Anch. AK real estate listings and homes for sale, home buying, home selling information – Prudential Jack White/Vista Real Estate

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Consider investing in Multi-Family Property

July 12th, 2010 12:16 PM

As many of you know I am an advocate of Multi-Family properties as part of your investment portfolio. I am myself an Owner-Occupant. My four-plex has proven to be a winner! There are many good income property buys out there at the moment.

Call me and let's discuss how to make this a reality as one of your investments. I offer free property analysis and have a good handle on how to identify the best multi-family investments.

This story from the Wall Street Journal concentrates on National Markets. However, in the Anchorage and Eagle River areas, the military continues to keep the rental market strong. Other factors contributing to the fitness of our rental market include hospital workers and UAA Students.

remember, my business is built on referrals. If you know of anyone who needs professional Real Estate services, please have them consider me.

Michael j. Droege, Prudential Jack White/Vista Real Estate - 907-230-3372 www.MichaelDroege.com - mjdroege@gci.net

Daily Real Estate News | July 9, 2010 |

Rents Rise as Apartment Vacancies Fall
Apartment vacancies were down and rents were up last month as people got tired of living in their parents’ basements and rented a place of their own.

Nationally, the apartment vacancy rate was 7.8 percent at the end of June, according to research firm Reis Inc., down from 8 percent in the first quarter.

Rents rose 0.7 percent from April to June, the largest quarterly gain in two years.

The advantage hasn’t returned "completely back to owners right now," says Hessam Nadji, managing director at real estate firm Marcus & Millichap. "But we're well under way to see that balance shift back."

Source: The Wall Street Journal, Nick Timiraos (07/08/2010)

Posted by Michael Droege on July 12th, 2010 12:16 PMPost a Comment (0)

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Another great reason to buy your home today!

July 12th, 2010 12:07 PM

Hey folks!

Here is some more great news from the National Association of Realtors online magazine. Interest rates continue to be the best they have been in most of our lifetimes.

Remember, my business is built on referrals. If you know anyone who needs professional Real Estate services, please have them consider me.

Michael Droege

907-230-3372 - MichaelDroege.com - mjdroege@gci.net.

Daily Real Estate News | July 9, 2010 | Share

Mortgage Rates Hit Another Record Low
The average interest on a 30-year fixed mortgage dipped to a new record low of 4.57 percent this week — down from 4.58 percent a week ago, according to Freddie Mac, which began tracking rates in 1971.

Still, the low rates may not provide much of a boost for the housing market because many people do not qualify for new mortgages or have already obtained loans at low rates this year.

Source: Indianapolis Star (07/09/10)

© Copyright 2010 Information Inc.

Posted by Michael Droege on July 12th, 2010 12:07 PMPost a Comment (0)

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News Article from the National Associatioin of Realtors - International Interest in US Real Estate Grows

July 8th, 2010 11:25 AM

Hey folks,

Here is some really interesting news from the National Association of Realtors. From time to time, I will share with you news you may not see in your daily or on the internet. I hope this provides some new prospective for you.

As you know, I depend on referrals to sustain and grow my business. If you know anyone who needs professional assistance buying or selling real estate, please have them consider me.

I am truly a student of the market. I study all of the trends and am always on "The Pulse" of the market trends and statistical analysis. I hope you will find this article interesting.

Sincerely,

Michael J. Droege

Daily Real Estate News | July 8, 2010 | Share

Global Interest in U.S. Homeownership Gains
International home buyers are increasingly attracted to property in the U.S., according to the National Association of REALTORS®’ 2010 Profile of International Home Buying Activity. Several factors, including the strength of the dollar, the value and desirability of U.S. real estate, and the emerging economic recovery, continue to drive international interest in owning a home in this country.

“While all real estate in the U.S. is local, the same is not true for property owners,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox Real Estate in Tucson, Ariz. “The U.S. continues to be a top destination for international buyers from all over the world. Foreign buyers understand the value of owning a home in this country and can rely on REALTORS® to help guide them through the complex process of buying property in the U.S. With expertise, knowledge and experience, REALTORS® have a global perspective.”

The survey, released today, covers the period between April 1, 2009, and March 31, 2010. During that time foreign buyers, including those with residency outside the U.S. as well as recent immigrants and temporary visa holders, are estimated to have purchased $66 billion of U.S. residential property, or 7 percent of the residential market.

Slightly more than a quarter of REALTORS®, 28 percent, reported working with at least one international client in the past year. This is a significant increase from the 2009 report, when 23 percent of REALTORS® worked with foreign clients. Eighteen percent of all REALTORS® were estimated to have completed at least one sale, compared to 12 percent last year.

“Several factors have contributed to an increase in international buyer interest in the U.S.,” said Golder. “A large majority of REALTORS® report the changes in value to the U.S. dollar have had a strong impact on the international real estate business. In addition, perceptions abroad about trends in the U.S. real estate market have led many international clients to believe purchasing a home in the U.S. is more affordable than in their country and holds more value.”

