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Residential Real Estate Archives

Sellers' market arrives in residential real estate

A seller's market seems to have returned for the residential real estate sector with sellers in Delaware and elsewhere seeing multiple offers and fast turnover on listings. A 5.5 percent increase in sales were seen across the country for the month of February, and a jump of 11.4 percent in pending sales for the Midwest region. The national rate for signed contracts is 2.6 percent higher than February 2016. The chief economist with the National Association of Realtors shared his thoughts on the factors behind this increase and the possibility for continued optimism.

A housing shortage is driving up prices

A shortage of houses in Delaware and across the country is being cited by industry experts as the reason for rising prices and a sharp fall in home resales in February. The National Association of Realtors revealed on March 22 that sales of existing homes fell by 3.7 percent in February to a seasonally adjusted rate of 5.48 million units. However, year-over-year sales were still up by 5.4 percent and the January seasonally adjusted sales numbers were the highest observed in a decade.

Real estate buyers sometimes turn to hard money lenders

Homebuyers in Delaware and around the country generally seek financing from traditional lenders and choose between conforming, nonconforming, FHA and VA loans, but there are situations where unconventional sources of money may be useful. Those who take out a conventional mortgage usually expect to keep their loans for many years, but those seeking to renovate and flip a residential property quickly or require short-term financing of some sort may choose to approach a hard money lender rather than a mortgage broker.

Tips for finding a quality home loan

When looking for a mortgage, Delaware residents may benefit from shopping around for the best price. This is true whether an individual is looking for a new home loan, to refinance a current mortgage or for a home equity loan. Shopping around is beneficial because different lenders may offer different prices depending on what type of lender that they are. For instance, a credit union may offer different terms than a commercial bank would.

Residential real estate closes out 2016 fitfully

During the tail end of 2016, the U.S. residential real estate market exhibited some significant ups and downs. Investors and developers in Delaware may be interested in knowing that even though some of these fluctuations were expected as par for the course, others exceeded what analysts thought might occur.

Home prices drop in the winter

The winter can sometimes be the best time to purchase residential property in Delaware and around the country. Because many families try to buy homes before the new school year begins, the summer months can be a very busy time in the residential real estate market. A lot of home buyers try to complete their transactions before fall, so the market becomes less competitive after all of them are gone.

Hiding these problems could cause legal issues for home sellers

Delaware homeowners naturally want their properties to look their best when listing them for sale. Failing to disclose certain issues, however, could cause a buyer to initiate legal action to correct a problem that should have been revealed prior to the sale.

Wealthy remain upbeat about residential real estate

While concerns about the future of the global economy and questions about the residential real estate market in Delaware and around the country persist, wealthy buyers will likely remain fairly active according to a Luxury Portfolio International survey. The real estate company asked wealthy individuals from 12 countries what they thought about the current residential property market, and most said that they remained optimistic despite some misgivings.