First Time Buyers Find Silver Lining in Current South Jersey Housing Market
Current market conditions present a window of opportunity for new homebuyers in South Jersey. Stephen Hovnanian, principal of J.S. Hovnanian & Sons said, “Low interest rates, flexible financing and adjustments in home pricing have combined to make a new home more affordable for first-time buyers.”
Additionally, according to Hovnanian there is a misconception that first-time homebuyers cannot afford new construction.
“Builders have made adjustments in new construction pricing, taking them to levels significantly lower than they’ve been in recent years,” said Hovnanian. “Prices for new homes are more in line with what we saw in 2002, making the cost of a new home well within reach of many first time buyers,” he said.
J.S. Hovnanian & Sons, for example, has four communities throughout South Jersey that offer a variety of housing options at affordable entry-level prices.
Hovnanian offers the following tips:
- It’s a good time for many renters to consider owning their own homes. Consider building your own equity versus building your landlord’s. FHA and conventional lenders have made adjustments to meet the needs of first-time homebuyers in today’s market. Look what you are paying in rent and talk to a few lenders to see what you’d be able to afford.
- Don’t assume you can’t afford new construction. There are new homes out there for any level buyer. Most builders provide financial incentives including assistance with closing costs to help make a new home affordable.
- Owning a home will give you tax write-offs for property taxes and mortgage payments.
[return to news]