The new listings shrunk again, go here to see why this phenomenon may lead to an opportunity for you.  We will see the amount of new listings likely go into single digits as we approach the end of the year.  There were more closings than new listings and as houses come off the market either because the sellers want to wait out the winter or because they are sold, the inventory shrinks for new buyers.

The Federal Government has both extended the stimulusfor first time home buyers and added another stimulus for repeat buers.  These are people who are not first time home buyers but are buying another house as their personal residence.  This will likely move people into the market during these winter months.

There are some pretty good deals out there…you may want to get on my Deals Of the Week list to find out about them as they hit the market.

Based on information from AK MLS, Inc. for the period Nov 3-9, 2009 but not compiled or published by AK MLS, Inc. Data maintained by AK MLS, Inc. may not reflect all real estate activity in the market.

This week included the end of the month which is always a high point for closings. This month was no different in that more than 30 closings took place. But the beginning on winter is showing in all other categories. New listings fell off a cliff with only 16 coming on the market for the week. Pendings were down a little and the total inventory dropped below 800 for the first time since May.

Over 1/2, (57%), of the 120 closings last month were under $200,000. That should be a wake-up call for the 527 homes on the market over that $200K mark. The higher the price of the home, the more agressive you need to be in your pricing compared to your competition. I had a client last week slash his price by 7 1/2 percent in one move…he got two offers in one week after only getting a showing a week for more than two months.

So we have officially entered the winter season where activity begins to slow down. But I actually enjoy this season of real estate because we are dealing with serious sellers and buyers during this time of year. Buyers are generally not just shopping, they need a home for the winter. Sellers that are on the market in the winter are not competing against the half-hearted sellers who take their homes off the market for the Thanksgiving and Christmas seasons.

If you are looking to sell or buy, give me a call. I have been working in the Mat-Su Valley for almost 20 years helping people with their real estate needs. My phone number is 232-7900 and my email is marty@valleymarket.com .

Based on information from AK MLS, Inc. for the period (date) through (date) but not compiled or published by AK MLS, Inc. Data maintained by AK MLS, Inc. may not reflect all real estate activity in the market.

The inventory is shrinking but the rest of the real estate activity remains pretty normal. We are staring winter in the face while we bask in this warm fall. Winter will see a decrease in real estate activity, but it will not die completely. During the winter, there are serious buyers and serious sellers still keeping us Realtors busy.

November 30 is the last day to collect the $8,000 tax credit for first time home buyers. If you haven’t closed your house by then, you don’t get it. It may be extended, but I kind of doubt that the government will be willing to pay the huge cost to continue to stimulate first time home buyers.

The Alaska Housing rebate for energy efficient homes continues. Five Star Plus energy rated homes qualify for a $7,500 rebate…you get a check from the state of Alaska after closing. If you are looking for a house that qualifies, I have a list of them, let me know.

Based on information from AK MLS, Inc. for the period but not compiled or published by AK MLS, Inc. Data maintained by AK MLS, Inc. may not reflect all real estate activity in the market.

The numbers basically still appear relatively healthy with a good amount of end-of-the-month closings.

However, a look at the total inventory give reason for a little caution. Compared to this date last year, we have 150 days on market compared to 135, and we have a median price of $238,000 compared to $244,950. Our total inventory is very similar. We have 863 homes on the market now compared to 856 last year.

So, we aren’t out of the woods yet, but our market hasn’t completely crashed either. It’s close to the same as last year at this time. Of course, last year we didn’t have the $8,000 first time home buyer incentive that will go away at the end of November. It will be interesting to see what happens after that.

If you would like to be on current foreclosure list or the deals of the week list just drop me an email at marty@valleymarket.com

Based on information from AK MLS, Inc. for the period but not compiled or published by AK MLS, Inc. Data maintained by AK MLS, Inc. may not reflect all real estate activity in the market.

This week only saw 17 new listings. That’s low. If that rate continues our inventory will drop quickly. The pendings and sales were almost identical to last week which means the sales rates are continuing at a pretty healthy pace.

Many people are still looking for homes to close before the first time home buyer stimulus runs out on November 30.

So far, interest rates are hanging in there. House prices are not tanking, in fact, we are seeing multiple offers on some homes. Realistic sellers are receiving offers within reasonable time periods. Buyers are almost always trying real low offers at first but coming up to an offer acceptable to the seller if they are serious about purchasing a home.

However, the fact that the Days on Market, (DOM), number continues to get larger tells us something. It tells us that there are still more sellers than buyers and that sellers need to be realistic when they try to market their home. Buyers are shopping and if your home is not in top condition and priced competitively, it’s going to become a sign post rather than a sale.

Based on information from AK MLS, Inc. for the period but not compiled or published by AK MLS, Inc. Data maintained by AK MLS, Inc. may not reflect all real estate activity in the market.

I couldn’t help posting this view of Echo Lake taken on my way home tonight. The cranberry leaves are turning red and the moon is full. OK…lets talk about numbers now.

The following table shows the statistics for the last week of August, 2009. Activity is relatively high. People want to get into homes before winter, they also want to lock in the low interest rates, and they want to close before November 30 to get their tax rebate.

The inventory is dropping while people snatch up the good houses with low interest rates. I had a couple buy a house this week because they are leaving for a three year overseas assignment. They are sure that interest rates will not be favorable when they return so they want to lock them in now.

Another client was quoted 5.25% today for a 30 year fixed conventional loan. That is a very good rate. If interest rates go up to 6.25% they will only be able to buy a $180,000 house instead of a $200,000 home. If you don’t think interest rates are going up, read this. It’s only a matter of time.

Based on information from AK MLS, Inc. for the period but not compiled or published by AK MLS, Inc. Data maintained by AK MLS, Inc. may not reflect all real estate activity in the market.

The total inventory dropped for the third straight week. I’m not sure this means much yet, but it might!

We are seeing a small surge in first time home buyers who are trying to close before the November 30 deadline to qualify for the $8,000 tax rebate. A few of those first time buyers have made contracts on 5 star plus houses so that they can get the $7,500 energy rebate as well. It’s almost to late for that now, but I do know of at least one house that will work for that.

A foreclosure hit the market last week at a real attractive price. By Saturday there were six offers on it. That shows that buyers are out there but they are waiting for the right deal.

I’m going to try to get my deals of the week out on Wednesday or so. Let me know if you want to be on the list to receive it.

Based on information from AK MLS, Inc. for the period but not compiled or published by AK MLS, Inc. Data maintained by AK MLS, Inc. may not reflect all real estate activity in the market.

The amount of new pendings and closings this week is suprisingly high. I would not have predicted 39 pendings for this week. Most Realtors I talk to are pretty busy right now finding homes for people. It seems that the coming winter may be spurring a nesting instinct, or perhaps it is the fact that the first time home buyer incentive of $8,000 runs out soon. If a person isn’t closed on a home by November 30 it’s too lat.

So, for the second week in a row, the total inventory has dropped. We had 61 new listings this week but the inventory still went down.

We pended the home at Kane Drive this week. It was an unusually well done home with triple pane windows, corian counters, and lots of extra care on a view 1.3 acre lot. The builder, Ron Kuzina, is interested in building one over the winter and needs to get the foundation in soon. If you are interested in having him build your home call me now at 232-7900. He is one of the smaller builders that takes personal care into every one of his homes. He doesn’t send a sub out to do the work because most of it is done by himself and his son Ron Jr. I walked through this home in every phase of construction and was impressed by the quality.

Based on information from AK MLS, Inc. for the period but not compiled or published by AK MLS, Inc. Data maintained by AK MLS, Inc. may not reflect all real estate activity in the market.