Anchorage Real Estate is one of the strongest markets in the Nation and one of the most beautiful places to live! Surrounded by the Chugach Mountains, Anchorage is home to 40% of Alaska's population (over 300,000 residents in the geographic area), which makes it Alaska's largest city. Also, Children's Health Magazine ranks Anchorage 34th on Top 100 Best Places to Raise a Family list.
With her experience, knowledge, and sincere love for the communities in Anchorage, Alaska, Kathi is able to offer the best real estate services around! Her dedication, education, and experience in Anchorage Real Estate keeps her clients coming again and again for their real estate needs. Anchorage is comprised of several different areas: South Anchorage, East Anchorage, Eagle River, The Hillside, Turnagain, West Chester Lagoon, Sand Lake, Jewel Lake, Government Hill, Downtown, Muldoon, Kincaid Park and many more wonderful subdivisions!
The military presence in Anchorage is also significant. Elmendorf Air Force Base is home to over 23,000 active duty, personnel, and their families.
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Anchorage Economic Development Corporation Forecast:
The AEDC hosted a spectacular luncheon last week shedding light on the state of the Alaskan economy and which industries are expected to grow, which will be flat, and those that will have some decline. "Overall, employment in Anchorage is expected to decline by about 1,200 jobs in 2010, a net change of -0.8%," is the prediction, this being the first prediction of job loss in over 20 years. This is a much better prediction and outlook for Alaska than some of the States down South. The best is yet to come for Alaskans. According to the AEDC Business Confidence Index Anchorage businesses have a positive outlook in 2010 and 30% of those businesses believe the Muni of Anchorage economy will improve in 2010.
Projects people in the business community believe should be the primary focus in 2010 is the Alaska gas pipeline, a natural gas pipeline from the slope to the Cook Inlet and finally utilizing resources here in the Cook Inlet. Some other hot topics businesses were asked to consider were the barriers to growth in 2010. An overwhelming 31% said Health Insurance costs would be a barrier and 22% said access to capital may inhibit their growth.
What this means to you and me: Business in Anchorage is expected to remain stable in industries such as gas/oil, health care, government, military, and business/professional employment. All I can say is less that 1% negative growth in our economy is a good thing - pretty flat. I don't believe that employment in Alaska has reflected negatively in Anchorage, there are expected to be fewer homes on the market in 2010, which is a positive in many respects. Too much inventory has a tendency to impact market value. What I believe may impact the Real Estate Market is an expected increase in interest rates. Right now, still very low. What to expect in the Anchorage Real Estate Market in 2010:
After a brief discussion this morning about the opportunities for the Alaska Real Estate market in our weekly meeting, I thought I would share those clever insights with all of you!
Firstly, we all agreed that there will be lower inventories in 2010. Some would say this isn't a good thing, but I don't agree. In the Anchorage area, there were fewer new construction permits allowed this year compared to prior years, thus fewer new homes on the market. Also, the first time buyers credit being extended and the predicted relaxing of financing rules and policies by banks and mortgage companies may allow more first time buyers to enter into the market - gobbling up the inventory. Secondly, The Anchorage Real Estate market continues to be stable and hasn't been affected by declining markets in the lower 48. Though there has been some trouble finding financing and home values declining in the upper end - $400,000+, we still see a strong market in Anchorage, Eagle River and Wasilla. Thirdly, every year the local economists and business owners get together and discussion the big issues. January 6th, Neil Fried (local economist) will talk about jobs in Anchorage, Brandon Walker (commercial Realtor) will talk about the challenges facing the commercial market, and Roger Morris (manager at Prudential) will discuss the opportunities in the Anchorage Real Estate market. I am also looking forward to the AEDC annual meeting on January 27th. Look for my blog and facebook posts for an update on what to look forward to in 2010! ~ Kathi
3rd QUARTER 2009 ALASKA REAL ESTATE MARKET UPDATE :
Anchorage Real Estate average sales price has dropped from $321,000 in 2006/2007 to $305,000 in 2008. We refer to 2008 as a "flat" market and that is because the market reduced .64% on average, less than 1%. The market in 2009 for the first half of the year has reduced 4.6%. Sellers wanting "stretch" pricing are sitting. Sellers who are more realistic are enjoying more success. A new phenomenon to our market also has been the aggressive approach Relocation Companies are taking. They are taking $30,000 and $50,000 price reductions rather than a typical $10,000-$20,000 price reduction. They have experienced a reducing market in other parts of the "lower 48" and they want to get ahead of the market, rather than behind and missing the market.
The other good news is the interest rates. We enjoyed around 4.5% interest rates in 2008. After the economic stimulus package was announced, the interest rates shot up to nearly 5.5%, but have settled now at about 5%. Check with your lender for specifics or call for recommendations.
If you are purchasing this year, you´ll have more choices and great rates!
If you are selling, watch the Dress to Sell types of programs on cable and be prepared to be competitive!
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