Why Now Is The Best Time to Buy Homes for Sale in Anchorage, Alaska
by Dan Wolf
on Tuesday, September 24th, 2013 at 11:01am.
As a prudent buyer, you’ve been saving your pennies and waiting for the best opportunity to invest in a house. Congratulations, because market conditions have made now the perfect time to buy homes for sale in Anchorage, Alaska.
Home values currently average $310,000, according to Zillow, which shows an increase of 3.7 percent over the past year as of June 2013. This reflects a general upward trend in the housing market all over the country. The highest prices are in Hillside East at $548,000, showing a 1.6 percent increase. The biggest increases are in Girdwood at 7 percent to $359,800. Homes are going to become more expensive as you wait longer.
In the meantime, rents have also been going up with a 6.7 percent yearly increase to a median $1,600. The highest monthlies are at $2,200 at Eager River Valley. If you’re renting now, you’ll be throwing more of your money away as rents continue to go up.
Rates for a 30-year fixed term average around 4.28 percent across the nature, which is still affordable. If you want to spend less money overall but can afford higher monthly payments, 15-year terms run 3.28 percent. Fixed rates boast a constant monthly expense for the life of the loan. However, because they are harder to qualify for.
Adjustable rate mortgages average 3.15 percent for a typical 5/1 term. Your payments remain the same for five years but then adjust to prevailing rates after that. ARMs are easier to qualify for but you must be prepared for a big increase in payments after the fixed rate expires.
Rates are only going to go up from here. The Mortgage Bankers Association predicts a 5.1 percent average rate by the end of 2014.
If you want to discuss how to take advantage of these market conditions, please contact us now.