Buying

Helpful information for Anchorage homebuyers

Found 24 blog entries about Buying.

Realtor.com recently asked homebuyers what is standing in their way of purchasing a home. Most claimed that they couldn’t find a home to fit their needs, but 10 percent say they’re concerned about selling their current home. That brings up the age-old “chicken-and-egg” real estate conundrum: What comes first, buying or selling? The answer to that depends on several factors:

Equity

The amount of equity you have in the home will help determine the sequence ― whether you should sell first or buy first. If you need the proceeds from the sale of your current home for the down payment and closing costs on the new one, you may need to sell first. Or, take advantage of some of the alternative solutions that we’ll explain below.

Your income

Can you

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pen writing once upon a time

 

Have you ever wondered who starts myths and why? Sure, the old fairy tales and legends are harmless but what about those regarding real estate? These are far more dangerous, especially to your bank account.

It’s time for a little real estate myth busting.

1. I’ll make a ridiculously low offer. After all, it’s a buyers’ market

Yes, homebuyers have far more control over a real estate transaction when there are lots of homes on the market but few buyers. This doesn’t mean, however, that it’s bargain basement shopping time. If you find a home you truly want, you’ll run the risk of insulting the seller and, regardless of how badly he needs to sell, he may not sell to you.
Many homeowners have longtime roots in the neighborhood and a very real

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Our Millennial generation is struggling. From heavy student loan debt to a lack of jobs, those that want to purchase a home are typically unable to do so. In fact, according to the United States Census Bureau, about 30 percent of them are still living at home with their parents.

Many Anchorage parents want to help. Many can’t. If you are among those that can - whether your aim is to push the “baby” bird from the nest or help him build wealth the American way, through real estate – how can you help?

Should you help?

The pick-yourself-up-by-the-bootstraps type of parent may worry about creating a financially-dependent monster by giving their child a house in Anchorage. This may happen but, then again, it may not. It depends on your offspring’s

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Last week we took a look at some of the most common problems we see among local homebuyers. Today we wrap up the series with four additional tips for buying a home in Southcentral.

Vision

We’ve worked with many buyers who just can’t look beyond the cosmetics ― you know, dated wallpaper, stained or ripped carpets and even something as simple as laundry piled on the sofa. Before you enter even one door, realize that what’s behind it may not necessarily be what you’ll be living with for the rest of the time you own the home.

On the other hand, what you see may not necessarily be the reality of what living in the home will be like either. Staging homes is a common marketing tool and adds elements to the home that will be removed by the time you

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Imagine that you’re scheduled for surgery in the morning and, since nobody told you not to eat anything the night before (they just assumed you knew not to), you gorge on an amazing Italian dinner at Campobello’s. The next morning, as you slip away under a blanket of anesthesia, you don’t even think to let them know about the gluttony of the previous evening.

Assumptions can be deadly, whether literally or to the pocketbook. Most real estate agents, especially the inexperienced, assume that their clients know what they need to know going into a transaction. Sadly, most real estate consumers are left to fend for themselves when it comes to the learning curve.

Do yourself a favor and read on to learn about some of the most common things that too

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Most of our clients understand that we’re in a seller’s market here in Southcentral, but many don’t know exactly what that means. So, today we’ll take a look at the nuts and bolts of both sellers’ and buyers’ markets.

Seller’s markets are characterized by:

  • A depleted inventory of homes for sale.
  • Escalating home prices.
  • Multiple offers on homes in good shape and located in decent areas.
  • Buyers have little bargaining power.
  • Depleted Inventory

The most common cause of low inventories in a real estate market is a combination of few homeowners listing their homes and strong buyer participation in the market. It’s a matter of supply and demand.

Escalating Home Prices

The economic principle of supply and demand works

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What happens when you go to the grocery store without a list? You impulse shop, right? Your stomach takes control and whatever looks good at the moment ends up in the shopping cart – whether it’s something you need or not.

Shopping lists are the road map for a shopping trip, whether they be for groceries or a home. They keep you on track, help you save money and protect you from frivolity. In the real estate world the shopping list is known as a “wish list.”

What Kind of a Home do you want?

It’s important to have an idea of the type of structure you need before deciding on a neighborhood. 

  • Single-family detached home (previously owned or newly constructed?)
  • Duplex
  • Condominium
  • Townhouse
  • Mobile Home

Most of the time, the

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Bad news from the home inspector has the potential to slow down or even halt your purchase. This is even truer if the problem requires an expensive fix, such as foundation or  roof problems. But, don’t panic. There are several ways we can approach this, one of which may just save the deal.

Ask the seller to make the repairs

Our first option when faced with major repair or replacement costs is to ask the seller to make the repairs before the close of escrow. The seller may not agree to this but it wouldn’t be wise. If you were to walk away from the purchase he would be forced to put the home back on the market. That’s a hassle in itself but consider this: Since he is now aware of the problem he is forced, by law, to disclose them to the next

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Choices – it’s great to have them but challenging to narrow them down. Whether choosing between where to have dinner, which movie to see or something as important as where to live in Southcentral, making up your mind is sometimes quite difficult.

House hunting is either feast or famine: sometimes there are no homes that you like, other times, there may be too many that offer exactly what you want. So, how do you “say yes to one and let the other one ride,” as the Lovin’ Spoonful so aptly put it back in 1966? Here are some factors to consider when weighing one choice against the other.

Mortgage Costs and Financial Considerations

One of the biggest mistakes people make when buying a home is assuming their monthly mortgage payment is the

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Anchorage, Eagle River and the Mat-Su Valley are full of amazing homes located in what are known as managed or Common Interest Communities (CIC). If you’ve never purchased a home in a managed community (“managed” as in overseen by a homeowner association or HOA), you probably have no idea what will be included in the package of HOA documents the seller is responsible for providing you.

That’s ok, at this point you’re not expected to. You are, however, expected to know what is in this package and read and understand every word before you fully commit to the purchase.

HOA documents aren’t light reading. They’ve been prepared by lawyers, for lawyers so naturally they are filled with legalese. Understanding the lingo, however, is critical to the

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