‘Not the best’ on ‘the worst’ for Alaska’s real estate market
Real estate prices in Alaska are on a sharp decline, as a number of factors have contributed to the market downturn.
According to an analysis by Alaskan Real Estate Market Report, a group of analysts from The University of Alaska Anchorage, the number of active listings on the Alaska Real Estate website is at a new record low of 7,835 listings.
That is a decrease of nearly 2,000 listings since last week.
In other words, just 4,927 active listings remain for a total of 6,873 active listings.
Alaska is one of the few states in the country to not have a shortage of housing for sale.
But that trend has changed in recent years, and many are wondering what’s causing the slowdown in the state’s real-estate market.
The Real Estate Board of Alaska says the number one factor contributing to the decrease is the expiration of a tax credit that was in place through the Great Recession.
The Alaska State Fair, a popular holiday event that has a record turnout, is also having an impact.
The Alaska Real Property Board of Representatives says it is working with the Fair to ensure that all Alaska real estate sales, including auctions, are held in the same location, and that vendors who do not have their property appraised in-person can have their appraisal completed online.
Avaluations are usually done in person by a licensed real estate appraiser, and they are usually conducted by two or three appraisers.
Alaskan real estate experts say the number is much higher than that, as the Fair has had a lot of new projects approved, and a lot more money being spent on real estate than it had in the past.
The Fair has also been able to cut down on the number in-house appraisers, and the number that do the in-home appraisal is still relatively low.
The Fair recently started requiring all real estate agents to have their professional licenses renewed annually, and real estate developers are also being required to have professional licenses as well.
But Alaska real-property owners say there is still plenty of room for growth in the real-life market.
“Real estate agents and appraisers have the ability to do a great job and do a good job and have great skills, and I don’t think they need to be forced to do it,” said Paul Nachmias, who owns and operates the Northwest Real Estate Center in Fairview.
The average age of Alaska realtors is currently 30, and Nachms said he hopes to see them reach that mark in the future.
Nachms, a former salesperson, has lived in Fair View for years and has seen the real estate boom there, and he said he believes the Fair will continue to bring new opportunities to the state.
“The Fair is going to continue to do that,” he said.
“I think it’s a great market.
It’s going to be a great environment for us to grow.”
This story was updated at 11:40 a.m. to include comments from Alaska Real Real Estate.