Real Estate Investor · Anchorage, AK · Member since 2017 · 39 posts · 17 votes
Here is an article is saw in ADN. Interesting gee whiz info for all you folks here in the Alaska market!
I am looking to expand my networking, so feel free to add me as a contact on here!
https://www.adn.com/business-economy/2017/08/04/heres-how-paychecks-compare-to-rent-around-alaska/
What do you folks think? Speaking to the anchorage market (my area) Do you think an oversupply of housing due to oil and economy being in the crapper is going to bring prices down anytime soon? I already had to drop my prices 5% to get them filled. I'm hoping purchase prices come down to reflect.
Investor · Anchorage, AK · Member since 2013 · 229 posts · 133 votes
9y
Rental prices were pretty low this last winter. I've been tracking the $/sf for a couple of months because I had a vacancy to fill. Over the winter I rented at $1.06/sf and this last month I rented for 1.09/sf (advertised for 3 days). The average advertised for 3 bed is right at $1.18/sf. For July. I don't think any of the indicators in the article do any justice for gauging the market rate. There a big event in the article which wasn't discussed called the 2008 financial crisis. This event had a huge impact on net migration to Alaska as we were unaffected and oil was surging. Housing supply continues to dwindle relative to demand and it won't get any better in the anchorage bowl. The public statistics for SFH reflect about 14k lower average sales price from 2016. I think the buying opportunity you mentioned should appear sometime next year. Just don't catch a falling knife :-)