What’s happening in Residential Real Estate 1st Quarter 2023 from Dave & Travis
We were connected with Lisa and Steve back in June 2021. After lots of different plans/strategies it came time for Lisa to retire and sell their Anchorage Home (and move out to their property in the Valley). We got started about a month ago. They did a great job of preparing the home (& themselves), we got pictures assembled etc and came on the market 3/31. Travis did opens houses the 1st & 2nd and there were over 25 groups that came through! We received 8 offers with three that were very good and very close. I met with the seller’s Tuesday night and we decided on the cash offer which was also the highest by just a little bit. When we priced the home last Summer compared to where we listed now was about 10% more and we ended up getting almost 10% more than asking with 3 of the offers!!
Real Estate Market Update in MAT SU CORE AREA and Anchorage Single Family Residential!
Mortgage interest rates are trending down! The Alaska Housing Finance Corp is currently offering a 30-year VA/FHA rate of 5.75% as of 4/5/23. However, there’s a catch. The biggest problem we’re facing is the stunning lack of available homes, both locally and nationwide. AND home prices and values are not going down! In fact, the last three homes we listed were priced 10-15% more than what we thought the value was last year. So, it’s still a great time to sell your home, and it can make good sense to buy the right home for your lifestyle & needs.
Let’s take a closer look at the real estate market in the MAT SU CORE AREA. Despite the low supply, the number of sales and pending sales are very close to what they were in 2019, which was considered a “normal” year. The big difference is the number of active listings, which is just 191 compared to 514 in 2019. Imagine if our supply doubled, it would be fantastic! Another notable trend is the increase in average sales price, which has gone up by 44% in the last 4 years. Real estate has provided an incredible return on investment for homeowners unlike anything we have ever seen before. Contact one of us for a current (free) estimate of your homes value top find out how much equity you have!
Comparing existing homes to new construction homes reveals some interesting trends. Existing active listings sit at 52% of total homes available, which is lower than the 75% that is typical. Existing homes make up about 67% of pending sales and almost 69% of closed sales! Although there are plenty of new homes being built, they don’t sell as fast and average $447,000 for closed sales. Therefore, the pressing need is for clean, existing homes to sell! There are buyers eagerly waiting!
Now, let’s shift our attention to Anchorage. The supply in Anchorage is pitiful, with just over 100 active listings compared to over 450 in 2019. Pending sales and sold’s are down from 2019 by over 30%, but that is just because of the low inventory. Plenty of buyers are interested, and interest rates are not the problem! It’s frustrating for everyone, especially for those who miss out on the house of their dreams. For example, our buyer looking specifically in south Anchorage has submitted eight offers in the last month for homes under $450,000, and they still haven’t found their dream home. However, don’t lose hope! We’re here to help you navigate through the challenging market and find the perfect home.
Check out our Beautiful Listings at https://davesalaskahomes.com/featured-listing
Search for homes easily at https://davesalaskahomes.com/listing
Get your home’s estimated value instantly at https://davesalaskahomes.com/evaluation
If you or anyone you know has ANY thoughts of buying or selling real estate, lets connect to talk about the opportunities available in our market and how to reach your goals.
LET US BE YOUR TRUSTED GUIDE
Call or text Dave now at 907-863-7289
Call or text Travis now at 907-575-6779
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