The Real Estate market in Eagle River Alaska is very good. Now some will say "How can you say that?" Yes, Homes are on the market much longer then 2-3 years ago, and Yes, in 2007 we did see the average sales price decline by approximately 2.5%. This is just a number, the truth is that homes are being sold and buyers are currently in the market looking to buy.
Many of the buyers are not looking at the more expensive homes, and this is why the average sales price has dropped. We did sell just under 700 homes last year in the Eagle River area. That is the 5th best year ever. We are seeing some effects from the problems being experienced in the lower 48. Buyers are being more cautious. This is a good thing, buyers should be more cautious, they should be fiscally responsible. Buying a home is not like buying a new cellphone, this a purchase that can affect your life. It should be done with care, knowledge and with the assistance of people who know the market and business.
The Real Estate market in Eagle River is cruising along with a slight edge to the buyer. What this means is that for a owner to sell their home they must ensure that all items maintenance items are completed and the home is in good condition. If a home is in excellent condition, in a nice location, then a buyer will pay more for this house, and most buyers would be happy to do this. If a buyer is willing to take on the task of renovation, new carpet, and/or some deferred maintenance, then they will probably be able to get a discount.
Finally, The Real Estate market in Eagle River is good and the community is strong. There is new construction taking place. Commercial construction is also underway as new office buildings are going up and new services are being added to our community. The community is strong and growing. The best part is that growth within our community has been moderate and prices have not been over inflated by investors from other parts of the country. Our Real Estate market is a local market based on the local economy and right now, and for the immediate future is looks good.
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Eric, excellent post and update. I'm guessing it has to be a bit cold there this time of the year?
Duane,
Yes it has been cold, however today the temperature is 14, and this is 41 degrees warmer then last week. It does slow down some of the buyers, but the ones looking are ready to get back to the office to write an offer.
Hi Eric. Thanks for the great post. Thanks for sharing it with our group.
Have a great weekend!
:) I thought our 19 degrees was cold but Eric you are colder.
You sound like me. LOL I've decided to adopt a specific slogan for this year. "Real estate is great in 2008!" Because it doesn't matter what the media says. If my attitude is right, then I'll have a great year. I owe it to my clients =)
Eric, one good way to get those offers written. Stay warm.
Duane