Markets in the Lower 48 are predicted to hit rock bottom by next year. So what
does Kodiak’s real estate economy look like in comparison? Mary Donaldson brings
you this report.
Island Broker’s real estate agent Bob Brodie has been selling homes in Kodiak
for almost 20-years. He has been around Kodiak long enough and has seen the housing
market rise and fall over time. With the housing markets in the Lower 48 on a downturn,
he explains where Kodiak’s housing market is right now.
(Brodie 1 :48s “…nor the rollback in prices.”)
factors play into the rise and fall in home sales, such as the economy, job
availability and supply and demand in an area. Brodie says one of the main
reasons the prices of houses and mortgages in the Lower 48 have skyrocketed are
due to the practice of house-flipping.
(Brodie 2 :32 “…and their ability to pay.”)
Carrie Morton, the branch
manager for Residential Mortgage in Kodiak says that the market in town has
been pretty stable compared to the rest of the U.S. She says foreclosures in the
market in the Lower 48 are because of home buyer’s expectations not being met
in the market.
(Morton 1 :43s “…couldn’t afford it anymore.”)
In Kodiak, however that is not the
case. She says the market in Kodiak remains strong because lenders are not out
looking to make an “easy buck”.
(Morton 2 :22s “…in Kodiak at all.”)
the first time the U.S.
has seen a slower than average housing market. The mortgage crisis during
1980’s left the Alaska
real estate market with the worst slump of any real estate market nationwide.
Brodie says the future housing market
in Kodiak should continue to remain healthy for now.
(Brodie 3 :38s “…would like to have.”)
Around the state, it’s hard to
calculate whether the housing market will rise or fall, but observers are
expecting small declines in some of the state’s larger cities. According to
housing-predictor-dot-com, an independent real estate market forecaster, Anchorage’s housing market is predicted to deflate 4.1
percent, our capital city is predicted to deflate 6.7 percent, and Fairbanks’ market is
expected to deflate 5.1 percent in 2008.
I’m Mary Donaldson.