The coronavirus (COVID-19) outbreak and its effects are unmistakably evident on the purchasing power, economic growth, and overall market conditions in the U.S. However, even as some markets have taken a harder hit than others, some sectors such as real estate are braving the pandemic and adapting to its changes.
This especially holds true for the Anchorage, Alaska real estate market. Similar to the rest of the country, the local real estate industry is currently experiencing the challenge of lowered interest rates and social distancing requirements. However, between real estate services being deemed as essential business and realtors following specific guidelines, the Anchorage real estate market is holding its own against the pandemic.
If you are looking to buy or sell a home in Anchorage, it is crucial to know how the market is handling the current situation.
It Has Rapidly Adapted to the State’s Physical Distancing Guidelines
Right off the bat, the Anchorage real estate market stands out with its adaptive approach to COVID-19 concerns. Keeping in line with other areas, Alaska has allowed real estate services to continue amid the pandemic with a few changes to important routines.
In Anchorage, this means that physical visits are entertained only when necessary, with no more than two people allowed inside a home at the same time. Open houses are out of the question, and virtual showings have become the new norm. However, realtors are accepting these changes and making them a part of their everyday routine in order to keep their operations running.
This means that whether you are a seller or a buyer, you can still move forward with your required real estate dealings by getting in touch with a local realtor in Anchorage.
Anchorage Currently Has a Tight Inventory and High Demand
With starter homes between $100,000 - $350,000 and mid-level listings between $350,000 - $549,999 running tight on supply, the Anchorage real estate market is currently pacing ahead with high demand against a short inventory.
The homes above the mentioned price ranges also paint a similar picture, which goes on to show that lisitings in the Anchorage market have the benefit to close next to their asking price. This creates an air of competition among buyers, and gives sellers an advantage of not having to accept lowball prices.
This means that if you are a buyer, it is high time to invest in your Anchorage dream home. And if you are a seller, then you can expect a slew of offers against your listing, especially if it leans towards a lower price point to begin with.
Lower Interest Rates Open Doors for Better Opportunities
The all-time low interest rates being posted across the U.S. bring significant advantages for both buyers and sellers. For those looking for a home, this brings about the opportunity to afford larger spaces at better prices. Whereas, for those striving to sell off a listing, this translates into a shorter window to receive and close on ideal offers.
All in all, the Anchorage real estate market is currently going through a phase that’s beneficial for both buyers and sellers. Amid a global pandemic, this might just be the silver lining that you are looking for to take care of yourself and your family.
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