2023 February Mat Su Real Estate Guide

Ask Cora

Hey Cora:

I have a goal to purchase a home for myself this year! I can’t wait to own my own place and have a dog, a cat, and a ferret! Right now, I still live with my parents. So how can I make that happen? What should I do to prepare?

Signed Living in the Basement. Dear Basement: This is a very good question and I think I might be able to help you. Now, of course, there are many, many factors to these questions. So, let’s break them down and see what we can do to help you meet your 2023 goals.

1) Preparing for getting a mortgage. First thing you will need is 2 years of work history. This is very important. This does not mean that you must work at the same place for two years, but you must have history. Where do you get your history? Income Taxes you have paid. This is why you keep a copy of your 1040 tax return, so that this can be used for your benefit. This shows how much money you have made and when you started making money.

2) Preparing your credit. Now some people your age have already established credit but unfortunately, not good credit. Good credit is something you can use to your benefit in many areas of your life. Did you now that Car Insurance companies use credit score to determine if you are a good risk or not!? Many companies check your credit score before hiring you. Let’s take banks for example; if you have a poor credit score, do you really think they are going to want you handling their money when your score says you can’t handle your own? Here’s how scores are rated. If your score is between 300 and 629 you have bad credit; 630 to 689 is Fair Credit, 690-719 is Good Credit and 720 to 850 is Excellent Credit. To prepare yourself for credit, go to a bank or credit union that you work with and ask them for a credit card. NOT a debit card, must be a credit card. You will fill out an application and wait for them to determine if you are a good risk for them. Ten days go by, and they determine, yes, you can have a card with a small balance of say $300 and here is how you handle that: Your card has a $300 limit. You charge each month only 1/3 of your $300 ($100) on your card. You pay it off each month OR make the monthly minimum payment – but don’t have a balance higher than $100 ever. This trick will get you a good credit score.

never late. Another way to get around the no credit factor, now this is going to sound a little weird, but pay your parents rent! You will need to make sure that you have record of the rent, meaning it comes out of your account and goes to them, with a check or receipts from your parents showing that you have paid. Now, don’t get all clever and think that you can just have your parents write a receipt for you, nope not gonna work! You must take the money out of your bank by check or bank transfer and have the check deposited into your parent’s account. Your parent will have to show the bank that they did receive the money from you. Sounds like a hassle? It is, but it will get you to your goal of home ownership.

4) Mortgage Shock. This is a phrase that is used in mortgage lending that means the borrower (you) are not accustomed to paying rent and therefore the mortgage company doesn’t want to put you into a position of being “shocked” when you make your first mortgage payment. This is why if you are not paying rent now, start! Pay rent to your parents if you want to stay there! It doesn’t have to be much. So, you live in the basement. You have a room and your own bathroom. Pay rent as if you were renting to someone else other than your parents, like a roommate, say $400 per month.

Experience Matters!

5) Save as much as you can. Cash is king and if you have money in the bank, this shows the mortgage company that you know how to save. And banks like that.

So, these are the dos:

a) Pay your bills on time.

b) Don’t charge more than a 1/3 of your credit limit on any credit card.

c) Don’t have too many cards…no more than three.

d) Pay rent to whomever you live with and keep records of your rent that you pay.

e) Watch your credit score. Usually, your credit card will have a score right there on your bill for you OR you can get a copy of your annual credit report at AnnualCreditReport.com or you can call them at 877-322-8228.

f) File your taxes with the IRS and keep records. Here are the don’ts:

a) don’t be late paying your bills.

b) don’t go 30 days past the due date before paying your bills.

3) No Credit. This is where you establish that. You can get what is called a secure card. You keep at least $300 in a savings account. That account is then used as “collateral” for your card. Your card has a $300 limit. Then you do the same thing as above, never charging more than 1/3 of your available credit. Another thing you can do, have your cell phone bill in your name. You may still be on your parents plan and you may pay them a little for your phone each month, but you need to have that phone bill in your own name and PAY IT EVERYMONTH ON TIME. My suggestion is “auto pay” so it’s

c) think that this doesn’t matter. Correcting or improving your credit score is difficult and takes a long time.

d) Do not overextend yourself financially. Live below what you make.

e) Don’t be complacent. You are an adult now, time to start adulting! Get your paycheck, pay your rent, pay your car insurance, pay your cell phone bill, pay your credit card(s) and put money in savings.

You can do this! And I am here to help you. There are lots of loan programs out there to help you get into your first home or condo. I can help, in fact, I would be honored to help! Call me, I’m like your Real Estate Gramma!

