Today, I want to talk about the five common real estate scams that are going on in the market right now. We're getting to our busy season and it's time to bring awareness to these so that you know what to look out for:
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Loan flipping: Predatory lenders convince homeowners to refinance their homes multiple times, charging higher fees and costs with each refinancing. It's advisable to work with trusted professional lenders.
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Foreclosure relief: Scammers claim they can save homes from foreclosure or reduce mortgage payments for a large upfront fee. Homeowners should be cautious and avoid paying upfront fees without verifying the legitimacy of the service.
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Fake listings and rental scams: Scammers create fraudulent rental listings, often using legitimate property information from MLS listings, and advertise them on platforms like Craigslist. They ask for payment upfront without the intention of renting the property. It's essential to...
Once you've found the perfect Alaskan home, made an offer, and had it accepted, you'll need to make it through the mortgage closing before you are handed your keys. You may be anxious to officially become a homeowner, but the time it takes to close is dependent on a variety of factors— some of which are in your control!
If you're planning to buy a new home in Fairbanks, Anchorage, Eagle River, Palmer, Wasilla, North Pole, and beyond, you'll want to familiarize yourself with the following things that can slow down your mortgage closing:
Making big purchases
You may be excited about your new home, but resist the urge to buy new furniture and decor until after the closing. Making big purchases on credit cards can signal a red flag to lenders who will pull your credit just before closing to ensure it is still...
You may have heard that pre-approval is a great first step in the homebuying process. But why is it so important? When looking for a home, the temptation to fall in love with a house that’s outside your budget is very real. So, before you start shopping around for homes in Alaska, it’s helpful to know your price range, what you’re comfortable within a monthly mortgage payment, and ultimately how much money you can borrow for your loan. Pre-approval from a lender is the only way to do this.
According to a recent survey from Realtor.com, many buyers are making the mistake of skipping the pre-approval step in the homebuying process. In fact, only half obtained a pre-approval letter before beginning their home search, which means half are missing this...
While you may be watching mortgage rates rise (the average 30-year fixed rate currently hovering around 7 percent) and the number of homes to choose from on the lower end, there is one important concept to consider— buying a home in Alaska is still a better investment than renting.
We know that buying a home can feel like a major obstacle for many first-timers in Fairbanks, Anchorage, Eagle River, Palmer, Wasilla, North Pole, and beyond, but passing on the opportunity this year could create an even bigger hurdle later as rents will only continue to rise and the days of the 3 percent mortgage rate may be long behind us.
Below are three reasons why homeownership...
As a buyer in Fairbanks, Anchorage, Eagle River, Palmer, Wasilla, North Pole, and the surrounding areas, it is essential to consider all costs association with your new home. Everything from maintenance to renovation, repairs and closing costs should be factored in to ensure that you do not have any surprises or worries down the road. But if you’re purchasing a new construction home in Alaska, it’s also important to be aware of the costs you’ll have after the closing.
Below are four costs you will have after the purchase of your new construction home in Fairbanks, Anchorage, Eagle River, Palmer, Wasilla, North Pole, and the surrounding areas:
Utilities
Yes, all homeowners will have utilities to factor into their...
You may be watching both home prices and mortgage rates tick upwards in today’s unpredictable real estate market, wondering if buying a home right now is your best bet. While it may be an expensive endeavor, your goal of owning a home in Fairbanks, Anchorage, Eagle River, Palmer, Wasilla, North Pole, and the surrounding areas is not out of reach.
There are many strategies for saving money and staying on budget while buying a home in Alaska and as your local real estate experts, we are listing four to try below. Continue on for top tactics for becoming a homeowner in the current real estate market.
Get a Low or No Down Payment Loan
If the thought of putting 20 percent down on a home causes you stress or makes you want to toss your homebuyer dreams out the window, take a deep breath. Many...
No matter where you live—Fairbanks, Anchorage, Eagle River, Palmer, Wasilla, or North Pole—the upcoming spring season is often a busy time to buy a new home. The weather is warming up, you can take advantage of mortgage rates before they rise again, and and you can settle into your new property before the summer starts.
However, with moving also comes waves of excitement and nerves that can cause you to forget a few things along the way (more than just an extra box or two!). You can count on Madden Real Estate to make sure your moving process is as stress-free as possible— take the following five steps into consideration as you plan out your move to a new home in Alaska:
Clean the carpets
You never know what kind of dust, dirt or pet dander has accumulated in your new home’s...
