Understanding Current Market Conditions

Spring finally decided to show up! It's been a long winter here in Southcentral Alaska, and these longer days, sun, and greenery are a much welcomed reprieve. We are in a very unique market right now with low inventory, higher prices, multiple offer scenarios, and a lot of people cautiously entering the market or waiting to see if market conditions change.

 

Alaska has always ebbed and flowed with the real estate market, following our seasonal changes. We typically see an influx of listings and a higher number of transactions come spring and summer, and this year is no different. We are seeing those increased numbers on the same annual cycle, but year over year, we have been seeing a decline in the…

66 Views, 0 Comments

anchorage real estate

NAVIGATING MARKET TRENDS AND EMERGING OPPORTUNTIES


The residential market as a whole has been dealing with low inventory and still higher interest rates. Currently, in Anchorage, we have 20% less active inventory on the market, moreover, we have seen 43% fewer sales year to date than last year. For new homes that hit the market that are updated, in good condition, priced correctly, and marketed well, we are getting back into the multiple offer scenarios. Because of the lack of inventory, sellers aren't paying much in concessions. We are also starting to see many off-market deals, with buyers hoping to find something without having to compete.

 

Interest rates are also affecting the industry as well. The time of the…

355 Views, 0 Comments

ALASKA REAL ESTATE INSIGHTS
Navigating Opportunities in 2024

2024 is set to be a much better real estate year in comparison to our recent past. The market has been complexly changing since pre-covid, and we are starting to see it recover. We are very optimistic that our current trend of rate reductions, slowing inflation, and increasing inventory will assist our local market in a positive way.

 

Alaska measures our economy by many factors, but one of the many important indicators is the tourism industry, which brings much-needed revenue to the state and local economies. 2023 saw cruise ship passengers pass the 1.5 million mark, which is higher than pre-COVID numbers and a stark difference from 2021 and 2022. These passengers spend money all over…

138 Views, 0 Comments

January Luxury Market Update


Currently, there is a lot of mystery about what's going on in the market. People see crazy headlines and are getting concerned and rightfully so. However, we expected this as we all saw the signs as the rates started to climb as the feds tried to slow the rate of inflation. Across Alaska and the nation, we are still seeing the same low supply we have been experiencing all year. Nationally our housing inventory is down about 20% from 2022 and in Alaska that number is closer to 35%. That low inventory, mixed with the same demand, has steadily increased prices and kept a competitive market even with our current interest rates.

 

Employment in Anchorage has been steadily growing, in the most recent Employment Study,…

103 Views, 0 Comments

Happy Holidays ❄


Currently, there is a lot of mystery about what's going on in the market. People see crazy headlines and are getting concerned and rightfully so. However, we expected this as we all saw the signs as the rates started to climb as the feds tried to slow the rate of inflation. Across Alaska and the nation, we are still seeing the same low supply we have been experiencing all year. Nationally our housing inventory is down about 20% from 2022 and in Alaska that number is closer to 35%. That low inventory, mixed with the same demand, has steadily increased prices and kept a competitive market even with our current interest rates.

 

Employment in Anchorage has been steadily growing, in the most recent Employment Study, Anchorage…

120 Views, 0 Comments

October 2023 Market Update


Currently, there is a lot of mystery about what's going on in the market. People see crazy headlines and are getting concerned and rightfully so. However, we expected this as we all saw the signs as the rates started to climb as the feds tried to slow the rate of inflation. Across Alaska and the nation, we are still seeing the same low supply we have been experiencing all year. Nationally our housing inventory is down about 20% from 2022 and in Alaska that number is closer to 35%. That low inventory, mixed with the same demand, has steadily increased prices and kept a competitive market even with our current interest rates.

 

Employment in Anchorage has been steadily growing, in the most recent Employment Study,…

129 Views, 0 Comments

Agent Highlight Series

Having a better understanding of who you're working with is paramount, and we want to make this process as easy as possible for you.

Take a moment to get to know Noah a little better by reading his response to these interview questions:


What made you decide to become a real estate agent?

I  chose to become a real estate agent to learn everything there is to know about real estate transactions and to provide clients with world-class knowledge and service. In addition, I wanted to learn the art of sales, marketing, lead generation, and effective follow-up so that I could serve clients in the most effective manner. 

What made you choose Precision Home Group?

I  chose Precision Home Group for the team atmosphere and…

223 Views, 0 Comments


August 2023 Market Update



We are coming towards the end of summer here in Alaska, and before you know it, fall and winter will be setting in. The state fair is starting soon, school is about to start back up, and moose season will be starting before you know it. As we all work to get our last moments of summer in, the same can be said about home buyers trying to find the perfect property and close before the snow flies.

 

Across Alaska and the nation, we are still seeing the same low supply we have been experiencing all year. Nationally, our housing inventory is down about 20% from 2022, and in Alaska, that number is closer to 35%. That low inventory mixed with the same demand has steadily increased prices and kept a competitive market even…

116 Views, 0 Comments

 

 2023 Midyear Market Update

 

Quarter 2 is now over and we are rushing into the second half of 2023. It's been an interesting summer so far here in Alaska with tons of rain and one of the cloudiest summers we have ever had. As Alaskans though, we are still getting out to adventure and making it work. That same Alaska Spirit is also being applied to our local housing market.


During covid we saw artificially held down low interest rates, rates none of us have seen in years. Immediately following we saw a steep increase as the markets corrected and now we have seen some market stabilization as we are sitting around the 5.5% to 7% depending on lender, loan type, and individual situation. This has caused two big things to happen. First, it…

226 Views, 0 Comments

There are many things you can change about a home, but location is not one of them. Just as the look and “feel” of the home is essential to your satisfaction, so is the neighborhood you choose to live in. The perfect neighborhood is out there -- it just takes a little bit of planning and research.

For example, if you are an avid outdoor enthusiast, then neighborhoods such as Southpark Bluff, Sahalee, or Scenic Park might be a great option. If you hope to be close to the water for gorgeous scenic views, then Turnagain Heights, Westpark, or Seascape would be a great fit! If simply being close to amenities is your priority, then look no further than Third Addition or Downtown Anchorage.

Along with the home itself, your surroundings are also…

4043 Views, 0 Comments