Many divorcing people in Delaware often wonder what to do with the marital home. One option is for someone to buy out his or her spouse and keep the home for him or herself, which is sometimes done to maintain stability for children. Another popular solution is for both parties to agree to sell the home and divide the proceeds. Regardless of what decision is made, the most important step is for both soon-to-be-ex-spouses to get on the same page, which is something that's sometimes easier said than done.
Home buying is a complex process in Delaware and around the country. One of the biggest hurdles for a buyer is getting a seller to agree to his or her offer price. According to a 2019 report from NerdWallet, 45 percent of buyers paid more than the asking price on a home. The respondents had all purchased their homes within the last five years.
Some Delaware homeowners may be looking to maximize their opportunities to sell their homes quickly. When people first try to sell a house, they may be surprised by how long the process can take. For many sellers, it can take weeks or even months, as carrying costs and other expenses accumulate. In addition, the success of the sale can depend on many factors, including the local real estate market. Some sellers may bring in less than they were hoping to obtain in the sale, while others may find proceeds consumed by associated expenses.
Those who are looking to sell a home in Delaware should highlight any finished basement or bonus rooms that a property has. This is because that extra living space could appeal to buyers and increase the property's value. However, sellers will need to properly showcase that extra space in a way that appeals to buyers in specific ways.
Individuals between the ages of 24 and 32 owe roughly $1.5 trillion in student loan debt. This is one of the reasons why young people in Delaware and throughout the country are not buying homes, according to a Federal Reserve study. However, home ownership has been down among all Americans between 2005 and 2014.
House hunters in Delaware may benefit from adequate preparation before starting their searches. Doing so may ensure that they find a home that fits their needs as well as a loan that fits their budget. The first step in the process should be to do a credit review, and individuals can get a free copy of their credit report once a year.
The housing market in Delaware and throughout the country is forecast to look different in 2019 compared to 2018. In 2019, the number of available homes is expected to increase while the number of buyers is expected to decrease. Mortgage rates are predicted to rise over the course of 2019, which may mean that some people will still be unable to afford their desired homes. Of course, fewer buyers and more inventory could mean less competition for those in the housing market.
In most years, homes in Delaware tend to move slowly during the month of December. However, in 2018, that may not necessarily be the case. This is because many buyers are wary that interest rates are going to continue climbing throughout 2019. Currently, interest rates are just below 5 percent. As a lack of inventory has caused housing prices to increase rapidly, interest rate increases may result in significantly higher mortgage payments.
There are many different items that can be negotiated when buying a home in Delaware or any other state. For instance, it may be possible for a buyer to ask a seller to contribute to the closing costs. Generally speaking, closing costs equal up to 5 percent of the cost of the home. These costs can be covered upfront or provided to a buyer in the form of a credit.
Increasing home prices have allowed current homeowners in Delaware and throughout the country to accumulate new wealth. However, for those who were looking to buy their first homes, the rapid appreciation was pricing them out of the market. Recently, increasing mortgage rates have played a key role in making homes more affordable. As market conditions cool, buyers have been able to avoid bidding wars or ask that sellers pay closing costs.