It may be difficult to begin thinking spring when the weather is still quite cold here in Alaska, but inside your home, there are a number of projects you can take on! It’s never too early to tackle spring cleaning and if you’re planning to sell your home in the Fairbanks, Anchorage, Eagle River, Palmer, Wasilla, or North Pole area this year, buyers will certainly notice and appreciate your efforts!
Below are the most effective spring cleaning projects you can cross off of your list now in your Alaska home:
Clean the windows
Winter brings those long, dark days, but you would be amazed at how much of a difference a simple window washing can do for the light in your home. Clean every window inside and out—if possible—and while you’re at it, take down the drapes and...
While the holidays may have just ended, the spring real estate market will be here before we know it in Fairbanks, Anchorage, Eagle River, Palmer, Wasilla, North Pole, and the surrounding areas. Soon a wave of potential buyers will take to searching for their perfect property as the weather starts to turn around. Not only do the warming temperatures play a role in getting buyers out and about to tour homes for sale, but lower inventory just may give sellers an edge.
However, that doesn't always mean your Alaskan home is ready for buyers to step inside and prepare their offers. You may need to do a bit of prep work before you're officially in the game! Below are four ways to get ahead of the spring real estate market this year and make your home stand out from the rest in ...
As they say, the kitchen is the heart of the home— but it's also the place that can become the messiest! With the new year just days away, Alaska residents are preparing for a fresh start and what better spot than in this busy area of your home?
Follow these easy tips for creating a clean slate in your Alaskan home kitchen just in time for 2023:
Clean out the cabinets
First, start by removing any odds and ends that belong in other places of your Fairbanks, Anchorage, Eagle River, Palmer, Wasilla, or North Pole home— mail, books, electronics. Next, empty every cabinet, drawer and shelf, clearing out any broken or rarely used pieces to make more room for the others. Tackle the pantry and toss out any expired items or anything you're trying to steer clear of in the new year ahead....
We all know schedules can get a bit hectic during the holiday season and before you know it, your guests have arrived at the door! There is no better time than now to get your Alaskan home in order for hosting holiday gatherings this year, no matter how many you plan to have in attendance. The best way to avoid any last minute headaches? Take it one room at a time and the earlier you can begin, the better!
Consider these following five tasks your go-to list for holiday home prep and enjoy the season without any Alaska homeowner hassles!
Clean out the closets
Give your guests more room to hang their coats and store their belongings by purging your closets. In doing so, you can also make space for any gifts you receive or need to store before your holiday events. Start with coat closets and move on to your bedrooms as the former can be the easiest to clean out....
Tis the season to sell your Alaskan home! In past blog posts, we have shared Staging Tips for Selling Your Home During the Holidays and while it can indeed be a great move to list this time of year, you'll want to make sure you are following what NOT to do during the holidays as well.
Below are five things not to do during the holidays if you plan to sell your Fairbanks, Anchorage, Eagle River, Palmer, Wasilla, or North Pole home:
Do Not: Put up damaging decorations
It's exciting to deck the halls and turn your home into a magical winter wonderland, but if you can, avoid doing so with damaging decorations. Anything that can leave marks or holes on your walls, scuff the floors, rip the carpet, even leave scratches on the ceiling should be avoided. These are easy to spot...
While you may have seen dozens of real estate reality TV shows that make it look as simple as touring three homes and then choosing the best one, there is so much more to house hunting in Alaska. In fact, there are a few rules of thumb to follow in order to avoid any buyer’s remorse or financial obstacles down the road.
As your local real estate experts in Fairbanks, Anchorage, Eagle River, Palmer, Wasilla, and North Pole, Madden Real Estate has put together four mistakes to avoid when house hunting this year to make your experience as smooth as possible:
Don’t Skip the Pre-Approval
Working with a lender on your mortgage pre-approval should be your first step in your Alaska home purchase process. In the event that...
Whether we like it or not, the winter weather has already descended upon Alaska. Fairbanks, Anchorage, Eagle River, Palmer, Wasilla, and North Pole area homeowners would be wise to take precautions now to ensure they are not caught off guard by a faulty heating system, water leaks in the basement or high energy bills due to drafty windows and doors.
Madden Real Estate is happy to share the following five tips for preparing your home for winter and help you enjoy the season, without any home-related hassles.
