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4 Things You Should Know About The Alaska Real Estate Market
We know that interest rates are low, they may rise soon with the upcoming election and that it is (for the most part) a sellers market. But what else should you know about the Alaskan real estate market that can help you decide if you want to buy or sell? Here's 4 things you should know right now about the Alaska real estate market if you're deciding if you want to buy or sell:
1] Are you buying/selling in the $399k or less market? That is the hottest market right now for Anchorage/Palmer/Wasilla and surrounding areas, so expect to see houses sell faster in this price range and buyers to have some competition. We prepare our sellers for a quick sale when homes are priced competitively and make sure they are ready to move to their new place before they list their current home, since their home could sell in mere days. On our buyers side, we recommend getting pre-approved from your bank (need help with this? We know some awesome lenders!) before even looking so that when you do find your dream home, you're ready to make the offer and get it in quick. We have a high #winning rate with bidding wars, and we know how to battle to get our clients the homes they want! So have your pre approval ready as a buyer, and make sure you're with an agent that gets offers in quickly and takes your home buying process as serious as you do!
2] Per ADN.COM, Barbara and Clair Ramsey state that "The $400,000 to $749,999 range is more evenly balanced between sellers and buyers with a four to six month supply. In this price range, buyers have more choices. That means sellers must do whatever work is needed to make their property outshine the competition." So if you're buying/selling in this price range, it's important to have an agent team that has the connections to link you to buyers that are actively looking and are pre-approved for this price range. This is also crucial if you're a buyer - make sure you're with an agent that knows this price range well, and can tell you if you're getting a great house for the asking price, or if they are asking a little too much for their home/area. This also leads us to the next point, which is especially important for this price range...
3] Focus on your biggest return. So you're thinking about selling, that's the first step. Now let's talk about what you can do to get the most for your money in the Alaska market! You don't need to remodel your entire home to get the price you want! If you're planning on selling, we suggest focusing on the big return ticket items if you want to upgrade/remodel before selling: Kitchen/Bathrooms see anywhere from 75-85% returns while Painting and new Carpet/Flooring see 90-100% return as it can complete change the look of a house. Remember - you are updating to sell, so think about neutrals and popular materials that will appeal to a large amount of buyers to increase your chance for potential buyers to fall in love with your home. We see a lot of houses and know what's out there, so set up a consult with us first and we can recommend where to put some money into your home before selling, and what you shouldn't put money into to produce the best ROI!
4] Investment Properties are the gold nugget in the sea of rocks in Anchorage and the valley. If you're looking to get into real estate investing or want to secure a retirement plan by purchasing a duplex, you need an experienced agent to pair up with. We know this because Investment Properties are flying off the market and only the quickest and most connected agents are able to get these properties in the right price range for their buyers. We can fill you in on our process to make sure you have the best opportunity to get into this market, so give us a call and we'll set up a game plan before we dive in!
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