COMPLETE & READY FOR A NEW OWNER!!! Stunning ranch in brand new subdivision, Valley Ridge. Solid surface countertops throughout. Modern kitchen design. Tiled entry, tiled bathrooms, stepped ceiling in living room, and tile wrapped fireplace. Master suite features stepped ceiling, separate shower & tub and walk-in closet. Devon Doran 907.354.2685

This lot is UNRESTRICTED!! Not Zoned,

Like-new construction without the wait. Don’t miss this newly constructed home built by WM Construction (only finished in April 2022) with incredible Lazy Mtn views and unlimited access to trails/recreation. This delightful 4BR/3BA 2 story home is perfectly situated in the highly-desired Maud Rd area. The interior welcomes you with an open layout, neutral decor, vaulted ceilings and 2 fireplaces Devon Doran 907.354.2685

1141 W BLUFF VIEW DR • WASILLA $649,900 MLS# 22-8742

660 N YETI ST • PALMER $599,900 MLS# 23-647

1250 W VALLEY RIDGE DR • WASILLA $499,000 MLS# 22-3766

NO CC&Rs, NO COVENANTS, NO HOA, NO DEED RESTRICTIONS. Property includes most of the south side of Johnson Pond. This property would be great for a commercial business, float plane business, or a home to work out of with a commercial operation. Easy access off of Parks Highway. Property can also be used for a dog musher, close to the trail system. Jessica Baker 907.232.9926

10577 JOHNSON WAY • WASILLA $359,500 MLS# 23-20

Beautiful constructed 2-story home with soaring ceilings and open floorplan. Terra Fina is a beautiful new subdivision in the heart of Palmer that is perfect for commuters with no stop lights to JBER. Solid surface countertops. High quality, waterresistant vinyl plank flooring and tile in entryway, bathrooms and laundry room. 3-car garage. Devon Doran 907.354.2685

565 N BETHEL PL • PALMER $549,000 MLS# 22-3653

ALLIANCE COUNTRY ESTATES

Alliance Country Estates is a brand new subdivision in Wasilla featuring affordable lots of various sizes at $49,000. Electric and gas are underground at each lot. Protective, but not restrictive CCRs allow for residential and duplex properties. All builders welcome, and animal friendly.

Spacious and affordable. Features kitchen w/ pantry, family room, master suite. 3 BR, 2.5 BA, 1,700 sq. ft., 3 CGar. MLS #22-13720

Near golf course, trails, shopping, schools and more. Quartz counters, LVP flooring, gas fireplace, many upgrades. Photos similar.

Construction complete! Move-in ready! 3 BR, 2 BA, 2 CarG, 1,662 SF. 1.02 acre lot. Butler’s pantry, laundry room, and spacious main suite.

Duplex. 3BR, 2.5BA, 2CGar, 1,750 sq. ft. 1.06 acres. Perfect for buyers who want help w/ the mortgage w/o sacrificing style! MLS#22-12243

Construction Complete! 1,688 SF, 3 BR, 2 BA, 3 CarG. 0.96 acres. Large tandem garage, quartz counters, LVP flooring, and more. MLS#22-12363

6231 W KAREN STREET

8483 S YANKEE CIRCLE

7667 W SUNSET AVENUE

2221 RUE DE LA PAIX LOOP

Large 980 SF garage. Quartz counters, many upgrades. 3 BR, 1.5 BA, 1,412 SF living area. Animal friendly subdivision. MLS#22-14602

N EDENFIELD ROAD

The Federal Housing Finance Agency (FHFA) announced an increase in conforming loan limits for Fannie Mae and Freddie Mac, effective January 1, 2023. These increases could provide more buying power to borrowers across the nation. The graphic example to the right is in reference to Alaska Conforming loan limits.

of the average homeowner’s wealth comes from their home’s equity.

It’s like a savings plan you didn’t know you had.

You might be wondering if buying a home right now is a smart fi nancial decision. The fact is, homeownership is key to building long-term wealth, no matter when someone buys. Studies show that, over time, most homeowners will steadily build equity. For example, during the past three decades, home values have increased an average of more than 6.0% per year.* Of course, owning a home is much more than a way to gain a fi nancial edge, it’s also where you raise a family and create life-long memories. Work with a REALTOR,® a member of the National Association of REALTORS®, they can show you options in your area that best fi t your situation. To learn more, visit HousingMarketFacts.com.

