March 2023 Mat Su RE guide

Fill your senses with plenty of fish and wildlife! Skwentna Roadhouse sleeps 34 people and is tucked between the Yentna and Skwentna Rivers. Established business for adventure seekers for nearly 40 years. Accessible by snow machine, fat tire bike, boat, or aircraft. The roadhouse hosts many popular events. Located next to state owned and operated runway.

Hey Cora... About my house, Sell it? Remodel it?

It’s a tough decision, but I am here to help! I have written a book, and if you read it, making those decisions will be easy!

1) Understand Return on Investment, or ROI.

2) Know when to update your home and when to leave your home.

3) Written for our market!

copy as soon as it’s published. Should be out mid February.

Send me a text or an email and I’ll send you

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.

Hey Cora, when is the best time to buy? I mean should I wait for interest rates to come down? Should I wait for more homes on the market to choose from? I just don’t want to make a wrong move here.

Signed Terribly Indecisive.

Dear Indecisive; These are some great questions and there is a simple answer. It’s almost always a good time to buy. There are only a few circumstances that would make it NOT a good time. Let’s first talk about your 2 main questions and then we can talk about when NOT to buy.

1) Should I wait for rates to come down? True, you may not be able to afford as much house as you could a year ago, but you can still buy a home and at least start building equity. For the last few years, we have been pretty spoiled with rates being historically low. But, in reality, even today’s rates are still low compared to inflation rates! Go ahead and buy now! Then, If rates drop, refinance! It’s not difficult if you have been making your payments on time and you still have an income. So, waiting for rates to drop is not really a good idea.

2) Should I wait for more homes on the market to choose from? Why would you wait? Start your search now. Let me clarify just a bit here… First, you need to go ahead and get yourself pre-qualified with a lender so that you are ready to go if you see something that meets your needs. We have talked about this before, it’s very simple and most of the time, you can do it online. Now, yes, it’s true that there are usually more homes on the market in May and June, than there are in February. But there are also more buyers. So the competition can be stiff, and you may not get the house you want. My suggestion, look at all times of the year. There are many reasons why people put their homes on the market, and sometimes sellers don’t have a choice to wait for spring. Just look often online AND ask your realtor to look. Many times, realtors know that a house that is currently under contract is going to drop out of contract! If your realtor knows what you are looking for, they can watch for those, and keep you informed of what they know is coming up soon on the market.

Now, I know you don’t want to make a wrong move, I don’t want you to make a wrong move either. So, let’s talk about the scenarios that would make it NOT a good time to buy.

1) You’re only going to be here in Alaska for a short time; Depending on how long you plan to live in the house can determine if it’s a good time for you to buy or not. Let’s look at an example; Airman Jones and his wife, dog and baby all move to Alaska. He knows that he will only be here for 2 years. Should they or should they not purchase a home. We can see from the past that property values have increased in the past

several years and if Airman and Mrs. Jones were to purchase, they could leave Alaska with money in their pockets. But let’s say that Mr. and Mrs. Jones, use their VA loan, a VA loan has a funding fee that’s attached to the mortgage. Meaning, if you buy a home for $300,000 and the VA funding fee is $7000, your mortgage payoff is $307,000. Let’s throw some more fuel on this fire. Airman and Mrs. Jones added their closing costs to the purchase price, which is about 2.5% of the purchase price or about $7500 to the loan. This makes their loan total $314,500 for $300,000 house! Now, all is not lost, if property values increase by 5% the first year, they have made that back, if they increase another 5% the second year, they would have enough to sell the home with no out of pocket expenses AND perhaps take a little in their pockets to their next duty station. If property values raise only 3% each year, they may not be able to sell the home for what they owe. What I am trying to say is, you need help to know what the trend is, what is happening or has happened to our local market; not the national market, our local market so that you can make a good decision. Sometimes, if you have to sell with a designated time frame, it’s not the right time to buy.

2) Buying on a shoestring; I have seen people buy a home and have no reserves in the bank. I am not saying that you need to have a huge amount of money in the bank but I would suggest you have at least 2 month of house payments in the bank. And keep it there. Life changes quickly and having a little buffer there if someone get’s sick or injured, or just there are layoffs, this will put your mind at ease just a little.

