Eagle River Market Update
4/27/2011April is almost gone and May begins next week. Wow, were does the time go. The last day of school is just 4 weeks away and many families will be ready to move. This is the time of year that families like to move. So what is happening in the market?
It appears that there are shoppers out there, about 3 shoppers for every buyer. Lots of people wanting to buy a home but their afraid to won one. The buyers are active and we have seen many offers accepted here in Chugiak and Eagle River. In looking at the total market numbers compared to last year there was 4.5% less home sales in the first three months of 2011. That seems to be pretty good since last year we had the first time home buyers credit available. When we get to the end of June we will see what the true market numbers are.
Right now it apears that we are in a slower, but back to normal housing market. The economy as a whole appears to be doing ok. New businesses are opening and there is some new construction underway, housing and commercial. These are good signs for what is to come. The only discouraging sign is that many home owners are not selling. This may be either because they cannot because of what they owe, or they would have to spend too much to move up.
This has increased the number of new homes being built this year in Eagle River. Builders are optimistic about the housing market and are starting new homes. The construction lenders are still tight with the lending, so not all builders can move forward but many are. This is good for our community, which according to the latest census numbers is now 34,982 people strong. This number is about the same as the estimate from 2005, but very little building has happened in the last 6 years (I think the estimate was too high).
Now is a great time to sell if you can, and there are some great deals out there for buyers. Interest rates are low although lending conditions are tight.
Eric Bushnell Comment