The Market That Matters Most: YOURS!
When you are looking to buy or sell property, the market that matters most is your market!
You might read headlines stating that real estate values are dropping nationally by nearly 5%. However, this headline alone has little to do with your specific market. To truly understand your market, you need to delve several layers deeper, much like peeling an onion:
Layer 1: Your State
Layer 2: Your Borough (County)
Layer 3: Your Town
Layer 4: Your Market (Your Neighborhood / Property Type)
With that in mind, as of this writing, the national average sale price is down 4.9%. In contrast, the state of Alaska, using Anchorage as a major indicator, is up 9%. This can be misleading, as Anchorage has a supply problem. Demand continues to outpace availability, driving prices up.
On the Kenai Peninsula layer, Soldotna/Kenai is down 2%, as is Homer. However, within the layers of each of these communities, you’ll find pockets of increase. As is the case in Anchorage, New Orleans, and New York City, supply and demand drive certain market sectors up. For example, a property on the Kenai River is likely to experience an increase in price year over year, or at the very least, a smaller decrease in value.
The old adage about the three most important factors in real estate is still applicable: Location, Location, Location. Perhaps it’s time to update that to: Local, Local, Local.
Get your facts about your market from local experts. As Realtors, we study the market every day. We are your professional guides through any market, anywhere, anytime!
~Chris Story