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Residential Real Estate Archives

Higher home prices push demand for adjustable rate mortgages

Families shopping for homes in Delaware earlier in the year probably needed to make high offers to buy a property. Economists at CoreLogic and Capital Economics agreed that the low inventory of homes for sale has driven prices higher. Although mortgage interest rates remain extraordinarily low, higher home prices have caused people to select riskier adjustable-rate mortgages instead of predictable fixed rate 30-year mortgages.

Why Americans have lost interest in buying homes

The U.S. home ownership rate is currently at 63.7, which is one of the lowest numbers in American history. It has become increasingly common for Delaware residents and others to rent instead of buy. According to a survey of 2,000 Americans, 71 percent said that this was because the process of buying a home was too complex. In some cases, getting a mortgage can take about a month whereas the process of renting a home or apartment may only take days.

What to know about buying a home after age 50

In 2016, 30 percent of first-time home buyers were people between the ages of 52 and 70. Although it may be possible for older Delaware residents to buy a home, it may not necessarily be the best decision. First, older buyers need to make sure that the home they buy will fit their needs as they age. For instance, it may not be a good idea to buy a home with stairs if a person can't climb them.

Required disclosures in residential real estate sales

When people want to sell their homes in Delaware, the law requires that they make certain disclosures to the buyers. Delaware's disclosure law is designed to benefit buyers while also providing protections to sellers. It is important for sellers to understand their responsibilities to disclose and for buyers to understand what disclosures are required.

Sale of property still possible in foreclosure

Delaware homeowners who are struggling to keep up with mortgage payments often have questions about foreclosure. Specifically, many homeowners wonder whether it is possible to sell a home once the process has begun. Typically, the homeowner retains the right to sell the property up until it is sold at auction. In such a situation the owner must be able to cover the outstanding amount owed to the lender, including any penalties and back payments.

Millennials are struggling to afford down payments

Experts are reporting that the majority of millennials in Delaware and across the country don't have enough money to afford a new home down payment. The millennial generation, which remains one of the hardest hit by the financial recession, continues to struggle with employment, income and savings. Despite these drawbacks, the generation seems to remain optimistic about home ownership, with 80 percent of millennials reporting a desire to eventually own a home.

Reasons to have an inspection before buying a home

Delaware residents who are looking to buy a home are encouraged to inspect it before the sale closes. This is because the home that a person sees during an open house or showing is one that is in pristine condition. In most cases, the seller will have an inspection done on the property as well as have an appraiser take a look at it.

Home buyers seeking out energy-efficient homes

Home buyers in Delaware and around the country are becoming increasingly concerned about their carbon footprints and are seeking out houses that boast green technology or high levels of insulation according to an industry report. More than half of the real estate brokers polled by the National Association of Realtors in February said that home buyers had asked them questions about sustainability and energy efficiency, and 43 percent said that they included green data when listing their properties.