Home Buying Basics
Residents move to Anchorage and the Mat-Su Valley for a variety of reasons contributing to wide range of housing options. Whether you are relocating for a military position, employment elsewhere or coming home to enjoy all of Alaska’s beautiful resources, there is a property here for you. The investment potential is booming right now and if you follow the correct steps, you will reap the benefits from your new property for years to come.
1. Organizing Your Finances & Determining How Much You Can Afford
If you’re coming from an urban area and are seeking a place to spread out, Anchorage might be one of the best places to do so since it has the best of both worlds. However, finding your home can’t begin until you’ve squared away your budget and financing. One of the exciting aspects of moving to Anchorage is that you can get a lot more house for your budget than you might get in a city in the lower 48. Note that the Anchorage rental market tends to remain a little steep because of tourism and seasonal workers.
Hopefully, you’ve already worked on getting your credit rating as good as possible since the interest rate on your loan will depend on the strength of your credit report. Well ahead of the date you need to relocate, you’ll want to get rid yourself of as much debt as possible and begin working with a lender to get pre-approved for a mortgage. Pre-approval shows the seller you’re serious about buying a home.
Obviously not ever relocation provides fair warning and the moving process must be sped up. We are well prepared for these situations and can help every step of the way in order to take the stress out of a quick move.
2. Begin Shopping: Find an Agent and Start Your Search
Like any major American city, Anchorage offers its new residents a choice of just about any style or size of home. You’ll want to connect with a local real estate agent to gain information on availability, particularly if you’re moving to Alaska from another state. Make sure your agent sells homes of the type and location you’re interested in whether you’re looking for a little slice of suburbia or you’re after a luxury home with a view of Mount McKinley.
Once your search begins in earnest, and you start touring properties, ask yourself the following questions:
- Is the home in your price range?
- Does the home offer enough room for your family?
- Is the location right for you?
- Does the home provide solid resale potential?
- Is the commute too long or just right?
You’ll want to tour as many properties as possible to get an idea of what your budget can afford and the features you can expect. Also, visit prospective homes a few times to get a feel for the neighborhood at different times of the day.
3. Making an Offer in Anchorage, Alaska
When you find a house that meets all your needs, you’ll want to move quickly to make an offer. The real estate market in Anchorage is healthy, and there is competition for homes, particularly in the median price range.
A few things you’ll want to consider when making your offer include:
- How long has the home been on the market? The owner of a home that’s been for sale for several months might be open to making a deal.
- Are there any other offers on the house? You’ll need to make your offer based upon whether there’s a lot of competition for the property.
- Is the homeowner in a hurry to move? If the owner has already purchased another home, he or she might need to sell fast. You could benefit from an anxious seller.
4. Sealing the Deal
When you finally reach an agreement to buy the house, and everything is set for the contract signing, you’ll need to get an inspection on the home to gain final approval from the bank. We can recommend a local inspector, which is particularly useful if you’re buying a home while you still live outside Alaska. Get ready to enjoy a stable economy, a variety of housing options, and some unforgettable experiences when you move to Anchorage because it’s all waiting for you!