Snow & Interest Rates, The Perfect Storm!
Something is happening in Girdwood this winter that we haven’t seen for many years. A record snow fall with epic skiing coupled with the lowest interest rates we have ever seen. These two factors mixed in with the lack of inventory in the Girdwood market (which is also true of Anchorage) make it an especially good time for those interested in selling.
For right priced properties market times are as little as two days and multiple offer situation are becoming the norm once again. Now that’s not to say that Sellers don’t still overshoot the mark on price and end up sitting for a while. Usually it’s some mix of not quite right pricing coupled with dated finishes or some very quickly characteristics of the home that can elongate the typically very short market times we are seeing right now.
The good news for Buyers is that they have greater economic buying power with these lower interest rates and can afford to buy at a higher price point than they would have qualified for in the past. Buyers who are prepared, qualified, and ready to make quick decisions will be the ones who benefit from the current market.
Vacant land is the hottest of all commodities in the real estate market in Girdwood as far as there being no inventory to choose from. A 1/4 are lot used to average around $120,000, now chances are you will pay at or above $150,000 and for lots that are large enough to accommodate a duplex you are looking at prices well north of $250,000.
It’s really wonderful to see so many smiling faces this year at Alyeska Ski Resort! The lack of the “R” word has made for one of the most stable and ever deepening winters we have had in many years, and I started living in Girdwood back in 1986.
Even with the Corvid 19 virus upset of the Stockmarket and consequently the drop in interest rates (prime lending is down to 1.97%) I think it’s safe to say we will have another banner year for tourism in Alaska. Perhaps a few less cruise ships this summer but many folks will opt for travel within the US in a time that is so uncertain worldwide. This directly impacts the success of nightly rentals in Girdwood. Which is high.
One of the things I really love about real estate is watching the market and how things changed based on everything from the weather to international health concerns. If you are interested in more information on the Girdwood or Anchorage market just get in touch, via text, Facebook, or email. firstname.lastname@example.org, 907-227-4626. Glacier City Sam signing off for now with another installment of “Tip of the Glacier”.