5 Reasons to Buy A Home in Fairbanks, Anchorage, Wasilla, North Pole AK This Year
With mortgage rates slowly climbing, many residents in Anchorage, Fairbanks, North Pole, Palmer, Wasilla and the surrounding areas are wondering if now is the time to purchase a home or if they should wait it out to see what the new year brings. As your local real estate experts in Alaska, Madden Real Estate can share that now is the perfect opportunity to become a homeowner!
In fact, buying a home is now cheaper than renting in 100 of the largest metro areas by nearly 40 percent! Owning a home is not only a great way to begin building wealth, but it acts as a means of "forced savings" where you can essentially pay yourself just by paying down the balance of your mortgage.
Below, we've included five reasons to help you determine if buying a home now makes sense for you, but trust us, this is something you won't want to wait too long to act upon!
Rents will go up, mortgages stay the same
If you secure a 30-year-fixed-rate mortgage or another type of fixed-rate loan, you can rest assured that your mortgage payment each month will stay the same. Rents, however, are on the rise— and on a steep incline at that!
You'll build equity
As you pay down your mortgage in Anchorage, Fairbanks, Eagle River, Palmer, Wasilla, North Pole, you're building equity in your home. You can then use that equity down the road as a financial resource, perhaps to fund improvements to the property or even your children's education.
Your mortgage is a forced savings
As mentioned above, owning a home is like having a "forced savings" account. Paying down the balance each month is essentially putting money in your own pocket—think equity—whereas with renting, you're paying your landlord.
You are building wealth
Homeowners tend to have a net worth far greater than that of renters. Think about the asset you will have, the financial resource you will have in your home's equity and the ability to profit should you decide to move to a new home in Alaska.
Mortgage rates are rising
It's no secret that mortgage rates have been rising recently and as we move forward into the new year, they are likely to continue doing the same. If you're wondering about the best time to purchase a home in Alaska, consider how much you can save by locking in one of these low rates before they jump again!
Do not hesitate to contact Madden Real Estate with any questions about purchasing a home in Anchorage, Fairbanks, North Pole, Palmer, Eagle River, Wasilla and the surrounding areas. We look forward to hearing from you!