Common Real Estate Myths for Alaskan Homebuyers
Despite the current real estate market conditions—mortgage rates, increasing inventory—some Alaskan homebuyers are still on the fence about purchasing a new property. However, some of the common reasons for not buying can be explained away as myths. Don't let these stop you from settling into your dream home in Alaska yet this year.
Madden Real Estate can assist from home search to home closing, including debunking these common homebuyer myths:
You can't afford a home
This is likely the most common myths that will delay a home purchase, but the truth is you can afford it. Mortgage rates are still low by historical standards and depending on which mortgage you choose, you can purchase a home for as little as five percent down. You also may not need as high of an income as you think. We can recommend mortgage professionals to help you begin the mortgage process.
Your credit isn't good enough
Next to the down payment, credit scores are another issue for Alaskan homebuyers. Many do not realize that the average credit score for closing on a home has dropped significantly in the past few years. You no longer need that "Excellent" score to buy a home in Eagle River, North Pole, Palmer, Fairbanks or Anchorage.
Renting is cheaper
Homeownership is still considered the best investment of all when compared with other opportunities. Mortgage rates are also low enough now that on a national level, owning a home is actually 38 percent cheaper than renting. Rates would need to rise to over 10 percent for the opposite to be true.
Madden Real Estate is happy to walk you through the process of buying a home and with our Love It or Leave It Guarantee, you have nothing to worry about. If you purchase a home through us and don't love it, we'll list it for free while you search for a new one.
Contact us today with any questions you have about real estate in Fairbanks, Anchorage, Eagle River, Palmer or North Pole!