If you're considering purchasing a home in Delaware soon, you may be wondering if it makes sense to do so at this time due to rising mortgage rates, rising home prices, and persistent affordability concerns. Though those market factors are significant, there are other factors to take into account. It's important to consider the long-term advantages of homeownership as well.    Consider this: you're probably not going to find many people who regret their home-buying decision if you know people who did so five, ten, or even thirty years ago. For what reason is that the case? The explanation has to do with how house values increase over time and how that increases your personal wealth indirectly. This could be the reason that 76% of participants in a recent Fannie Mae survey said they thou... 12/05/2023

First Start Home Buyer Program is part of neighborhood revitalization initiatives Wilmington is providing help  residents with a down payment on a property.Wilmington Mayor Mike Purzycki stated in a news release earlier in November that residents who meet the income requirements can receive up to $15,000 to assist in the purchase of a home.The New Homebuyer Assistance Program was accepted earlier this year as a part of the 2024 budget.  First Start Homebuyer ProgramThe program is designed to help first-time homebuyers, those who haven't owned a property in the previous three years, as well as displaced homemakers and single parents, with closing costs, down payments, or lowering the cost of a property purchase.Up to $15,000, or 6% of the purchase price of the property, may be awarded to... 11/28/2023

For health reasons, many people kept their distance from loved ones during the pandemic. It was advised that grandparents avoid their grandchildren, particularly when school started. This is because seeing their grandchildren, who might have become ill at school, would have been dangerous.   Many grandparents are eager to spend more time with their grandchildren now that the pandemic has passed in order to make up for lost time. However, how are they fulfilling their "Grandparent Wish"? According to the data, a lot of people are relocating to ensure they have more quality time.Grandparents Are Moving To Be Near Loved OnesPeople between the ages of 55 and 74 are moving farther (more than 100 miles) than any other age group, according to recent data from the National Association of Realto... 11/14/2023

Purchasing and being the owner of a home can significantly alter your life. Although there are financial benefits to owning a home, it's important to consider the non-financial advantages that elevate a house above merely a place to live.These are a few of the best non-monetary justifications for home ownership.94% of survey participants cite "Having Control Over What You Do with Your Living Space" as their top motivation for owning, according to Fannie Mae.  In a true sense, your house is your own. Unless there are particular requirements set forth by your homeowner association, you are free to decorate and alter your home as you please if you own it. This implies that you can customize your home to suit your needs by making minor adjustments or even major renovations. Purchasing a hom... 11/07/2023

A big life milestone that comes with a lot of change and new opportunities is reaching retirement. One thing you might be thinking about is selling your house and finding a new one that better fits your changing needs as the door to this exciting chapter opens.   Thankfully, you might be in a better position than you think to take action. These are some of the causes.Consider How Long You’ve Been in Your HomeThe average homeowner stayed in their house for approximately six years between 1985 and 2009. However, that figure is higher now, according to the National Association of Realtors (NAR). The average time spent in a home since 2010 is slightly over nine years (see graph below):  This indicates that a large number of homeowners have spent even more time in their homes recently. It's ... 10/31/2023

Because there are so few homes for sale, the housing market is still a seller's market even though it has slowed from the frenzied "unicorn" years. What does that actually imply for you, though? And why are the market conditions for selling a home so favorable right now? Housing supply is still incredibly low, according to the National Association of Realtors' (NAR) most recent Existing Home Sales Report. The quantity of available homes on the market is used to calculate housing inventory. The amount of time it would take to sell all those available homes based on current demand is also measured in months' supply. There is typically a six-month supply in a market that is balanced. At the current sales rate, there are only about three months' worth of available homes today (see graph bel... 10/24/2023

Even though you might be hesitant to sell your home because you don't want to commit to a mortgage rate that is higher than the one you currently have, there are other factors to take into account. Your personal needs might actually be more important than your financial situation. As stated in a Bankrate article: “Deciding whether it’s the right time to sell your home is a very personal decision. There are numerous important questions to consider, both financial and lifestyle-based, before putting your home on the market.”In light of this, consider the following: Why did I want to move in the first place?There's a good chance that money wasn't your main motivation. It's more likely that a change in your life or a change in what you need from your home is the real reason you're consideri... 10/17/2023

