Possible F16 move already shaking up housing market

FAIRBANKS, AK -- The possible relocation of the F16 Aggressor Squadron from Eielson to Joint Base Elmendorf Richardson has already caused a slight tremor in the Interior real estate market.

Local Realtors say many service members from Eielson have inquired about putting their homes on the market before the proposed relocation.

In response, non-military families who live in the Eielson/North Pole area have also inquired so as not to lose home value in a sale should the relocation be authorized.

Local Realtor Wes Madden says many Eielson families had to purchase homes off base due to the limited housing at Eielson.

Worst-case scenario, he says, could be the rise of short sales, defaults and foreclosures.

Madden explained, “Last year, 2011, we had 317 single–family residential homes sold in North Pole, so in numbers, when they start talking about the people that they're moving, and I've heard numbers from 500 all the way up to 1500, that's obviously going to impact a market that only had 317 sales last year. The law of supply and demand is irrefutable, I mean, if we flood the market with a ton of inventory that can't be absorbed in a short amount of time, values are going to be impacted."