Clean the gutters
Once all the leaves have fallen, it's time to clean out your gutters, unless of course, they are already overflowing. Gutters are the cause of many basement water problems due to water draining improperly.
On the same note, make sure your downspouts are pointing away from your house, away from sills and driveways. You always want to route water away from the house, not emptying into a...
When you decide to sell your home in Fairbanks, Anchorage, Eagle River, Palmer, Wasilla, or North Pole, you begin to dream about how much profit you can make and moving to your next location. However, there is one figure you'll need to determine before you can make those dreams a reality— your home value.
It is not uncommon for homeowners to over-estimate how much their property might be worth, so as your local real estate experts, the Madden Real Estate team has put together a few tips that can help you determine just that.
Comparable properties
One of the first places to look to help find your home value is a list of comparable properties in the area. Look at homes that have a similar square footage to yours or those with the same types of features. Even if you think your home is better than the one down the street, you'll need to consider...
October is nearly here! That means fall is officially underway which brings about its own share of tasks for Alaskan homeowners— raking leaves, cleaning out the fireplace, updating decor and now, preparing for Halloween. You might not have anticipated getting ready for trick or treaters, but there are a few ways you can make sure the path to your door is as safe as possible.
Clear the way
Just as you would do to prepare for potential Alaska homebuyers, you need to ensure the pathways are unobstructed. While it's still daylight, inspect your lawn, driveway and other pathways for anything that could prove an obstacle. That means tree roots, fallen branches, or even cracks in the pavement. Make updates and repairs where you can or at the very least, block off these areas.
It's also important to make sure your Halloween decor is not in the way. Things like extension cords...
With rising mortgage rates, home prices, inflation, and the lack of homes for sale in Alaska, there are many reasons to be frustrated when looking to buy a home right now. And while it may feel challenging to both find a property and close the deal, there may be good news on the horizon.
"While the median list price for a home is still a staggering $435,000," Realtor.com reports. "Prices [recently] dropped for the first time in six years—by $15,000."
The industry outlet goes on to state that the national inventory of active listings increased by 30.7%, a record-high growth rate. "As a result, the housing market may be headed toward a state of balance not seen since the COVID-19 pandemic led to a full-blown seller’s market," they speculated.
So what can you do this year if you're ready to buy but feeling fed up with market conditions? We're sharing three tips below on how...
Fall is a great time to become a homeowner in Alaska! Not only is a new season just beginning, but you have the opportunity to secure a low interest rate and settle into a home before the cold weather arrives.
But what if you’re currently a renter in the Anchorage, Fairbanks, Eagle River, Palmer, Wasilla, or North Pole areas? Don’t worry! Madden Real Estate has provided a few ways below that you can prepare to take advantage of this exciting time in the local real estate market.
Research all of the costs
There are more costs involved with owning a home than just your monthly mortgage payment. For first time buyers, this may come as a surprise, but with the proper amount of research, you will be able to determine exactly how much you can afford in a home. Costs like property taxes, homeowners insurance, private...
Did you know misconceptions and myths are what holds would-be homebuyers back most in Alaska? Buying a home is indeed one of the biggest steps you will ever take, but don’t allow what you assume is true or required to become fact without first doing the research.
As your local real estate experts in Anchorage, Eagle River, Palmer, Wasilla, North Pole, and the surrounding areas, Madden Real Estate is happy to help you clear a few things up! Below are three myths surrounding mortgages that may be keeping you from purchasing your dream home in Alaska:
Myth: Your best credit scores will be used
When you apply jointly with another borrower for a mortgage in Alaska, your lender will take the middle of three credit scores from...
As we’ve mentioned in past blog posts, there are many “hidden costs” of buying a home in Alaska and that goes for moving too! It is so secret that the moving process can be overwhelming. After all, you’re on your way to settle into your dream home. It’s both exciting and new and as a result, it can be easy to overlook a few key items like fees along the way.
If you’re moving to a new home in Fairbanks, Anchorage, Eagle River, Palmer, Wasilla, North Pole, or the surrounding areas this summer, it is important to keep an eye out for these extra fees that could pop up when changing homes. Even little things like disposing of packing materials can add up in charges.
Packing and Unpacking
If you don’t take the time to carefully package each item or piece of furniture, you could risk damaging them in your move. However, some new homeowners just do not have the time to...
