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...
When you're shopping for a new home in Fairbanks, Anchorage, Eagle River, Palmer, Wasilla, or North Pole, you'll want to research everything from the square footage to the property taxes to, perhaps the most important, the neighborhood. But with technology in place, it's key to note you don't actually have to visit the area to do your due diligence!
There are several ways to research a neighborhood in Alaska right from your own home!
Browse local social media
Use the power of social media to research a potential neighborhood when shopping for homes in Fairbanks, Anchorage, Eagle River, Palmer, Wasilla, and North Pole. You can use apps like NextDoor, Facebook, or even dig into geo-specific hashtags or locations on Instagram, for instance, to look for activity and posts in a certain...
Summer is a busy time in the real estate market, with Alaskan homebuyers taking the time to tour homes for sale through open houses. However, if you're a first-time homebuyer, you may not know how to act at an open house. Don't worry! Like any aspect of Alaska real estate, there are guidelines to follow as you visit them this summer, but we're here to walk you through it!
As you head out to visit available properties in Fairbanks, Anchorage, Eagle River, Palmer, and North Pole this year, keep the following tips in mind to practice smart homebuyer etiquette and soon you'll be a pro!
Watch the other homebuyers
Take note of your surroundings as you visit open houses in Fairbanks, Eagle River, Palmer, Wasilla, and North Pole...
Summer is upon us and it's an exciting time in local real estate! The conditions are ideal for moving, homebuyers are feeling motivated, and Alaskan home sellers are ready for a change of scenery. However, despite the market statistics on rising mortgage rates and housing prices, there are still a few buyers on the fence.
If you find yourself wondering if now is the right time to buy in Fairbanks, Anchorage, Eagle River, Palmer, Wasilla, or North Pole, consider these top five reasons to own a home:
Paying rent is not the best investment
If you're currently renting, ask yourself where your money is going every month. When you rent a home in Alaska, you are paying down your landlord's mortgage, not your own. When you own a home, you...
When it comes to buying a home in Fairbanks, Anchorage, Eagle River, Palmer, Wasilla, and the surrounding Alaskan communities, there are many options for mortgage loans. Alaska homebuyers can shop around for a mortgage loan and see what works best for them and their finances.
As your local Alaskan real estate experts, Madden Real Estate is here to offer you some general information on your down payment options. There are many programs out there now that allow to you put down as little as 3 or 5 percent on an Alaskan home. With VA loans for veterans, you don’t need any down payment.
These programs are wonderful for families who do not have...
Real estate has just been voted the best investment for the eighth year in a row— better than stocks, gold, and savings! But that’s not all real estate can hold its own against by comparison.
Real estate is also a time-honored inflation hedge. In fact, for the last decade, home price appreciation has beat inflation by several percentage points.
During times where inflation is mounting, rising costs of rent can also be a major concern. However, as a homeowner, fixed-rate mortgages can help you keep your monthly housing payment the same.
“A fixed-rate mortgage allows you to maintain the biggest portion of housing expenses at the same payment. Sure, property taxes will rise and other expenses may creep up, but your monthly housing payment remains the same,” said James Royal, Senior Wealth Management Reporter at Bankrate. “That’s...
As we get closer toward spring (it does come around eventually!), dozens of Alaska residents begin to contemplate buying a new home. In fact, spring is the time of year when the real estate market starts to really heat up and buyers descend upon local homes for sale!
However, if you're a first-time buyer in Alaska this year or are feeling overwhelmed by the process, don't worry! It may be best to break it down into simple steps, so you too can take advantage of this exciting time.
You can count on Madden Real Estate to clarify any questions you have about buying a home in Fairbanks, Anchorage, Eagle River, Palmer, Wasilla, North Pole, and the surrounding areas and simplify the path to homeownership.
Below are five steps to get you started...
Once you've found your dream home in Fairbanks, Anchorage, Eagle River, Palmer, Wasilla, or North Pole, it can be hard to erase the picture from your mind. You start to envision yourself living in the space, how your furniture will fit, and what paint colors you will choose. But in today's real estate market, you may find yourself competing with cash buyers who can snag the home quicker and easier than those with financing.
