The weather may not be hot like Phoenix here in Alaska… but the market sure can be that way. We have a very unique market here in Alaska, specifically the Anchorage bowl and surrounding areas. While we have a lot of people constantly moving in and out of the area, the rate at which people have been moving in has been exceeding the rate of those moving out. This, coupled with those of us moving here because we love it here and want to stay here, has reduced our inventory to historic lows.

Low inventory means when a home does get listed, it moves quickly if it is priced right. Gone are the days of figuring out financing after you’ve found the home of your dreams. Today’s buyer needs to be prepared financially before they find their dream home, or risk losing that home to someone else that is prepared. 

Securing the financing means different things to different people. If you’re paying cash, you’ll have to ensure that you have a proof of funds ready, and if you’re looking to finance we suggest chatting with a local lender to get a pre-approval letter. We recommend a local lender because they understand the intricacies of the Alaskan market, which can often times cause larger institutions delay closing. 

Congratulations, you found the house that you have been dreaming about! Now, the real fun starts. This is probably OUR favorite part of the process, because it’s the time we get to use a whole host of tools from our tool bag to help you get the home of your dreams. As we’ve talked about a few times, we’re in a competitive market here due to low inventory. As such, it is important to make your offer stand out from any and all others made on your dream home. 

This is where our knowledge of both the local market, and our experience helping THOUSANDS of clients over the years comes into play. Regardless of if there are multiple offers, we will research the comparable homes in the area and the recent sales to ensure that the price you pay will be competitive, but not over the current value of the home. This will help ensure a smooth transaction, and also help make sure that you will be able to sell the home at a later date. 

We will explain the options you have and how to make sure your offer is competitive. There are a lot of ways to make your offer stand out from the others, most of which are proprietary to our team. We will evaluate the situation, research the sellers a bit, and help you come up with a plan to make your offer the strongest that we can make it.  We will go through the contract with you and ensure that all of your questions are answered, making sure that you understand the next steps. During this process, it is important that you are honest with your real estate agent about all questions or concerns that you might have. 

A home inspection is among the most common contingencies that can be added to an offer – and for good reason. A home inspection not only provides you with important information regarding the state of the home and its safety, but it also provides you with peace of mind. Regardless of where you are moving, the knowledge that you are moving your family to a safe location that is up to code and secure, is one of – if not the most – important factors in buying a home.

Like your agent and your lender, the inspector is your advocate in the home buying process. The inspector will take a thorough look at the house to determine the condition, and note any issues that they find. They will test all of the systems, faucets, appliances, and outlets to ensure that the home doesn't have any major defects.

After the inspection is complete, we will discuss the issues that were found, and create a list of repairs to request from the seller. For the most part, we ask the seller to fix health and safety items, along with items that are required for the home to pass appraisal.

We will submit our list to the seller and then get their response. There may be a bit of negotiation back and forth, depending on the severity of the issues found, but we will ensure that at the end of the negotiations you are happy with the outcome, even if that means terminating the contract.

A home appraisal is an assessment made of the fair market value of a home. This is completed by a professional and impartial third party. Lenders ensure that an appraisal is done during the mortgage process so that they can be sure that the amount being borrowed is appropriate for the property in question.

As soon as we have the accepted agreement, the lender will order the appraisal. Often times, buyers find themselves having more anxiety over the appraisal than other contingencies. This tends to happen because people find themselves less informed of what an appraisal is, and how it can impact your potential purchase. If you find yourself concerned and questioning this step in the home buying process, go ahead and ask us questions; we are highly experienced in this process and are excited to help guide you along the way.

It is important to remember, that while it is easy to stress about the appraisal, the result is completely out of your hands. This is where trust comes in to play. At this point, you really have to trust that the offer made (and accepted) was of fair market value. If for some reason, the appraisal comes in low, we will negotiate with the seller to bring the home to the appraised value. At the end of the day, we do not want you to pay more than the appraised value of the home.

Congratulations! Your offer has been approved and all of your contingencies have been met!

Now, it is time for you to get ready to move in to your new home!! There are still a few small steps to ensure that your move goes smoothly and that everything is lined up properly. 

At this point however the hard work and the waiting are done. This is the time to celebrate and look forward to starting a new chapter in your new home.