady market that we've seen in recent years.   I hear this quote just the other day "This market is an 'Opportunistic Market'; there are opportunities for buyer and sellers.  This is so true.  Values have remained steady on nice home, and homes that need work can be bought at a reduced price. 

Here are the numbers for Eagle River* Alaska residential sales:

• 15 New Homes on the market
• 5 Homes pended under new contracts
• 5 homes Closed

There are currently 96 homes being marketed in Eagle River.

• 73 existing homes
• 0 New Construction Complete
• 11 Homes under Construction
• 12 Homes To Be Built (not started)

The number of homes available offers some great opportunities to buyers and for sellers that have very nice homes.  The current homes range in price from $169,000 to $1,100,000. 

To find out what your home is worth visit www.ValueMyAlaskanHome.com.

To receive a list of the latest homes on the market in South Central Alaska visit www.EagleRiverHomesforSale.com!

*This representation is based in whole, or part, on data supplied by, and to, the Subscribers of Alaska MLS.  Alaska MLS does not guarantee, nor is it in any way responsible for, its accuracy.  Data maintained by Alaska MLS is for its own use and may not reflect all real estate activity in the market. 

The winter selling season is in full swing and we have entered the holiday season.  These two factors are showing in the current Eagle River real estate market activity.

Here in Eagle River the market activity* was consistent for this time of year. 

• There were just 3 new homes listed
• 5 homes pended(accepted offers)
• 2 homes closed (completed escrow contract)

The current number of existing homes available in Eagle River is dwindling, and in now down to just 59.  there are several new homes under construction however the few under construction will probably not be available until the January/February time frame. 

Information received from The Chugiak/Eagle River Chamber of Commerce shows local military personnel currently deployed returning in January.  There is also word that a new Battalion is being formed at Fort Richardson.  This could increase the population by as many as 5500 persons (not including families).  Current base housing availability is about 1200 units.  Not enough to accommodate the expected growth.

Housing availability in Eagle River will continue to be tight for the next 4-6 months.  Potential buyers may find themselves competing with other buyers for the best homes.  For helpful tips you may want to read the following report, "Eight Insiders tips for Home Buyers". 

*Based on information from AK MLS, Inc. for the period (date) through (date) but not compiled or published by AK MLS, Inc. Data maintained by AK MLS, Inc. may not reflect all real estate activity in the market. 

This will be a short note to bring you up to speed on the market here in Eagle River Alaska.  Nothing spectacular is happening, at least not if your an Eagle River resident, because you already know this.  Eagle River is the "Most livable Community in Alaska".  The homes sales are steady and consistent, kind of boring, right?

Well to those of you that may be moving here or are just curious and stumbled upon this post, may seem incredible.  Our market is very good!  we are not selling hundreds of homes, we're just selling the ones that come on the market.  Less people are moving away from Eagle River and more are moving here.  Good steady, sustainable growth.  If the builders built 20% more homes than is currently underway we could easily fill the residences.  Eagle River residents are proud of their community and remain committed to it.  The first time home buyers tax credit expires in on December 1, 2009.  If you want take advantage of this, you need to move quickly. 

We lets dispense with the rhetoric.  Sales in the last week continue to be steady and stable.  There were 14 new homes listed for sale, and 7 homes went under contract (pended), while 6 homes closed.  The current inventory of homes is 150, just 1 more than last week.  Interest rates continue to be low, last week in the 4% to 5% range depending on the terms chosen.  fourteen (14) of the 150 are not built, and ten (10) are currently under construction.

Well, I'm getting a little long winded here so I'll wrap this up.  The market is good, now is the best time to sell your home, and it is definitely a good time to buy if you can find a good home.  If you can find one, call me we can always build it for you.

What's happening in the Eagle river Market this week?  that is a question I keep getting asked and  I have a great answer, but before I going to the weekly numbers I would like to share with a conversation I had Saturday evening at the Annual Chugiak/Eagle River Chamber of Commerce fund raiser.

I know I'm name dropping, but so would you, and this is Alaska.  My wife and I were looking at all the very cool items in the silent auction and we had the opportunity to speak for several minutes with Senator Mark Begich.  We exchange pleasantries and I asked Senator Begich about is real estate license, he has been a Realtor for many years.  Our conversation revolved around what was going on around the country.  The Senator shared with me information that he had obtained that showed new housing starts around the country were increasing.  He also shared with me what he had seen as he drove across the country on the way back to Alaska. 

The Senator had seen many small towns languishing in this recession, a stark contrast with our local economy.  We are very lucky that our local economy has fared very well in the recent down turn.  I shared the status of our local market and it is good.  It was a great evening and I really enjoyed myself.

