WolfTeam News

July 15, 2010

Dad said “Buy Low and Sell High!”

Filed under: Financing,General Real Estate Industry News,Price & Value,Property Values,Uncategorized — Tags: , , — Dan @ 11:00 am

This may be the best buyer’s market we’ll see in our lifetimes.  There are lots of legitimate reasons why a person should be taking advantage of this real estate market if they are able.

Anchorage with the Chugach Range backdrop

City of Anchorage with the Chugach Range backdrop

Obviously, if a person doesn’t have the down payment or have a workable credit score, they won’t be able to seize this opportunity.  If a person is concerned about losing their job, that would be a valid reason for not buying now.  If you are planning on relocating in the next year or two, maybe now isn’t the time to buy.

On the other hand, if a person doesn’t own a home, has good credit and job stability, they should seriously consider capitalizing on this unique combination of opportunities. 

The Top 10 Reason’s to Buy  A Home NOW!

1. Interest Rates are incredibly low – rates are at near historic lows, often spiking below 5%.  Interest rates play a huge part in the cost of hosing together with the price and shouldn’t be overlooked.

The average interest rates for the past four decades were:  1970′s 8.9%; 1980′s 12.7%; 1990′s 8.1$; 2000′s 6.3%

2. Lower prices. Recent price adjustments have made good values that haven’t been available in some situations for years.

3. Selection is still good.  Home inventories in most real estate markets and in certain price ranges are higher which allow buyers better choices.

4. Negotiate financing concessions – FHA, VA and Conventional loans allow for the seller to pay some closing costs that traditionally would be a buyer cost.  This market may allow a buyer to get closing cost assistance.

5. Costs for FHA loan going up.  The annual MIP for FHA loans will probably be going up this year which will incrase the montly payment.  Buyers who get in now will pay lower fees.

6. Interest and property tax deductions- The U.S. is one of the few countries in the world that allow an interest and property tax deduction for homeowners and taxpayers.

7. Capital Gain exclusion- the U.S. allows qualifed homeowners to make a profit on their home without having to pay tax on the gain.

9. Borrowing against your equity is  non-taxable event. taking money out of the equity in your home does not require you to recognize capital gains income.

10. The combination of reasons to buy a home may never be stronger than right now!

Interest rates are going up;  it’s just a matter of when.  Inventories are starting to be absorbed by current demand.  Prices have begun to climb in many U.S. markets.  Real estate inventories are beginning to decline.

A basic rule of investing is to buy low and sell high.  There will be some buyers who take advantage of he current opportunities and will look back and remark how fortunate they were to act when they did.  Th3ere will be others who look back on these conditions and say “We should have bought then.”

Hindsight is always 20/20.  Evaluating the present and acting takes equally clear vision.

June 27, 2010

Lake Front Property-Matanuska Valley-Just for Fun!

Filed under: Alaska,Price & Value,Property Values,Saving Money,Uncategorized — Tags: , , , , , — Dan @ 7:37 am

I was sitting at my computer yesterday and had this thought “With the market slow down, I wonder what a guy  would have to pay for a small house on a lake in Wasilla or Big Lake area?” 

Fishing from your own dock!

As you know, Wasilla is about 45 minutes from Anchorage and Big Lake is roughly an hour from Muldoon in east Anchorage.

You know how databases work, right?  MLS is a database, too.  I put in lakefront, under $400,000 and lots over 15,000 feet.  To my surprise, 37 properties popped up! 

The least expensive lake front home was only $129,000 and the next was $132,000.  After prices crept up all the way to the maximum price I set of $400,000.

You know, if you ever wanted a second home on a lake, or if you hope to slow down some day and have a fun place to live, it’s not a bad thought to buy when the prices are low and the interest rates are good!

Not a bad view from the front yard

I randomly read through some of the 37 active listings online.  One photo on Big Lake caught my eye so I read the listing comments ‘The classic ‘cabin in woods’ with all the conveniences. Hardwood floors, upgraded cabinets, flooring, lighting. Serene private setting, beautiful Diamond Lake frontage with canal access to lake. Lake is stocked and 10 horse power limit applies. Winter mountain views. Beautiful Custom Built Home.“  All that for $249,900!  Hmm, interesting :)

If you or someone you know are interested, email me, tell me what your thought is and I’ll email you a list of water front properties so you can see what I mean!

June 9, 2010

Give Your Kitchen a Jump Start – Replace the Counter Tops!

