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Posts tagged "Residential Real Estate"

What to research when buying a home

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.

Sellers generally don't tell ghost stories

A survey from Realtor.com found that 60% of those polled said that they didn't know that their homes were haunted before moving into them. However, Delaware residents and others may not even care if they are sharing their homes with ghosts. Furthermore, the survey found that buyers weren't too concerned about living next to a home that was rumored to be haunted. The survey also found that 20% of respondents said that they thought that they had lived in a haunted house in the past.

How to sell a home during the winter months

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.

How to go about updating an older home

Homeowners in Delaware may not be able to sell their houses for top dollar without renovating them first. This is because younger buyers aren't likely going to want to spend money to do so themselves while also trying to pay down student loans and other debt. Those who have been in their homes for many years or decades can start by painting or putting in LED lights.

Why escrow accounts are helpful

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.

Fixer-uppers aren't necessarily less expensive

According to a study from Porch.com, individuals who buy fixer-uppers will likely spend just as much on these houses as those who purchase a turnkey property. If a homeowner goes over budget when renovating a fixer-upper, that person could spend $25,000 more than someone who bought a home that didn't need work. Overall, homeowners in Delaware spent an average of $246,891 on a fixer-upper and $250,496 on homes that were ready to live in from day one.

Sellers should consider remodeling their homes before a sale

Those who are looking to sell their homes in Delaware or anywhere else may have questions about whether to upgrade their properties before doing so. Generally speaking, it may be a good idea to make an upgrade if it significantly increases the home's value. It is also important to make an upgrade if it makes the home easier to sell. Typically, buyers judge a property based on what it looks like today as opposed to what it will look like after a remodel.

Canceling a home purchase agreement

Typically, a person in Delaware can back out of a home purchase after an offer has been accepted. However, when and how someone can rescind an offer depends on how the contract was structured. It also hinges on whether all parties have signed the document. If it has, it may be necessary to go to mediation to resolve the matter if a seller doesn't willingly allow the deal to be canceled.

Considering a 15-year mortgage

Most homebuyers in Delaware take out a mortgage loan from a bank to complete their purchase. After all, very few people can buy a house in cash outright. The traditional mortgage period stretches over 30 years at a fixed interest rate. However, there are also options for a 15-year, shorter-term mortgage. People buying a home may have several factors to consider when choosing the mortgage loan that is right for them.

Purchasing a home

When purchasing a home, one of the things Delaware residents have to consider is whether they want to make their mortgage payments biweekly or monthly. If the mortgage payments are made biweekly, the mortgage payoff date will be earlier, and the total interest costs will be lower. With a monthly mortgage payment, buyers are likelier to be paying more interest with a payoff date that is much later than that for a biweekly payment.