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Residential Real Estate Archives

Millennials are struggling to afford down payments

Experts are reporting that the majority of millennials in Delaware and across the country don't have enough money to afford a new home down payment. The millennial generation, which remains one of the hardest hit by the financial recession, continues to struggle with employment, income and savings. Despite these drawbacks, the generation seems to remain optimistic about home ownership, with 80 percent of millennials reporting a desire to eventually own a home.

Reasons to have an inpsection before buying a home

Delaware residents who are looking to buy a home are encouraged to inspect it before the sale closes. This is because the home that a person sees during an open house or showing is one that is in pristine condition. In most cases, the seller will have an inspection done on the property as well as have an appraiser take a look at it.

Home buyers seeking out energy-efficient homes

Home buyers in Delaware and around the country are becoming increasingly concerned about their carbon footprints and are seeking out houses that boast green technology or high levels of insulation according to an industry report. More than half of the real estate brokers polled by the National Association of Realtors in February said that home buyers had asked them questions about sustainability and energy efficiency, and 43 percent said that they included green data when listing their properties.

Sellers' market arrives in residential real estate

A seller's market seems to have returned for the residential real estate sector with sellers in Delaware and elsewhere seeing multiple offers and fast turnover on listings. A 5.5 percent increase in sales were seen across the country for the month of February, and a jump of 11.4 percent in pending sales for the Midwest region. The national rate for signed contracts is 2.6 percent higher than February 2016. The chief economist with the National Association of Realtors shared his thoughts on the factors behind this increase and the possibility for continued optimism.

A housing shortage is driving up prices

A shortage of houses in Delaware and across the country is being cited by industry experts as the reason for rising prices and a sharp fall in home resales in February. The National Association of Realtors revealed on March 22 that sales of existing homes fell by 3.7 percent in February to a seasonally adjusted rate of 5.48 million units. However, year-over-year sales were still up by 5.4 percent and the January seasonally adjusted sales numbers were the highest observed in a decade.

Real estate buyers sometimes turn to hard money lenders

Homebuyers in Delaware and around the country generally seek financing from traditional lenders and choose between conforming, nonconforming, FHA and VA loans, but there are situations where unconventional sources of money may be useful. Those who take out a conventional mortgage usually expect to keep their loans for many years, but those seeking to renovate and flip a residential property quickly or require short-term financing of some sort may choose to approach a hard money lender rather than a mortgage broker.

Tips for finding a quality home loan

When looking for a mortgage, Delaware residents may benefit from shopping around for the best price. This is true whether an individual is looking for a new home loan, to refinance a current mortgage or for a home equity loan. Shopping around is beneficial because different lenders may offer different prices depending on what type of lender that they are. For instance, a credit union may offer different terms than a commercial bank would.

Residential real estate closes out 2016 fitfully

During the tail end of 2016, the U.S. residential real estate market exhibited some significant ups and downs. Investors and developers in Delaware may be interested in knowing that even though some of these fluctuations were expected as par for the course, others exceeded what analysts thought might occur.