At one time in the not-too-distant past, Wasilla was among the fastest growing communities in the United States. Although recent census numbers show that population growth is still occurring in the Mat Su Borough, a certain degree of caution among potential homebuyers has crept into the picture. As worldwide oil markets continue to underperform, concern about the economic stability of the region serves as a driver for a slower population growth. Nonetheless, despite layoffs and cutbacks in both private and public sector employment, Mat Su borough property still moves fairly quickly on today's market. If you've been holding back on putting your home up for sale due to concern over shaky economic conditions, rest assured that Alaska is as innovative and resilient as her people. Expert predictions put Southcentral Alaska's real estate market as remaining stable throughout 2017, which is good news for those currently considering selling their Wasilla homes. Nonetheless, the market is trickier than it was just two years ago, and this is where the expertise of a skilled real estate professional comes in handy. Here's why:
Alaska's Disclosure Laws
Alaska's disclosure laws are more complex than the majority of their lower-forty eight counterparts. Sellers must fill out a nine-page form documenting required disclosures before the sale of the property can go through. If this procedure is not performed properly, the sale can be deemed null and void. The disclosure form also asks sellers to provide estimates of monthly utility costs, with separate categories for each type of utility involved. using current billing amounts to fill out this forum will circumvent future misunderstandings and possible liabilities. These forms must be reviewed and signed by both parties before a formal offer may be given or considered. Failure to properly fulfill disclosure requirements may result in legal liability on the part of the seller for up to three times the actual damages suffered by the buyer.
Real estate professionals are used to dealing with this sort of complicated paperwork and can ensure that it's filled out according to applicable state statutes.
Buyers are more likely to ask for certain concessions in a market that's less than hot, and even though the housing market in the Mat Su isn't depressed, buyers may still ask sellers to sweeten the deal. One of the common concessions is asking that sellers cover closing costs. Because this can add up to several thousands dollars, it's best to have a skilled negotiator on your side to ensure that your best interests are protected. Keep in mind that closing cost concessions don't have to be all-or-nothing -- it's possible to negotiate a contract in with you pay a percentage of the buyer's closing costs rather than the entire amount. Other types of concessions involve reducing the overall price of the home to compensate for necessary repairs or upgrades.
Please feel free to contact us at your convenience if you have questions concerning selling your home in Wasilla, Palmer, or elsewhere in the Mat Su Valley.