3) Instant Remodel: It’s fun to watch those shows and see how people made some dumpy houses look amazing! Many people think that tackling a remodel is no big deal, but it is! If you are buying a home and hoping to live in it – and remodel it – it’s difficult to live in a home while you are remodeling. Construction dust gets everywhere and things always cost more that you expect them to, and usually take longer than expected. If the cost of the house is at the max amount for your bank loan, chances are you won’t have the funds to do the remodel. I have seen people tear things out and then realize that they can’t afford to put it back. This gets very discouraging. I suggest that unless you are a professional at home remodeling, I would buy the best home you can for the money that requires very little updating. I know that some people look at real estate agents as just salespeople, but it’s so much more than that. Plus, there’s the simple fact that I care about you and your future investments. I don’t want you to make a mistake or a bad investment. So, let’s talk and see if the timing is right for you! Remember, Experience Matters and I am old and here for you!

This stunning contemporary build is fully loaded and move in ready! Complete with high-end appliances. Soaring entry, CUSTOM ceilings, cabinets, fixtures, windows, lighting, counters, butler’s pantry, etc.. 4 bedroom, 2 bath, large 3 car garage. 2,060 square foot

This spacious duplex features 3BD, 2.5 BA, 1750 sq. ft., 2 car garage on each side, all on 1.06 acres. LVP flooring, quartz counters, custom tile work. Perfect for those who want affordability without sacrificing style. Let the tenants help with the mortgage. Why rent when you can build equity?

MLS#22-12243

living area. MLS#23-683

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

8483 S YANKEE CIRCLE

4601 N AUTUMN LANE

the bells and whistles. Perfect size for those who don’t want to be house poor. 3BD, 2BA, 2CarG, 1,608 SF living area. MLS#23-1294 6840

1814 S BERLIN ROSE STREET

6231 W KAREN STREET

BEAUTY MEETS FUNCTIONALITY AFFORDABILITY WITH STYLE

VALDEZ

GLENNALLEN

Own your own private estate! Property features beautiful views, lots of wildlife, your own lake, over-sized garage, spa building complete with pool, jacuzzi, and steam room. Close to great fishing and hunting. Gourmet kitchen, rock fireplace, and covered decks.

Tax-free living at its best! Nice lakefront home on Tolsona Lake, located in the heart of great hunting and fishing in the Copper Valley. Property features large deck for BBQs and year-round airplane accessboth water and runway. Great sunsets!

4 bedrooms + 1 additional room that is an office but could be a legal bedroom if a larger window were installed. 3-1/2 Bathrooms! New carpet, porcelain tile and laminate flooring throughout, brand new kitchen with quartz & butcher block counter tops. Very open floor plan. New Anderson clad exterior doors & upgraded windows, fresh paint, 2 wood stoves that can heat the entire house, a fabulous attic for storage/ hobby room. It could be opened up with a staircase!

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.

PALMER

WASILLA

MLS # 22-13400 • $1,650,000

MLS # 23-857 • $1,600,000

MLS #23-681 • $349,000

MLS #22-10104 • $650,000

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, water-resistant vinyl plank flooring and tile in entryway, bathrooms and laundry room. 3-car garage. Devon Doran 907.354.2685

Complete and ready to go! Beautiful custom home, family room with tile wrapped fireplace. Quartz countertops. Upgraded kitchen with large pantry & tiled back-splash. Master bedroom w/lg. WIC. Tiled master bath, jet tub, X-large upstairs laundry room, formal dining with French doors, could be used as office. Covered front porch. Rear deck. Devon Doran 907.354.2685

home just minutes from downtown Palmer ready to move into, look no further. Fenced private back yard, RV parking. Home has nice finishes, beautiful appliances and a wood stove centrally located in the house. Three bedrooms and a separate office/ bonus room. Very comfortable with easy access to Palmer and a great commute location to Anchorage. James Kelley 907.440.0220

Beautiful spacious 3-bedroom home. Open concept floorplan, living room with gas fireplace, high ceilings, well designed kitchen with quartz counter tops and walk around island. Home features a bonus room office, large master bedroom with two closets. Fully landscaped and paved driveway. Good commute location. James Kelley 907.440.0220

1064 S SETTLERS CIR • PALMER $365,000 MLS# 23-1396

1395 E FAIRVIEW MEADOWS AVE • WASILLA $461,500 MLS# 23-1515

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

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