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...
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...
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?...
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...
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...
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...
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 area.
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, watching the...
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 are paying down...
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 20 percent saved...
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 certainly...
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 as a homebuyer:...
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, allow your lender...
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 homebuyers believe...
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:
Your Dream Home Will Have Everything...
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, you are paying your own...
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, it's important to note...
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 one full additional payment...
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. Navigating the ...
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 when things don’t...