Real Estate Information Archive

The number of homes on the market in Eagle River rose slightly last week. Eighteen new listings came on the market while 15 sold or came under contract, for a net gain of 3 homes. This is typical for this time of year, and represents a somewhat steady increase since February. As of June 21st, the total number of homes for sale in Eagle River was 213.

So far this year sales prices have been steady; the average sales price year-to-date is approximately $323,000, which represents a slight increase (less than 1%) over 2009.

For more information on homes for sale in Eagle River, Alaska please be sure to visit http://www.HomesOfAlaska.com

Home buyers wishing to take advantage of the generous tax credits need to start thinking about finding their new home as soon as possible. Even though the deadline to close on a newly purchased home is still months away, the law requires that would-be buyers be in a binding contract no later than April 30, 2010.

Eligible first-time home buyers can receive up to an $8,000 tax credit, while eligible repeat buyers can receive up to $6,500. A first-time home buyer is defined as someone who has not owned a principle residence in the last 3 years. Repeat buyers must have owned their current home for 5 consecutive years out of the last 8 years at the time of closing on the new home. For both first-time and repeat buyers, the home being purchased must be used as a principle residence. Income limits also apply; to ensure eligibility buyers should speak to their tax professional as well as their REALTOR.

Tips for Buyers:

1. Don’t procrastinate: To have any chance at finding a home and having an offer accepted by the end of April, buyers will want to wade into the home buying process right away. The immediate steps include making a final list of desired home attributes, scouting favorite neighborhoods and areas, contacting a bank for mortgage pre-approval and beginning the home search process. Home buyers who have a house to sell need to act NOW and should price it aggressively to generate interest and a sale in time to close on their new house by the June 30th deadline.

2. Don’t count on another extension: The tax credits won’t be available forever. To guarantee you can take advantage of it, act now.

3. Mind the interest rates: Interest rates are low right now, hovering around 5%. Anyone considering a home purchase in 2010 should do it now to take advantage of the cheaper cost of borrowed money in addition to the tax credits if they qualify.

For more information on the Tax Credit or to get started with the home-buying process, please contact me right away and I will be happy to assist you. If you have a house that you will also be selling, I would be happy to provide you with a market analysis showing the value of your current home.

For a complimentary Tax Credit Fact Sheet, please email me at roger@homesofalaska.com

Best Regards,
Roger