Timing is very important for buyers to pay attention to when looking to get the best possible deal on a home. Buying a house is a very serious and expensive purchase, so you want to make sure you do proper research on when you should buy a house. Seasonal fluctuations affect supply and demand in the housing market. They also have a lot to do when sellers choose to list their homes.
If you have never heard of seasonal fluctuations, it is a way to define the surge in the housing market during the spring and summer and the decline in winter. These fluctuations can make as much as a 10% price difference on a home. For example, in Arizona or Nevada where its warm year round, you’ll see many buyers flock to these states to get a change of climate. States that have very cold winters don’t see as many people looking to sell their home during those months.
Here’s what you need to know about the best time to buy a house in Alaska.
Best Time of Year to Buy in Alaska
Spring is known for being one of the best times in the year for buying and selling homes. While some states can get away with buying and selling in the winter, for states like Alaska, you should avoid doing this. If you are a first-time home buyer in Alaska, chances are you haven’t experienced their long and harsh winters.
You’ll want to buy during their spring and summer months so you can comfortably tour each home and not have to worry about snow. Most temporary residents have also left by the time spring rolls around so there will be less competition between buyers. Buying in the spring and summer also gives you a head start because you’ll need to make sure your home is prepared for the winter season.
Sellers are also trying to sell their homes and move before winter starts, so this plays into your advantage. Often, sellers will prepare homes for the buyers and offer a great deal on the house. Your best bet is to avoid buying a home during Alaskan winters at all costs.
Best Places to Buy a Home in Alaska
Anchorage is Alaska’s most populated city, sitting at around 300,000 residents who make up 40% of the states’ population. Anchorage is buzzing with things to do and is a large economic sector with jobs in the military, air cargo, and tourism industry. If you’re looking for a city with life and activities, Anchorage is the city for you.
Juneau is Alaska’s capital and is abundant with government, tourism, and fishing jobs. The median income per family is around $80,000, which is great considering the cost of living there. Juneau is also home to the well known University of Alaska Southeast.
Ketchikan is known as the “Salmon Capital of the World” and brings in a lot of tourists each year. This makes for great employment opportunities and the chance to show visitors what Alaska has to offer. Some of the beautiful landmarks include Misty Fjords National Monument and Tongass National Forest.
Kodiak is great for people who enjoy hunting. Commercial fishing is their key economic contributor, as well as the hunting of the Kodiak bear elk and black-tail deer. Here, you can expect a heavy U.S. Navy and U.S. Coast Guard presence.
Badger has a population of 20,000 and is located in the exact center of Alaska. They have a high median income of $80,000 while the average home sits at around $200,000. They have a great public school system and are only minutes away from Fairbanks.
4 Ways to Get a Great Deal on a Home in Alaska
- Find a Great Alaska Real Estate Agent:
An experienced, local buyer’s agent is going to help you get the best deal on your new home. It’s strongly recommended that buyer’s don’t attempt to do this process alone. There are many steps in the home buying process and incorrectly doing one can cause legal or financial problems.
- Assess Your Needs and Lay Out your Goals:
Work with your agent to determine what you want in a house. Are you looking for a new construction home that doesn’t need upgrades? Or are you wanting to take on a fixer-upper than you can put your own style into? You will also want to consider if you want your home ready for winter, especially when buying in Alaska.
Keep in mind, you need to be realistic with your financial limitations during house hunting. Finding your new home is exciting but being underwater with your mortgage is not. Be specific and firm with your budget as well as clear about property expectations.
- Find a Lender and Secure Financing
After you’ve given your agent the parameters for your home, they will then evaluate them and determine a financing option that works for you. All of this will be based on the specifics that you listed and your current financial situation. Keep in mind, the closing process takes roughly 30 days on average, so you will need to take this into account if you’re on a fixed timeline.
- Negotiate for the Best Possible Price
Once you’ve found your dream home, your agent will assist you in making and submitting an offer. They are also going to be conducting all the negotiating even after the home inspection is completed to ensure you’re getting the best deal possible.
If you’re interested in learning more about Clever or speaking with a top-rated buyer’s agent in your area, fill out our online form. A member of our team will be in touch with you shortly to answer any questions you might have and connect you with one of our local Partner Agents for a no-obligation consultation.