Wasilla Real Estate News, Valley Market Real Estate

Wasilla Real Estate; Monday Morning Market Memo 11-12-207 November 12th, 2007

Categories: Monday Market Memo

These statistics include all residential listings in the Mat-Su Borough.  This includes Wasilla, Palmer, and all the outlying areas between Talkeetna and Eureka. 

There are several surprises this week.  First, we had 35 new listings come on the market this week, 36 pendings, and 22 closed sales. Those are all healthy numbers for this time of year. 

Notice the high average price for closed sales last week.  That number has been hovering around $200,000 for months.  Last week there were several higher end homes that closed edging the average higher. 

But the record breaker was a $1,500,000 sale of a listing by Lee Mitchell at RE/MAX of Wasilla.  I checked several times and we have no closed sales over one million dollars for the valley on the MLS…until this one.  Congratulations Lee, maybe this will break the ice and we will see lots more million dollar sales in the Mat-Su Valley.

Interest rates are still at historic lows, just over 6% with some special loans coming in in the high 5% ranges.  One of the reasons for the low value of the dollar is the low interest rates pushed by the Federal Reserve.  This, along with $800+ gold and high oil prices risks inflation.  If inflation kicks in, interest rates will rise very quickly.  Buyers who wait for lower house prices may be shooting themselves in the foot by not locking in these low interest rates now.

Written by Marty Van Diest 2 Comments »

Monday Morning Market Memo 11-5-07 November 5th, 2007

Categories: Monday Market Memo

The total inventory dropped significantly this week.  That’s because many homes were listed only through the end of October and the owners chose to not relist them during th holidays.

We did get thirty new listings. Of these 30 listings, six of them are foreclosed homes.  That is 20% of the new listings for the week.  Hopefully this is just an anomaly that will not be a continuing trend.

This week both the pendings and closings averaged in the mid $200s.  Quite a few higher end homes sold this week to bring the average up. 

Below to the left is the Alaska MLS chart for the valley up through Oct.  The chart to the right is for comparison and includes all the listings on the MLS system.  This includes the Valley, Kenai, and Anchorage.  It is interesting to note that the outstanding inventory in the Valley is actually lower than it is for the whole MLS. 

Written by Marty Van Diest Please leave a comment.

Wasilla Real Estate News, Monday Morning Market Memo October 29th, 2007

Categories: Monday Market Memo

October 22–29 Real Estate Statistics
Wasilla, Palmer, and the rest of the Mat-Su Valley

Below are the Statistics for this week. Our inventory is almost identical to last week.  Pendings are down.  The Average price is below $200,000. 

The accepted industry definition of a buyers market is one that has more than 6 months worth of inventory.  We currently have slightly more than 8 months worth of inventory on the market.  Compare that to some of the areas in the country that had the hottest markets during the last 5 years.

Las Vegas, Southern California, and Pheonix all have huge supplies of inventory.  Their real estate market was booming just 2 years ago and now it is bust.  Some areas of Florida have over 50 months of inventory. 

We are only into the buyers market category by a couple months.  That has some ramifications for buyers and sellers.

Sellers
It’s a buyers market.  That means that buyers have a lot of homes to look at.  If they can’t come to agreement on yours, they can try the next buyer down the street.  They are shopping price.  No amount of marketing, open houses, or staging will help if you aren’t price right.  Get the price right and it will sell.

Buyers
It’s a buyers market…but just barely.  That means that although a seller may come down to an attractive price, they aren’t going to drop by 40%.  It’s a waste of your time, and everyone elses time, to make a ridiculous offer. 

I do know of some great homes on the market right now.  I showed a brand new 3 bed, 2 bath, 2 car garage ranch this weekend priced at less than $160,000.  And I think the builder will come down from that. Give me a call, I’d love to help you get a great deal on a home.  (907) 373–0999

Written by Marty Van Diest Please leave a comment.

Monday Morning Market Memo Oct 12-22, 2007 October 22nd, 2007

Categories: Monday Market Memo

Wasilla Real Estate News, Real Estate Statistics for Wasilla, Palmer and the rest of the Mat-Su Borough

The inventory dropped a little this week.  Not because we sold more houses but because fewer new listings came on the market.  People are reluctant to sell during the months of November and December.  We will probably not see the amount of new listings pick up significantly until January or February.

It is interesting to note that there are several new construction houses in this recent list of closed sales.  People are still buying new homes and builders are still building.  The days of building any old house and they will come, however, is gone.  A builder needs to do his homework before beginning a project on speculation.

I note that of the twenty three closed sales this week, eleven sold in less than 40 days and for full price.  Most of the others took some major price reductions to sell.  A couple of them were new construction houses that were on the market for a long time.

Typically, a spec house, (this is a house built by a builder on speculation), will be marketed from the time he clears the lot, sometimes before that.  But it usually actually sells about the time it is all finished, or close to finished, so they are on the market a long time.  Those tend to drive up the average days on the market.

Written by Marty Van Diest Please leave a comment.

Wasilla Real Estate News, Monday Morning Market Memo for Oct 15, 2007 October 15th, 2007

Categories: Market Trends, Monday Market Memo

Wasilla Real Estate
News Statistics for 10/8–10/15/07

For the second week in a row the pending sales price has averaged less than $200,000.  This is where the most market activity is taking place.

There are quite a few builders targeting the below $200,000 market so a good amount of the pending sales are new construction.  We have represented a lot buyers with new construction in this price bracket this year.  We can help you find a builder from this price on up to this house we recently pended on Hart Lake. 

The total inventory rose a little this week.  It should begin to decline as we enter the snowy season.  The buyers that are still in the market during the winter will be starved for new listings so you may want to think about entering the market when most people are not.

Give me a call on my cell to discuss your personal selling and buying strategies.  907 232–7900.

I will actually sit down to discuss your real estate needs, we try to help you, not sell you.

Real Estate Consulting…or Real Estate Selling?

Written by Marty Van Diest Please leave a comment.