Ready or not here comes 2021! We sold our first listing of the year on Paddock Drive in 3 days and closed 3 other listings so far this year! That’s the good news…the bad news is that we have 0 active listings for the first time in a long time (PLEASE contact me if you or anyone you know has ANY thoughts of selling any type of real estate!).
The residential market here is the Valley is just so out of whack with very low inventory and very strong demand. And sales prices are going up very quickly for existing homes and new construction homes.
While my crystal ball is murky I just don’t see the low inventory-high demand situation changing any time soon that in a way that would move us back toward “normal”. Mortgage interest rates should start moving up but even an increase of 1-2% would just get us back to “normal” (watch out for inflation!). And most experts are predicting a huge rebound in the hospitality-travel-retail industries as Covid vaccinations become widespread. In Alaska the storm clouds are darkening with regards to the oil industry and its critical employment. However with increased demand oil prices could go up which may offset reduced exploration/jobs to a degree.
Bottom line there will NEVER be a better time to sell a home or investment property for top dollar. And if you are not living in a home you love/need there are opportunities for sure. You just need to be prepared. And whether buying or selling, hiring an experienced real estate professional you can trust is essential to navigate the ever changing process.
Below are the latest updates for the Anchorage and Valley residential marketplace. For supply, Anchorage has 50% less inventory than last year and the Valley has about 55% less! The national average is about 40% less than last year!! A telling number is the Valley having 55 more pending sales than Anchorage! Check out the difference in ratio of pending to active year to year!! Any thoughts or comments would be appreciated!
RESIDENTIAL MARKET – January 2021 VS January 2020
If you or anyone you know has ANY thoughts of buying or selling real estate in 2021, let’s 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!!!