How to Prepare for Your Anchorage Home Purchase

Do you want to invest in Anchorage’s real estate market by buying a residential property? Whether you’re looking to live in one of Alaska’s most beautiful cities or wanting to invest in its profitable rental market, now is a great time to buy in Anchorage. Low interest rates, a large inventory, and slightly lower home prices make the current market in Anchorage very favorable for buyers of any kind. However, it’s important to lay the groundwork for your purchase prior to jumping in. Nailing down a few important details — like your budget, preferred location, and house type — will shorten the length of time it takes you to find the right place and likely get your offer accepted faster. Here are a few of the steps we recommend you take:

1. Get Pre qualified. One of the best things you can do to make your home search go more smoothly is getting pre qualified with a lender. There are plenty of financing options available — if you’d like to speak with a lender, we know several! — and getting prequalified prior to making an offer will help sellers take your offer more seriously.

2. Diminish Your Debt. Because lenders look at your credit score, including your total debt, to determine the loan amount for which you prequalify, it’s smart to pay down your credit card, car loan, student loans, etc., and to avoid major purchases as you gear up for your home purchase. The lower your debt, the less risk the lender assumes by loaning you money for your home.

3. Pre-determine Your Price Point

Speaking of money, it’s vital that you have a budget set in stone before starting your home search. Meeting with a lender will help you cement this figure, but you can get a head start by charting your monthly expenses and income for the past 6–12 months. When it comes to your maximum price point, remember: don’t budge on your budget!

4. Nail Down Your Neighborhoods

One way to help speed up your home search is knowing which neighborhoods you’d enjoy being in and which ones you absolutely wouldn’t enjoy being in! Want to be close to Anchorage’s universities and hospitals? Need to be minutes away from the highway for your commute? Want to live on a cul-de-sac so your kids can play in the driveway? Whatever your preference, let your Realtor know. This will help him/her trim the fat from your search and show you only properties in your preferred parts of town.

5. Talk About Type

Your search will look vastly different if you want to buy land instead of a condo, or a townhouse instead of a ranch, or a two-story traditional with a walk-out basement instead of a split entry. See that? There were six types of properties, and there are plenty more out there! There are other factors to consider as well, including the number of bedrooms, total square footage, public water & sewer vs. private well & septic, and more. Your Realtor will be able to give you a better idea of different criteria and help you set yours.

By taking these steps, you’ll cut down on the time it takes you to find the right property, as well as the stress that the home buying process can bring. A Real Estate in Anchorage with a wealth of experience will help, too! Whatever you’re looking for, we’re here to help, so give us a call at (907) 248-WOLF, or email us at Happy house-hunting!For more information you can stay connected with us on our facebook , twitter , and google+ pages .

One clap, two clap, three clap, forty?

By clapping more or less, you can signal to us which stories really stand out.