The days of buying a home for $300,000 are gone, and you can save yourself hundreds of dollars on your home sale in just a few weeks.
The price drop for homes in Alaska is happening because the state is in the midst of a housing shortage, but not everyone is happy with the way it’s being handled.
Here are 10 things to know about the Alaska housing market:The Real Estate Brokers Association says that, despite the drought, sales of homes have been up since last spring.
In the last week alone, it said, sales in Anchorage and Fairbanks soared.
In Anchorage, home sales have risen 6.8 percent from the previous month, and the average price of a home sold in the city has climbed 14.5 percent.
It is now the fourth-highest price-to-income ratio in the state.
The average home sold was $291,000 in the past year, according to the Real Estate Association.
The median price in Fairbanks, however, is $270,000.
In Fairbanks’ downtown area, the median home price is now $270.8 million, a 1.2 percent increase from the same month last year.
The city is the sixth-highest in the country for median home prices.
Real estate brokers say they are experiencing a shortage of available homes in the metro area because the area is being flooded with homes and homes are being sold for much less than their asking price.
This has caused some sellers to cut their asking prices, which is why some people are moving to other areas of the state, said John Biederman, who runs the real estate brokerage firm Real Estate Agent LLC in Fairbank.
In Fairbanks alone, he said, the market is currently at a “critical point.”
Biederman said he doesn’t expect a housing bust anytime soon, but he said it’s going to take a while before buyers are able to buy a home.
He said some of the sales have already begun, and some buyers are moving out to other parts of the country because the prices are cheaper.
Some buyers are buying the homes for cash and paying the seller for the sale, Biedermans said.
If you are trying to sell a house for $100,000 and a seller has $100 million and the seller has a mortgage on $50 million, the buyer will get paid a much lower price, Bedermans added.
The median home value in Fairbays city is now more than $250,000, according the Real Property Association.
But some homes are worth much more than that, including a $1.9 million home on Westlake Drive in Fairview.
In other parts, some buyers and sellers are moving in different directions.
One seller said he is buying the house because he wants to live in Fairfield and his wife is leaving and moving to Anchorage.
He is not looking to sell the house but is looking for a better deal, he told the Alaska Dispatch News.
The house has been in Fairmont since 2006, and Biedernes wife, Ashley, lives in Fairmores home.