International buyers came from 53 different countries around the world. The top four countries were Canada, Mexico, the U.K. and China/Hong Kong. With 23 percent of international buyers coming from Canada, the country has remained the largest buying group in the past three years. Foreign buyers from Mexico have been steadily increasing. In 2010 Mexico replaced the U.K. as the second largest buying group with 10 percent of buyers. Buyers from the U.K. buyers decreased from 10.5 percent in 2009 to nine percent in 2010. Eight percent of recent buyers came from China/Hong Kong.

Two factors important to international clients when purchasing property in the U.S. are proximity to their home country and the convenience of air transportation. Florida typically attracts European, Canadian and South American buyers while the East Coast draws Europeans. The West Coast brings Asian buyers and the Southwest attracts Mexicans.

International buyers were reported in 39 states in 2010, but a slight majority of the total buyers are concentrated in Florida, California, Arizona and Texas. These four states account for 53 percent of purchases and have remained the top destinations for the past three years, with Florida and California remaining the top two destinations.

The median price paid by international buyers for a home in the U.S. was $219,400, a decrease from 2009’s median price of $247,100. However, the median price paid by foreign buyers was significantly higher than the overall median market price, which was $172,500 in 2009. On average, foreign buyers tend to purchase closer to the upper end of the market; 16 percent of the total international purchases were for homes priced at more than $500,000. According to REALTORS®, this was because international buyers are typically looking for a second home.

A majority of international buyers, 66 percent, purchased single-family detached homes. However, more international buyers purchased a condo than did their U.S. counterparts, at 23 percent and 7 percent, respectively. Only 44 percent of international buyers used a mortgage to pay for their home, compared to 92 percent of domestic buyers. Fifty-five percent of foreign buyers paid all cash. REALTORS® reported that a majority of international buyers use all cash because of the difficulty in establishing international credit in the U.S. Over one-third, 34 percent, of potential foreign buyers was unable to complete transactions because of financing problems in the U.S.

Source: NAR

Posted by Michael Droege on July 8th, 2010 11:25 AMPost a Comment (0)

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New Construction in West Park UNDER $300,000

August 14th, 2009 1:11 PM

That's Right.....Spinell Homes has just annouced that they are building in West Park on Big Bend Loop. We are planning for 13 different floorplans with at least three of those plans base priced under $300,000.

Contact me for more details:

Michael J. Droege 907-230-3372 mjdroege@gci.net www.MichaelDroege.com

Visit www.SpinellHomes.com

Posted by Michael Droege on August 14th, 2009 1:11 PMPost a Comment (0)

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Now is the time to BUY!

August 14th, 2009 1:05 PM

With the First time home buyer tax credit about to expire (you must be closed by December 1, 2009), interest rates as low as they have been in our lifetimes and inventories in the Anchorage area lower than they have been in years, conditions are good for both buyer and seller. Consider the following facts:

Markets are defined by the National Association of Realtors as follows:

0-5 months of inventory is a "Seller's Market"

5-7 months of inventory is a "Transition or Healthy Market"

7 month or more of inventory is a "Buyer's Market"

Here is the data on Anchorage / Eagle River / Chugiak:

Residential 4.81 Months Inventory (1259 Active / 262 Sold in July)

Condo's 6.00 Months Inventory (577 Active / 96 Sold in July)

Multi Family (1-4 Units) 8.38 Months Inventory (176 Active / 21 Sold in July)

Here is the data on Palmer / Wasilla / Meadow Lakes:

Residential 6.62 Months Inventory (774 Active / 11 Sold in July)

Condos 6.86 Months Inventory ( 48 Active / 7 Sold in July)

Multi Family (1-4 units) 3.38 Months (27 Active / 8 Sold in June)

So despite sales volume being down as follows:

Anchorage -15

Eagle River -6

Palmer -11

Wasilla -14

Market conditions are pretty level for buyers and sellers. Get out there and get Pre-Qualified and go get a home. If you're a first time home buyer, remember, you have to have your purchase contract "CLOSED" on or before December 1, 2009 to qualify for the $8,000 tax credit. That would mean you need to be under contract RIGHT AWAY for any new construction home and if you are buying and existing home, you need to have it under contract NO LATER than November 1, 2009.

Good luck and happy home buying. Remember, if you need help buying or selling a home, contact me:

Michael J. Droege 907-230-3372 mjdroege@gci.net www.MichaelDroege.com

PS - If you want to sell your home, inventories are Low! If your property is in good shape and priced right, there is a buyer for your home. You can expect to get that home sold in 90-120 days (depending on your price point) call me for a free market analysis and further details.

Posted by Michael Droege on August 14th, 2009 1:05 PMPost a Comment (0)

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Is the Anchorage Market Suffering Like the Rest of the Nation?

January 9th, 2009 3:03 PM

Not Really. There are portioin of the market that are still soft, but for the most part values are good and interest rate are at a fifty year low. If you are thinking of selling. Get you property on the market. Inventory in most price ranges is thinning quickly. There are precious few new construction listings and again MONEY IS CHEAP for borrowers. Want to discuss your circumstances and check out how your home will do on the market. Call me and let's discuss it.

Posted by Michael Droege on January 9th, 2009 3:03 PMPost a Comment (0)

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