Alaska is full of large expanses of untouchable wilderness. It’s cold all year round the sun shines only 6 months of the year but it’s perhaps probably the most beautiful country you will ever see. Pristine white, it glitters like millions of diamonds because the sun touches it. Many people may wonder why anyone would want Alaska property thinking about the almost constant freezing temperatures, all the ice and snow. There is nothing to wonder however, Alaska property might be mainly raw land but it is some of the most beautiful land you is ever going to see.
Nearly all Alaska’s population is found in the southeastern area of the state the rest of Alaska’s real estate is recognized as raw or vacant land. Millions of acres of land that is empty of anything but wild life. Wild life is one of the major draws for individuals attempting to invest in Alaska real estate. The whole state is an excellent hunting and fishing ground. There is also the fact that Alaska is full of oil. Purchasing Alaska real estate may offer you access to some of the oil that Alaska holds. More often though, you will end up with a wonderful chunk of property full of unspoiled natural beauty land however can be purchased relatively cheaply when compared with other locations due to the remoteness of the land, the problem reaching it and the fairly hostile climate.
The market of Alaska property is doing fairly well despite many of these, sales prices are up an average of about 1.6% over the previous quarter. This is actually the great news unfortunately for all those thinking about purchasing property there are less homes on the market. For all those selling, homes take longer to sell.
The Fairbanks and North Pole Alaska real estate areas have been a few of the hardest hit with regards to new construction. With Fairbanks Alaska real estate new builds, dropping almost eight percent and also the North Pole Alaska real estate new builds dropped a little over nine percent. Out of the homes currently on the market, greater than twenty-five percent of these have been sitting on the marketplace for a minimum of six months, while approximately eighteen percent were on the market for over a year.
Rates of interest for the market are sitting approximately the 6.5 and 6.65% range. Anchorage happens to be seeing an increase in the prices of land building materials and labor. These days it is one of the best positions in the market for buyers due to the low interest rates but still reasonable prices on land. Technically, it’s still considered to be a sellers market because the inventory of homes, which accustomed to pick which kind of sell it off is, less than six months is considered a sellers market while over six is considered a buyers market. Which means that if there is a significant percentage or all of the housing inventory that is on the market and has not sold in excess of six months the considers that place to be in a buyers market.