For generations, couples represented the typical home buyers in Delaware and elsewhere in the United States. As of 2019, a new trend has become clear: Increasing numbers of single women are buying homes by themselves. Approximately 17% to 20% of home buyers were single women compared to 9% of single men in 2019. A survey conducted by Bank of America indicated that 73% of women considered home ownership a top priority above marriage and having children whereas 65% of men had similar feelings.
Those who own property in Delaware and throughout the country may sell their homes even if they owe money on their mortgages. Ideally, a homeowner will owe less on a home loan than his or her home is worth at the time of the sale. This is because the primary lender is the first to be paid when the sale closes. If there are any other home loans or lines of credit attached to the house, they will be paid off next.
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.
Delaware house hunters may feel tempted to purchase the most expensive house in their favorite neighborhood. They do not necessarily want to do this in order to show off, but the most expensive house may be the house that they fall in love with. Before going through with the purchase, there are a few things they should understand.
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.
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.
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.
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.
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.
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.