Zillow Advice: Rent vs. Buy - I'm 23. I have a steady job with good outlook. When can I afford to buy a house????

I am not familiar with the ...

Fri, 17 Apr 2009 05:27:00 GMT

I am not familiar with the cost of homes in Anchorage but as a rule, you will need approximately 10 percent of the purchase price to buy a home.

You mentioned you might be staying in Anchorage for just two or three years. Depending on the local market, it may be wise to buy only if you are planning on staying five or more years.But that's something you could learn from Realtors in your area.

Overall, home prices are down and the 8k First Time Home Buyers Incentive is encouraging alot of folks like yourself to buy. Just make sure you aren't encouraged to overspend - buy only as much house as you feel comfortable making the monthly payments.

The very first step is to talk to a mortgage broker who can give you an idea of whether you are qualified to buy and if so, how much.

The next step is to do what 80 percent of homebuyers do today; get on the internet and start looking at homes. Visit some open houses, talk to friends and coworkers and see if they know someone who they would refer to you for a Realtor.

Here's some links to get you started.

FIrst Time Home Buyers Info.

Homes In Anchorage From Realtor.com

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Wed, 13 May 2009 07:51:00 GMT

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Wed, 13 May 2009 07:41:00 GMT

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Your region could use a further ...

Wed, 13 May 2009 07:34:00 GMT

Your region could use a further correction based on inflaton..
Figure in additonal 75K-100K decline...20-30%

http://www.housingbubblebust.com/OFHEO/Major/Pacific.html

I have a great link that ...

Wed, 13 May 2009 05:20:00 GMT

I have a great link that asks you 100 questions...Are you ready to become a home owner?

Depending on the local market, ...

Tue, 12 May 2009 08:18:00 GMT

Depending on the local market, it may be wise to buy only if you are planning on staying five or more years.

in this market, if you buy and hold knowing you will have to move in 5 years, you should expect to take losses.

best way to counter this is to pay-down your principal, thereby reducing the actual cost of the home to you. even this strategy should not be tried in certain markets

In our area FHA loans require ...

Tue, 12 May 2009 05:14:00 GMT

In our area FHA loans require only 3.5% down. I ask the seller to contribute to their closing costs. Many first time home owners tend to stay only for a few years (5-7) and then move up to something bigger to accommodate their needs.

I agree 98% with Mike Emery. ...

Mon, 11 May 2009 14:31:00 GMT

I agree 98% with Mike Emery. My 2% is, if you are really only staying for 2-3 years (I came to Alaska for 3 months and am still here 27 years later), you might want to consider a zero-lot-line or condo. It would allow you to balance the risk of the economy tanking with a marketable rental and/ or provide you with a potential equity-builder to "bounce" you into a larger home when your want's/ needs change.