With the rising costs of rent in Alaska, it is no longer a smart financial decision for area residents to choose renting over buying. Not to mention, mortgage rates are still historically low!
However, if this is your first time purchasing a home in Alaska, you need to be ready to assume the responsibility of homeownership. Here are four questions to ask yourself to determine if now is the right time for you to buy:
Can you afford the costs?
If you have been saving for a downpayment and other costs over the past few years, you'll be in great shape this summer. You should have enough to cover 20% of the home's purchase price to secure the best mortgage rate and avoid private mortgage insurance (PMI).
It is also wise to be prepared to pay closing costs which can typically range from 2 to 5% of the home's purchase...
While we are only days into the new season, this spring is already projected as a stand-out period for first-time buyers to enter the real estate market. Mortgage rates are still historically low, home prices are rising in addition to rents and first-timers are ready to invest into something of their very own in Alaska.
But when you are new to purchasing a home, you can overlook the many ways you can potentially save money in the process. Keep the following in mind as you house hunt this spring and as always, do not hesitate to reach out to our experts at Madden Real Estate with any questions!
Look past cosmetic issues
Many first-time buyers in ...
If you're not fully prepared to navigate the Alaskan real estate market, it can be overwhelming— especially if you're a first-time homebuyer. It helps to know the facts from the beginning of your home search, as well as have a local real estate expert on your side, like our team at Madden Real Estate!
Below are four ways to start your home search in Fairbanks, Eagle River, Palmer, Wasilla, North Pole, or Anchorage:
This should always be your first step when shopping for homes in Alaska. Even if the market begins to slow down, you will be able to better understand your budget and whether or not your dream home is within your reach. Not to mention, this documentation tells sellers that...
Fall is here in Alaska and with the changing of the seasons comes a new opportunity to start fresh in a new home! Summer may indeed be one of the busiest times for real estate, but that doesn't mean your time to buy ends when the clock strikes fall.
Now is one of the best times to make a move to a new home in Fairbanks, Anchorage, Eagle River, Palmer, Wasilla and North Pole and we've included a reasons for you below:
Mortgage rates are rising
It is true that mortgage rate are still near record lows in Alaska, but they won't stay this way forever! 30-year mortgage rates have already increased half a percentage point and are expected to rise again over the next 12 months. In fact, by this time next year,...
When shopping for homes in Alaska, it is easy to get distracted by home features like the number of bedrooms, bathrooms, kitchen updates, backyard, and of course, the location. And while it is important to take note of these items on your buyer wish list, you will want to keep your eyes open for flaws or major problems that could be covered up by home staging.
Below are four signs a Fairbanks AK home seller could be trying to hide something with home staging:
Even though you have pets of your own, that doensn't mean you want to pay for another homeowner's pet damage. If you happen to pull up carpeting in an Alaskan home and notice paint on the floor, the homeowner could be trying to cover up pet damage...
It is not uncommon for Alaskan homebuyers to sit on the fence, wondering if there will be a better time to purchase a home down the road. Will you be able to get a better deal on a property in a few months? Will the real estate market slow down? These are all valid questions, but it's also important to consider the flip side and what it could cost you if you choose to wait to buy a home.
In today's market, interest rates continue to rise and waiting as little as a few months could cost you more than you think in your monthly mortgage payment. According to real estate news outlet Keeping Current Matters, the cost of waiting to buy is defined as the additional funds it would take to buy a home if prices and interest rates were to increase over a period of time.
For instance, in today's real estate market with an interest rate of 4.4 percent...
The holiday hustle and bustle is just beginning in Alaska— from gatherings with friends and family to decking the halls, shopping, and even traveling. This time of year is undoubtedly one of the busiest and moving may be the last thing on your mind, but does that mean you should wait to buy a home in Alaska?
As your local real estate experts in Alaska, you can count on Madden Real Estate to help you find your dream home and identify the best opportunities to do so— one of which is right now! Below are three reasons to consider buying a home in Fairbanks, Anchorage, Eagle River, Palmer, Wasilla, or North Pole during the holidays:
There is less...
Once you've made the decision to buy a home in Alaska, your next few steps will likely be entirely financial. From making a budget to going over your finances to meeting with a lender and getting pre-approved, every cost involved with your Alaskan home purchase should be considered to avoid any surprises.
However, many new homeowners in Fairbanks, Anchorage, North Pole, Wasilla, Eagle River, and Palmer often find there are a few hidden costs that they didn't account for going into the process. As your local real estate experts, you can count on Madden Real Estate to fully...
The summer season is upon us here in Alaska and with the market (and the weather!) beginning to heat up, many more buyers are out and about browsing available homes! But once you've found your dream home in Fairbanks, Anchorage, Eagle River, Wasilla, Palmer, or North Pole and you've moved on to applying for a mortgage, you may find that there is one factor that is stalling your loan approval— debt.
As we have mentioned in past blog posts, it's important to groom your credit score as much as possible before applying for a mortgage, but also to pay down high interest debt. There are a few common types of debt that will affect your mortgage approval and as your local real estate experts, we've listed them below!
Student loans—while considered...
Spring is an exciting time of year where everything is beginning to come alive again— the weather, the flowers and even, the homebuyers! Many first-time buyers will enter the Alaskan real estate market in the coming weeks and months, ready to land their dream home. However, the truth is if you're not careful or prepared, you could run into the same common obstacles that others have tripped over.
Below are four mistakes that first-time buyers should avoid this spring:
Rushing into the purchase
As you shop for homes in Alaska this spring, it's important that you take your time. Do not feel pressured into a home purchase simply because there are other offers on a property or due...
Buying your first home in Alaska is an exciting process! There are dozens of factors to consider— the number of bedrooms in your ideal home, square footage, garage size, yard, and of course, location. But perhaps the most important to consider? The costs!
A home is undoubtedly one of the largest purchases you will make in your life and it pays to be prepared. In fact, researching all of the costs involved—down payment and monthly mortgage, to name a few—ahead of time will make your home buying process a much smoother one. As your local real estate experts in Anchorage, Fairbanks, Eagle River, Palmer, North Pole, Wasilla and the surrounding areas, Madden Real Estate is sharing some of the ...
When it comes to buying a home in Alaska, there are many moving parts. All along your homebuyer journey, from finding your dream home to the closing, there will be paperwork— some of which may include terms you've never seen if you're a first-time homebuyer in Fairbanks, Anchorage, Palmer and Eagle River AK.
"The challenging part of the closing process is perusing the transactional documents that indicate whether or not you are getting the deal you believe you negotiated or were promised," a mortgage expert tells MSN Real Estate. "This is the most challenging part of the process because the stakes are high, and the time pressures severe."
But don't stress about the process of understanding the paperwork for Alaskan real estate, homebuyers! The following can help you take one document at a time and by the time you close on your ...
Despite rising rates nationwide, including rising housing prices, it's a great time to break into real estate— no matter if it's your first time purchasing or your fifth. If you're on the fence about whether now is the best time to buy a home in Fairbanks or Anchorage, the answer is yes! Consider the following as timeline, your guide to preparing to buy Alaskan real estate. Madden Real Estate is here to help and happy to answer any questions you may have along the way!
Plan in Advance
If this is your first time purchasing a home in Fairbanks or Anchorage, it's time to use your handy mortgage calculator. You can determine whether now is the right time for you to switch to homeownership by weighing the costs of owning vs. renting. More often than not, the costs of owning a home prove a better investment than renting (a recent study found that owning a home is 38 percent cheaper...