Georgetown Real Estate Law Blog

Traditionally, the Delaware housing market is stronger during the spring than in winter. However, there are several reasons why it may be worth the time and effort to list a home while there is still snow on the ground. Oftentimes, buyers won't attend a showing when it's cold and dark outside unless they are legitimately interested in a property. Typically, those who are just looking will wait until the weather is nicer and more suitable for leisurely trips to various neighborhoods.

Sellers should understand that there is a market for a home regardless of what the calendar says. There is always the possibility that a person needs a home quickly before starting a job or after getting divorced. Individuals who have gotten married or just had a child may also be interested in obtaining more living space as soon as possible.

Buying a home in Delaware or any other state can be a stressful event. This may be true whether someone is buying a home for the first time or has done so in the past. There are several variables that a person needs to consider prior to making such a purchase. For instance, an individual will ideally consider where the home is located and which mortgage product best fits his or her needs.

When searching for a mortgage, it may be a good idea to do so with the help of a broker. A broker may be able to find a variety of mortgage products from multiple companies that service a given area. Getting approved for a mortgage before making an offer could improve the odds that it is accepted. Of course, buyers should only spend what they think that they can afford when buying a home. In some cases, this could be less than what they were approved to borrow by a lender.

Homes don't traditionally sell quickly during the winter months in Delaware and other states with cooler climates. However, this doesn't mean that a homeowner can't get top dollar for his or her property. A smaller number of houses on the market may make those that are listed hotter commodities due to lack of competition. In some cases, it may actually be possible to list a home at a higher price point in the first two months of the year.

This is because buyers may need housing as they start new jobs or otherwise make changes in their lives that can occur right after the holiday season. Ideally, sellers will focus on making sure that they upload quality photos of their homes online. This is because buyers are less likely to travel during the winter months. Therefore, it is important to make a home so attractive that a buyer is willing to venture out on a cold or dark day to see a property.

Individuals who are seeking to buy a home in Delaware may need to put money in escrow before their transactions close. Putting money into escrow can provide incentive for both a buyer and seller to act in good faith until a home sale closes. A lender could also take a portion of a down payment or mortgage payment and put it into an escrow account. In such a scenario, the money would likely be used to pay property taxes and homeowners insurance.

In some cases, landlords and renters will use escrow accounts to transact business. For instance, if a landlord refuses to make a necessary repair, a tenant could decide not to make a rent payment directly to that person or entity. However, the tenant would still be required to make the payment as called for in the rental agreement. The payment itself would go into an escrow account until the issue between the property owner and the renter can be sorted out.