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All About Delaware Real Estate

By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
You're probably hearing a lot about mortgage rates right now. You may even see headlines discussing the recent Federal Reserve (Fed) meeting and what it means for interest rates. However, despite what the headlines may suggest, the Fed does not set mortgage rates.The truth is that a variety of factors influence mortgage rates, including geopolitical uncertainty, inflation, and the economy. It's difficult to predict when all of those elements will align enough for interest rates to fall.As a result, attempting to time the market is rarely worthwhile. There is simply too much going on that you have no control over. The best thing you can do is manage the variables that are under your control.And when it comes to prices, here's what you can do to make your relocation ambitions a reality.  ...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
For sellers, who continue to enjoy quick sales and bidding wars that are pushing up prices nationwide, the housing market is still hot. Even if it's the house of their dreams, there are still a lot of warning signs that could discourage buyers from making a purchase, regardless of how strong the market is.These are the worst offenders on the list so you can address serious issues in your house that could cause problems when it comes time to sell.1. Outdated HomesA fixer-upper may be welcomed by some buyers, but a major remodeling project is enough to turn off some buyers.Almost 2/3 of buyers stated they would postpone purchasing a home if it required renovation. If your house is dilapidated or has significant damage, potential buyers might be put off.According to Self Financial, the kit...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
To improve curb appeal, simply design a welcoming and eye-catching exterior for the home. Here are 10 curb appeal ideas and helpful tips that fit your budget, ranging from easy do-it-yourself projects to some requiring professional contractors. With the aid of these techniques, you can turn any property into the ideal residence for a buyer.   1. Repaint The Front DoorRepainting your front door to add a pop of color that draws attention from onlookers is one of the most cost-effective curb appeal ideas. Painting the window frames again can give them a fresher, cleaner look that complements a more polished exterior. (Studies show that black doors can bring $6000 more in value.) 2. New House NumbersNew house numbers are a great and reasonably priced way to improve the curb appeal of your h...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
If you're thinking about listing your home as a "For Sale by Owner" (FSBO) and selling it yourself, you should consider whether the additional stress is really worth it. By choosing this path, you will be taking on a great deal of responsibility all by yourself. If you are not an expert, this can lead to mistakes and quickly become too much to handle.According to a National Association of Realtors (NAR) report, price and paperwork were the two main areas where homeowners who sold their own homes had the greatest difficulty.  Pricing Your HomeIt's critical to price your home correctly when first listing your house for sale. Additionally, there are two typical problems that can arise when selling your home independently. It is possible that you are overpricing. Alternatively, you may not ...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
 The process of purchasing a home may seem overwhelming, especially if you're a first-time home buyer with no prior real estate experience. It's simple to feel overburdened by the amount of money needed for down payments, credit scores, interest rates, fixed- and adjustable-rate mortgages, property taxes, and closing costs. The stakes are really high when buying a first home!Nevertheless, knowing the basics of home buying beforehand will make navigating the real estate market easier for you. Now let's start discussing some important information for first-time home buyers!How can one purchase a home? To make your first home purchase, follow these guidelines.   Save Your MoneyStart saving a down payment, closing costs and moving expensesOne of the most crucial stages in making your first ...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
  In the current housing market, the quantity of properties available for purchase is crucial. And one of your biggest advantages right now, if you're debating whether or not to list your house, is the limited supply of homes available. This is because, in a low- inventory situation—especially if it's priced appropriately—your house will stand out more. However, there are more houses available for purchase. Recent data from Realtor.com indicates that the number of new listings—homeowners who have recently listed their property for sale—is increasing (see graph below):     Compared to the same period last year, this graph indicates that more homeowners are posting sale signs in their yards. According to Realtor.com: “. . . sellers turned out in higher numbers this March as newly listed h...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
You never think it will happen to you, but sometimes you have a listing or a home that just won’t sell. Or, your seller keeps asking, “Why is my house not selling?” and you want to share the reasons. Don’t worry. It happens to the best agents and great homes! The good thing is that there are many reasons why a house isn’t selling, and it isn’t always just an issue of price. So before you panic and massively reduce the price, read on to learn about some other challenges you may be facing with some easy fixes.1. Home FeaturesAccording to studies, about 60% of US owner-occupied homes were constructed prior to 1980. In certain states the average age of homes is even higher. Many of these older homes have features—like small bedrooms, no main bathroom, low ceilings, and one-car garages (that...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
