Fairbanks Alaska Real Estate Review - 6/22/2008 - 6/28/2008Fairbanks Real Estate - Week in Review - 6/22/2008 - 6/28/2008Jesse Clifton, Broker Associate
For the week of June 22-28, 18 homes closed escrow. The majority of those (67%) continue to be sales in North Pole, although interestingly, they aren't new construction homes. New construction represented less than 1% of homes sales this week. Days on the market dropped somewhat this week from 131 to 102 days. In a recent post I delved a little deeper into the Fairbanks days-on-market stats and found some interesting stats. This week 33% of Fairbanks homeowners saw their home sell in under 30 days. Keep that in mind if you're shopping for a home. Homes priced correctly and in good condition are selling... and in some cases they're selling quickly. The average sales price came in this week at $220,251. That's a whopping 19.2% increase over this time last year. We've even beat the year-to-date average for 2008 of $211,692. The Fairbanks real estate market may not be setting any world records, but we are moving forward. If you're in the market to purchase a home, this could be a great time. Ready to find your piece of The Last Frontier? Contact us online or call 907.699.6024. We are your local Fairbanks real estate experts.
The weather is here.... wish you were beautiful
We made it down to our favorite spot on the river without incident and have even been so lucky as to have the place to ourselves. No doubt that will change tomorrow but for now it's peaceful and just about as close to perfect as you can get. One of the attractions that have kept us in The Last Frontier for so long is the abundant opportunities to get out and enjoy some of the most beautiful country on earth. Fishing, hunting, boating, hiking, camping, off-roading, flying, rafting, canoeing, kayaking, skiing, snowmachining... you name it and it's all right here in our very own backyard. Ready to find your piece of The Last Frontier to call home? Contact us online or call 907.699.6024... Just give us 'til Monday to call you back. We've gone fishing.
9th Army Band Free Concert - Fairbanks Noel Wein Library
The 9th Army Band, stationed at Fort Wainwright, has an upcoming concert performance on June 26, 2008 at 7:00PM at the Noel Wien Library. Tuba Player MSG Roger Ridenour leads the ensemble that features 1SG James Thaxter and SFC Andrew Phelps on trumpet, SGT Dale McSwain on horn, and SGT Vincent Lawyer on trombone. 9th Army Band Sample Performance. If you haven't heard the Band perform, you should make time to come hear them play. They truly do a magnificent job. Request a performance of the 9th Army Band at a military function (PDF) or a civic performance. Following this performance, the 9th Army Band will perform on Saturday June 28th at 1:0PM at the Salcha Fairgrounds for the Salcha Country Fair and on Sunday June 29th at 6:00PM for the Beluga Nights Summer Festival the UAF Patty Center.
North Pole New Homes - $7,500 Rebate AvailableNorth Pole New Construction Homes - $7,500 Rebate for home buyers.Jesse Clifton, Broker Associate New construction homes in North Pole have long represented a wise investment. Now there's one more reason to purchase a new home in Fairbanks.
Alaska Housing Finance Corporation is offering a $7,500 rebate for buyer who purchase a qualifying* new construction home that meets Alaska Housing's Energy Efficiency Program for 5 Star Energy Rated Homes. What could you do with $7,500?
Attention Fort Wainwright & Eielson Air Force Base personnel - Couple your VA home loan benefits with the $7,500 rebate and buy a brand new home with possibly nothing out of pocket and put money in the bank. To find out more or to start looking for your piece of the last frontier, contact us online or call Jesse and Kathy Clifton, Fairbanks real estate experts at 907.699.6024. * Property must meet certain AHFC Energy Standard guidelines for new construction.
Fairbanks New Homes - $7,500 Rebate Available!Fairbanks New Construction - $7,500 Rebate for home buyers.Jesse Clifton, Broker Associate New construction homes in Fairbanks have long represented a wise investment. Now there's one more reason to purchase a new home in Fairbanks.
Alaska Housing Finance Corporation is offering a $7,500 rebate for buyer who purchase a qualifying* new construction home that meets Alaska Housing's Energy Efficiency Program for 5 Star Plus Energy Rated Homes. What could you do with $7,500?
Attention Fort Wainwright & Eielson Air Force Base personnel - Couple your VA home loan benefits with the $7,500 rebate and buy a brand new home with possibly nothing out of pocket and put money in the bank. To find out more or to start looking for your piece of the last frontier, contact us online or call Jesse and Kathy Clifton, Fairbanks real estate experts at 907.699.6024. * Property must meet certain AHFC Energy Standard guidelines for new construction.
Fairbanks Alaska Real Estate - Home Sales Moving forward
Fairbanks Real Estate Outlook Jesse Clifton, Broker-Associate Are you falling for the hype? Much is still being made in the national news about the slowdown in the housing market. It seems as though you can't turn on the news without hearing about rising foreclosures, default rates and slow housing starts. But is it really that bad here in Fairbanks? Not hardly. The Fairbanks real estate market might not be moving at a breakneck pace but it's far from standing still. In fact there are some segments of the Fairbanks market that are still attracting multiple offers. Homes in good condition that are priced correctly are selling. We've heard from several buyers recently who were shocked to find out their offer wasn't accepted because the offered price was too low or because another buyer wrote a better offer.
Bottom line.... Don't fall for hype - Get the facts! If you're in the market to buy, soft prices and a full inventory could mean this is a great time to get off the fence and into a new home. Contact us online or call 907-699-6024 to find your piece of the last frontier.
