Why Fall Is a Great Time to Buy a Fairbanks AK Home
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, rates are expected to be around 5.1%. Don't wait to buy if you're ready to make the move— you could end up paying much more later!
Home prices are rising
Every Alaskan has been wondering where home prices are headed and we have the answer for you, UP! Home prices will continue to rise at a rate of 5% over the next year, according to CoreLogic's Home Price Insights report.
You'll pay a mortgage either way
If you haven't yet, it's time to shift your perspective and realize that no matter if you rent or buy a home in Alaska, you're paying a mortgage. When you buy a home, it's your own mortgage. When you rent, you're paying your landlord's mortgage! Ask yourself whose mortgage you would rather pay and consider that you're even able to start building equity in your own home as opposed to helping your landlord!
Winter is coming
Tempertaures may have already started to dip here in Alaska, but we all know where they're headed! Winter is coming, not to mention the busy holiday season, and it's not always the ideal season to move to a new home. Ask yourself if you'd rather move homes now while the weather is still favorable or during the cold Alaskan winter months.
Don't wait until warmer weather rolls around again to find your dream home in Alaska! Take advantage of the current market and get started on your Alaskan home search this fall— You can count on Madden Real Estate to walk you through it!
Give us a call today! We look forward to hearing from you!