Filed under: Price & Value,Property Values,investment — Tags: , , , — Dan @ 12:55 pm

Replace your kitchen counter tops and give your kitchen a jump start!

Common formica counter tops with neutral color

When it comes to upgrading your home one of the primary things to get your biggest bang for your buck, would be to replace the kitchen counter tops.

There are literally dozens of options available to you!  Take a trip through your local  Home Depot kitchen center and Lowe’s kitchen area to get your creative juices flowing.

Upgrading your home will make you appreciate your home more as well as set your home apart from other homes like your home. 

The least expensive counter top options begin with laminate.  There are literally 100′s of colors and textures available.  You can get pre-formed counter tops or have the laminate overlayed your existing counter tops, as long as the surface is tight.  Options available to you when you change the Formica tops are wood back-splashes and edges or possibly even tile on your back-splash.

A newly installed solid surface counter top

A solid surface counter top in neutral color

A nice upgrade from Formica or other laminate would be “solid surface” such as Corian or one of the other well known brands.  Again, you have many options for colors for the tops and back splashes.  There are some nice things that can be done in solid surface installations such as different bevels on the countertop edges and inlayed accent colors that look nice.

Depending on your budget on your kitchen upgrade the sky is the limit beyond laminate and solid surface counter tops.  Nice options include concrete, granite and dozens of stone types.

Compete your counter top upgrade with a new sink and faucet and you will fall in love with your new kitchen all over again!  Nothing will enhance your sense of style and improve your home’s value greater than upgrading your kitchen.

May 28, 2010

Year to Date Market Improving – Slightly

Filed under: Alaska,General Real Estate Industry News,Price & Value,Property Values — Tags: , — Dan @ 9:05 am

The Anchorage Real Estate Market is improving, albeit slightly. 

Anchorage Real Estate Market Showing Signs of Stability

I checked in this morning with the Statistics Department at Alaska Multiple Listing Service (MLS) to see how the overall market was fairing, from the distinct advantage MLS has of seeing everyone’s transactions.

A check of year to date residential numbers ending April 30th show a pretty nice improvement over last year (Jan 1 – April 30).

The numbers of sold properties are up 5% this year over last year.  The average sales price is up 3% in a year over year comparison for the same time last year; You do have to be pretty cautious how much you read into the stats though.  – 2009 was down pretty far from our normal a few years prior.

Condominium numbers are also up in number but down a bit in average sale price.  The number sold is up 36% over the same time last year, but sales price down 5%.

When you look at “homes sold” and look at both condo and residential together , the number sold is up 15% and average sales price down 1% year over year Jan 1 – April 30.

I have no crystal ball, but it stands to reason that May and June should be pretty strong as the last contracts written to take advantage of the tax credit work their way to closed.  The tax credit program ended April 30, but we have until June 30 to close out those transactions.

You know I’m watching for positive signs that the market is improving.  My best guess is that it won’t happen overnight, but that things will cautiously improve.

May 5, 2010

Your Home’s Hot Water Heater – A Most Important Component!

Filed under: Maintenance,Price & Value,Saving Money — Tags: — Dan @ 4:16 pm

A common 50 gal gas fired hot water heater

A most important component in your home is the hot water heater.   

It’s not pretty, and it’s usually hidden out of sight next to your furnace, either in the garage or in a utility closet.  But when it quits working, you’ll know it!

The average lifespan for a hot water heater is 13 years.  You see some fail earlier and some last for a few years longer.  By far, the most common types of hot water heaters are sealed round cylinders and are gas fired.

Typically there is very little to go wrong with your hot water heater.  Occasionally a strong draft may cause a the flame to go out and you may have to re-light it, but that would be a rare occurrence.  A sign of pending failure would be a drip from the bottom of the water heater.    Once your hot water heater develops a leak in the base, it is just a matter of time before there are bigger problems.

When you purchase a hot water heater, you have the choice of the size of the water storage tank and the speed which the unit heats water.  A 50 gal hot water heater is very common.  Some families spend a few more dollars to get a high recovery water heater, which can heat water faster, which might be nice with a larger family with greater demand.

In Anchorage, the Municipality requires a plumber to purchase a permit to install a hot water heater.  In my experiance, to have a professional plumber install a new hot water heater, you’ll spend between $750 and $1,000 dollars.

May 2, 2010

Inexpensive Home Remodel Idea #3 in Anchorage – Paint Your Home

Filed under: General Real Estate Industry News,Preparing Your Home,Price & Value,Saving Money — Tags: — Dan @ 5:31 pm

Inexpensive home remodel idea in Anchorage – paint your home !

