Welcome to our latest blog post! This entry will head in a few directions. We’ll cover the latest real estate trends in the Mat-Su Valley. Beyond that, we will also explain some issues concerning driveway permits.
The Latest on Driveway Permits and Alaska Real Estate Market Trends in the Mat-Su Valley
What You Need to Know About Driveway Permits
An amnesty period is currently running in the Matanuska-Susitna (Mat-Su) Borough, specifically concerning driveway permits. Check into this soon. The government issued around 15,000 permits out of the estimated 70,000 driveways in the borough. That leaves the vast majority, including your driveway and mine, without proper permits. The amnesty offers a chance to rectify this without facing penalties, but there’s a catch. If your driveway doesn’t meet the borough’s standards, it may have to relocate to obtain approval. It is a hassle no one wants to deal with, but it’s worth addressing while the amnesty is still available. Avoid future complications by looking into your driveway’s status and seeing what steps to take to comply.
The Latest Alaska Real Estate Market Trends
Let’s talk about the real estate market. Interest rates have been fluctuating. We’ve all been waiting to see where they will go. Many have been sitting on the sidelines, hoping to see home prices drop. There are also unexpected twists on the horizon. Many expect interest rates to drop into the high 4% range, possibly as soon as early 2025. However, we could see home prices rise instead of fall. It’s a common misconception that lower interest rates lead to lower home prices. The reality is that demand may surge, pushing prices up.
Let’s break down the numbers for the week of September 16 through September 23. Only 33 new homes were listed for sale during this period, while 50 were under contract. That means the inventory is shrinking, and fewer homes are available for buyers. Although total days on the market are rising, it is due to overpriced homes sitting all summer. The homes that went under contract averaged just 41 days.
If your home has sat for three months without interest, it is time to adjust your pricing strategy. The market is still active, but buyers are looking for well-priced homes. If you need assistance navigating this ever-evolving market, Valley Market Real Estate is here to help. Our team will guide both buyers and sellers. Just visit our website at ValleyMarket.com, select one of our team members, and we’ll take it from there.
We Love Alaska!
Are you considering buying or selling a home in the Wasilla/Parker area? We’d love to help you! Contact The Valley Market now, and we’ll reach out to you promptly.
Would you like to see more great info from The Valley Market? Please visit The Valley Market blog page.
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