Recent data from Fannie Mae reveals that nearly 25% of home buyers and sellers believe that home prices will decrease. If you find yourself among those concerned about this possibility, fear not! Let me shed some light on the situation.Much of this apprehension likely stems from the doom and gloom portrayed in the media and online. But here's the scoop - bad news sells. So, what you're consuming may not be the whole enchilada. You might just be getting the sensationalized version.As Jay Thompson, a Real Estate Industry Consultant, aptly puts it:“Housing market headlines are everywhere. Many are quite sensational, ending with exclamation points or predicting impending doom for the industry. Clickbait, the sensationalizing of headlines and content, has been an issue since the dawn of the ...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
Numerous factors can cause property values to fluctuate, so it's critical for homeowners to be aware of those that could lower their home's value. While some of these factors—like interest rates, the state of the economy, and market conditions—are beyond your control, others are largely under your control. A home's property value can be adversely affected by certain projects, or lack thereof, ranging from ugly renovations to careless home maintenance. Knowing what depresses property value will help you safeguard your house and maximize your return on investment when the time comes to sell.   1) Home improvement projects done poorlyIn addition to making their space more comfortable and enjoyable, many homeowners undertake home improvement projects in an effort to increase the value of th...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
In the current housing market, the quantity of properties available for purchase is crucial. And one of your biggest advantages right now, if you're debating whether or not to list your house, is the limited supply of homes available. This is because, in a low- inventory situation—especially if it's priced appropriately—your house will stand out more.However, there are more houses becoming available for purchase. Recent data from Realtor.com indicates that the number of new listings—homeowners who have recently listed their property for sale—is increasing (see graph below):  This graph shows more homeowners are putting that sale sign up in their yards compared to the same time last year. As Realtor.com says:“. . . sellers turned out in higher numbers this March as newly listed homes wer...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
If you're thinking about moving, you might be considering if it would be wise to hold off on selling until mortgage rates drop. Here are some details that might assist you in finding the answer to that difficult question.There is a well-established correlation between mortgage rates and buyer demand in the housing market. Higher prices are usually accompanied by decreased buyer demand. This is due to the fact that some prospective homeowners may be reluctant to take on a higher mortgage rate on a new property. They therefore make the decision to postpone their plans and wait it out.CLICK FOR YOUR FREE GUIDECLICK FOR YOUR FREE GUIDE However, things shift when interest rates begin to decline. Demand shifts from low or weak to high or robust. This is due to the fact that many of the purcha...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
This week saw a spike in mortgage rates, which should worry buyers in the midst of the competitive spring real estate market.According to Freddie Mac, the average rate on a 30-year fixed home loan increased from 6.82% to 6.88% during the week that ended on April 11.“Mortgage rates have been drifting higher for most of the year due to sustained inflation and the reevaluation of the Federal Reserve’s monetary policy path,” Sam Khater, Freddie Mac’s chief economist, said in a statement.For the week ending April 6, home sellers were pushing ahead despite the ongoing rocky path of mortgage rates.According to Realtor.com® economist Jiaya Xu's most recent analysis, "many sellers are actively listing their homes this spring, with the number of newly listed homes up by 30.1% from a year ago."In ...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
Your house has to be different from the others when it is for sale. Additionally, some features, like immaculate hardwood floors or exquisitely designed open kitchens, are excellent at attracting attention to listings. However, what happens if you are unable to finance renovations, even though some items are in grave disrepair?In order to attract buyers, some sellers might decide to give their house an allowance, or discount. In this case, the seller would consent to bear the cost of fixing anything the buyer deems to be defective. The allowance could be included in the buyer's offer or an request for repairs addendum following the home inspection.  If the home purchase will be secured by a loan, the buyer will need to contact the lender in order to make sure that the allowance will not...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
