More information about Alaska market trends
Home appreciation in Alaska is up 3.9 percent on last year, and the experts are predicting that property
values will continue to rise to 5.8 percent within the next year.
Alaska has a stable housing market,
but mostly for homes that are under $500,000. Supply and demand is about equal for homes between $500,000 and $750,000. So for those low to mid level houses,
it's a seller's market. However, when it comes to selling higher end homes, it tends to be a little more of a struggle in this state.
The turnaround tends to be around a year.
The good news is, Alaska ranks lowest in the nation
when it comes to subprime delinquencies and foreclosures.
At just 6.3 percent for the former-compared with a 16.2 percent national average-and 1.7 percent for the latter-below the 7.8 percent national
average-any opportunists looking to swoop in and take advantage of Alaska basement homes will come up short.
Pricing Your Home Accurately
The average home price in Alaska is currently $268,600, and the market is trending up.
When pricing your home however, it is important to take into consideration the county in which it is located. Currently,
the county with the highest average house price is Nome.
The average house price there is $841,363, almost double the average in any other county, and in the higher price range that has less of a demand in Alaska.
And since Nome is only ninth when it comes to the most popular places to live in the state,
there may be even less demand, and you may have to be cautious when deciding on an asking price. Compare this with Anchorage, which is number one in popularity,
with the more popular low-to-mid range asking price, and you can see how you might be able to bump your listing price up a bit.
Pro FSBO Tip: Selling a Higher End Home in a Slow-Selling Alaska Market
As we have already mentioned, higher end homes are a lot harder to sell in the Alaska housing market,
so it may take a little more effort to sell a property in the $750,000 and up range.
Here are some tips to help you out.
Generally, the best time of the year to list a house on the
MLS Alaska is in the spring. After receiving their tax refunds, more people are looking to use their refund on purchasing a new property,
and are more likely to pay full price. To further support this, 60 percent of people move in the summer, proving a sales peak in the spring.
The best day of the week to list a house is on a Thursday, especially in a seller's market.
Saturday is the busiest day of for real estate so it's a good idea to get your listing out a couple days before that so buyers
and their agents can include your listing in their scheduled of home tours over the weekend. The MLS will also show that the listing
has only been on the market for two days. This is important because, the fewer days a house has been on the market,
the more likely a buyer is going to pay full price for it. Another benefit of listing on Thursday, is even by the next Saturday,
your listing will only been on the market for nine days, keeping in the single digits for another weekend.
One more tip for pricing your property is to make sure that the listed price doesn't end in a zero.
Even if you are rounding down, studies show that a round number can actually decrease the final price by just under one percent.
That is because buyers tend to perceive rounded costs that end in zeros as higher than those that are a more specific.
Other tips for selling high end properties are property specific things, such as highlight the location and making sure that your spell out how unique you home is.
This makes it more attractive to buyers. Using the Fizber MLS Alaska will guarantee that your listing sees the most eyeballs possible,
and it will give your property the best shot at selling your home.