We're just days away from the new year and we're all glad to put 2020 behind us! There will be much to look forward to in the coming months, and we are excited to report one of them is the real estate market!
As your local real estate experts in Alaska, we are including below three of the most important reasons we can be optimistic about real estate in 2021.
The economy will only improve
According to Tim Duy from the University of Oregon, “There is nothing fundamentally ‘broken’ in the economy that needs to heal…there was no obvious financial bubble driving excessive activity in any one economic sector when the pandemic hit…With Covid-19 cases surging again, it is understandably hard to look optimistically to the other side of this winter…Don’t let the near-term challenges distract from the...
Alaksa home buyers have the wind at their back when it comes to mortgage interest rates. According to industry surveys by Freddie Mac, interest rates for a 30-year, fixed-rate mortgage are hovering below 3.5%.
The catch: mortgage lenders are feeling stingy these days. The bar for mortgage approvals has been set higher. Major lenders have announced credit score minimums of 680 to 700. Depending on the type of mortgage you're seeking, and the lender you're working with, the down payment requirements can be as high as 20%. Debt-to-income ratios also need to be lean and mean.
Before applying for a mortgage, Alaska home buyers can do a lot to shore up their credit standing. This takes some time, but it's a worthwhile investment! The better your credit profile,...
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:
Wait until prices...
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 ...
So, you think you want to buy a fixer upper home in Alaska? While your dreams of renovating a property may be driven by what you've seen on real estate or home improvement television shows, it's important to remember that the reality of updating a home from start to finish can be much more time-consuming, tedious, expensive, and drawn-out than you realize.
As your local real estate experts in Fairbanks, Anchorage, Eagle River, Palmer, Wasilla, North Pole, and beyond, I am sharing below three things to do before you commit to buying fixer upper homes in Alaska this year:
Research the location
Not only should you research the location of a home before purchasing, but also look into the zoning. What you may not know is that every community has zoning districts and restrictions surrounding what can and cannot be done to homes within their limits. You...
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 are serious...
You've found a buyer for your Alaska home, they've put in an offer, but now what? How can you be sure you won't receive a better offer than the one they submitted? Will you be able to accept a better deal if it comes along? As a home seller, you'll want to get to know the bump clause.
Bump clauses are getting a lot of air time in today's real estate market as they allow the seller to enter into a contract with a buyer while continuing to market their property. If they get a better offer, they can "bump" the original buyer.
Bump clauses are commonly used when a buyer has a contingency attached to their offer, meaning they need to sell their current home first or have placed the sale contingent upon factors like the inspection or appraisal. The bump clause will allow sellers to attempt to reach another buyer that may not come...
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. ...
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 scenarios can all become a reality...
With mortgage rates slowly climbing, many residents in Anchorage, Fairbanks, North Pole, Palmer, Wasilla and the surrounding areas are wondering if now is the time to purchase a home or if they should wait it out to see what the new year brings. As your local real estate experts in Alaska, Madden Real Estate can share that now is the perfect opportunity to become a homeowner!
In fact, buying a home is now cheaper than renting in 100 of the largest metro areas by nearly 40 percent! Owning a home is not only a great way to begin building wealth, but it acts as a means of "forced savings" where you can essentially pay yourself just by paying down the balance of your mortgage.
Below, we've included five reasons to help you determine if ...
With the rising costs of rent and mortgage rates that continue to dip below expected levels, dreams of homeownership are becoming quite commonplace for many renters in Alaska. However, many would-be buyers are holding back this year due to misinformation about what it takes to become a homeowner.
A new survey from Bankrate.com found that nearly half of all current renters say they haven't purchased a home yet because they don't think their credit score is high enough or they don't have enough money saved for a down payment.
So what does it take? It's important to keep the following two factors in mind before you jump to conclusions about your ability to purchase a home in Alaska this year!
Credit ScoreAnother study from Fannie Mae recently found that 59 percent of Americans "don't know" or...
Have you finally decided to buy a home in Fairbanks? Congratulations! Homeownership is one of the most rewarding experiences you’ll have during your lifetime. As you probably know, along with the pride in owning a home comes a long-term commitment and a laundry list of financial responsibilities. Before you can own a piece of the Alaskan real estate market, you’ll need to prepare for and get approved for a mortgage. To ensure your mortgage application process goes as smoothly as possible, review my list of to-dos to improve your chances of getting approved for a home loan on your future Alaskan abode.
1. Check your credit reports
Lenders determine your credit score by taking the median of all three credit reports. An error on just one of them can have a negative impact on your mortgage rate, so it’s important to clear those up before applying.
2. Report inaccurate...