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Navigating the aging housing market | Money Smart

Jeff Ostrowski, financial analyst with Bankrate.com, shared some tips for new home buyers with FOX43 viewers on Sept. 22.

PENNSYLVANIA, USA — Homes are not just getting more expensive, they're also getting older.

Americans also aren't buying brand new homes as often as before the Great Recession. 

"At one time it was kind of normal for Americans to buy a house and buy a new house," Jeff Ostrowski, a financial analyst with BankRate.com said. 

Ostrowski tells FOX43 that since 2008, new home sales have bounced back a bit. However, the U.S. housing market has continued to age, with the average home coming in at about 39-years-old. 

"For buyers, these older homes tend to be more affordable depending on the area," Ostrowski said. "Certainly the York region, the older homes might offer some bargains, but there's a downside which is you don't necessarily know what you're getting into when you buy an older home." 

While buying a home could help save you some money, there are some things to keep in mind. Ostrowski says to pay close attention to a home inspection. 

"Make sure you really follow the inspector around during that inspection...and ask questions," he said. "Use him as an expert guide for what you're getting into."

Keep home renovation costs in mind, consider a fixer-upper load like an FHA 203(k) loan, and look for other sources of help, like state and local home improvement programs. 

These could all help you save thousands of dollars.

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