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Is The Real Estate Market Really Improving?

There are many indicators that are tell tale signs of whether the market is improving, days on the market, average sales price, sales to list price ratio and housing inventory levels. Housing inventory levels I believe are a key indicator. So how do you know whether the housing inventory is normal in your geographic area? The National Association of Realtors (NAR) indicates that normal inventory levels are 3.6% of the total markets occupied housing units. In the Palmer Wasilla area of Alaska there are 21,015 single family occupied housing units. Using NAR’s indicator of 3.6% a normal inventory level in our area would be 756 homes for sale. As of October 29, 2008 there are 2078 homes on the market for sale. That means we have a ways to go yet before our market is back to normal. But as I have indicated before, there are some price ranges within our market that have normal inventories already. So don’t let the overall number mislead you. If your home is valued at less than $245,000 there is good news. Almost all of the price ranges below $245,000 show a very normal housing market. If you have questions about your home, contact me at Kristan@KristanCole.com

New Tax Credit!

This pportunity for first time home buyers is well explained here. Just click on the title above to learn all about it in an easy format.

Any further questions, please feel free to call Barbara at 800-923-3245.

Lease-To-Own

Lease-to-own is gaining favor once again

Lease-to-own options are becoming popular again after falling out of favor during the last couple of decades when mortgages were easy to get.

The advantage of lease-to-own to a buyer includes a way around poor credit and an opportunity to rebuild credit worthiness and get in a position to obtain a mortgage.

For sellers, it offers cash flow from properties that might otherwise just be sitting there.

In some parts of the country, like Florida, rent-to-own arrangements are fairly commonplace; but in other parts of the country, buyers and sellers are only beginning to experiment with this form of purchase.

For developers it can also be a way to market their idle spec homes and produce cash flow to keep their lenders happy.

If you have any questions re this arrangement, please email me at Barbara@BGaines.com.

June 2008 Summertime In Alaska

Technically it is summer. Summer solstice will be here next week and Father's Day is this weekend. But, did someone forget to turn on the sunshine? After a slow cold spring many of us convinced ourselves that sunshine would be just around the corner.
Maybe the lack of sun is the reason record numbers of buyers have been on our website looking at homes this past week? It's true there have been double the number of unique visitors on our site this week. If they are interested in buying a home in the price range above $275,000 they will find a huge selection. Take a look at the number of homes on in the Palmer Wasilla area that came on the market this week, versus the homes that pended and sold:
Total Actives New Actives this week New Pendings & New Solds this week
710 60 22 20
When there are more homes being listed for sale than are pending and selling, we are gaining inventory. This trend needs to change before we will have equilibrium in the market place across all price ranges. As I have mentioned before the bright spot is under $275,000. This price range continues to be a normal market with 2-3 months of supply. Over $275,000 continues to be a challenging market with more homes for sale than there are buyers. If you have questions about your home, email me at Kristan@KristanCole.com or call 373-3575. Kristan

Cost of Electricity by State

Here is a quick post from Pete Doty, a Highlands Ranch Real Estate agent.
There is a link in the post that compares the cost of electricity by state so you can see what other folks across the country pay. Colorado is ranked #25. What is your stats rank.

Compare Renting to Buying a Home

Click on the above title to compare renting versus buying a home. It takes about a minute but the results are very interesting!!!

Big Bank Owned Bargain Sale in SW Florida

The Ellis Team at RE/MAX Realty Group conducted a big blowout bank owned bargain sale the weekend of March 15. Several homes were sold, however we've listed several more at baragin prices. We've setup a special website just for these bank foreclosures in Fort Myers, Cape Coral, and Lehigh Acres Florida.

We can be reached at 800-860-4042 if you're interested in purchasing bank forclosures in SW Florida at bargain prices.

Having Trouble Making Your Mortgage Payments?

You are not alone if you are struggling right now with your mortgage payments. With home ownership at an all-time high and some questionable lending practices over the recent years, many people now find themselves in a bind keeping up with their bills. No matter what kind of mortgage you have, you need to understand your options and work with your lender and experts to avoid losing your home if at all possible. Following is a brochure put out by NAR (the National Association of Realtors) that may help you. Click here.

State of the Real Estate Market in Alaska

If you are thinking of listing your home in the spring, now is the time to start cleaning up and clearing out the clutter so you’ll be good to go in 2008! I wrote a “State of the Real Estate Market” article for the Frontiersman newspaper that comes out at the end of the month. This is good information for anyone looking to sell in 2008 or anyone just wanting to know the real facts about the residential real estate market.
Attention all seniors graduating from High School in May of 2008. Apply for one of our three scholarships we will be awarding this year. We give away 3 scholarships totaling $3000 each year to graduation seniors.
Attention all renters! This is a great time to buy with low interest rates and several new homes to choose from. Stop throwing away rent and start earning equity.
Red Cross award. The local Red Cross Chapter Thanks the Kristan Cole Team for monetary contributions and whole blood and plasma donations. Also don’t forget about our warm coats—warm hearts coat drive for children. Drop off at our office anytime this month.