There is clearly a connection between the rebound in home prices relative to the amount of distressed homes that are for sale. As one goes up, the other comes down. Distressed homes include Real Estate Owned (REO), foreclosure, and short sale homes. And it makes perfect sense when you see it laid out like this.
On our website Alaska Home Sellers, one of the most searched terms is "foreclosure". While the percentage of these in our market is relatively small, they certainly attract attention. And as the real estate market stabilizes, the numbers of them become fewer and fewer. As there becomes fewer and fewer of them, a buyer's choice of available inventory becomes less, fueling even more price appreciation on the remaining inventory. More appreciation means fewer home owners are faced with an "upside down" house, meaning that they transition out of owing more on the home than it's worth, and if they need to sell, are no longer considered "distressed" and can go to closing without having to write a check for the balance.
For those buyers that are interested in the available inventory of foreclosed homes in Wasilla or Palmer, Alaska we have created a link to them Here. This list is a direct feed out of the Alaska MLS and is updated multiple times each day.
If you are a homeowner and have been sitting on the fence wondering if the local market has recovered enough to consider selling, now may be the time. If you would like to find out a rough idea as to what your home is worth in today's appreciating real estate market, fill out this short form to find out, or simply call our office at (907)352-1828 to privately discuss it.
You can also "Like" us on Facebook at https://www.facebook.com/AKhomesellers to keep an eye on the real estate market in the Matsu Valley of Alaska.
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