Hunting for Entry-Level Homes for Sale in Anchorage Alaska
by Dan Wolf
on Thursday, December 18th, 2014 at 9:44am.
Starter homes are generally the "Entry-level homes" desired by first-time homebuyers or young buyers just getting started with their jobs, careers and families.
These "starter homes" in Anchorage, Alaska also have great appeal to empty-nesters or retirees who want a vacation home or year-round home that fits their budget. According to an article by Bankrate.com, there are several reasons why there is a bit of a national shortage of entry-level type homes. An experienced Anchorage Realtor, like Wolf Real Estate Professionals, can help you locate homes for sale in Anchorage Alaska in the lower price range that’s still in a desirable neighborhood. Bankrate.com points out starter homes are scarce right now because of investors who turned them into rental properties and home “flippers” who fixed them up to make profits. Also, some people have held onto their star ter homes and chosen not to become step-up buyers until they have more equity in their homes. Meanwhile, new home builders are busy trying to meet the demand for luxury and step-up homes and somewhat neglecting the entry-level homebuyers.
Considering older neighborhoods
While some older neighborhoods may have a reputation for being bad, other established communities in Anchorage are safe with mature landscaping and long-time homeowners. According to Bankrate.com, older homes are often less expensive than new construction homes. The key is to find homes that are older and less expensive, but don’t need major repairs. If you can wait to make cosmetic improvements, you can find good starter homes that are within your budget in established neighborhoods.
Looking at foreclosures and short sales
When it comes to Anchorage foreclosures or short sales, one of the drawbacks can be the time factor. If you are in a living situation that allows you to wait months or possibly a year to close on a home sale, you may consider foreclosures or short sales. With some short sales, the previous owner continues to live in the home and maintains the utilities. However, foreclosures are a greater risk because they are sometimes homes that have been left vacant with no electricity. Also, some lenders won’t approve a mortgage loan without substantial down payment or even cash to buy foreclosures.
Once you find an entry-level home you want to buy, you’ll need a good Realtor on your side to help you close the deal. A Realtor will help negotiate perks such as builder incentives if you are buying new. If you are buying a resale home, ask for help with closing costs or other perks to sweeten the deal such as a decorating allowance.
At Wolf Real Estate, we can help you list, market and sell your Anchorage home. For more help locating starter homes for sale in Anchorage Alaska, please contact us at 248-9653 or visit us online at www.anchoragehomesearch.com.