|
|
Joined: Oct 2000
Posts: 7,893
Campfire Outfitter
|
OP
Campfire Outfitter
Joined: Oct 2000
Posts: 7,893 |
Great info gents! thank you! got a lot to think about now.
I can't spell... Deal with it...
|
|
|
|
|
Joined: Aug 2003
Posts: 17,491
Campfire Ranger
|
|
Campfire Ranger
Joined: Aug 2003
Posts: 17,491 |
I've always kind of regretted my youthful lack of vision when, in the 80s, I dismissed an opportunity to simply take over payments on a home in Anchorage. The fellow didn't want to do the inevitable; dropping the keys on the desk at the mortgage company's office.
Sometimes, the air you 'let in'matters less than the air you 'let out'.
|
|
|
|
|
Joined: May 2005
Posts: 920
Campfire Regular
|
|
Campfire Regular
Joined: May 2005
Posts: 920 |
These guys have some good points for sure.
I think if you're looking at the high end stuff then waiting would probably be wise. Normal houses might drop a little after you buy but I bet they'll come back in a reasonable amount of time. Like Art said the $1000 I based rent off of is probablly low so that $24,000 in two years the total amount of rent could be much higher.
If you're looking at staying on the Kenai for awhile and find the perfect house in a resonable price range then I personally wouldnt be afraid to buy. If you think you'll only be there for a few years probably be better off renting. Knowing that you've lived there before and are planning to retire there I'm assuming you're planning on hanging around there for awhile!
|
|
|
|
|
Joined: Jan 2001
Posts: 21,317
Campfire Ranger
|
|
Campfire Ranger
Joined: Jan 2001
Posts: 21,317 |
The thing with a mortgage is not all of the payment is going to principal, a goodly portion is interest and property taxes so you have to compare what you'll be gaining in equity vs. the difference between rent and mortgage payments.
Since it is and will be more so a buyers market, spend your time to really learn the market and buy a quality property. A good property will also sell in an up or down market and you shouldn't settle for a property with issues in this market.
I wouldn't buy a house in the next couple years in Alaska. Our plan is to hunker down and weather out the economy for the next 5-10 years. Hopefully it won't be that bad or that long, but I have little hope for the dolts in Juneau.
|
|
|
|
|
Joined: Feb 2001
Posts: 50,636
Campfire Kahuna
|
|
Campfire Kahuna
Joined: Feb 2001
Posts: 50,636 |
The thing with a mortgage is not all of the payment is going to principal, a goodly portion is interest and property taxes so you have to compare what you'll be gaining in equity vs. the difference between rent and mortgage payments.
Since it is and will be more so a buyers market, spend your time to really learn the market and buy a quality property. A good property will also sell in an up or down market and you shouldn't settle for a property with issues in this market.
I wouldn't buy a house in the next couple years in Alaska. Our plan is to hunker down and weather out the economy for the next 5-10 years. Hopefully it won't be that bad or that long, but I have little hope for the dolts in Juneau. Come now! I have total faith in the cranial and fiscal vacuums in Juneau... they WILL screw it up!
Mark Begich, Joaquin Jackson, and Heller resistance... Three huge reasons to worry about the NRA.
|
|
|
|
|
Joined: Oct 2000
Posts: 7,893
Campfire Outfitter
|
|
OP
Campfire Outfitter
Joined: Oct 2000
Posts: 7,893 |
Great insights gents! thanks for taking the time to share your thoughts!
this is going to be my retirement home and i don't plan on leaving or moving ever again in my life! i've averaged a move every 1.7 years for the past 22 years. I'm pretty much over the thought of ever moving again. I will use all the advice everyone has been nice enough to share when and if i make an offer.
thanks again!!!
I can't spell... Deal with it...
|
|
|
|
|
Joined: Feb 2001
Posts: 50,636
Campfire Kahuna
|
|
Campfire Kahuna
Joined: Feb 2001
Posts: 50,636 |
Patience is key right now, I believe. There were a ton of incredible deals in the last "buying opportunity.,
Mark Begich, Joaquin Jackson, and Heller resistance... Three huge reasons to worry about the NRA.
|
|
|
|
|
Joined: Dec 2003
Posts: 86,252 Likes: 25
Campfire Oracle
|
|
Campfire Oracle
Joined: Dec 2003
Posts: 86,252 Likes: 25 |
My Kenai house will be for sale when I move to Texas.
If you take the time it takes, it takes less time.
--Pat Parelli
American by birth; Alaskan by choice.