If you own a home, you might be unsure of whether or not to sell it at this time. That might be the case because you don't want to purchase your next home at a higher mortgage rate. Understanding your equity may be just what you need to feel more at ease making your move if that is your biggest obstacle. Equity Decoded: An In-depth Analysis of its Concept and FunctionalityYour home's equity is its current value less any loan balance. And more recently than you might anticipate, that equity has been increasing significantly.  The sharp increase in home prices over the past few years quickly increased your equity. Although the market has begun to normalize, there is still an imbalance between the quantity of homes that are up for sale and the quantity of potential buyers. And the reason p... 10/10/2023

The housing market is still shifting and changing, making it more crucial than ever to have a reliable real estate agent on your side in this fast-paced environment. Working with a professional who can lead you through each particular step of the process is essential, whether you're buying your first house or selling one you already own.   The truth is that not all agents behave in the same manner. You need a real estate expert who uses their understanding of what's actually happening with home prices, housing supply, industry projections, and more to give you the best advice possible if you want to make a decision that is truly strong and confident when you buy or sell a home. You need that kind of person if you want to succeed—someone who can give you clarity and trust. Jay Thompson, ... 10/04/2023

If you're considering moving today, one question on your mind is probably: Why is it so difficult to find a house to buy? It might be tempting to wait until you have more options, but that is probably not the best course of action. This is why. There aren't enough houses for sale, but this issue isn't limited to the present. It has been difficult for years. Let's examine some long-term and short-term elements that have attributed to this restricted supply.   Underbuilding Is a Persistent IssueThe fact that builders haven't been constructing enough homes in recent years is one of the main causes of the low inventory. The graph below depicts new single-family home construction over the previous 50 years, as well as the overall average of completed housing units:  Builders failed to build ... 09/27/2023

Have you considered selling your home? If so, you might be questioning whether you made the right choice given the current mortgage rates. Some homeowners are hesitant to sell and purchase a home with a higher mortgage rate. If this concerns you as well, you should be aware that while rates are high right now, so is home equity. What you should know is as follows. How equity develops and what it is, according to Bankrate:“Home equity is the portion of your home that you’ve paid off and own outright. It’s the difference between what the home is worth and how much is still owed on your mortgage. As your home’s value increases over the long term and you pay down the principal on the mortgage, your equity stake grows.”In other words, equity is the difference between the current value of you... 09/20/2023

Because there are so few homes for sale, the housing market is still a seller's market even though it has slowed from the frenzied "unicorn" years. What does that actually imply for you, though? And why are the market conditions for selling a home so favorable right now?    Housing supply is still incredibly low, according to the National Association of Realtors' (NAR) most recent Existing Home Sales Report. The quantity of available homes on the market is used to calculate housing inventory. The amount of time it would take to sell all those available homes based on current demand is also measured in months' supply. There is typically a six-month supply in a market that is balanced. At the current sales rate, there are only about three months' worth of available homes today (see graph ... 09/13/2023

Congratulations on choosing to purchase a new home, which is a big decision! But now that the excitement of buying is over, it's time to concentrate on what comes next. To protect and secure the new property, a number of things must be organized and taken into account. In order to ensure a smooth transition into a new home and prevent any unpleasant surprises in the future, this blog will walk you through the crucial steps that every new homeowner should take.  Change or Rekey the Locks It is advised to avoid using the previous owner's locks and to change all the locks before moving in. Who still has the property's keys is never certain. You must make sure that you and your family have the highest level of security in your new home. Also, change any keypad combination for entry or garag... 09/06/2023

