As the annual health fair was wrapping up at Homer High School Saturday, a first-time "Fiscal Wellness Fair" was in full swing at Bay Realty. The fair was organized by Debra Leisek, broker, and included experts Leisek pulled together to address concerns in light of the country's struggling economic health.

"While I would have liked more people, we still had a pretty fair turnout," Leisek said following the event.

Feedback has been favorable. One individual said having a slate of professionals available helped her identify who could best address her specific concerns.

Charles Preston, finance manager for McKinley Mortgage in Girdwood, was on Leisek's team of experts.

"The media is portraying a very negative (economic) picture nationwide, which is accurate, but here in Alaska it is a different situation entirely, so there hasn't been the fear, panic or even concern locally that you see when you turn on TV," said Preston, who was available to answer questions about nonconforming, creative financing.

"We have a lot of developers on the lower peninsula that have lots of lots, but not lots of cash because (land hasn't) been selling. We can help folks like that out," Preston said.

He credited Alaska's "get her done" attitude for creating a protective buffer separating the state from challenges facing the Lower 48.

"Alaskans are notoriously independent and self-sufficient," Preston said. "Looking at the facts, there's really no reason to panic, but you need to manage your finances with wisdom. Don't expect to get the return on capital that you've seen the last couple of years. The importance is on persevering, rather than growing."

Hilde Stapghens, loan originator with Residential Mortgage, also was available to answer questions and offer advice.

"What people should ask is, 'What can I do to improve my credit and what can I do to position myself better to be a homebuyer?'" Stapghens said.

She emphasized credit, which has become "more important than anything else." For individuals interested in purchasing a home, Stapghens suggested immediately identifying steps to improve a credit score.

"Nowadays, if your credit score isn't at a certain point, it's questionable if you can get a loan," Stapghens said.

Meeting financial obligations on time ranked high on Stapghens priority list, as does the impact of home ownership.

"If you're renting, paying rent to someone who owns a house and really not something permanent and long-term, it's not benefiting you other than having the immediate benefit of a place to stay," Stapghens said."Home ownership provides you with a long-term home, a place you can call your own, a place where you can raise your family. It will provide a basis for tax benefits in addition to the knowledge that you own the four walls around you."

Bruce Petska of Big Mountain Builders in Homer answered questions about home construction. His top two pieces of advice were to build no more space than is really needed and to build for as much energy efficiency as possible.

In the past, with low-interest loans and a housing market in the upswing, homeowners could afford more house than necessary.

"As energy costs increased, it became a beast they had to feed," Petska said of large homes. "As property taxes exponentially increased, extra space became more of a burden."

Petska encouraged exploring rebate programs offered by Alaska Housing Finance Corp. that encourage energy efficiency.

Leisek had advice for people interested in real estate, "one of the best investments a person can make."

"Buy what you can afford, and if you can afford to buy real estate, buy it now," Leisek said. "Whether you need a home or are looking for investments, now is a very good time to buy real estate. Real estate is long-term value for your money without the risk of losing it to unknown issues."

Roy Welles, a certified financial planner with Waddell and Reed in Kenai, urged individuals to review their financial situation.

"Not only that, but how do your investments tie in with your financial goal?" said Welles, who believes the current downturn of the market is only temporary.

According to Welles, there is no need to go into panic mode "and sell off low and expect to profit in this environment." In fact, rather than selling, Welles suggested it might be time to buy.

"If you have money sitting on the side, there may be an opportunity to go counter-intuitively and realize there are bargains out there," he said.

Questions directed to Julie Woodworth of Wells Fargo in Homer centered on refinancing and loan opportunities.

"There wasn't a lot of financial planning inquiries and that's really where we're focusing our efforts at the bank," Woodworth said. "We have a full staff here that does full-financial reviews."

A financial review considers an individual's financial condition, the current rates he or she is paying on loans and credit cards and explores any savings plan and retirement strategy.

"We are seeing ways to help you save money or grow your money," Woodworth said. "It's a smart thing to do at least once a year as your financial conditions and priorities change, just to get another set of eyes on your financial picture and move in the right direction."

The service is free from Wells Fargo, and takes approximately 45 minutes, depending on the complexity of an individual's finances.

"Bring your existing loan information, what your interest rates are, payments, balances. Do a little bit of planning beforehand on where you want to see yourself a year from now, five years from now, what your goals are," Woodworth said. "Maybe your goal is early retirement. Maybe you have a child getting ready for college. Maybe you want a debt-reduction plan."

Also participating in Bay Realty's fiscal fair were Eric Niebuhr of First National Bank of Alaska, Ken Lewis of Alaska USA Federal Credit Union and Sherrie Simmonds, corporate communications officer for Alaska Housing Finance Corp.

McKibben Jackinsky can be reached at mckibben.jackinsky@homernews.com.