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.
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.
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.
Delaware residents who are thinking of investing in real estate may wonder about the choice between residential and commercial types. While buying residential properties has some benefits, it may be more beneficial to purchase commercial properties for several reasons.
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 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.
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 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.
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.
Every homeowner who wants to sell his or her home wants to get the best price for it. Those in Delaware who are considering putting their homes up for sale in 2017 should avoid certain actions that can reduce their chances of selling their property.