Hi! I hope you all are doing well! I’ve been asked about the effect the shelter-in-place mandate is having on the local real estate market, so I wanted to be sure to keep everyone in the loop, as well as give an update on recent market activity.
Let’s start with market activity and check out some numbers. Here’s what last week’s real estate market looked like in the Anchorage/Mat-Su Valley….
– 74 new home listings
– 96 homes pended (under contract). Average of 33 days on the market!
– 70 home sales closed. Average of 52 days on the market and 99% of asking!
– 7 home listings expired
– 27 home listings were canceled
– 25 home listings were temporarily withdrawn from the market
This means that 74 new home listings were added to the market, while 225 total homes were taken off the market (pended, closed, expired, canceled, withdrawn)! Current demand is far outstripping supply.
While some buyers are currently on the fence about purchasing, buyers are still looking and submitting offers. Meanwhile, some sellers are pulling their listings due to COVID-19 showing concerns, while the normal wave of new listings is less than normal as some sellers are holding off. So, with less competition from other sellers on the market, it is still a great market for selling a home. Meanwhile, historic low 3.25%ish interest rates make home buying very affordable right now.
How is the “shelter-in-place” mandate affecting real estate? Good news, we’re still open, and it is entirely possible to safely buy and sell. Most of the real estate process can be handled virtually. I can show homes virtually (and have done this for out of state buyers for years). I can meet virtually with both buyers and sellers to walk them through the process, answer questions, and write offers. The only in-person activities that remain essential are possibly a quick walkthrough of a seller’s home to provide accurate pricing info (I have done this through screen sharing as well), in-person showings, and closings (title companies have been adapting). As best I understand, showing homes with 6′ social distancing is permitted. So, I won’t shake your hand, and we’ll do as much as we can virtually, but I can definitely help you accomplish your real estate goals at this time!
What’s your home worth? What’s out there on the market? Just hit “reply,” call, or text and I’m happy to help! Happy Monday, and stay safe!
Advantage Alaska Real Estate/eXp Realty
“Your home sold in 90 days, or I’ll sell it for free!”
P.S. ~ My goal is to always do an excellent job for my clients. If I’m doing a great job for you, please consider passing my name on to others who are looking to buy or sell real estate in the local area!