Login
Password

Forgot your password?

How the Foreclosure Effect Gives Existing Homes in Fishers Better Values

By Edited Nov 13, 2013 0 0
A beautiful Indiana home

Due to the rising costs of building a new home, existing homes for sale in Fishers are a better value for most consumers interested in buying a home. Those in the market for a piece of Fishers Indiana real estate can almost certainly find what they are looking for amid the existing homes on the market. The current halt in new home construction in Fishers and other areas is proof that more people are buying homes that have been owned previously. This adds value to almost any home on the market, as the rising demand for previously owned houses shows that people are less willing to spend money on a brand new house than a home that will not incur any labor charges or other financial complications. Most average consumers find a building a new home to be too costly.

For most people, it's better to buy used. Particularly in this current housing market, it makes much better financial sense to buy used than to try to start out with something completely out of one's price range, which most new houses are for many consumers. The number of Fishers homes for sale is increasing dramatically each week, with more on the way, due in large part to the number of foreclosures in this area. You can have a good starter home for less than the average selling price in other areas, while still remaining confident that you will be able to sell for more than you purchased it for in later years, should the need arise.

Fishers' strongest financial area in years past was manufacturing; now, it's mostly retail and health care jobs that are driving the local economy. Even if you're lucky enough to find a contractor to build your new home who will charge you rates which compare to the cost you'd incur for buying a used house, you may still be better off shopping on the used market; older real estate retains the potential for an increase in value in the future, especially in this area which is seeing massive growth transfer of economic initiative from manufacturing to other sectors of the market. The market here for new home builders caters mostly to retired auto workers and those with large disposable incomes.

Mortgage payments, even with homeowner's insurance figured in, are likely to be much lower on a pre-owned house than on a newly built one. The reason for this is, again, the lower prices related to the large number of foreclosures and people having to relocate due to job losses or transfer. Current economic conditions are strongly in favor of the buyer, not only in terms of the wide availability of quality homes for an affordable price, but also for the opportunity to start earning equity at an early stage in the homebuying process. A large number of Fishers homes for sale are considered starter homes. They may require some maintenance or minor repairs in order to be considered "move-in ready," but the discounted price and modest number of rooms make them not only a good investment, but perfect for someone just getting started in life. It allows the opportunity for a family to start building up their net worth while they enjoy the privileges of home ownership.


Advertisement

Comments

Add a new comment - No HTML
You must be logged in and verified to post a comment. Please log in or sign up to comment.

Explore InfoBarrel

Auto Business & Money Entertainment Environment Health History Home & Garden InfoBarrel University Lifestyle Sports Technology Travel & Places
© Copyright 2008 - 2016 by Hinzie Media Inc. Terms of Service Privacy Policy XML Sitemap

Follow IB Business & Money