Are you more of a mountain lover than a beach bum? Do you hightail it to Alaska for a cruise or a road trip every chance you get?
If so, it might be time to think about buying a house in Alaska. You’ll be in good company — around 50,000 people move to the Land of the Midnight Sun each year.
What do you need to know about Alaska real estate? Keep reading for our expert insight into the current Alaska housing market.
1. The Market Is White Hot
No, we’re not talking about the snow, although there’s always plenty of that too. When you start browsing listings on a site like RMG Real Estate Network, you’ll notice one thing right away: It’s a seller’s market.
Like other parts of the US, the pandemic created an unexpected surge in demand for new homes. More families are hoping to move out of big cities and into rural areas with space for home offices — and Alaska housing fits the bill.
Ten years ago, the median sale price for an Alaskan home was around $281,000. In 2021, that figure has shot up to around $371,000. This is especially true in the suburbs of Anchorage, where people are more than willing to drive 20-30 miles into the city for work.
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2. Be Prepared for Competition
You may have heard about bidding wars on houses for sale in your locale, and Alaska real estate is no different. Most homeowners receive dozens of offers on their houses — sometimes within days or even hours after listing!
What does this mean for you, the eager buyer? You’ll do well to get preapproved for a mortgage before you start shopping around. That way, you can move fast when you find a home you like.
With so much competition right now, you’ll want to be as prepared as possible when you begin your house hunt. If you have extra cash available, even better. Many Alaska homes are selling for $35,000 or more above the asking price.
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3. The Overall Economy Is Strong
If it seems like gloom and doom up until this point, we’ll assure you right now: It’s not! The Alaskan economy has bounced back solidly after the pandemic and shows no signs of slowing down anytime soon.
The job count in May 2021 was up nearly 6% over jobs in May 2020. This means there’s plenty of opportunities to find a new job to go along with your new house.
The rate of foreclosures and delinquencies is several percentage points lower than the rest of the US too. This probably has something to do with the state’s high average salary — over $75,000 a year!
The takeaway is this: You may have to move fast when you find a house, but you won’t have trouble finding work or getting settled into your new Alaskan lifestyle.
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The Alaska Housing Market: Get in on It
Some might call Alaska the “Final Frontier,” but have you ever thought about calling it home? There are plenty of compelling reasons to do so, especially considering the current trends in the Alaska housing market.
Don’t delay — make 2021 the year when you join the ranks of Alaska homeowners!
Buying a house in Alaska isn’t the only topic we’re discussing today. Keep browsing our site for other interesting articles like this one.
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