Everywhere I go people ask ‘How’s the market?’ Potential buyers are wondering if mortgage rates are going to go lower. They also want to know if we’re at the bottom of the market. My response to that question is ‘You never know when the bottom of the market is until it’s past.’ So take this real estate quiz and draw your own conclusions whether or not now is a good time to buy a home.
1. Is September’s condo inventory of 360 units the highest or lowest it’s been since 2016?
2. Is September’s active listings of 578 the highest or lowest since September 2011?
3. What was the average sales price of a single family home in September 2019?
4. And is this price higher, lower or about the same when compared to 2018?
5. Last month there were 192 single family sales. How many were there in Sept. 2018?
6. Sellers who list their home with a broker in MLS can expect a full price offer or what percent list to original price?
7. How many million dollar and above homes are there currently for sale in MLS?
A. 13 B. 23 C. 28 D. More than 28
8. In the last six months, what was the average days on the market before a sale?
A. 154 days B. 46 days C. 38 days
9. What area of Anchorage has the highest average sales price?
A. Downtown B. Abbott/De Armoun C. Girdwood D. De Armoun Road/Potter Marsh
10. And what was the average highest sales price for that area?
A. $469,000 B. 550,441 C. $601,000
11. Lets not forget about Eagle River. How many homes above $700,000 have sold in the past 12 months?
A. 7 B. 17 C. 27
12. How many homes between $350,000 and $500,000 have sold in the past 12 months?
A. 53 B. 83 C. 153 D. 253
13. What percentage of millenials will buy a home in the next five years, according to a 2019 survey by the National Association of Home Builders?
A. 34% B. 44% C. 54% D. 64% E. 74%
14. If the average 6,000 square foot lot with public water/sewer and on a dedicated public street maintained by the MOA costs $140,000, what percentage of the cost is due to regulations relating zoning, platting, private development design criteria regulations? This calculation is based on the National Association of Home Builders research.
A. 9% B. 19% C. 29%
15. Based upon the answers to the questions, do you believe now is a good time to purchase a home?
ANSWER KEY: 1. Lowest 2. Lowest 3. $380,490 4. Lower 5. 193 6. 97% 7. B 8. B 9. D 10. C 11. A 12. D 13. E 14. C 15. Yes!