Whether you are coming, going, upgrading, downsizing, or owning instead of renting, we are here to help you navigate the home buying process. The benefits of owning versus renting are still the same: building equity, tax deductions, pride of ownership, etc. Buying a home is one of the largest investments of your hard-earned dollars you can make and we are here to help make the process of purchasing as sweet as possible.
Though we have done everything we can to streamline the process where possible, the process for buying a home can last a while. It’s important to know that statistically it takes a minimum of 10 weeks and at least 10 homes to find the right home for you. Then, it takes roughly six weeks to put an offer in and close on a home. That’s four months! And, that does not take into account the time needed upfront for you to meet with any Realtors, mortgage lenders, and/or financial planners to help you find the right team to help you through the process and get your finances in order. Taking this all into consideration, ideally, you should start the process about 5-6 months in advance.
Determining when to buy your next home is complex. Some circumstances may dictate that you need to buy immediately. Take comfort in knowing that despite our extreme seasons, in Anchorage we do have a year-round real estate market if you need to sell and/or buy.
If you have the option to choose your timing, take in account the seasons and holidays. In Anchorage, most homes are listed on the market in the spring. The holidays have past, the school year is nearly complete, and homes look their best with fresh green grass and leaves on the trees. While this brings out a lot of buyers making the market more competitive, it also it brings out more inventory. You will want to be well-prepared and ready to make decisions to secure your next best home.
By comparison, in the winter months (first snowfall (October-December) to February) there will be a lot less inventory, but fewer buyers. There won’t be as much competition and you make be able to make lower offers. It is advisable to avoid the holidays as tensions run high during negotiations and many contractors are on vacation delaying closings.
One of the first questions, you are likely to have is how much can I afford when buying a home. If you are not paying in cash, you will need to assess how much you can afford for a down payment and closing costs as well as how much you can afford in monthly payments. Once you have established this you can assess what loans will work the best for you based on your credit rating and current interest rates. Working with a mortgage lender can help you with all of these questions.
Buying your next home can involve substantial coordination with your mortgage lender and the seller’s Realtor. Partnering with a Realtor to manage this coordination and walk you through the steps to buying your home is imperative. The goal for every real estate licensee is to find your next best home, negotiate the best price and terms, close as early as possible, and to alleviate any stress along the way. The more we can do for you, the more you can focus on other things like packing up and moving in.
Ready to Buy
If you feel like you are ready to buy and you’d like to work with our team, we’d love to hear from you.