You will need an edge to land the property over those cash buyers and below are a few ways for you to do just that:
Be straightforward about your finances
Sellers often accept cash deals as every aspect of the transaction is laid out on the table for them to see. As a buyer with financing, it is essential that you do the same if you are to compete with cash buyers. Be straightforward with your finances— provide a pre-approval letter,...
When it comes to buying a home in Alaska, you would be surprised by the number of potential buyers that sit back because they do not think they will qualify for a mortgage. However, the reality is that qualifying for a mortgage is simpler than you think and as a result, you are missing out on the many benefits of homeownership!
If you're sick of renting in Alaska, given the increasing costs each year, and are ready to settle into a place of your own, now is the time! Don't allow yourself to put off homeownership any longer, just research the facts.
Consider the following your checklist of what it takes to qualify for a mortgage in the Fairbanks, Anchorage, Eagle River, Palmer, Wasilla, or North Pole areas:
1. A Down Payment
Did you know nearly half of all Alaskan...
When buying your first home in Alaska, it’s easy to get caught up in the excitement of house hunting and dreaming of what memories you’ll make there. However, as fun as it is to begin the process of buying a home in Fairbanks, Anchorage, Eagle River, Palmer, Wasilla, or North Pole, it’s also important to be realistic about what it takes and what you’ll find.
Too often, homebuyers are caught off guard once they enter the local real estate market, only to find their dreams may not always be achievable. As your local real estate experts in Alaska, it is our goal to help you manage expectations and find the perfect home as we head into the new year.
Below are some of the top Alaskan homebuyer myths to debunk in 2022:
Homebuyers today are faced with the age-old question in real estate, "To buy or to rent?" As you look closer at the costs of renting, you will quickly notice that the prospect of buying a home in Alaska is much more lucrative, especially when it comes to long-term wealth.
Homeownership offers a better way to produce wealth and helps boost your net worth, unlike renting. If you are considering purchasing a home in Fairbanks, Anchorage, Eagle River, Palmer, Wasilla, North Pole, or the surrounding areas this year, below are four reasons why you're making one of the wisest financial decisions to date:
You are paying your own mortgage
Each month you have a housing cost, but the question is whose housing cost are you paying? When you own a home in Alaska...
If you've been considering buying a larger or more luxurious home in Alaska, now is the time to start taking those next steps! Buyer demand is high, which means you could be competing with others for a property, however, with home prices and mortgage rates expected to increase, you won't want to wait any longer.
As your Alaskan real estate experts, Madden Real Estate is here to help you through your next home purchase in Fairbanks, Anchorage, Eagle River, Palmer, Wasilla, and the surrounding communities— and that means making sure you are an informed buyer, especially when upsizing.
Below are three things you should know about moving up to a new home this year:
Note what you want vs. what you need
When it comes to your home search...
Becoming a homeowner in the Fairbanks, Anchorage, Eagle River, Palmer, Wasilla, and North Pole areas is exciting, but the thought of paying on your mortgage for the next 30 years may be anything but that. Not to mention, there are many other expenses associated with your home purchase— the inspection, the down payment, the closing costs.
Alaskan homeowners can easily feel overwhelmed, but as your local real estate experts, Madden Real Estate is happy to provide a few ways to keep those expenses down and pay off your mortgage early!
Make an extra payment
One of the simplest ways to start paying down your mortgage is to make one extra payment each month. Most lenders today do not have pre-payment penalties and just by making...
When it comes to buying a home in Alaska, you have many options laid in front of you— from the number of bedrooms and bathrooms, to the location, to your initial offer. However, one option you will want to avoid altogether is the decision to go it alone, without an Alaskan real estate agent on your side.
Purchasing a home may seem like something you can handle yourself, but after doing all of the research, you will find the process is best left to the pros.
