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Residential Real Estate Archives

Mortgage insurance and down payments

Potential homeowners in Delaware often believe that they must have 20 percent of the total sale price available for a down payment in order to purchase a property. Given the prices of real estate, this figure can seem to put homeownership well out of the reach of many individuals, couples and families. However, it does not actually take one-fifth of the total purchase price in cash in order to be able to buy a home. The difference between the cash down payment and this amount is guaranteed by mortgage insurance.

Buying a home while student debt is a factor

Student loan debt is a significant financial burden for many people in Delaware and across the country, and the weight of this debt can prevent people from taking steps like buying a home. Around the United States, there are over 44 million people who owe a total of $1.5 trillion in student debt. Of those, around 2.2 million people have a balance of $100,000 or higher, and $31 billion in student loan debt is currently 90 days or more overdue. Borrowers aged 40 and younger are particularly likely to carry student debt as they owe $850 billion of the outstanding student loan burden.

Low supply and high demand driving up home prices

People shopping for homes in Delaware are likely to encounter rising home prices. A nationwide imbalance between the numbers of sellers and buyers has acted to increase listing prices and shorten the time that available homes spend on the market. A report produced by the data and analytics firm CoreLogic recorded a 1.1 percent increase in home prices between April and May 2018. Since May 2017, home prices have gone up 7.1 percent. CoreLogic predicts that by May 2019, home prices will have gone up by another 5.15 percent.

Ways homebuyers can protect themselves

When buying a home in Delaware, it is important to put in as many safeguards as possible. For instance, at an open house, buyers should ask for a seller's property disclosure. It will list everything that the seller knows is wrong with the home or was built without proper permission. As a general rule, a disclosure form that has nothing on it is a bigger warning sign than a form with several problems listed on it.

What to consider when buying a home

Those who are currently renting in Delaware may long to be homeowners. Considering the current state of the housing market, however, it could make more sense for renters to put off making a home purchase. Those who are interested in buying a first home should make sure that they won't be house poor. This means that a homeowner is constantly at risk of losing the property.

An overview of closing costs for homebuyers and sellers

Homebuyers in Delaware often focus on the prices listed for properties, but price alone does not represent the total amount that a person will spend when purchasing a home. Numerous fees, insurance premiums and commissions create what are known as closing costs. Closing costs routinely total several thousand dollars. A typical property transaction will split these costs between the buyer and seller, although the parties can negotiate the details and shift some expenses one way or the other.

The pros and cons of having a tree

While many people in Delaware would like a home with a tree in the yard, this could be more trouble than it is worth. For instance, if the tree begins to rot, there could be a higher risk for extensive property damage or bodily injury. Furthermore, those that have holes, fractures or lean to one side might need to be removed.

The importance of listing a home at the right time

Those looking to buy or sell a home in Delaware should consider how the time of year influences the market. A market analysis by the real estate tracking website Zillow has identified May as the month when homes sell the fastest and demand the best prices on average.

What to avoid when looking for a home

Most Delaware homebuyers get pretty excited when they find a property they believe fits all of their needs. Upon further research, however, a property could be more of a nightmare than a dream home. One sign that a home may not be worth buying is if the price was reduced significantly by the current owner. This could be a sign of a structural or other issue that needs to be looked into.

What to know about the current housing market

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.