3 Important Questions to Ask Yourself Before Buying a Home in Alaska
The real estate market has recently seen a series of welcome changes that could greatly help Alaskan homebuyers purchase their dream home in Fairbanks, Anchorage, Eagle River, Palmer or North Pole this fall. Mortgage rates dipped to their lowest levels in over a year, thus making homes more affordable for Alaskan buyers, and existing home sales have reached their highest annual pace! Not only are buyers confident in their ability to purchase a home, but in their ability to purchase one at a great price.
However, the common question facing homebuyers in Alaska is not always if they should buy a home, but when they should buy a home. Prospective homebuyers are constantly trying to "time" the market and more often than not, that can mean they allow an opportune window to pass them by.
Avoid passing up the current scene in the Alaskan real estate market this fall and ask yourself these three questions. The answers can help determine if now is the right time for you:
Why are you buying a home?
Why have you started or why are you thinking about starting the house hunt in Fairbanks or Anchorage? Don't bring your finances into the picture just yet. Make a list of the top five or even number one reason why you want to buy a new home. What non-financial benefits will you earn from moving to a new home in Alaska? The answer to this question should be your top priority and motivating factor when it comes to making that purchase.
Where are mortgage rates headed?
Like I mentioned earlier, mortgage rates have been on a decline over the past month, many of them still under four percent. Factor these into your decision to buy a home in Alaska as any increases in the near future can make a big difference in your monthly mortgage payment. Madden Real Estate can recommend finance experts and mortgage lenders to discuss with you!
Where are home values headed?
Where are home values headed over the next five years? Up! If "timing" the market is on your mind, you won't want to delay a home purchase much longer. Experts project home values to increase anywhere from 11 to 19 percent by 2018.
Madden Real Estate is here to make your journey to owning a new Alaskan home as smooth as possible and that includes handling all of the basic questions ahead of time. When you answer these three important questions, you should have a handle on whether now is the right time for you. Ready to get started? Contact us today!
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