Below are five reasons why you should never buy a home in Fairbanks, Anchorage, Eagle River, Palmer, Wasilla, North Pole, or beyond without the help of a real estate agent:
They have the experience
You could be on the brink of purchasing your second, maybe even fifth, home, but keep in mind that real estate agents have been doing this for years, some maybe even decades....
In today’s real estate market, inventory is low, competition is fierce, and other buyers are willing to do whatever it takes to secure a home. As a result, bidding wars are becoming more and more common and buyers can easily find themselves in a multiple offer situation.
Madden Real Estate has decades of experience to help you get through a bidding war in Alaska real estate and we've included a few of the best tips for local buyers in Fairbanks, Anchorage, Eagle River, Palmer, Wasilla, North Pole, and the surrounding communities below!
Set Emotions Aside
In a bidding war, it’s best to set your emotions aside. We know all too well how easy it is to fall in love with a home in Alaska, get your hopes up, and then quickly become disappointed...
If you are a current Alaskan homeowner or renter, now may be the time to consider if your living space is suitable for both your immediate and future needs. Given the high number of buyers in today’s market and rapidly rising home prices, local buyers should act sooner rather than later when it comes to selling your Fairbanks, Anchorage, Eagle River, Palmer, Wasilla, or North Pole home and moving on to make a purchase.
As your local Alaskan real estate experts, Madden Real Estate understands the importance of moving up (or down!) if it means your home will be better suited to your needs. How can you tell which is right for you this summer? We’re including a few of our best tips for you below!
If you’re not sure if you need to upsize or downsize ...
Buying a home in Alaska is undoubtedly one of the biggest purchases you will make in your lifetime. It's important to thoroughly research ahead of time, especially as you begin the mortgage process and working with an Alaskan lender.
However, finding a lender you trust can be a process in itself, not to mention remembering to ask the proper questions. Below we've included five great questions to ask Alaskan lenders this year as you prepare to buy a home in Fairbanks, Anchorage, Eagle River, Wasilla, Palmer, North Pole or the surrounding areas.
1. Is now a good time for me to buy?
A lender will look at your financial situation and determine if now is the best time for you to buy a home.
2. Which debts should I pay down first? And how soon?
The two major costs associated with buying a home in Fairbanks, Eagle River, Anchorage, Palmer, Wasilla, North Pole, and the surrounding communities are the down payment and the monthly mortgage. However, there are a few others that buyers tend to overlook— causing both surprise and shock when the time comes to sign on the dotted line.
It is always wise to do your homework prior to house-hunting in Alaska to ensure that you understand each and every one of the costs involved.
Below are four hidden costs of buying a home and to avoid disappointment later, it is important to factor them into your budget before you find the one.
Alaskan home buyers can expect closing costs to span anywhere from 2 to 5 percent of the home's value. Your mortgage...
When shopping for a home in Alaska, there will be many factors to consider, making it easy to overlook others. For instance, if you're concerned with the number of bedrooms, you may be quick to pass over how long your commute might be in this new location (if you're not working at home these days, that is).
As your local Alaskan real estate experts, Madden Real Estate has included below five factors not to overlook in homes in Fairbanks, Anchorage, Eagle River, Palmer, Wasilla, North Pole, and beyond:
Your commute time
As we mentioned above, if you're not working from home and are driving into work, it is important to take into account how long it will take you to get there each day from a new location. You may love the home itself, but if it's going to take you much longer to commute every day, you will want to weigh your options.
The neighborhood at different hours...
If you're on the fence about buying a home in Fairbanks, Eagle River, Palmer, Wasilla, North Pole, or the surrounding areas, you might be surprised to know that what's been holding you back is a complete myth!
There are dozens of myths flying around the Alaska real estate market surrounding everything from necessary credit scores to the documents you need to qualify for a mortgage.
As your local Alaska real estate experts, we're debunking some of the most common Alaskan homebuying myths below so you can buy a home with confidence this year!
Myth: You need a perfect credit score
Many would-be homebuyers are held back from the process simply because they don't think their credit score is high enough. According to real estate...