The 2009 AHBA Parade of Homes was held the last weekend of September. The weather was nice and the 100's of people hit the streets to see the latest creations of the Anchorage Home Builders. The total number of entries in this years Parade of Homes was 25. These home were spread out across Anchorage and Eagle River. They ranged in price from $199,000 to $1,800,000, and were situated in new subdivisions as well as older established areas that were being rehabilitated.
Last night was the awards banquet held in Builder's Millwork showroom. The group assembled included builders, bankers, tittle companies, Realtors and their spouses. The night was entertaining and food was great, but the main reason we were all there was to see who walked away with the hardware. It is a great honor to win a ''Golden Hammer', showing that you are the best in your class (at least for this year).
I am very proud to tell you that two of the entries were located in Eagle River's Premier Subdivision, Powder Ridge. The Harmony Town-homes, built by the Peterson Group, and a single family home built on Ezi View Circle by Nolan Homes.
In the single family homes priced from $300,000 to $500,000 the winner was "Nolan Homes". The home on Ezi view won awards in the following categories:
And last but not least the home won the coveted
'Golden Hammer Award'
This years Parade of Homes was a great success, and I am glad that we were able to participate in it. I was able to meet many of you that came through the home and hopefully we will be able to work with you in the future. There is still time to start a new home this year and current prices and interest rates are added incentives. For information call or text me at 907-360-7471.
What's happening in the Eagle river Market this week? that is a question I keep getting asked and I have a great answer, but before I going to the weekly numbers I would like to share with a conversation I had Saturday evening at the Annual Chugiak/Eagle River Chamber of Commerce fund raiser.
I know I'm name dropping, but so would you, and this is Alaska. My wife and I were looking at all the very cool items in the silent auction and we had the opportunity to speak for several minutes with Senator Mark Begich. We exchange pleasantries and I asked Senator Begich about is real estate license, he has been a Realtor for many years. Our conversation revolved around what was going on around the country. The Senator shared with me information that he had obtained that showed new housing starts around the country were increasing. He also shared with me what he had seen as he drove across the country on the way back to Alaska.
The Senator had seen many small towns languishing in this recession, a stark contrast with our local economy. We are very lucky that our local economy has fared very well in the recent down turn. I shared the status of our local market and it is good. It was a great evening and I really enjoyed myself.
Here is what I shared with Senator Begich:
The Eagle River residential market showed healthy signs again last week. Ten (10) homes went under contract (pended), eight (8) new homes came on the market, and five (5) homes closed. The average sales price in Eagle River is $330,000 and the average market time of the sold homes is 73 days over the last quarter. Active homes still on the market show an average of 113 days on the Market (DOM). With only 157 homes available for sale and 20 of these homes not built, there is a limited supply in most price ranges.
Chugiak has a little better supply of homes with 57 currently available. Two (2) homes pended, one (1) new home was listed, and one (1) home closed. The Chugiak/Peter's Creek area still provides some of the better values for this area with many of the homes situated on larger parcels of land.
Well that it for this week, if you have questions about what going on or would like help in any real estate matters give me a call or send an e-mail. Remember this, Real Estate is Local, and Locally we have it pretty good.
What's happening in our market this week? The weather in South Central Alaska has continued to be mild and with very little rain. A nice fall, with lots of color in the hills. As you all know I was not here last week, but I did review the number for the area and I think that many people were out enjoying the extended Labor Day weekend. Here is a breakdown of what happened. Eleven (11) new homes came onto the market, six (6) homes went under contract (pending), and eleven (11) homes transferred title (closed). This weeks feels about the same, although I do not think there will be as many new listings. The rental market also continues to be very tight, with a very limited supply of homes to choose from. Current inventory in Eagle River of homes for sale is just 164. At the end of August there was 184 homes available, and last year at the end of August there was 221 homes available. This places limitations on perspective buyers. When you extract the un-built new homes it leaves just 133 homes across all price ranges. If you are thinking about selling a home, now would be a great time. Make sure that your home is in excellent condition and it will most likely sell quickly when price accurately. Please visit www.ValueMyAlaskanHome.com to receive a list of comparable homes and a market analysis for your home. If you have not signed up to receive new listings updates please visit www.eagleriverhomesforsale.com. You will receive updates for Homes, land, and recreational property based on the selections of your choosing.
Taking a look back at last week, one would think that the market had gone crazy. 21 homes pended in the Eagle River and Chugiak areas. 6 went under contract in Chugiak, this is a 12 month high for one week.
Interest rates have fluxuated up and down but for the most part stayed in the low 5's for a 30 year fixed conventional loan.
There are changes around the corner and you do need to be aware of them. If you will be involved in a real estate transaction in the near future, pay attention. The mortgage lenders will be operating under new rules and the title companies will be enforcing them. Here is a short list of some of the changes.
Once you receive a good faith estimate on your new loan you will need to wait 7 days before you can close. This means that if you lock your interest rate you may need to wait 7 business days before you can close.
If the APR changes on your loan, example: some portion changes and it goes up by more the.125% then a new disclosure must be made. 7 more days.
Once the appraisal is in there will be a 3 day review period. However in some cases this may be waived, although highly unlikely.
This is just a small portion of the changes, and now more than ever you need great communication between all parties. The average contract closes in approximately 38 days. I suggest writing an offer with a 45 day time table. This will give you plenty of time and if everyone is ready early than close early.
If you have questions about these new rule please make a comment here or send an e-mail.
We finished another great weekend and now the weather has started to change. We have seen some much needed rain. But how does this effect the local market?
If it sunny everyday then buyers just want to have fun, they go fishing, hiking and explore this wonderful area. When the weather gets a little cold we see people start to worry about winter, BTW, school starts in one month.
This means that buyers are going to be seriously looking. Inventory levels, homes available for sale, are dropping. This is a good thing. Interest rates were down again today.
The recap for Eagle River is this, 8 homes pended, and there were 6 closing. several of these homes were in the $600,000+ range. The average home price pended in the last 30 days was $369,000. That is moving up from the first half of the year.
All in all the Eagle River real estate market is doing well, but then Eagle River has always done better than other areas. Eagle River is the place to live.
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Yes I have the knowledge that you need to buy or sell a home. I also have a great reputation in our local market as a Realtor that is easy to work with. This is important, and will save you money.
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