‘It’s a seller’s market’: Housing market booming in Anchorage
ANCHORAGE, Alaska (KTUU) - The housing market is booming in Anchorage and surrounding areas, which is helping the economy during the pandemic.
One can see “for sale” and “sold” signs on many local streets.
“I think people are scrambling right now,” said Jenny Schwartz, a realtor for Keller Williams Realty Alaska Group. “They’ve got that fear of missing out, rates are great. (They think) ‘I can afford more,’ things are starting to stabilize and normalize.”
On average, there are 50% fewer homes listed on the market compared to previous years, according to data from Alaska Multiple Listing Service. The months of February and March generally see inventory growth, according to the statistics, but this year there was an inventory decline.
With less inventory, sellers are getting multiple offers.
“As soon as a house is going on the market they are going into bidding wars, where maybe one to two offers would normally roll in,” said Adam Holzer, a real estate agent with EXP Realty Alaska. “People are seeing five, six, seven, eight, and more offers coming in.”
Holzer said sometimes these houses can go for $20,000-$25,000 more than a seller was expecting.
Both Schwartz and Holzer said the contributing factor to people wanting to upgrade to a bigger, better home, is the low loan interest rates. Rates change each day and vary from person to person. Those interested in what interest rates they quality for should call a loan officer for more information.
“They are trying to take advantage of the great rates, where they can actually spend more for less,” Schwartz said. “But there’s not enough inventory out there, so they’re just competing for every single house.”
According to MLS statistics, in the last six months, the average home was on the market for 47 days.
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