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Buying A Home In Alaska [WORK]

To be eligible first-time homebuyers, borrowers may not have owned a primary residence in the last three years unless the house is within a targeted area (as defined below) or if they are qualified veterans.

buying a home in alaska

There are typically four types of homes for new home buyers in Alaska to choose from; a rancher, a townhouse, a split level, or a condo, with prices varying depending on which type of home you choose. As of 2019, Juneau median home prices were $323,100, making it the most expensive Alaskan city. Homes in Anchorage cost an average of $293,900, with cities like Kodiak, Lakes, and Palmer close behind. In Fairbanks the median home value in 2019 was $221,100, while a house at North Pole went for $213,100, and Kenai houses averaged $206,500.

The best time to buy a house in Alaska is before winter hits, when the real estate market understandably slows to a crawl. Due to extreme weather conditions in the winter, inspectors are not able to do a thorough inspection of places like the crawl space and roof of a home. Once things thaw and temperature climb, the real estate market picks up in spring and summer.

Jody Ellis is a freelance writer with more than 15 years of experience in the writing industry. Her work includes copywriting and content marketing for real estate professionals, stories covering real estate trends and housing markets, and varied articles on decor and design. In addition to buying and selling several homes herself, she's also owned and managed rental properties, and previously worked in mortgage lending.

The Bayshore subdivision is a 45-acre tract of single-family homes near shopping, schools, and parks. Bayshore is one of the few Anchorage neighborhoods that has an active HOA, and while you do have to pay monthly dues, you also get amenities such as use of their community clubhouse.

There are some unique considerations when it comes to buying a home in Anchorage that you might not encounter in other parts of the country, which means one of the most important things you can do during the homebuying process is getting a home inspection.

David Mortensen has been an inspector in Alaska for 14 years. A resident since 1976, he started out as a contractor, doing remodels and commercial projects in Alaska for 25 years before moving into home inspections. Mortensen is also the president of the Anchorage division of the American Society of Home Inspectors.

Mortensen also says that the earthquake that hit Alaska in 2018 caused serious damage to homes and buildings in some areas, and that buyers should make sure their inspector looks closely for foundation cracks or other earthquake-related damage.

While it might be tempting to try to go it alone, using a reputable agent when purchasing your home in Anchorage can help make for a smooth and easy transition, and having someone who understands your needs as a buyer can be helpful. is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service.

The spires of the Cathedral Peaks, the backdrop en route to the eagle preserve, feel sacred. Haines remains a small, authentic Alaskan town despite the regularly scheduled cruise-ship tourists descending for day trips. After several visits, I stayed a month out the road, testing the location to see if it would stick. In the end, there were very few places for sale, and because Haines has limited road access and is hemmed in by the Inside Passage, the Canadian border, and the mountain range, most of the homes I found were clustered together.

Known for bald eagles and its Fortress of the Bear facility, Sitka checked more than a few boxes in my hunt for home. Views stretched into the Pacific, with tide pools of colorful starfish and jagged rock formations. I taught photography on a National Geographic ship out of Sitka for a month and rented a cabin overlooking a bay with a double waterfall cascading down the face of a hanging glacier.

If you're buying a home in Alaska, you're likely to be purchasing one with a septic system. A septic system is effective, cost efficient, and easy to maintain. However, failing systems are a major source of groundwater pollution, cause waterborne illnesses, such as dysentery and hepatitis, and are expensive for homeowners to replace.

The Department of Environmental Conservation put this guide together to introduce you to some of things you should do to protect yourself from an unforeseen expense and the surprise of having to replace your newly purchased home's septic system.

Unlike the other parts of a house, the septic system is difficult to see! However, you can check the records on a home's septic system by contacting your local Department of Environmental Conservation office, or if you live in Anchorage, you may check with the Municipality.

Proper maintenance can add years to an older system. Even well-designed and properly installed septic systems can fail earlier than expected if previous homeowners did not perform routine maintenance.

Try to determine how frequently the tank has been pumped from the realty agent or owner. Ask to see maintenance records. Keep in mind the necessary pumping frequency depends on the size of the household and the size of the tank. For example, a four-bedroom home with a 1,250 gallon tank should be pumped approximately every 2.6 years. Modern conveniences such as garbage disposals, hot tubs, or whirlpools will increase the necessary pumping frequency.

While it is possible to buy a home on your own, a good realtor is essential, especially if this is your first real estate transaction. An agent will help you search for listings, arrange property viewings, handle negotiations and paperwork, and make sure your purchase runs smoothly. Look for a professional real estate agent with experience in your price range and target neighborhood.

Most purchase offers are contingent on having the home professionally inspected and appraised. If the inspector discovers any serious issues with the home (such as plumbing or structural problems), you can negotiate with the seller to either fix them or reduce the price so that you can get them repaired yourself.

Alaska USA Mortgage Company helps clients through the maze of home financing. We listen, understand your bottom line, and provide you with the best mortgage options for your circumstances. Apply for a home loan today!

Although Alaska is known to have high home prices, its median was actually well below the nationwide average in mid-2022. According to Redfin, the median home price in the U.S. was $428,380 in June, which represented an increase of 11.2% from the year before.

You want to buy a house in Alaska, but when is the best time to buy a house? The answer, however, depends on more than a simple yes or no. Buying a home depends on many factors, some of which are entirely up to you.

The home prices in November were up 3.0% year-over-year, from a median price of $338,400 in 2021 to $348,400 in 2022. Simultaneously, the number of homes sold dropped by 35.0%, with 524 properties sold this November, compared to 806 last year.

It depends. As mortgage rates rise, existing homeowners have difficulty selling their homes and buying new ones. Since homeowners currently hold mortgages, they may benefit from lower interest rates than those now available. After acquiring a new home, their monthly costs may skyrocket.

Consider hiring a real estate agent or go with For Sale By Owner websites like Houzeo to buy your ideal home in Alaska. The process is simplified when you work with an experienced real estate agent. Understand how purchasing may affect your monthly bottom line and assess your financial status. With diligent study and persistence, you may have the keys to your ideal house.

WinterThe best time to buy a home is usually during the winter. Your advantage comes from motivated sellers. Holidays are times when most people suspend their listings since they assume buyers will be hard to come by.

The median price of a home in Alaska is roughly $332K. This is a year-over-year increase of 9.8%. Although the average cost of properties in Alaska has been steadily increasing over the years, it is still lower than the national average of $356K.

If you are a first-time homebuyer wondering how to buy a house in Alaska, MoneyGeek broke down the steps to help you navigate and manage the process without falling into crippling debt. Our analysis includes understanding mortgage rates, choosing the best location and the importance of home inspection.

Location is one of the main factors that will determine how much it costs to buy a house in Alaska. For instance, based on 2022 data, the median home price in Anchorage is $420,993, compared to an average of $183,928 in Fairbanks.

If you are looking to buy a home in Alaska, a real estate agent can help you find the best home based on your budget and unique needs. The agent will guide you through the entire process, including finding appropriate homes, setting up tours and negotiating with the seller. 041b061a72


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