Buying a Home in Fairbanks, Anchorage, North Pole Alaska Before Spring
The weather outside is certainly frightful and a break from the cold is far from Alaskan minds— but there may be a benefit in the mix! Potential homebuyers in Fairbanks, Anchorage, Eagle River, Palmer, North Pole would do well to purchase a home before the official start of spring to avoid higher costs of homeownership.
Winter has indeed been labeled as the best time to sell your Alaskan home, but as it seems, winter is also a great time to buy! If you have been planning to become a homeowner this year or move up to that home you've always dreamed of, here are four important reasons to jump into the real estate market now:
Prices are rising
Home prices will continue to rise for years to come and it no longer makes sense to wait. The Home Price Expectation Survey, polling over 100 economists, real estate strategists and analysts, recently projected home prices to appreciate between 15 and 33 percent over the next five years.
Mortgage rates are rising
While interest rates have been low for the past few months, experts predict they will begin to rise over the next year. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors all agree that mortgage rates will rise a full percentage point, to five percent, by the end of 2015.
Rents are rising
The costs of renting a home in Alaska are also on the rise! Remember, regardless if you rent or own, you're paying a mortgage. When you rent, it is your landlord's mortgage plus a return, whereas when you own your home, it is your own principal. Which of these prevails as the better financial investment? It is clear homeownership is the answer to building your own longterm wealth.
There is no better time
There is no better time to move to a new home in Alaska than the new year! And given the rising home prices and mortgage rates we will see over the coming months, your costs of homeownership even a few months from now could be higher than if you acted right now. It's best to determine your exact reasons of buying a home in Alaska and decide if it's worth waiting— Madden Real Estate is here to help!
Madden Real Estate has years of experience helping both homebuyers and sellers in the Palmer, Eagle River, Fairbanks, Anchorage, North Pole and Wasilla areas. Do not hesitate to contact us today with any questions about the real estate market or for a list of available homes!
Not sure if now is the right time? Our Love It or Leave It Guarantee ensures you will be completely happy with your new purchase!
One of the most important steps of buying a home is the home inspection. Not only does this ensure there are no structural or mechanical problems with the property, but it gives the homebuyer peace of mind. Take a look at the graphic below for key elements of a home inspection and to put to rest some common homebuyer myths about inspections.