You want your house to sell as quickly and for the highest price possible when you put it on the market. And depending on how well your house is maintained, that might entail making some upgrades before you list. However, remodeling your home doesn't have to be expensive! Several home improvement projects that can help you have a big impact on a small budget were listed in a recent Bigger Projects article, including:  Paint the walls. You cannot find a more impactful use of your money than painting. Your home's appearance and atmosphere can be completely changed by fresh paint, making it more inviting for potential buyers. Bonus - painting the front door gives a fresh look to the first impression. Upgrade your kitchen hardware. A kitchen can look more contemporary, sartorial, or classic... 08/30/2023

There are probably many things on your mind if you're trying to decide if you're ready to purchase a home. You're considering your finances, the current home price and mortgage rates, the dearth of available housing, and other factors. And you're trying to balance how each of those factors will affect the decision you'll make.    While the state of the housing market will undoubtedly affect your choice, your own circumstances and financial situation may be even more crucial. According to a NerdWallet article“Housing market trends give important context. But whether this is a good time to buy a house also depends on your financial situation, life goals and readiness to become a homeowner.”Consider concentrating on what you can control rather than attempting to time the market. Here are a... 08/23/2023

If you have been watching the market lately, this will come as no surprise - home prices are rising.  It appears that the media ginning up a catastrophic crash in the housing market was a bit overblown.  If you are looking to see what the approximate value of your home is click GET YOUR HOME VALUE. If you need a more in depth analysis, call me and I will be happy to help you understand where your value stands.          Christopher Pataki Realtor RE/MAX Associates - Hockessin Get Your FREE New Castle County Home Value Now! Phone: 302-562-0628 Email: patakiremax@gmail.com License: RS-0019092, Delaware have a great day..........chris   IMPORTANT. the content of this email and any attachments are confidential. They are intended for the named recipient(s) only. if you have received this emai... 08/11/2023

Do you still think it makes sense to sell your home now? Yes, to answer briefly. especially when you take into account how few houses are currently on the market. Although you may be aware that inventory is low at the moment, you might not fully comprehend how low it is or why that will be a benefit when it comes time to sell your home. Putting that into perspective is made easier by the following graph from Calculated Risk:   The graph demonstrates that although the amount of housing inventory increased slightly week over week (blue bar), the overall supply is still low (red bars). Supply is down about 10% from the same week last year, when it was already regarded as low. However, if you go back even further, you'll see that inventory has decreased even more sharply.Let's make a compar... 08/09/2023

Two major factors prevent many homeowners from selling their homes. The higher mortgage rates of today make people feel trapped and worry that they won't be able to find anything to buy because supply is so scarce. Let's examine each difficulty and offer you some sound guidance on how to get past these barriers.The first difficulty is the reluctance to accept a higher mortgage rate.The average interest rate for current homeowners who have mortgages is less than 4%, according to the Federal Housing Finance Agency (FHFA) (see graph below):  The 30-year fixed mortgage rate that buyers typically receive today, however, is closer to 7%. In order to avoid moving to a home with a higher borrowing cost, many homeowners are choosing to stay put. This circumstance is referred to as the "mortgage ... 08/02/2023

Should I still purchase a home this year given the higher mortgage rates, inflationary pressures, and worries about a potential recession? Although there are particular difficulties for homebuyers this year, it's crucial to consider the advantages of homeownership in the long run when making your choice. Think about it: it's probably difficult to find someone who regrets buying a home if you know people who did so five, ten, or even thirty years ago. How come? The cause is connected to how property values increase over time and, consequently, how your own wealth increases. This could be the reason why, according to a recent Fannie Mae survey, 70% of participants think purchasing a home is a secure investment.  Here is an example of how just the home price appreciation component can add ... 07/19/2023

You may be considering selling your house due to a change in your life. While mortgage rates are important, remember the reason you want to make a change.Affordability has been impacted by the fact that mortgage rates have increased from the recent record lows. Because of the current rates, some homeowners have decided to put off selling their homes because they don't want to relocate and end up with a higher mortgage rate on their new residence.   If a homeowner has a 30-year fixed rate in the 2-3% range, they may not want to give that up for a rate in the 6-7% range..”However, your way of life and evolving needs ought to be more important. Here are a few of the most popular motives for selling in today's market. Any of these things might be more crucial than maintaining your current m... 07/12/2023