Seller Tips for Anchorage

Today, I thought I would update sellers on the Anchorage market conditions and share a few tips for sellers and for those thinking of placing their home on the market.

Market Conditions

* There are fewer homes on the market this year compared to 2008 (about 4.8%).
* Competition is still stiff with over 1,200 single-family homes (new construction and resale) and over 500 townhomes/condos for sale.
* Best selling price range is between $225,000 and $350,000 for single-family homes.
* Best selling price range is between $100,000 and $130,000 for townhomes/condos.
* Average days on market vary according to sales price.

Single-Family Residences:

          o Under $180,000 - 120 days
          o $180,000 - $200,000 - over 90 days but less than 120 days
          o $200,000 to $225,000  - about 25 days on market
          o $225,000 to $250,000 - near the 45 day mark
          o $275,000 to $300,000 - near the 90 day mark
          o $300,000 to $350,000 - about 135 day
          o $400,000 to $750,000  - 180 - 210 days or more
          o $750,000 and over - 365 days and as long as 2+ years

Townhomes/Condos

          o $100,000 to $130,000 - 90 days
          o $200,000 and $225,000 - 270 days (due to excess supply)
          o $300,000 and over - 365 days and as long as 20 months

Seller Tips

    * Price it right.  If you want your property to sell within the average days on market timeline, you must price competitively.
    * Price it right.  Homes which are priced at true market value normally sell first.
    * Homes which are in good condition and reasonably priced will sell before properties in poorer condition.
    * Homes which show well inside and out,and are reasonably priced sell before competing properties in the same price range.
    * Multiple offers are still a possiblity when the home is priced well.
    * Expect buyers to ask for concessions.
    * Be prepared to negotiate on pricing and/or terms when the offer is presented.
    * If you are having a good number of showings but no offers, the home is most likely considered overpriced by buyers, who will continue to shop for a better value.
    * If your home is not receiving any showings, then something is unappealing to buyers, whether it is price, condition or location.
    * You cannot change your location.  You may or may not be able to change the condition.  However, you can definitely change your asking price to attract buyers.
    * If your home is not selling, talk to your licensee about what corrections need to be made to draw more attention to your home.
    * If you are placing your home on the market, look at the comparative sales in your neighborhood to determine competitive pricing.
    * If you do not want to sell your home in a reasonable amount of time, test the market.  However, statistically speaking, testing the market will not only lead to frustration.  But, many times, testing the market will result in a selling price less than if the home had been competitively priced when first placed on the market.
    * 95% of buyers begin their property search on the internet.
    * Buyers who research properties on the internet are more informed regarding what they want from a home and what they are willing to pay.
    * More buyers are researching homes on the internet.  So, open houses are less effective than in past years.

Pauline Hofseth, your Anchorage real estate resource guide