Alaska Housing Shortage Frustrates Buyers

    commitment-to-great-homeIf you are looking to buy real estate in Anchorage Alaska or Wasilla Alaska and are priced under $400,000 you are most likely finding it very challenging. The Anchorage and Wasilla real estate volume (number of homes for sale) is 10-15% lower than it has been in many recent years. It’s the fastest selling market that I’ve seen in nearly a decade.

    Interest rates have raised mildly over the last month creating some buyer urgency and motivating the “tire kickers” into full force. After all, the largest expense in owning real estate is the interest paid on the mortgage.

    If you have been looking for a home without a good Realtor, you missing the best deals. Good Realtors live and breathe by the “HOT SHEET”. This is the Multiple Listing Service’s (MLS) exclusive realtor content that shows the most recent homes to hit the market in the last 24 business hours. Using this tool, many Realtors bird dog the hottest deals and sometimes will even write offers without having seen the property.

    Lead Buyer’s Specialist Jonathan Rodriguez with Cross and Associates says that it’s very important to set realistic expectations with his buyers. Jon tells his buyers that this is not market to “dilly dally” or to “sleep on it” and expect that the great home you just looked at won’t be sold tomorrow. Often times the fear of commitment is not nearly as bad as the pain of regret when you missed out on a great home.

    To put the numbers in perspective, according to the Keller Williams Total Market Overview; on July 31st, 2013, there were 1154 residential homes on the market in Anchorage. Of those, 502 (43.5%) had sold within the last 30 days. For homes priced between $225,000 and $300,000 that percentage drastically increases to nearly 60% of homes selling in the first 30 days and for 99% of the asking price.

    If you want to be successful in your home search you absolutely need to have a proactive Realtor working for you. Otherwise, you’re most likely not even going to know when your dream home hits the market, and before you know it “POOF” is sold.

    Kevin Cross

    Owner: Cross and Associates

    2012 President Anchorage Board of Realtors

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    Kevin Cross

    Kevin Cross is owner of Real Estate eXchange at Keller Williams Realty Alaska Group. Kevin’s Team specializes in income properties, commercial properties, rehab, flipping and creating cash flow for clients. You reach him at admin@alaskarex.com or call 907-865-6529.

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