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.
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.
Buying a home may be one of the most significant purchases a person makes. For Delaware couples who decide to purchase a home together, it can turn out to be more of a commitment than getting married. Engaged couples who decide that they no longer want to get married can simply end their engagement. However, if they have purchased a home together, the financial entanglements can make getting rid of the home a complicated process and might result in a major financial loss.
While buying a home may be an admirable goal, Delaware residents will need to prepare ahead of time to achieve it. For instance, it may be necessary for individuals to look at their budgets to determine how much home they can afford. They should look to see how much is left over each month after car payments, food and other expenses are taken into account.
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.