Older Delaware residents may be interested in using a HECM reverse mortgage to purchase a house. The reverse mortgage itself will cover up to 60 percent of the purchase price, and buyers tend to liquidate assets to cover the remaining balance. There is a 2 percent mortgage insurance premium is 2 percent of the property value no matter how much cash a person draws.
Delaware residents may understand that moving can be quite stressful. The stress level may be amplified when the move is related to a divorce. In many cases, selling a home after the end of a marriage is like selling a house for any other reason. It is important that it looks like it has been properly cared for. If it doesn't, it may have a hard time attracting a buyer's interest.
The holiday season isn't usually the best time for a home to be on the market because of all the celebrations that take place and the number of people who enter and exit the home. With a few tips and the assistance of a real estate agent and attorney who can help complete the paperwork required for the sale, the process can often operate in a smooth fashion.
Many individuals and couples living in Delaware are interested in purchasing a new home. It isn't unusual, however, for prospective homebuyers to begin the process only for things to go awry when it comes to securing financing and closing the deal.
Delaware residents who buy a house with a spouse may have legal protections. However, those who buy a home with someone they are not married to may not have many options if something goes wrong. According to a 2013 study from Coldwell Banker, roughly 25 percent of millennial couples owned a home together. Low mortgage rates and tax advantages were among reasons cited for making such a decision.
Selling a home in Delaware during the time of year when most people are preparing for the holidays can be challenging. Sellers who are willing to be creative might find it's a lot easier to find a buyer than they originally thought. Halloween through New Year's could turn out to be a great time to market and locate interested buyers without having to lower the selling price.
Prospective homebuyers in Delaware may be interested to know that they are still able to find the home that they want even if they do not find one from May to September, which is believed to be the best time of year to purchase a home. The season of fall also offers some advantages for people looking for a new home.
Families shopping for homes in Delaware earlier in the year probably needed to make high offers to buy a property. Economists at CoreLogic and Capital Economics agreed that the low inventory of homes for sale has driven prices higher. Although mortgage interest rates remain extraordinarily low, higher home prices have caused people to select riskier adjustable-rate mortgages instead of predictable fixed rate 30-year mortgages.
The U.S. home ownership rate is currently at 63.7, which is one of the lowest numbers in American history. It has become increasingly common for Delaware residents and others to rent instead of buy. According to a survey of 2,000 Americans, 71 percent said that this was because the process of buying a home was too complex. In some cases, getting a mortgage can take about a month whereas the process of renting a home or apartment may only take days.
In 2016, 30 percent of first-time home buyers were people between the ages of 52 and 70. Although it may be possible for older Delaware residents to buy a home, it may not necessarily be the best decision. First, older buyers need to make sure that the home they buy will fit their needs as they age. For instance, it may not be a good idea to buy a home with stairs if a person can't climb them.