Valley Market Real Estate
Well, we were only above 400 in inventory for 2 months this summer. We will soon be below 400 again. Those of you who are waiting for the market to turn and for choices to open up are going to be waiting for awhile. You will probably will be waiting for years.
In order for prices to drop there needs to be a surplus of sellers compared to buyers. That is not the case even though interest rates are higher than they have been in 20 years. So if you are a buyer waiting in the wings I would start comparing your rent costs to your purchase cost.
At this point, using the limited data I have on rentals, it appears to me that you could rent a 1350 square foot home for about $2,000 per month in the valley while the average monthly payment on that home if you purchased it would be closer to $2500 per month. Property managers feel free to weight in.
Still, there are more buyers than sellers in the market for that 1,350 square foot home. The main reasons are: 1. You lock in your monthly payments. 2. You have more freedom to do what you want in your home than if you were renting, 3. The probability of house prices rising over the long term is good.
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This representation is based in whole or in part on data supplied by, and to, the subscribers of Alaska Multiple Listing Service, Inc. (AK MLS, Inc.). AK MLS, Inc. does not guarantee nor is it in any way responsible for its accuracy. Data maintained by AK MLS, Inc. is for its own use and may not reflect all real estate activity in the market.
