When is the Right Time to Buy Your First Home?
Buying your own home is one of the most effective ways to save money in the long term and gain financial stability because historically, the real estate market in the United States has increased in value. Likewise, you create residential stability since you are not dependent on a lease that can change its terms at any time.
The local real estate market in Anchorage, Alaska, continues to rise at the moment as demand for homes remains high and rental costs continue to rise, so when is the right time to buy your first home? When you are financially ready! Trying to time the market and wait for a great deal is one option, but historically on a long term time frame, house prices in Anchorage have, and will likely keep rising. Here are 10 steps to buy your first home: 1. Determine if you are prepared to settle in a specific region for at least 2 years. 2. Prepare financially to obtain a mortgage loan. Monitor your credit score and savings. 3. Contact your bank or home loan company to determine if you can get a home loan and learn about all the different financing options and programs available. 4. Connect with your real estate agent to learn about the market conditions, all the documents involved in the purchase, and establish expectations and final goals. 5. View homes to decide the option that suits your needs and desires. 6. With the help of your real estate agent, send offers. In our current local market, most homes for sale get multiple offers, so you may need to submit more than one offer before you get a sales contract accepted by a seller. 7. Once you have a sales contract accepted by the seller, you will begin your research process. Now is the time to get professional inspections done, investigate all the details important to you, and negotiate repairs with the seller. 8. The bank will perform an appraisal to confirm that the sales price is in accordance with the market. 9. The title company will provide a report to ensure that the title to the residence is clear and transferable. 10. You will then be able to do your final inspection and sign all the documents at the title company to become the new owner of your home. The process of buying your first home may seem complicated, but I assure you that it is very rewarding. That’s why I love my job and it makes me happy to help buyers and sellers achieve their goals in real estate. I enjoy speaking my native language and advising my community so that together we can achieve our goals and continue to grow in this beautiful country. For buyers, the services of real estate agents are free since the seller has a pre-established contract to compensate the agents involved in the sale. So, don’t hesitate to contact me to get more information about the current market and start preparing to own your first home in Alaska. Carla Scott is originally from Venezuela and speaks Spanish fluently.
|
