Tuesday, June 19, 2018

Waiting Will Cost More

An economist responded when asked how interest rates would change: “They may fall some and then, rise and after that, they’ll fluctuate.”43276292-250.jpg

Just because interest rates have been low for ten years doesn’t mean they are supposed to be low. The Federal Reserve has raised interest rates twice this year and are expected to go up twice more plus three times next year.  Mortgage rates have risen from 3.95% to 4.62% since the first of January.

Increased rates directly affect the payments on homes but so does the price. With inventory levels remaining low, the prices will continue to go up. When interest rates and prices rise at the same time, it costs buyers a lot more.

If the mortgage rates go up by one percent and prices increase by five percent in the next year, the payment on a $250,000 home could go up by $200 a month. In a seven-year period, the buyer would pay $18,000 more for the home.

People planning to buy a home, need to investigate the possibilities of accelerating their timetable to take advantage of lower rates and prices. Use the Cost of Waiting to Buy  calculator to see how much more it could cost you to wait.  Call (907) 903-1221 if you have questions about what can be done now.

Cost of Waiting 061818.jpg

Friday, June 15, 2018

Open Houses Week Ending 6/17/2018 Anchorage, Eagle River and Surrounding Area

The Logan Team Anchorage Alaska REALTORS



Open Houses Week Ending 6/17/2018
Anchorage, Eagle River and Surrounding Area

The Logan Team services are always FREE when purchasing an Anchorage Alaska home. Search with Anchorage AlaskaREALTORs on BestAnchorageHomes.com for Anchorage Alaska investment property, homes and condominiums for sale.

GOOK LUCK! and remember put on your poker face when visiting Anchorage Alaska homes on Open House.  The Anchorage Alaska REALTOR holding the open house often represents the Owner.
It's best to have your own buyer representative, negotiate the best price and terms when purchasing.

To learn more about Buyer Representation here's some more information from the State of Alaska Real Estate Commission. You can also learn a little more about the buying process by sitting down with us for a consultation or visiting our website and read through the buying process.

Lonnie Logan, Associate Broker
lonnie@bestanchoragehomes.com
(907) 903-1221

Tuesday, June 12, 2018

The Tax Difference in Second Homes

A principal residence and a second home have some similar benefits, but they have some key tax differences. A principal residence is the primary home where you live and a second home is used mainly for personal enjoyment while limiting possible rental activity to a maximum of 14 days per year.10213246-250.jpg

Under the 2017 Tax Cuts and Jobs Act, the Mortgage Interest Deduction allows a taxpayer to deduct the qualified interest on a principal residence and a second home. The interest is reduced from a maximum of $1,000,000 combined acquisition debt to a maximum of $750,000 combined acquisition debt for both the first and second homes.

Property taxes on first and second homes are deductible but limited to a combined maximum of $10,000 together with other state and local taxes paid.

The gain on a principal residence retained the exclusion of $250,000/$500,000 for single/married taxpayers meeting the requirements. Unchanged by the new tax law, the gains on second homes must be recognized when sold or disposed.

Tax-deferred exchanges are not allowed for property used for personal purposes such as second homes. Gain on second homes owned for more than 12 months is taxed at the lower long-term capital gains rate.

This article is intended for informational purposes. Advice from a tax professional for your specific situation should be obtained prior to making a decision that can have tax implications.


Tuesday, June 5, 2018

When Neighbors Don't Seem to Care

A home that isn't being maintained like others in the neighborhood can negatively affect your visual sense of appeal and in some extreme cases, even affect property values. It might be an overgrown yard, a fence in need of repair, excessive noise, unruly pets, paint peeling on the home or even a car or boat parked in front of the home that hasn't moved in weeks.2676519-250.jpg

Most people want to be good neighbors and may be willing to correct an issue once it is brought to their attention. A practical, but possibly confrontational, solution is to contact the responsible person and describe your perception of the issue. However, they may not always agree with the same urgency and it might be necessary to seek other remedies.

An owner-occupant may be more sympathetic to the neighbors and willing to correct the issue. If you think the home might be a rental property, check with the county tax records to identify the owner. They may be unaware of the situation and welcome the notification to protect their investment.

Another alternative might be to notify the homeowner's association, if there is one. One of the benefits of a HOA is to enforce community appearance standards as set in the covenants or bylaws that specify how properties must be maintained. This could be a less personal method of reaching a beneficial outcome.

If the source of the problem is a code or housing violation, the city may be the ultimate authority. Most cities have a separate code and neighborhood services division and some cities have 311 for non-emergency assistance.


Thursday, May 31, 2018

Open Houses in Anchorage and Eagle River Homes for Week Ending 6/3/2018

Open Houses in Anchorage and Eagle River Homes for
Week Ending 6/3/2018

Anchorage and Eagle River Alaska Homes for sale on Open House for the week ending 6/3/2018.  These Anchorage open houses are posted on the Anchorage Alaska MLS (Multiple Listing Service) and include all active members within the Alaska MLS or AlaskaRealEstate.com network.


The Logan Teams services are always FREE when purchasing an Anchorage Alaska home. Search BestAnchorageHomes.com for Anchorage Alaska investment property, homes and condominiums for sale.

