Winter lingers in Southcentral Alaska, home buyers too…..

Winter just won’t loosen it’s grip on Southcentral Alaska as we are experiencing one of our longer waits for Spring. Freezing nights have kept lakes, streams, and ponds from thawing as well as that persistent snow in many areas. Home buyers, at least in the upper price ranges, seem to be holding off on active home looking and buying as well. Good news is mortgage interest rates remain low, check today’s rates, and homes that show only modest appreciation in value the past couple of years, combine to makes this the best time to buy. However, many professionals in the industry are asking “what gives?” with buyer interest and low inventories. My opinion is the low consumer confidence and turmoil around the world is combining for a similar pattern as our lingering Winter weather. For Buyer’s in the Mat-Su Valley, and more specifically Palmer and Wasilla, this means a great time to purchase, especially in certain segments: ie – homes price over $400,000! as there are 84 active and 16 pending listings and a total of 18 Sold Listings in the last 6 months. This translates to an inventory of 2.7 years supply! vs. the same price point in October 2012 when inventory saw an 18 month supply. Sellers in this price range must be negotiable to sell and buyers will find deals. Inventory of homes in the $200,000 to $400,000 price range are 328 active listings with 186 pending with 238 sold in the past 6 months. This translates to a 7 month turnover and approximately a 50 day supply. Sellers will be getting multiple offers and Buyers might be fustrated if they make low offers and miss out. The under $200,000 price range has inventories of Active listing that very tight and in some specific price points, pendings exceed active listings. For would be Sellers this translates to getting your home on the market quickly up to the $400,000 range and ready to sell, ie; clean and maintained. Above $400,000 I recommend a willingness to negotiate and offer incentives to any prospective home buyers.