I took the plunge...I finally did it. I talked about it long enough. I looked at it and talked about it so much the boss told me if I mentioned it again she was going to knock my lights out... and I think she meant it.I've been using an old(er) Cannon SLR for more years than I care to remember. A couple of days ago the FedEx man delivered my new Cannon 40D DSLR. Now, where photography is concerned I'm certainly not as good as my buddy Richard Weisser or John & Margaret Hokkanen but I like to tinker with it. By the way, if you haven't had the chance to meet Richard or see the magic that John and Margaret can do with a camera then put your mouse in gear and click on over. They're all amazing people.
There's a running joke that if you're ever lost, just look for the Auto Trim flag and you'll have your bearings. As memory serves the flag is 15' x 25'... it's quite large. The 'video' above was a series of shots this afternoon and an experiment with Veoh. Hope you enjoy it!
Fairbanks Alaska Absorption Rates June 2008Fairbanks Absorption Rates for June 2008By: Jesse Clifton; Fairbanks Real Estate Broker
Simply stated the absorption rate is the rate at which homes are selling. By dividing the number of available homes by the number of homes sold during the previous 30 days we're able to see how long it will take the market to absorb the current inventory of homes for sale. Keep in mind this number is not static. The absorption rate changes every time a new listing hits the market or a home in escrow closes. The rates below are a snapshot of the market today. Looking at what similar homes have sold for and making the requisite adjustments for age, size, amenities, etc. is critical to establishing market value. While the recent sales will give you the initial value, it's just as important to see how quickly the market is moving in order to solidify that value. A Fairbanks home with a market value of $260,000 falls into the group of homes with an absorption rate of 9.1 months. At 5.4 months, homes in the $200,000 - $250,000 category are selling at a significantly faster pace. Do the math. Assuming a typical mortgage payment of $2,200+/- (PITI) and average monthly utility costs of $300 (summer) and those additional four months of marketing time will cost you $10,000. Factor in average heating costs of $600 - $1,000 per month and it would be a very smart move to drop your initial asking price by $10,000 to move your home into a segment of the market that's selling much faster. After all time equals money and the longer a home sits on the market the more shop worn it becomes. For sellers, the one caveat to the scenario above is that to get the most mileage out of these absorption rates, the home needs to be priced at market value as indicated by recent closed sales. If your market value is $250,000 but your asking price is $275,000 then you've easily doubled your marketing time and these numbers will be meaningless. Conversely if you’ve under priced your home then you can expect a much shorter marketing window.
Are you ready to sell and need to know the current market value of your home? Call us at 907-699-6024 or contact us online and request a comparative market analysis.
Just for you...We all have them; those days where you want to pull your hair out and scream. Fortunately we also have days where it seems the world is our oyster. Today was one such day here in Fairbanks.The sun was beaming down through the office window enticing me with warm rays to abandon the dull 'ol paperwork I was diligently working on for a little play time. Who doesn't like recess? So, I gave in, grabbed my camera and headed out to see what I could get into. It wasn't until later this evening that we took a walk around the lake that I found what I had been looking for... I snapped these while out walking with my lovely wife. Enjoy! Click the image to enlarge.
Fairbanks, AK Real Estate Market Report For May 2008
Fairbanks Alaska Residential Real Estate Market Report for May 2008
Fairbanks Alaska is a thriving community in the heart of Alaska's Interior. In addition to being a major outdoor enthusiasts paradise, we are also home to the flagship campus of the UA System - the University of Alaska Fairbanks as well as Fort Wainwright Army Post and Eielson Air Force Base. Life in Alaska is good... come discover what makes our community a great place to call home! Well, it looks as though our spring market has finally arrived... mid summer. The good news is we're seeing an upswing in market activity. The bad news is we're still seeing a good many homes languish on the market. Sellers need to take a long hard look at the market and adjust their sales price accordingly IF the goal is to sell. Sales of residential homes in Fairbanks rose 22% over April 2008 with 105 homes closing escrow for a total of $22,453,654. The average sales price also rose slightly to $213,844 while the days on the market decreased to an average of 103, market wide. Currently there are 168 homes under contract with 654 actively for sale. The absorption rate for Fairbanks is hovering at just shy of 6.46 months (meaning it will take that long to sell everything that's on the market with no new listings). That number is declining, which indicates a lot more homes are going under contract than even a month ago. If you're thinking of buying a home in Fairbanks or North Pole, you might not find a better time than right now. There are good values to be had, rates are still low for the time being and some sellers are offering closing cost concessions. Don't make the mistake of waiting for the market to worsen... the signs are pointing to that not happening.
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Fairbanks Real Estate Broker Jesse Clifton Fairbanks, AK More about me… Jesse & Kathy Clifton, REALTORS - 907.699.6024 - Cell Phone: (907) 699-6024 Email Me
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Fairbanks and Interior Alaska real estate news and information. Keep up with the latest happenings in the Fairbanks community and around the state; local real estate market trends, Fairbanks new construction, existing home sales, land acquisition and development as well as mortgage and interest rate updates.
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Do you remember the story about the little engine that could? Just like that little engine the Fairbanks real estate market is surviving the housing slump that has derailed many real estate markets around the country.
Sorry folks, I couldn't resist. The sun is shining with only a few clouds in the sky - for now. It's supposed to rain later today and tomorrow but it won't matter. The worst day of fishing beats the best day of working, right?
One of the most important yet often overlooked keys in setting an asking price for a home is the absorption rate. It's as important to pay attention to these numbers as it is to the most recent closed sales in a particular neighborhood.
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