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:
Fall can still be a busy homebuying season for those in Alaska and with more sellers confident in listing their Alaskan homes, it's important to keep the real estate rules of the road in mind. Below are just a few real estate rules to remember, like using an experienced real estate agent, that should help you in your home search or sale this fall:
Don't Make an Offer Without Pre-Approval
Know what you can afford. This all starts with a pre-approval, meaning a lender has vetted your credit and financials and is willing to continue with the mortgage process. A pre-approval letter will tell the real estate agent and home seller how much you can afford in a home and the confidence that you are...
With mortgage rates still hovering around historically low rates and home values rising, many Alaska homeowners are currently contemplating a move. Now is indeed the time to purchase a home with more storage space, more bedrooms, more overall square footage or even a home in a better neighborhood!
As your real estate experts in Fairbanks, Anchorage, Eagle River, Palmer, Wasilla, North Pole, and beyond, Madden Real Estate is happy to help you find your bigger, better dream home, but there are just a few factors to consider in your decision to move up.
The right mortgage
When moving up in Alaska, the type of mortgage you obtain is crucial. An adjustable-rate mortgage may be for you if you're not planning on being in the home for an extended amount of time. ...
Buying a home in Alaska is a process that ultimately ends with your closing. However, there can be some bumps along the way that cause the closing date to be pushed back.
Closing delays can be caused by both the Fairbanks or Anchorage area home seller and the homebuyer— but, don't be dismayed! There are steps you can take to ensure the process moves smoothly this summer:
Have your agent help
Once your property is under contract in the Fairbanks, Anchorage, Eagle River, Wasilla, Palmer, or North Pole area, your real estate agent can check in with all of the parties involved once (or more!) per week. An expert real estate agent can notice surprises or changes in the transaction and work ahead to prevent any delays.
Keep in touch with your lender
Buying a home in Anchorage, Fairbanks, Eagle River, Palmer, Wasilla, or North Pole can be an overwhelming decision, especially if it's your first time navigating the real estate market. And since this is likely the largest purchase you will ever make, it's important that you try to avoid the common mistakes that homebuyers have encountered before you. That's where Madden Real Estate comes in! We have included a list below of five things not to do when buying a home in Alaska, so you can enjoy a smooth process and settle into your new home with no worries!
Don't shop without an agent
Navigating the real estate market can be tricky, so why go it alone? Let Madden Real Estate be your guide to homes for sale in Alaska! You will want an agent...
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 you...
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,...
If you're just beginning the home buying process in Alaska, your first step will be getting pre-approved with a local lender. Next up? Finding your dream home and submitting a mortgage application to keep the purchase moving forward. However, many buyers find their application in the rejection pile due to factors they weren't aware of at the time.
As your local real estate experts, Madden Real Estate has provided below four reasons why your mortgage application may be rejected so you can be sure to avoid them:
You don't have enough credit
While poor credit can put you in a sticky situation with lenders, not enough credit can do just the same. It is essential to build your...
Everyone loves a good deal— especially when it comes to real estate! However, in today's real estate market, actually purchasing a home for under asking price can be a rare occurrence. Real estate agents in Alaska—and all over the country, for that matter—typically advise against making lowball offers as you could risk offending the sellers and lose out on the home entirely.
But does that mean it can't be done? No! With the right expert on your side and under the right conditions, you can successfully make a lowball offer on a home in Anchorage, Fairbanks, Eagle River, Palmer, Wasilla, or North Pole. Below are four scenarios that would call for making a low offer:
The home is outdated
Home sellers in Alaska can turn...
Spring is officially here in Alaska and the real estate market is only beginning to heat up for the busy season ahead! And while it can be easy to get ahead of yourself when you first begin to search for Alaska homes for sale, it is important to first outline your priorities to streamline the process— and avoid falling in love with a property that's out of your budget!
Below are three important questions to ask yourself as you begin house-hunting in Eagle River, Anchorage, Palmer, Wasilla, Fairbanks, and North Pole:
How long do I plan to be in this home?
Before you can start searching for properties, ask yourself if this is a forever home. How long do you plan to stay?...
With spring just around the corner and the Alaska real estate market preparing to pick up for the busy season ahead, there are numerous buyers on the fence wondering about their first step. Should I get pre-approved? Should we wait until we have a 20 percent down payment?
All of the questions running through your head are important to answer to get a better handle on the mortgage process, and as your local real estate experts, we're breaking down the steps you should avoid so you can embark on your homebuying journey with few hiccups along the way.
Do Not: Wait until you have a 20 percent down payment
Mortgage rates today are still hovering around historic lows— but not for...
Gone are the days where homebuyers only searched for properties in Alaska when the weather was warmer, they happened upon a listing in the newspaper, or drove by a For Sale sign. In today's Alaskan real estate market, buyers are always switched "on," constantly looking for properties on their smartphones and computers, even setting up search parameters so potential homes land in their email inbox.
It doesn't pay to wait as a homebuyer in Fairbanks, Anchorage, Eagle River, Palmer, Wasilla, or North Pole. Your dream home could be waiting for you—even in the winter months—so...
It's a brand new year in Alaska and if you've started to map out your goals for the upcoming months, you might find buying a house in Fairbanks among the top priorities— and rightfully so! 2018 will be one of the best years for homebuyers to make a purchase and below we've included four reasons why you won't want to delay:
Inventory is returning
For the majority of the last year, inventory in the local real estate market has been lower, thus making it challenging for some buyers to find the right home that checks all of their boxes. However, 2018 will spark a recovery in inventory, especially in the middle to upper price ranges. ...
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 competition...
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 prepare you for buying a...
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 other than the 30-year fixed-rate...
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 unsecured debt—are...
While inventory may be lower than it has been in past months, there is no shortage of homebuyers in the Fairbanks Alaska area! Buyer traffic has continued to rise and with May having just begun, it's safe to say we are in for a busy summer in the local real estate market!
If you have just started your home search in Fairbanks, Anchorage, Eagle River, Wasilla, Palmer or North Pole, now is the perfect time to prepare to make your home purchase a reality. Below are five ways Alaskan buyers can prepare to purchase a home this year:
Research your creditYour credit score will be an important piece of the puzzle when meeting with a lender. They will comb through your credit, pulling your scores from the three major reporting bureaus, to determine if you...
While summer has just about finished and Alaska residents may not yet be ready to think about winter, homebuyers would be wise to start the real estate process early. There's a reason summer is busy for the Alaskan real estate market— conditions are ideal for moving and families are ready for a change of scenery. If you sat on the sidelines this summer, not quite ready to purchase a home in Fairbanks or Anchorage, no problem! But you won't want to wait until winter to make the move.
Prices will be higher
You may have already noticed that home prices and mortgage rates are rising, so don't delay. As we get closer to winter, the prices will continue to rise and as a result, so will your potential mortgage payment. One strong...
You've heard of Christmas in July, but what about celebrating Christmas all year long? That's what you can expect in North Pole, Alaska. We have an office located in North Pole and this growing community is just one of many idyllic destinations in this great state that the Alaskan homebuyer dreams of calling home.
North Pole is a small community located just 15 minutes south of the state's second largest city, Fairbanks. It's a city that draws numerous tourists year-round for its dedicated to the Christmas spirit— simply driving through North Pole, you will notice decorations, street names and even light poles that reflect this cheery state of mind. There's even a Santa Claus Lane!
The city indeed comes alive during the holiday season, with the annual North Pole Christmas in Ice Contest in December that attracts...