Fall Market Trends
The 2018 Anchorage real estate market is flat meaning prices have remained mostly stable compared to the previous year. Despite a small drop in inventory the average price of a single family home in 2017 was $366,000 in Anchorage (approximately the same as 2016). Meanwhile, housing inventory has gone down with fewer homes listed for sale on the market – but not to worry – this figure is said to be reflective of a “return to normal” according to housing market data (ADN). There is room for gains in the future.
What does this mean for buyers and sellers?
For now Buyers are benefitting the most as prices haven’t risen dramatically and there are still enough homes listed to surpass demand. The last quarter of 2018 marks a good time for those looking to buy since sellers are competing in a flat market and may use price drops to incentivize buyers. While buyers may have fewer options to choose from, they should be able to find affordable homes. Sellers should remain optimistic too, however. The stable prices point to a healthy trend in the housing market. Anchorage has one of the highest population turnovers in the U.S. with last year marking the fifth year in a row where more people moved out of state then in state. These and other factors mean in theory the market could be down far more. For now, Anchorage and the greater region are doing well when you consider the current factors.
Other trends could increase market demand significantly, including changes in oil prices, Arctic exploration, military expansion and tourism, among other factors.
Stay tuned for more Real Estate news from Northern Trust Real Estate. We know our city and all it's neighborhoods --Anchorage is our home too so you'll know that we can help you find the house that you can call home!
3 Ways Back-to-School Affects the Market
Back-to-school season is here and its a busy time for all! If buying or selling a home is on your list of to-dos this fall we've got you covered. Here are some helpful tips to keep in mind:
1. School District Boundaries Matter
School districts are a major consideration for buyers: A study on Realtor.com found that among Buyers surveyed, “23% would pay 1-5 percent above budget” while "20% would pay 6-10 above budget” to live in a home in a specific school district. For many potential buyers, school district boundaries serve as one of the primary concerns factored in when shopping for a home. As a seller you want to have your house on the market by mid-July to ensure it is featured prominently – especially if you live in a sought-after school district.
2. Brace for Market Challenges
Be aware: Brace for challenges if selling family homes, 3 (or more) bedroom units, multi-level homes etc. Traditionally the market slows down with these family-style units ---especially around this time. Don’t let the stress overwhelm you as the market tends to pick up in Mid-August after school starts. Prepare for a slow period and be ready to advertise across multiple channels.
3. Some Properties Still Sell Fast
Among the slow market challenges, some homes traditionally sell well regardless of the season. This includes but is not limited to retirement communities, condos and Town Homes. It might make sense to prioritize your energy on family homes during this period -- but as always treat it case-by-case and see what works.
4 Tips for Fall Home Staging
Summer is underway and hopefully you’ve had plenty of time to enjoy the blue skies, fresh air and sunshine. Home staging can play a vital role in reducing time on the market, especially with Autumn around the corner. Staging a home is essential to selling it quickly – a recent study conducted by the National Association of Realtors (NAR) found that “Seventy-seven percent of buyers’ agents said staging a home made it easier for a buyer to visualize the property as a future home.” Seasonal personalization can produce cordial vibes in the home and warm-up customers into making their big first purchase.
1. Maximize Curb Appeal
Consider landscaping the yard or hiring a professional if it is within your means. The home's exterior often forms the first impression for potential buyers. Consequently, focus your energy outside on raking, weeding, trimming or other outdoor tidying. Sweep decks and patios and be sure to wash the windows and remove stains.
Clean cobwebs and dust and stow away summer items such as pool toys and sporting equipment to declutter the home. Be sure to sweep and dust –especially behind large furniture including refrigerators, ovens and cabinets (where people often forget). Clear bedrooms of any tech gadgets such as video game consoles and TVs. Empty out any storage rooms or closets to show off space. Vacuum and/or deep clean any carpets and rugs to reduce stale air and capitalize on the freshness of fall.
3. Create Atmosphere with Aromas & Accents
Bring out the fireplace (if available) to highlight warmth and comfort. Adorn couches with throw pillows, blankets, quilts and other inviting textiles and fabrics. Use yellows, oranges and bronzes for the accents to match fall seasonal colors. Fill the home with fall motifs and scents such as cinnamon, pumpkin spice, etc. Baking cookies in the home can be messy, opt instead to simmer cinnamon sticks with apples in water on your stove to infuse an inviting fall aroma in the air.
4. Strike a Balance with Minimal Decor
A well staged home should result in an inviting ambience. Don’t overdo the decorations--while they emphasize certain features --you don’t want the buyer to feel like they're encroaching on others' space. Avoid excessive decorations and gimmicky or elaborate displays and let the cleanliness and outdoor colors do most of the talking.
Need more home staging tips? Questions about a home? Call us at (907) 751-2500 – get started today with Northern Trust Real Estate!
ANC Summer Snapshots
1. Earthquake Park
This scenic park west of downtown honors the deadly 1964 Good Friday Earthquake that reshaped the city and its surrounding landscape. The hilly, wooded area offers the quintessential view of the Anchorage city skyline from a few different clear vantage points. The silhouette of Sleeping Lady “Mount Susitna” can be clearly seen. Moose frequent the area so be vigilant.
2. Point Woronzof
Drive just a couple of miles past Earthquake Park (continuing on Northern Lights) and you’ll reach a more remote, beach access spot. Point Woronzoff offers another Westerly scenic view of Anchorage from a serene beach access point. Many outdoor enthusiasts, tourists, couples and other visitors enjoy watching the planes fly right overhead.
3. Glen Alps Trailhead
Not more than a 15 minute drive outside of Anchorage, the Glen Alps Trailhead provides a full panoramic view of the city. It is the starting point for some of Anchorage’s top hikes including Flat Top Mountain. The beauty of surrounding mountain ranges, mud flats and seeing all of the city sprawled out 1,300 miles below is truly unparalleled. A place of Beauty and history, Some of the perks of owning a new Home in Alaska.
4 Tips to Stage Your Home for Summer
Harness the sun’s power to add a cordial element to your home’s interior making its characteristics pop more for photos and tours. Remove or replace large curtains, move furniture away from the windows, unplug unnecessary lights and set the tone with sunshine. Natural sunlight is shown to boost peoples’ concentration, mood, productivity and overall health 1. These can be powerful factors in converting general inquiries to buyers for your home.
1. Use Natural Light!
2. Spruce-up the ExteriorThe grass is literally greener during summer. Showcase your home with a freshly mowed lawn, trimmed shrubs and a weed-free garden. Water your plants and use mulch to keep things tidy. Flowers characterize your home as photogenic while infusing welcoming aromas into the atmosphere. Paint touch-ups on the exterior can go a long way in making the home look new. Don’t forget to also highlight: pools, patios, decks, barbecue areas and other outdoor spaces.
3. Keep the Home Clean & CoolKeep the thermostat at 70 and make good use of AC, fans and dehumidifiers to keep the home well ventilated and comfortable. Be sure to also remove any clutter and personal items such as family photos or other bric-a-brac that may distract buyers. One good trick is to set an ice-cold pitcher of lemonade or water on the kitchen counter with some chilled glasses to augment the kitchen presentation and make visitors feel at home as soon as they enter.
4. Capitalize on the Color Palette
Warm up the inside of your home to reflect the season’s beauty: sky blues, grass greens, sunny yellows etc. These colors are psychologically inviting and resonate positively with people — especially during summer. Use luminous or neutral colors for towels, linens, accent pillows and other home accessories. Highlighting the charm of your home with seasonal accents can encourage prospective buyers to take action.