Alaskan Real Estate Boosting Confidence This Spring
If you're like many Alaskan homebuyers wondering if now is the time to buy, on the fence about real estate, there is good news in store for you. You may have noticed a few factors in the Alaskan real estate market over the past months that halted your home search, including rising rates and housing prices, as well as the fact that the “median home sale price rose 11.6 percent in February on a year-to-year basis,” according to MSN Real Estate. The long winter did indeed have an impact on every component of the industry from appraisals to closings in Fairbanks and Anchorage real estate, but now it seems the market is shaping up to be both busy and positive this spring.
Many experts are predicting sales to move forward this season. Alaskan homebuyer confidence is soaring and as a result, the demand for homes in Fairbanks and Anchorage is rising as well. To illustrate this point, American Express, in its Spending and Saving Tracker, reported that “17 million Americans plan to buy a new home [or] condo this year, up 1 million from last year.” One million more Americans are now moving forward with their plans to purchase a new home, more confident than ever, and will soon be flocking to local real estate to take advantage of the current interest rates and housing prices.
And if you're an Alaskan home seller, you can rest assured knowing that with more homebuyers comes faster home sales. The more buyers that take an interest in homes in the area, the faster they will sell and go off the market— oftentimes at higher sale prices. In its study, American Express also found that home sellers are more confident this season. In fact, 65 percent of home sellers believe they will receive the asking price for their homes in Alaska.
“All of the costs associated with moving can really add up, but more consumers are feeling confident that they can afford to put down new roots,” a senior official at American Express expressed. “With more people looking to purchase a home this year instead of rent, and with seller confidence on the rise, it will create an interesting push and pull as buyers and sellers negotiate.”
Now is the time that the Alaskan real estate market is taking a turn to favor the homeowner (or home seller) instead of the homebuyer. The ball is now in their court as the busy buying season heats up. Both sides are ready and motivated within the market, with buyers confident in their abilities to purchase a home in Fairbanks or Anchorage and sellers willing to add incentives to close the deal.