Every market’s different, call a Realtor today. Valley Board of REALTORS® Wasilla, AK • (907) 376-5080 • valleyboardofrealtors.org

Buy, Sell with Elise Ell 907-242-0442

Elise Ell Buchholz

Jack White Real Estate Mat Su 865 N. Seward Meridian Pkwy., #200 Wasilla, AK 99654

TALKEETNA,

$175,000

This lot has 3,540 feet of the Little Su River frontage. With 2 areas of higher elevation for building. River is a salmon spawning and fishing waterway. Great location for recreational cabin or get permit for canoe, kayak, rafting or floating business. 2-3 miles to post office, gas stations, fire station, and stores. MTA power lines boarder the property.

$189,000

A fishermans and hunters dream with rolling hills of Native land that has been conveyed by the United States to remove Native restrictions for purchase. Large platt includes, 4 salmon ponds, tons of bear and other wildlife on beautifully breathtaking land.

$2,900,000

WASILLA,

of 28 acres has a gravel pit, a beautiful view, and is on a small lake. Views of Pioneer Peak and Mt. McKinley. Lakefront cabins 16x32 with 1/2 lofts. Gravel pit. Could be commercial or industrial. $450,000

large

PRICE REDUCTION! AMAZING VIEWS!! Beautiful Mae Loop property, seller concession of $5,000, apply to down payment or to make improvements. Currently rented. Keep as a rental or live year-round. Perfect area to hit the trails on a snow machine or ATV. River is just a short ride. Possibilities are endless. For sale AS IS. $69,900

Searching for a build able lot? Look no farther. Great Residential lot with a partial view. already cleared and waiting for a new home.Drive by and see today. $35,000

WASILLA, 0.61 ACRES

MLS# 22-17299

AK MLS# 23-466

ILIAMNA, 130.82 ACRES

AK MLS# 22-14679

HOUSTON, 11.88 ACRES

AK MLS# 22-13491

WILLOW, 1.38 ACRES

AK MLS# 22-15742

Buy a slice of heaven in Talkeetna on Montana Creek Road. This 50 acres is buildable and has road access. Easy to drive. Come take a look!

50 ACRES

AK MLS# 22-4463

This

parcel

28.5 ACRES

The Ultimate Buyer’s Guide & Seller’s Guide

by

L36 Skylark Lane, Soldotna, AK 99669

MORE Land, LESS money for your dream!

Hover your smartphone camera over code to see all the pictures!

JUST LISTED! 1.27 Acre Buildable/Recreational Lot

Corner of Funny River Road & Skylark Lane. Level lot with utilities nearby. A very short distance to a public easement on the Kenai River, and about half a mile to the Bird Homestead Golf Course.

Priced for QUICK SALE. 27% BIGGER and 20% Lower Asking Price than the other lots for sale on the same street. CALL TODAY! $19,500 MLS 23-650

“With Karen Ross at your side...you can’t go wrong.” Jerry W. Tokar

Kelly Caraway & Karen Ross, your local Alaskan Realtors®, have lived in Alaska for over 30 years, and are both married with grown children. They also each have backgrounds as real estate investors and property managers.

Karen also has experience as a real property appraiser.

“Quality, Not Quantity!”

inc Jack White Real Estate, MatSu

EXPERIENCE

Just like every home, every homebuyer is unique. Why should your home loan be any different? Alaska USA Mortgage Company has a wide variety of home loans to fit every lifestyle, and our home loan professionals create a personalized mortgage experience that’s second to none.

Your Family Deserves The Best.

We’ll Help You Find It.

We know that today’s home buyers have many needs to consider, including their families’ happiness and safety. This is where we come in––helping you find security and satisfaction.

Call a REALTOR® today, and expect the best.

Thinking about buying a home?

Timing the market is a game you can’t win. With today’s low interest rates, competitive prices and great selection of homes on the market, now is the time to buy.

There’s no reason to wait to make your move.

Learn more: www.nahb.org/timetobuy

MLS # 22-10104 • $730,000

property. New Blaze King wood stove. Please make appointment to view, as there are protective dogs needing to be kenneled before your arrival.

TALKEETNA

MLS #22-14715 • $750,000

Beautiful custom home on 5 acres with great mountain views and creek frontage on Bodenberg Creek. Gated driveway.

MLS #22-10945 • $190,000

MLS # 22-13400 • $1,900,000

Beautiful custom home with private runway on 84.89 acres! Features new stainless appliances, custom redwood countertops, outdoor sauna house, dog kennels, kennel work shop, shooting range, several ponds. Space for gardens. Owner finance available at low rate. Updated plumbing and furnace.

Jack White

4 BR, 3.5 BA home w/ new carpet, open floor plan. Huge 2 story shed, 2 crew cab truck garage with 2 attached sheds, AND another garage/shop. Fully fenced

PALMER

PALMER

Vacant land. Nice, cleared level lot close to the Talkeetna River. 2.83 acres.

WASILLA