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Eagle River Real Estate Market update July 28, 2009

by Eric Bushnell

Taking a look back at last week, one would think that the market had gone crazy.  21 homes pended in the Eagle River and Chugiak areas.  6 went under contract in Chugiak, this is a 12 month high for one week. 

Interest rates have fluxuated up and down but for the most part stayed in the low 5's for a 30 year fixed conventional loan. 

There are changes around the corner and you do need to be aware of them.  If you will be involved in a real estate transaction in the near future, pay attention.  The mortgage lenders will be operating under new rules and the title companies will be enforcing them.  Here is a short list of some of the changes.

Once you receive a good faith estimate on your new loan you will need to wait 7 days before you can close.  this means that if you lock your interest rate you may need to wait 7 business days before you can close. 

If the APR changes on your loan, example: some portion changes and it goes up by more the.125% then a new disclosure must be made.  7 more days.

Once the appraisal is in there will be a 3 day review period.  However in some cases this may be waived, although highly unlikely.

This is just a small portion of the changes, and now more than ever you need great communication between all parties.  The average contract closes in approximately 38 days.  I suggest writing an offer with a 45 day time table.  This will give you plenty of time and if everyone is ready early than close early.

If you have questions about these new rule please make a comment here or send an e-mail.

Eagle River Market update July 21, 2009

by Eric Bushnell

We finished another great weekend and now the weather has started to change.  We have seen some much needed rain.  But how does this effect the local market?

If it sunny everyday then buyers just want to have fun, they go fishing, hiking and explore this wonderful area.  When the weather gets a little cold we see people start to worry about winter, BTW, school starts in one month. 

This means that buyers are going to be seriously looking.  Inventory levels, homes available for sale, are dropping.  This is a good thing.  Interest rates were down again today. 

The recap for Eagle River is this, 8 homes pended, and there were 6 closing.  several of these homes were in the $600,000+ range.  The average home price pended in the last 30 days was $369,000.  That is moving up from the first half of the year.

All in all the Eagle River real estate market is doing well, but then Eagle River has always done better than other areas.  Eagle River is the place to live.

Eagle River Market update July 16, 2009

by Eric Bushnell

Here is a brief over view of the Eagle River Real Estate Market.  In the last week we experienced some very nice weather, and the annual bear Paw festival was underway.  What we saw was a slow down in sales as well as new listings on the market as people took time out to have fun. 

The overall inventory levels fell slightly as fewer homes came on the market and nine homes closed successfully.  there have been several pending properties this week and I see many Realtors out showing property. 

The strongest sales activity has been under $350,000.  However, I have seen several buyers looking at homes in the upper $400,000.

Interest rates continue to be steady, ranging from 4.75% for 15 year mortgage to 5.375% for a 30 year mortgage.  Please contact Aaron Gray at Homestate Mortgage, (907) 689-6456, for more information on available rates and programs.

The Eagle River real estate market continues to hold steady.  Please fill free to make comments, or call me at (907) 360-7471 with questions.

Bear Paw and Real Estate

by Eric Bushnell

What does the Eagle River Bear Paw festival and real estate have to do with each other? Well that is a great question, and for 9 years it has been a way for the Prudential Jack White/Vista Real Estate office in Eagle River to have fun and really impress the visitors and residents of Eagle River.

This is a great time for all. We sponsor a Miss Bear Paw Pageant contestant, enter different events like the Dog and Owner look-a-like contest, Slippery Salmon race, the Slammin Salmon Cookoff, and our favorite event, the Parade.

And We do a parade well. This year will be no different. We have many hours invested into the design of this float and you will need to come see it, and I am sure you will appreciate it. entertaining the folks at the parade is very important. Life is complicated and there are demands placed on us every day. This event takes a lot time, careful attention to detail, a lot of patience while we plan, build, and decorate the float.

It allows us time to stop, not take ourselves to seriously, and have a lot of fun.

Real Estate Update

by Eric Bushnell

Real Estate update for the week of July 6, 2009.

The Eagle River saw an increase in market activity the last couple of weeks.  217 homes are on the market, 15 pended and 6 closed.  4.91 months of supply.

 

Displaying blog entries 1-5 of 5

Contact Information

Lee Realty, LLC
Lee Realty, LLC.
5050 Dunbar Drive #F
Wasilla AK 99654
Office: 907-376-0119
Fax: (907) 376-4039

 

 

 

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