Why 2018 Is the Best Year for Buying a House in Fairbanks AK
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.
Interest rates are rising
One reason why you won't want to put off your home purchase in Alaska this year is that interest rates are expected to continue to rise. This is a trend we saw developing over the last year and it is set to continue throughout the next 11 months, with at least two to four more rate hikes. By the end of 2018, rates are projected to be at 5 percent.
Home prices are rising
Home prices will also continue to rise in 2018, although at a more moderate pace than we saw in 2017. And while that is great news for many Alaska buyers, that doesn't mean you should wait! As I mentioned above, delaying your home purchase could mean that you end up paying much more for the same property in just a few months time.
Competition is growing
Now that the new year has arrived, your competition in the local real estate market will start to rapidly increase. As the market heats up, more buyers will emerge, especially as the number of people in a position to buy continues to grow. If you put off your home purchase to later in the year, you just may find yourself competing with dozens of buyers for local inventory!
Ready to make the most of 2018 in Fairbanks, Anchorage, Eagle River, North Pole, Palmer, Wasilla, or the surrounding communities? Give us a call today for more information about buying a home and available properties that might meet your criteria.
Happy new year!