Is the Alaskan Real Estate Market About to Get Busy This Summer?
In a recent survey, it was found that more Americans believe housing is the best long-term investment and now even more are revealing this summer is the best time to buy a home. The Alaskan real estate market may be about to see a jolt of activity from both homebuyers and home sellers as rising rates and housing prices prompt Alaskans to make a real estate move.
Edelman Berland conducted a study among those in the market to buy or sell a home, with participants aged 25-64 years old, and found that there is a strong belief across the board that the housing market is right on track. Because of this, 7 out of 10 participants expressed a commitment to buy or sell a home this year. For Alaskan homebuyers and sellers, this could mean acting soon on your desires to move to a new home in Fairbanks, Anchorage, Eagle River, or Palmer as competition will soon be on the rise.
The survey found 77 percent of consumers, 85 percent of Millennials, have a favorable view of housing— with Millennials having the strongest opinion of the entire group. 79 percent of people, 83 percent of Millennials, believe the housing market is on track and 69 percent of consumers said they are ready and committed to buying or selling a home this season.
The harsh winter has everything to do with the pent-up Alaskan homebuyer and seller demand being released all at once this summer. Many homebuyers were waiting it out, waiting for the spring (and in some cases, summer) weather to arrive before they listed their homes or began their home search for properties for sale in Alaska. In fact, nearly half of those surveyed admitting waiting for better weather and 83 percent are motivated to act now to beat rising interest rates.
"That pent-up demand is now being released causing price appreciation in many regions of the country," reported the Keeping Current Matters real estate experts. "This rise in prices and the expected increase in interest rates is causing many purchasers to buy sooner than later."
Those in the Alaskan real estate market may be right along with the nearly 75 recent of consumers who are concerned about those higher prices this summer. So, don't delay! The pent-up demand may indeed cause more competition in the local real estate market and as the summer moves further along, see more homebuyers and home sellers ready and willing to make a move.
What does the local market look like where you live in communities like Eagle River, Fairbanks, Anchorage and Palmer? I'm happy to answer your questions! Madden Real Estate has been ranked as one of the top 50 teams in the U.S., according to the Wall Street Journal, and we're here to help!