You’re renting, or perhaps you’re still living in your parents’ basement and wondering, IS NOW A GOOD TIME TO BUY YOUR FIRST HOME? Nearly 70% of renters say they’d buy a home if their lease ended this month. But is April 2023 a good time to buy a home? According to mortgage experts at HomeBuyer.com, NOW is the perfect time for first time home buyers to jump into the new home market in Southern Indiana.
Why is now a good time to purchase your first home?
- Mortgage rates are steady and even dropping for first time mortgages.
- You may be surprised to learn that a 20% down payment on a 30-year conventional mortgage is not required to purchase your first home. Government backed mortgage programs (Fannie Mae, Freddie Mac, FHA) offer significantly lower rates than traditional lenders, require lower credit scores and annual income, and offer many options ranging from down payments as low at 3.5% to a variety of loan programs with lower monthly mortgage payments.
- VA buyers still benefit from significant savings with $0 down payment options for qualified new home buyers.
- New home ownership comes with significant tax incentives which means a portion of your monthly new home payment is actually a tax deduction. Deductible items include certain closing costs, annual real estate taxes, and mortgage interest.
- The national supply of homes on the market is still averaging 3 to 4-months, which is still significantly lower than the 6-month supply of homes needed for a balanced market. These homes are not staying on the market long with most sellers reporting that move-in ready homes in good neighborhoods are selling in a few days to a few weeks.
- Home sellers, including new home builders, are offering substantial incentives on the purchase of a new home during spring selling season. It’s been years since we’ve seen home sellers offering incentives. Indiana new home builder Infinity Homes is offering a $25,000 selling bonus towards structural options for a limited period of time.
- Despite rising rates and sellers discounts, homes are continuing to increase in price and increase in value year over year.
- Rents are higher than ever before. Statistics show that Indiana is one of the most affordable places to live in America, with many locations reporting that it’s less expensive to own a home than to rent.
- The Indiana Housing and Community Development Authority offers First Time Home and Next Time Buyer Programs that include down payment assistance and lower fixed rates for first time home buyers.
So the bottom line, stop throwing your money away on rent, come out of the basement, and start investing in your future with a new home in Southern Indiana!
About Infinity Homes: With over a century of combined home building experience and over a decade of crafting fine homes, Infinity Homes builds new homes in Southern Indiana and the greater Louisville area. Locally owned, Infinity Homes offers a wide variety of home styles with optional lofts, finished lower levels and 3-car garages with prices starting in the high $100s. The 2018, 2019, 2020, 2021, and 2022 home builder of the Louisville St. Jude Dream Home, all homes include a long list of included designer features and options and a comprehensive Home Buyers 2-10 new home warranty.
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