The Wasilla, Alaska Foreclosure Market Is Not As Bad As The National Average

By
Real Estate Agent with Valley Market Real Estate
After looking at the national foreclosure market I decided to look at the local market in more detail. For a background read my last post.

Out of a total of 978 sales in the Palmer and Wasilla in the last year 122 of them were foreclosures which is about 12% of the market. Realtytrac says that foreclosures comprised 25% of the total market nationwide last year so we are almost exactly 1/2 of that.

These foreclosed homes generally sell for less than the general market. If you have ever viewed homes that have been foreclosed it's easy to understand why. Nationally, they sold for 32% less than the general market while in Palmer/Wasilla foreclosures sold for 25% less. This shows how much difference a homes condition makes in the price. If you are a seller, the better your house looks, the more money you will get.

Another interesting fact is that foreclosed homes had to drop their price by 8% from their original list price to sell while the general market only had to drop their price about 3.5% of the from their original list price. This is an important number for buyers to keep in mind. Often buyers want to make offers at 10-20 percent under the list price...generally that is a waste of time.

From a listing licensee's point of view foreclosures are great because they always sell. Almost never does a lender call his Realtor and say, "sorry about all the time and money you have spent marketing my property but I have changed my mind about selling." Foreclosures always sell...eventually.

There are currently 48 foreclosures on the market in the Mat Su Valley. Let me know if you would like me to email the list to you. Just click the contact link near the top left.

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, Inc.). AK MLS, Inc. does not guarantee nor is it in any way responsible for its accuracy. Data maintained by AK MLS, Inc. is for its own use and may not reflect all real estate activity in the market.

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Rainmaker
290,585
John Mayer
Oikos Realty, Cape Canaveral, Cocoa Beach Florida - Cocoa Beach, FL
Your Beach Area Expert

Marty - That's great news for your area. I had some clients from Palmer, AK buy a home a few years ago. Their home up there sold fairly quickly.

January 22, 2011 01:44 AM #1
Rainer
44,782
Marty Van Diest
Valley Market Real Estate - Wasilla, AK
Your Alaskan Realtor

Yes...there are some more people from Palmer looking in Florida right now.  Seems the opposite sides of the country attract.  The couple looking now are local Realtor friends of mine.

 

 

January 23, 2011 02:21 AM #2
Rainmaker
173,903
Maya Thomas LLC, Broker
Key West, Key Haven, Geiger, Sugarloaf, Cudjoe, Summerland - Key West, FL
Key West FL Historic Old Town Estates, Bungalows

I love how you noted that the better the property looks the more the seller is going to get for it.  I'm seeing banks clean up properties to get more money for them.  

January 25, 2011 12:45 PM #3
Rainer
44,782
Marty Van Diest
Valley Market Real Estate - Wasilla, AK
Your Alaskan Realtor

Yes...it's true Maya.   Foreclosure sales are a great way to point this out.  Many times we can see a foreclosure sale and almost an exact primate home sell within the same month.  The private home always sells for more because it's usually in better condition.

I had another agent tell me just today that she quoted this post in a listing presentation.

January 25, 2011 04:33 PM #4
Rainer
332,937
Paul Gapski
Berkshire Hathaway / Prudential Ca Realty - El Cajon, CA
619-504-8999,#1 Resource SD Relo

yes they look so nice but Foreclosures are such tough on to stomach.

January 11, 2012 12:21 AM #5
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Rainer
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Marty Van Diest

Your Alaskan Realtor
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