The biggest impact and least expensive home update thing anyone can do is to paint the home.  New paint will clean it up, brighten the home and give it that “new home-new paint” smell!

Most modern homes come with very basic white walls.  When in doubt, you can’t go wrong with white walls, but look at the difference an accent wall of a different color can make! 

The clean look-white on white

It is best to stay nuetral in color, expecially if you are planning to sell

White trim with a colored wall

White trim with a colored wall

your home, but you can tastfully change the color to a different shade and warm up the entire room.

Many people like to use a semi-gloss paint on the walls.  Semi-gloss paint is easily washable if you want to remove hand prints or other smudges. 

Ceilings seem to look better with flat paint on them.  The flat helps hide smudges and irregularities in texture or sheet-rock lines.

April 7, 2010

Assessed Values-Property Taxes in Anchorage, Alaska

Filed under: Alaska,General Real Estate Industry News,Price & Value,Property Values — Tags: , , — Dan @ 1:51 pm

 Anchorage, Alaska Assessed Values – Property Tax 

The Anchorage Municipal Tax Assessor’s office has been busy in 2009 and 2010 assessing properties for their tax valuation.

Every year I get email and calls from past clients asking me to help them get a perspective on the price the city assessor put on their house (assessed value). I usually can pull the most recent sales in the subdivision, and find most of the data the city used to get their valuation. In years past, most of

Anchorage Tax Assessors have been busy evaluating property values in 2009 and 2010

 the time, the city’s value was lower than the seller would be willing to actually sell for, that is the muni assessed value was lower than fair market value.

The last few years this has changed in Anchorage. The assessor has been trying to get the tax value up to fair market value. At the same time, the market has been fairly flat or even declined in some price ranges. Very commonly we see houses on the market priced under assessed value, they sell for under tax assessed value.

With the city running a budget deficient, they are obviously trying to squeeze every dollar out of the property owner by pushing assessed values. In fact many services that you could get a few years ago for either free or nominal charge now have steeper fees involved, but that’s not really the subject I was talking about here.

Anyway, beware! Your local assessed value may fair market or actually higher than you could sell your property for!  I see sales every week where the assessment is fair market value, or even higher than the buyer will pay.  You can visit the Anchorage Municipal Tax site here “http://www.muni.org/Departments/finance/property_appraisal/Pages/PropInfo.aspx“.

Email me your experiences!

March 26, 2010

Wolf Team Lands TownHouse Development Project in South Anchorage

Filed under: Alaska,Life in Anchorage,Maintenance,Marketing,Price & Value — Tags: , , — Dan @ 5:02 pm

The Dan Wolf Team was just approved to market a townhouse development in South Anchorage!

Northrim Bank recently acquired 45 town-homes through the foreclosure process. Our team submitted a proposal to market the project for the bank, along with proposals from other Anchorage real estate companies.  We are proud to have been selected to represent the bank and help them sell these  townhouses!

Briarcliff Townhomes, Anchorage, Alaska

The townhomes are priced from $199,000 to $208,900, depending on their location and other amenities.  All units will have washers and dryers and refrigerators.

There are two different models, the “Retreat” with two bedrooms upstairs and a larger “master” bedroom down, and the “Ranchette” model which has the large master upstairs and two bedrooms downstairs.  

Both models have two full baths, a double garage and spacious kitchens with vaulted ceilings.  Both models are are about 1,360 square feet inside and a garages are about 400 square feet.

We will begin open housing Saturday and Sunday beginning April 1.  We’re going to be easy to find. 
View Larger Map

To find the townhouse project, go to Old Seward and 68th Ave, the street to the west is called Merlin. You can follow the signs right to the model home! 

 

March 22, 2010

10 Tips to Sell Your Home in Anchorage Alaska

Filed under: General Real Estate Industry News,Inspections,Marketing,Preparing Your Home,Price & Value,Property Values,Saving Money — Tags: , , , , , , — Dan @ 4:37 pm

In a buyers market, or a flat market, such as we have in Anchorage, AK currently, selling a house can be a bit more challenging than it was a few years ago.  Buyers can pick and choose, so sellers need to “stand out” from the rest of the homes competing for a buyer to get sale.

Here are 10 ideas to help you sell.

1. Work on curb appeal.  If the yard is a mess, people are going to be less likely to buy the house, let alone look at the interior.  Some simple things that can be done are keeping the lawn mowed and edged and your house exterior painted and “squared away”.  Sealing an asphalt driveway with the “Black Jack” tar can improve your curb appeal. 