Are you considering selling your home this year? If so, this could be the ideal moment to take action. Experts predict that the ideal week to list your home is quickly approaching.   The best week to list your home this year is April 14–20, according to a recent Realtor.com study that examined housing market trends over the previous few years (2020 was an anomaly).“Every year, one week stands out from the rest as that perfect stretch of time when it’s great to be a home seller. This year, the week of April 14–20 is the best time to sell—that is, if sellers want to see lots of interest in their homes, sell quickly, and pocket some extra cash, according to Realtor.com® data."Here's why you should care about this. This might be the peak sweet spot, but the spring market is always a great t...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
Are you unsure if selling your house now is still the right decision? Well, to put it briefly, yes. You can see two reasons for this if you look at the quantity of houses that are currently for sale.  According to a Calculated Risk article, the number of properties for sale has increased by 15.6% since the same week last year. That indicates a rise in inventory. However, compared to 2019, the last year the housing market was normal, there are currently about 40% fewer homes available for sale: Here's a summary of how this helps you in the event that you sell.  1. You Have Greater Moving ChoicesAre you considering selling because your needs have changed, your present home is too big or too small, or both? If so, you have more options for your home search thanks to the year-over-year grow...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
 Numerous factors can cause property values to fluctuate, so it's critical for homeowners to be aware of those that could lower their home's value. While some of these factors—like interest rates, the state of the economy, and market conditions—are beyond your control, others are largely under your control. A home's property value can be adversely affected by certain projects, or lack thereof, ranging from ugly renovations to careless home maintenance. Knowing what depresses property value will help you safeguard your house and maximize your return on investment when the time comes to sell.   1) Not Using Professionals for Home ProjectsIn addition to making their space more comfortable and enjoyable, many homeowners undertake home improvement projects in an effort to increase the value ...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
CLICK TO DOWNLOADFREE STAGING GUIDE The lighting in your home plays a crucial role in highlighting all of your best features, so make sure to highlight them all before you flaunt them. Consider this: we adore public spaces with plenty of light, such as parks and shopping malls. Prospective purchasers will value the same glow emanating from your house.It involves more than just turning on all of the overhead lights. To make the room more cheerful, you must select the appropriate arrangement of blubs. To make sure your property is flawlessly lit before a showing, follow these seven staging tips.1. Clear Up the Room's Purpose Think about each room's utility first when deciding where to add lighting in your house: how much light is necessary for a person to be able to function in this space...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
  It's true what they say: "First impressions matter," particularly when it comes to your house. One of the most important factors in determining how people initially view your property is curb appeal. Making the most of your home's curb appeal is a worthwhile endeavor, whether your goal is to sell it or just improve its overall appeal. This post will discuss doable strategies and ideas for updating the outside of your house to make it seem more hospitable and appealing.      Front Door: Your front door is a main attraction and an excellent place to create a statement. An energetic coat of paint in a striking hue that harmonizes with the exterior of your house can revitalize the entryway. Upgrade hardware for a unified and fashionable aesthetic, such as mailboxes and doorknobs. The welc...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
When touring a home that is listed for sale, buyers and their agents tend to be attracted to things that show need of obvious repair or deferred maintenance. While not addressing these issues may not remove interest in your home, it will give a skilled negotiator additional leverage in the home purchase strategy.  To avoid having equity removed from your pocket, is an important to address these issues.  Whether you’re currently aware of any of the following issues or they’re discovered during a pre-listing inspection, it is usually much more financially wise to remove these items prior to listing.   1. Roof  issuesMissing or damaged shingles or gutter issues are normally apparent prior to entering the home.  A negative first impression is not the best way to get your home sold.  Even if...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
Now is the ideal time to begin preparing your home if you plan to sell it this spring. As the market prepares for its busiest season, it will be crucial to ensure that your home stands out from the competition.Here are some helpful pointers to help you prepare your home for the market.  Declutter and OrganizeBuyers are influenced by first impressions, and a messy home can quickly turn them off. Spend some time organizing and decluttering each room before listing. More than just organizing your belongings, decluttering aims to make your house feel open and spacious so that prospective buyers can picture themselves living there. As per Moving.com:"Organizing and decluttering your space will make it much more appealing to potential buyers. Decluttering will make it easier for them to pictu...
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