Real Estate in Alaska Makes Big Impact on Local Economy

When you purchase a home in Alaska, you are likely thinking about new home projects, your finances, the mortgage payment. What you might not be thinking about is how much of an impact that home sale has on the local Alaskan economy in places like North Pole, Eagle River, Fairbanks and Anchorage. 

The National Association of Realtors recently recorded findings from a Bureau of Economic Analysis & Macroeconomic Advisors study, taking into account the results of a home purchase. As it turns out, the total impact one typical home sale has on the local economy is just over $52,000.

Alaskan homebuyers are often unaware of how much their single home purchase can affect their community and tend to sit on the sidelines longer than they might have had they known the facts. Given the market conditions right now—with rising housing prices, historically low mortgage rates and lending requirements—not only is it a great time to buy a home, but also a great time to contribute to the economy. 

One of the single most important reasons to buy a home is the sense of community you gain. When you invest in a home in Fairbanks, Anchorage, Eagle River, Palmer or North Pole, you take on a new role as a homeowner in a given area. You become part of the landscape, part of the community and are motivated to get involved in local events, issues and maintenance. Purchasing real estate gives Alaskan residents a feeling that their new home is a place that is truly their own.

Just where does that $52,000 come from when you buy a home in Alaska? Depending on where you choose to live, the following are taken into account:

• The real estate brokerage
• Home construction
• Mortgage lender and finance professionals
• Title insurance
• Home appraisal
• Moving truck and moving services
• Furniture and appliances
• Renovations

You might not have realized all of the expenses that come with the purchase of a new home and just how much you are putting back into the local economy. At Madden Real Estate, we are happy to help recommend local resources such as financing and pre-approval, in addition to providing our Love It or Leave It Guarantee. 

Contact us today with any questions you might have about the homebuying process!

Wes Madden, CEO
Madden Real Estate
(907) 452-3000
Wes@WesMadden.com

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