GOOK LUCK! and remember put on your poker face when visiting Anchorage Alaska homes on Open House.  The Anchorage Alaska REALTOR holding the open house often represents the Owner.  It's best to have your own buyer representative, negotiate the best price and terms when purchasing.  To learn more about Buyer Representation here's some more information from the State of Alaska Real Estate Commission.

You can also learn a little more about the buying process by sitting down with us for a consultation or reading through the buying process.

FUN REAL ESTATE STATISTICS

An annual survey conducted by the NATIONAL ASSOCIATION OF REALTORS® of recent home buyers and sellers provides insight into detailed information about their experiences with this important transaction. Here are highlights from the latest report.
  • At 31 percent, the primary reason for purchasing a home was the desire to own a home of their own.
  • First-time buyers made up 35 percent of all home buyers, an increase over last year’s near all-time low of 32 percent.
  • Eighty-eight percent of buyers recently purchased their home through a real estate agent or broker.
  • Eighty-eight percent of buyers would use their agent again or recommend their agent to others.
  • Only eight percent of recent home sales were FSBO sales again this year. For the second year, this is the lowest share recorded since this report started in 1981.
Lonnie Logan reviews

Anchorage Alaska Real Estate Statistics Period Ending 3/31/2018

The Logan Team Anchorage Alaska REALTORS

Residential Homes

The Anchorage Alaska real estate market stalled very slightly towards the end of 2017. The number active units has increased compared to last year, but with inventory being historically low there hasn't been drastic impacts to prices. The average price has price for 2017 has increased in 2018, just showing inventory is still low enough to keep Anchorage Alaska housing prices rising. The increase in the interest rate has also had some impact on volume, but nothing significant. Anchorage Alaska homes for sale, priced between $275,000 and $500,000 carry a majority of the sales volume. While Anchorage Alaska real estate priced over $500,000 to $1M+ has the least amount of activity and has over 25 months worth of inventory. The $1M+ carrying the bulk of the inventory with 13.65 months worth of inventory.

Anchorage Alaska Real Estate Market Snapshot - Residential Housing


Single Family Homes
2017
2018
Ending 3/31/2017
Ending 3/31/2018
Municipality of Anchorage




Active Listing
584
705
1722
1955





Sold Listings
73
66
519
472





Days on Market









Average Sales Price


$350,053
$361,375





Supply of Inventory



3.02





Active Short Sales

11







Active Foreclosures

18







Sold -Short Sale


3
3





Sold - Foreclosure


24
14


Condominiums

The condominium real estate market inventory has increased as well and pricing has fallen, based on standard supply and demand. The supply of inventory for condos has increased to 4.38 months, which is still a sellers market. The supply is calculated by taking current inventory and current rate of buyers buying and determining how long it would take to use that inventory of Anchorage Alaska Condominiums. Rule of thumb is if there is over 6 months, then it becomes a buyers market. The biggest supply of Anchorage Alaska condominium inventory is the $400K - $500K price point while the lowest inventory is at the price point of $150K - $170K.

Anchorage Alaska Real Estate Market Snapshot - Residential Housing

Condominiums
2017
2018
Ending 3/31/2017
Ending 3/31/2018
Municipality of Anchorage




Active Listing


710
747





Sold Listings
70
84
168
210





Days on Market









Average Sales Price


$215,760
$206,667





Supply of Inventory



4.38





Active Short Sales

5







Active Foreclosures

2







Sold -Short Sale


0
1





Sold - Foreclosure


8
13

We are always asked by clients, friends, family and neighbors "How's the Anchorage real estate market?" Our answer is usually about the overall market, but the more important answer is how the market specifically affects the person asking. Each Anchorage home or condominium has it's own competition, price point, neighborhood and condition. After looking through the market information feel free to drop us an email, so we can provide you specific market information, based on your real estate goals. It's a free service and it helps us learn the market and it's much like receiving a bank state with your account balance.

____________________________________________

Municipality of Anchorage Alaska Homes Detailed Reports

Anchorage Alaska Single Family Homes

Anchorage Alaska Homes for Sale – Supply & Demand 
Anchorage AK Homes for Sale Average – Sales Price 
Anchorage Alaska Homes for Sale – Number of Units 
Anchorage AK Homes for Sale – Sold Market Analysis 
Anchorage AK Homes for Sale - Active Listing Inventory 
Anchorage AK Homes for Sale - Recent Trends 
Anchorage AK Homes for Sale - Decade Trends  

Anchorage Alaska Condominium

Anchorage Alaska Condominiums for Sale – Supply & Demand 
Anchorage AK Condominiums for Sale Average – Sales Price 
Anchorage Alaska Condominiums for Sale – Number of Units 
Anchorage AK Homes for Sale – Sold Market Analysis  

Eagle River Alaska Residential Supply & Demand

*This representation is based in whole or in part on data supplied by, and to the Subscribers of Alaska Multiple Listing Service, Inc.(AK MLS). AK MLS does not guarantee nor is it in any way responsible for its accuracy.



Any questions regarding the statistics or the buying process please let us know.

The Logan Team, Anchorage Alaska REALTORS

Herrington & Company, LLC

Working Hard to Earn Your Referrals

BestAnchorageHomes.com

Lonnie Logan, REALTOR

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