8 Steps to Buying a House in Alaska – Part Two
As we discussed in part one buying a house in Alaska doesn’t need to be scary. We previously discussed 4 ways to prepare to buy a house. Now that you’ve become friends with your money, chose your neighborhood, found an ally and partner in a real estate agent, and have your pre-approval for your mortgage it’s time to find your dream home. You know what you can afford and you’re ready to start shopping!
Here are the next 4 steps:
- Happy Hunting Time!
- Virtual tours – Even though COVID-19 is not as much of a threat, it’s still a big question mark to many. With reduced restrictions, viewing homes in person is an option again, but it still can be considered safer and timesaving to view prospective homes via virtual tours. A virtual tour can help you to narrow down your options and decrease your contact with others. When you do decide to tour in person you can check what protocols are in place for safety during showings.
- Know your priorities – Home viewing is a fun part of the home buying process. The choice of which house is right for you is completely yours, and ultimately you will need to make a choice. Take the time to make a list of ‘must haves’ and ‘nice to haves.’ You will have to decide which features matter most and which are just a bonus. Trust your agent, once they know what you’re looking for they may show you surprisingly awesome things within your price range that you might not have even considered.
- Pay attention to inventory – Sometimes the market will be booming and other times you’ll be limited in options. If you have less to choose from you might have to adjust your expectations. The time of year can affect how many houses are available. In Alaska, summer often has the most houses on the market and the fewest in November. You may have to make your selection faster when you have less to choose from and the competition is high.
- Offer Time!
- Sweeten your offer – More money isn’t always the key to success. Offering the seller different asks such as no contingencies can create a deal that works for you and the seller. Other win-win deal ideas are seller concessions, repair credits, inspection contingencies, and personalized letters. We’d be happy to give you more information and details on these negotiating opportunities.
- When you know you know – If you know that you have found the home for you, do not delay. Often in Alaska homes are on the market 68 days without an offer. If you’re eyeing a home that has been on the market about that long, don’t delay.
- Time to Inspect and appraise!
- Do your due diligence – Once your offer is accepted now is the time to make sure you’re getting what you are paying for. If something isn’t right, it’s time to renegotiate. Have a professional check for unseen, unexpected and potential issues. It’s usual to inspect the roof, foundation, electrical, HVAC and plumbing. Septic is also a good idea to check, and Alaskan residence specifically should check for radon hazards.
- Know your value – Your new home after inspection will need to be appraised. Make sure that it’s indeed worth the agreed upon price. If not, you may end up paying a larger down payment.
- Yay buying time!
- Stay out of the clouds – Easier said than done, but it’s important to stay in reality during this part of the process of buy a house in Alaska. During your final walkthrough carefully check the property to make sure it’s in the condition you expect. Create a checklist before you go and check off items as you inspect them.
- Sign on the dotted line – Your agent will help to explain every document as you sign but be prepared to ask questions.
Buying a house in Alaska can feel overwhelming, but it doesn’t have to be. If you take the time to prepare and have the right agent in your corner, you will have fun while finding the house of your dreams. Contact us @ 907-244-6742 for any help finding your dream home in the Anchorage, Eagle River, Wasilla and the Mat-Su Valley.
