Depending on your perspective, this could be the best or the worst time to be house-hunting. Houses are selling fast and appreciating quickly in value, which is good news for both the buyers and the sellers. The downside, however, is that inventory is low. Buyers may become frustrated as bidding wars become more common with multiple buyers interested in the same home. So instead of waiting for the perfect house to come on the market, many buyers are considering building new homes. Existing homes, as well as new builds, each have their own set of pros and cons to consider. Our team at GVC Mortgage is here to help you explore both options from the perspective of a home buyer in a low-inventory housing market.
- With an existing house, it is unlikely that everything will be in pristine condition. You will have to work with normal wear and tear.
- It is unlikely that you will get all of your boxes checked. You will likely have to compromise on floor plan, yard, or location.
- For the first few years, you’re less likely to deal with big-ticket maintenance issues like leaky roofs or failing heating and cooling systems. Plus, many homebuilders offer a limited warranty, so you may be covered if something should break.
Let Us Help
Are you ready to begin looking? Whether you’re leaning toward building or buying an existing home in the Indianapolis area, GVC Mortgage’s loan specialists can help. Contact us today at (317) 564-4906 for more information on what type of home loan is right for you. Getting pre-approved for a home loan is the first step toward owning a home you will love!
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