The mortgage on a median-priced home in America is up 13 percent from the first part of 2017. This could make it more challenging for Delaware homebuyers this spring season. When a buyer takes taxes and other costs into account, a total mortgage payment can easily exceed 30 percent of a person's income. Ideally, housing should constitute no more than 30 percent of a person's take-home pay.
What to know about the current housing market
Residential real estate sales fall as mortgage rates rise
People in Delaware may be closely following trends in the residential real estate market as they look to purchase a home or relocate by selling their home and searching for a new residence. Across the United States, mortgage rates are rising, and it appears that fewer people are selling their homes. In January 2018, pending home sales, a measure of signed contracts, went down 4.7 percent in comparison with the previous month, December 2017.
