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...
It may seem hard to believe, but bidding wars are back! Competition has increased in Alaska real estate even amidst the current economic and global health situation. More and more homebuyers continue to flood the real estate market, and prices continue to rise, thus contributing to more competition with offers.
According to the NAHB's Quarterly Housing Trends Report, "30% of active buyers reported getting outbid by another buyer in the second quarter of 2020, significantly higher than the comparable 18% share a year earlier."" Bidding wars have been reported as most common for bargain-priced homes where buyers are forced to compete with real estate investors.
So, how do you make sure you snag your Alaskan dream home and outbid other interested buyers? How can you be certain your offer stands out among the...
While you are shopping for a home in Alaska this year, your friends and family will likely offer all kinds of tips and advice relating to the purchase— things they learned from their experience with home buying or information they've heard about the current Alaska real estate market.
But that doesn't mean you should follow every tip they give you; in fact, it is always best to consult your real estate agent with any questions you have.
As your local real estate experts in Fairbanks, Anchorage, Eagle River, Palmer, Wasilla, North Pole, and beyond, Madden Real Estate has included four pieces of home buying advice NOT to follow this year to help steer you in the right direction and avoid any regrets later:
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 price....
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, 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:
1. A Down Payment
Did you know nearly half of all ...
If you haven't yet sat down to make a list of new year's resolutions for 2019, what better time is there than now? It's always a fun exercise to take stock of your goals for the year ahead and make a plan on how to achieve them. For many in Alaska, you might find that they are personal or health related, but one of your big resolutions or goals might be buying a home!
There are dozens of steps to take to successfully become a homeowner in 2019 and as your local real estate experts in Anchorage, Eagle River, Fairbanks, Wasilla, Palmer and North Pole (and beyond!), Madden Real Estate is happy to help you make that a reality! Below are 5 new year's resolutions to make in order to buy an Alaskan home in the new year:
It might not be your favorite route toward ...
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...
The process of buying a home in Alaska can be both exciting and overwhelming, especially if it's your first time conducting a home search. There are many details to get in order, from the number of bedrooms you need to the best location, and it is easy for a few to fall through the cracks. One in particular that is commonly overlooked is the amount you will owe in closing costs.
Many first-time homebuyers in Alaska are not aware of closing costs, but as your local experts in Anchorage, Eagle River, Palmer, Wasilla, North Pole and the surrounding communities, you can count on Madden Real Estate to ensure you know exactly what you're in for in today's real estate market.
What are closing costs?...
One of the first steps you will take on your homebuying journey in Alaska is meeting with a lender to discuss your eligibility to take on a mortgage loan. You will likely be given a few quotes based on different loan products, each varying by terms, conditions, and interest rates. A 30-year fixed-rate mortgage is a common choice for homebuyers in Anchorage, Fairbanks, Eagle River, Palmer, Wasilla, North Pole and the surrounding areas, however, there are a few reasons why this mortgage may not be for you.
As you decide which mortgage may be right for you this year, consider the following reasons to choose a loan...
As the local Alaska real estate market continues to heat up and more buyers score their dream homes, thoughts will quickly turn to packing up and moving. Moving can be an overwhelming and stressful process, but like any task, with enough research and preparation, hiccups can be avoided!
Madden Real Estate has provided three common moving disasters and how to avoid them below, so your journey to your dream home in Anchorage, Eagle River, Palmer, North Pole, Wasilla, or the surrounding area can be as enjoyable as possible.
1. Using a Bad Moving Company
Lost items, broken furniture, a miscommunication on which date to arrive— these...
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...
Deciding to buy a home in Alaska is a big step! But next on your list? Finding the perfect real estate agent to help you through the process. By choosing just anyone, finding your next home can be more of a headache than a happy time— but by choosing an expert, you will eliminate many of those problems that can easily arise.
Below are four things to expect from your real estate agent in Alaska and remember, you can always count on Madden Real Estate to provide each one!
They should find you the right home
The right real estate agent in Fairbanks, Anchorage, Chugiak, Eagle River, Palmer, North Pole, and Wasilla will not be focused solely on making a...
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...
2015 has been called the "Year of the First-time Homebuyer" for many reasons— lower interest rates, pent-up demand, new low down payment mortgages and rising rents. Many Fairbanks, Anchorage, Eagle River, Palmer residents will jump into the real estate market this year and quickly find it can be an overwhelming and challenging experience.
The team at Madden Real Estate is here to help! Not only can we help prepare you to buy a home in Alaska, but we can also walk you through the process to ensure you do not run into these common first-time homebuyer mistakes:
Mistake #1: Not Knowing How Much You Can Afford