Here is what I shared with Senator Begich:

The Eagle River residential market showed healthy signs again last week.  Ten (10) homes went under contract (pended), eight (8) new homes came on the market, and five (5) homes closed.  The average sales price in Eagle River is $330,000 and the average market time of the sold homes is 73 days over the last quarter.  Active homes still on the market show an average of 113 days on the Market (DOM).  With only 157 homes available for sale and 20 of these homes not built, there is a limited supply in most price ranges. 

Chugiak has a little better supply of homes with 57 currently available.  Two (2) homes pended, one (1) new home was listed, and one (1) home closed.  The Chugiak/Peter's Creek area still provides some of the better values for this area with many of the homes situated on larger parcels of land.

Well that it for this week, if you have questions about what going on or would like help in any real estate matters give me a call or send an e-mail.  Remember this, Real Estate is Local, and Locally we have it pretty good.

What's happening in our market this week?

The weather in South Central Alaska has continued to be mild and with very little rain.  A nice fall, with lots of color in the hills.  As you all know I was not here last week, but I did review the number for the area and I think that many people were out enjoying the extended Labor Day weekend.  Here is a breakdown of what happened.

Eleven (11) new homes came onto the market, six (6) homes went under contract (pending), and eleven (11) homes transferred title (closed).

This weeks feels about the same, although I do not think there will be as many new listings.  The rental market also continues to be very tight, with a very limited supply of homes to choose from.  Current inventory in Eagle River of homes for sale is just 164.  At the end of August there was 184 homes available, and last year at the end of August there was 221 homes available.  This places limitations on perspective buyers.  When you extract the un-built new homes it leaves just 133 homes across all price ranges.

If you are thinking about selling a home, now would be a great time.  Make sure that your home is in excellent condition and it will most likely sell quickly when price accurately.

If you have not signed up to receive new listings updates please visit www.eagleriverhomesforsale.com.  You will receive updates for Homes, land, and recreational property based on the selections of your choosing.

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!

Wow, what a week! Things have been hopping around here and I am just now getting to a weekly update.  I will still share with you last weeks numbers and try to give some insight into whats transpiring this week.  The weather has been very nice and it brings out the buyers.  School started this week in the Valley and in Anchorage, so many potential buyers have been very busy.

Last week we saw 16 homes pend in the Eagle River market compared to just 14 new listings.  When I looked at existing inventory yesterday there were only 188 homes available in Eagle River; 16 of which are not built at this time. That leaves us with just a 2.73 month supply of homes available in Eagle River.  This is not surprising to me as we are seeing many new military personnel moving into the area. 

Also, keep an eye on your calendar.  November 30th is almost here.  If you are a first time home buyer and wish to take advantage of the $8000 tax credit you must close on your new home by November 30th, 2009.  If you have not owned a home within the last two years you may qualify for this tax credit, even if you owned a home before that. Visit the buyers resource section of my website for more information.

If you are thinking about buying a home now may be the time.  Call me and ask the hard questions, I will give you a straight answer.  Next year it may be more expensive and you will not be able to buy what you want.

Here is the Eagle River Real Estate market update for this week.  Last week we saw continued strong activity in our local real estate market.  17 homes pended (accepted contracts), while there we only 14 new homes listed for sale.  Current inventory levels continue to drop, and I hear from other Realtors that buyers are having a harder time finding what they're really looking for.

Interest rates have remained steady, with minor ups and downs.  Current rates range from 5% to 5.375% for 30 year mortgages.  There are several new rules in the lending world that make it a little more time consuming to purchase a home.  The good news is that there is plenty of money available if you wish to buy. 

If you are considering buying I would do it now before the interest rates go up.  With the economic stimulus monies floating around most economists believe it is only a matter of time before we some inflation and interest rates have to go up.

Better to get what you want now, while you can afford it.

Taking a look back at last week, one would think that the market had gone crazy.  21 homes pended in the Eagle River and Chugiak areas.  6 went under contract in Chugiak, this is a 12 month high for one week. 

Interest rates have fluxuated up and down but for the most part stayed in the low 5's for a 30 year fixed conventional loan. 

There are changes around the corner and you do need to be aware of them.  If you will be involved in a real estate transaction in the near future, pay attention.  The mortgage lenders will be operating under new rules and the title companies will be enforcing them.  Here is a short list of some of the changes.

Once you receive a good faith estimate on your new loan you will need to wait 7 days before you can close.  this means that if you lock your interest rate you may need to wait 7 business days before you can close. 

If the APR changes on your loan, example: some portion changes and it goes up by more the.125% then a new disclosure must be made.  7 more days.

Once the appraisal is in there will be a 3 day review period.  However in some cases this may be waived, although highly unlikely.

This is just a small portion of the changes, and now more than ever you need great communication between all parties.  The average contract closes in approximately 38 days.  I suggest writing an offer with a 45 day time table.  This will give you plenty of time and if everyone is ready early than close early.

If you have questions about these new rule please make a comment here or send an e-mail.