2. Remove all clutter.  Clutter makes the house seem smaller and less inviting to prospective buyers.  Discard or donate items to charities that you have out grown or no longer need, but are still usable.

3. Neutralize any smells.  Sorry to say, but a home with cigarette smoke can be a huge turn-off to people who don’t smoke.  If you have pets, the smell of pets will turn off a buyer.  Cat boxes, dog mess in the back yard, stale fish tanks and ferret cages are good examples of smells that will get a buyer out of your home quickly. 

4. Clean your interior!  Hire a cleaning service if you hate this sort of work, but

Make your home "stand out" by making it clean & stage it like a model home!

 nothing if more important.  Shampoo carpets, vacuum floors, wash any dirty walls from pets, kids and wash windows inside and out.  Also consider removing some of your personal things, such as photo’s of your kids in every grade as they matured.  It makes it easier for prospective buyers to see themselves living in your home.

5. Inspect the house.  Sometimes something as minor as a creaky floorboard, a broken light switch or a toilet that runs can cast an impression to the buyer you don’t want.  Get someone not emotionally involved with your house to walk through and help you evaluate your home with another set of eyes.

6. Fix any neglected things.  If something obviously needs fixing, especially if it is something anybody can do, it sends a conflicting message to the prospective buyer.  Subconsciously, they will start to wonder what the next surprise will be.  A lot of first time home-buyers barely have enough money to buy the house and are not ready to have to begin repairs right away.

7. Invest in renovations, if necessary.  Is the carpet worn?  Are there wear paths down the hall or stairs in the carpeting?  Are there marks on your walls from a child’s marker pen?  Do you have loud primary paint colors on your walls?  Was your kitchen in-vogue in 1975 and pretty much looks the same?  Don’t count on finding a buyer who wants to find a home they can work on.  Far more buyers are looking for a home they DON’T have to work on.

8. Get the opinions of others.  Sometimes a different perspective can go a long way to broadening your houses’s appeal.  Others see and notice things you tend to ignore.  Sometimes you’ve lived with something in your own home so long you don’t even see it anymore.  A good realtor can be invaluable here, as they may be able to see home weaknesses that you are unaware of.

9. Consider getting a home inspection.  Sure, it’s normal for a buyer to get an inspection when they buy, but what if you could get a jump on the process and show a recent inspection report and show you’ve already made the recommended repairs or have them underway? 

10. Get a good Realtor.  You want a realtor whom you can communicate with.  You want a realtor who can really look out for your best interests and that will keep you abreast with all feedback from buyers and other Realtors when they show your home.

March 16, 2010

Anchorage Alaska-a Buyers Real Estate Market?

Filed under: Alaska,Financing,General Real Estate Industry News,Price & Value,Property Values — Tags: , , , — Dan @ 6:21 am

Is Anchorage and Alaska in a “buyers market” or a “sellers market?  The answer just might be….maybe, depending on your perspective!

I received an interesting comment from one of our house buyers this weekend. This buyer has been steadily trying to buy a home for months. They tried to remain un-emotional (not fall in love with only one house) on each property and focused on “getting a good deal.” 

Can you "price to sell" even in Anchorage buyers market?

This buyer always offered less than the listed price and asked to get some of their closing costs paid on each offer. They made five offers over five months on homes they thought they could live with. They did get one offer accepted and then later the offer failed when a repair item couldn’t get negotiated successfully.

Finally, after five months, they decided to make an offer that would get accepted, just so they get their life settled.

The comment the buyer made at the end of the home buying adventure was “What we found, is that this isn’t a buyers market!”

What is amazing to me, is that from meeting with sellers often, I keep hearing things like “I’m not going to give my house away“, or “I want to sell, but I don’t have to sell.” These statements indicate that the sellers believe the market is low and that if I’m correct in my pricing, the market is too low.

This is contrary to the buyers comment that we aren’t in a “buyers market”. Interesting. It’s the old debate about whether the market is half full or half empty! Isn’t perspective an interesting thing?

From the perspective of a real estate professional, it is important to point out that any property can be priced well and will sell for full price, if the seller really priced the home to sell. 

A real estate market changes at various price points.  In Anchorage, AK a million dollar home might be a great buy, but at that price point, only 2 or 3 sell each month so it make take months to be seen by the right buyer.  At the $250,000 price level, there are many more buyers and sales every day.

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