--ironbender
|
|
|
|
|
Joined: May 2005
Posts: 920
Campfire Regular
|
|
Campfire Regular
Joined: May 2005
Posts: 920 |
458 nailed it when he said hold out for a quality property, As he said It'll move in a good or bad market. Totally agree with Art too. Patience is the key but when you find the right one I'd make a move. But I'd start my offer low....grin
|
|
|
|
|
Joined: Apr 2010
Posts: 20,683
Campfire Ranger
|
|
Campfire Ranger
Joined: Apr 2010
Posts: 20,683 |
My Kenai house will be for sale when I move to Texas. Ain't nobody that likes you in Texas?
I'm pretty certain when we sing our anthem and mention the land of the free, the original intent didn't mean cell phones, food stamps and birth control.
|
|
|
|
|
Joined: Feb 2001
Posts: 50,636
Campfire Kahuna
|
|
Campfire Kahuna
Joined: Feb 2001
Posts: 50,636 |
My Kenai house will be for sale when I move to Texas. Ain't nobody that likes you in Texas? Ain't nobody from nowhere that likes him! 
Mark Begich, Joaquin Jackson, and Heller resistance... Three huge reasons to worry about the NRA.
|
|
|
|
|
Joined: Apr 2010
Posts: 20,683
Campfire Ranger
|
|
Campfire Ranger
Joined: Apr 2010
Posts: 20,683 |
I'm pretty certain when we sing our anthem and mention the land of the free, the original intent didn't mean cell phones, food stamps and birth control.
|
|
|
|
|
Joined: Feb 2001
Posts: 50,636
Campfire Kahuna
|
|
Campfire Kahuna
Joined: Feb 2001
Posts: 50,636 |
Mark Begich, Joaquin Jackson, and Heller resistance... Three huge reasons to worry about the NRA.
|
|
|
|
|
Joined: Dec 2003
Posts: 86,252 Likes: 25
Campfire Oracle
|
|
Campfire Oracle
Joined: Dec 2003
Posts: 86,252 Likes: 25 |
You SOBs know I can see this, right?
If you take the time it takes, it takes less time.
--Pat Parelli
American by birth; Alaskan by choice.
--ironbender
|
|
|
|
|
Joined: Feb 2001
Posts: 50,636
Campfire Kahuna
|
|
Campfire Kahuna
Joined: Feb 2001
Posts: 50,636 |
What? Pretending you have feelers?
Mark Begich, Joaquin Jackson, and Heller resistance... Three huge reasons to worry about the NRA.
|
|
|
|
|
Joined: Mar 2006
Posts: 558
Campfire Regular
|
|
Campfire Regular
Joined: Mar 2006
Posts: 558 |
The house next door to Brother Bill is for sale!
It's not the destination...
|
|
|
|
|
Joined: Oct 2000
Posts: 7,893
Campfire Outfitter
|
|
OP
Campfire Outfitter
Joined: Oct 2000
Posts: 7,893 |
not sure my liver could handle that.. lol i'm looking for places with more than 5 acres. got some leads and will be checking them out starting tomorrow. prices have already begun to fall.
I can't spell... Deal with it...
|
|
|
|
|
Joined: Dec 2011
Posts: 570
Campfire Regular
|
|
Campfire Regular
Joined: Dec 2011
Posts: 570 |
|
|
|
|
|
Joined: Jun 2001
Posts: 5,493
Campfire Tracker
|
|
Campfire Tracker
Joined: Jun 2001
Posts: 5,493 |
I think some are under-estimating what this oil recession can do in Alaska. In the 80s, my home of 10 years wouldn't bring 50% of mortgage balance.
My buddy had recently paid $250K for a nice fourplex in Soldotna and the renters starved out in a year forcing him to give the keys to the bank and they sold it for $80K.
Anchorage lost a dozen banking firms in short order.
Last edited by VernAK; 03/09/16.
|
|
|
|
|
Joined: Feb 2001
Posts: 50,636
Campfire Kahuna
|
|
Campfire Kahuna
Joined: Feb 2001
Posts: 50,636 |
I think some are under-estimating what this oil recession can do in Alaska. In the 80s, my home of 10 years wouldn't bring 50% of mortgage balance.
My buddy had recently paid $250K for a nice fourplex in Soldotna and the renters starved out in a year forcing him to give the keys to the bank and they sold it for $80K.
Anchorage lost a dozen banking firms in short order. On the positive side the garage sales were killer!!!
Mark Begich, Joaquin Jackson, and Heller resistance... Three huge reasons to worry about the NRA.
|
|
|
|
|
246 members (01Foreman400, 160user, 2UP, 257 mag, 37L1, 35, 23 invisible),
1,769
guests, and
920
robots. |
|
Key:
Admin,
Global Mod,
Mod
|
|
|
Forums81
Topics1,192,505
Posts18,490,623
Members73,972
| |
Most Online11,491
Jul 7th, 2023
|
|
|
|
