Published February 8, 2024
The Great Debate: Will the Alaska Housing Market Crash in 2024?
Now that we're well into 2024, the worry about a housing market crash seems to be taking a back seat in the greater Anchorage/Valley area. Inventory is LOW and the super low number of homes up for grabs in our local area is actually a good thing—it literally functions like a shield against any big market crash. It helps that homeowners in Alaska are way better off financially than they were back during the 2008 financial mess (where I personally lost $38,000 on my first.
Zillow Home Loans reports that while home prices might not keep rocketing up like before, they're not about to nosedive either. Zillow must NOT be very active in Alaska, because so far in 2024, we are seeing many houses under $500k in bidding wars. We've personally been in 4 multiple offer situations in the last 2 weeks with our clients!
Now, let's talk about foreclosures in 2024. We're seeing a bit of a bump in foreclosure activity, but it's not sounding any major alarm bells. Rick Sharga, the foreclosure guy, points out that our economy's moving along nicely with low jobless rates and steady pay hikes, which is keeping things in check.
Now, let's talk about foreclosures in 2024. We're seeing a bit of a bump in foreclosure activity, but it's not sounding any major alarm bells. Rick Sharga, the foreclosure guy, points out that our economy's moving along nicely with low jobless rates and steady pay hikes, which is keeping things in check.
Most homeowners today have a good chunk of equity in their homes, which acts like a safety net against foreclosures. So, even though we might see a few more foreclosures due to the Covid-related mortgage help programs winding down, the actual foreclosure auctions and bank takeovers are expected to stay low. Officially today, there are a total of 19 foreclosures in the Anchorage Municipality and the Mat-Su Borough combined.
Looking ahead, I'm optimistic for the housing market in 2024. Many sellers we've done CMAs for and run numbers for (who were victorious securing homes in the Famous Bidding Wars of 2021) are already finding themselves able to sell and in a good position- even after paying over and above asking price.
Looking ahead, I'm optimistic for the housing market in 2024. Many sellers we've done CMAs for and run numbers for (who were victorious securing homes in the Famous Bidding Wars of 2021) are already finding themselves able to sell and in a good position- even after paying over and above asking price.
As rates continue to drop, our buyers are finding homes to be increasingly more affordable and are excited about the prospect of homeownership in Alaska. Low inventory = High Demand in our market, and historically this is when home values continue to rise.
As always, the perfect time to buy or sell is when the timing is right for your family.
