There's Never Been a Better Time to Buy a Home in Wilmington, DE!
Most likely, you’ve heard time and again that there are far more benefits to buying a Wilmington, DE home than to renting a property. As rental rates continue to rise all across the United States, this holds true now more than ever in today’s buyer’s market. Recently, I came across a CNN Money article that lists the highest rental increase over the past 12 months as nearly 13% in Sarasota, FL. On top of already sky-high rental rates, the cost of renting is becoming unrealistic for many in Wilmington, DE and across the U.S.
Overall, asking prices for homes have decreased .7% while rental rates have increased on average 5%. Why the skyrocketing rental rates? It’s no secret that many here in Wilmington, DE and across the country are having trouble staying on top of their mortgage payments. Going through the process of a short sale or foreclosure leaves renting as the only option for so many people that there is a rising demand for a limited supply of rental units.
While I realize that buying simply isn’t an option for some, those who are in the market to buy a home in Wilmington, DE are at a great advantage. Trulia reported that home prices have continued to drop over the past 12 months and with rental prices expected to keep increasing, it’s never looked better to consider homeownership. We’re also looking at extremely low mortgage rates which makes it even easier to justify buying a home in Wilmington, DE rather than sinking money into a rental each month. CNN Money’s most recent report shows a 30-year fixed mortgage at 3.86% down from 3.90% last week.
To put this in better perspective, here’s an example using real numbers. As of the end of last week, the average list price in Wilmington, DE was $230,021 and as I mentioned before the 30-year mortgage rate is at 3.86%. Additionally, the average rental rate in Wilmington, DE is about $1,050 according to data by rentbits. Using a tool The New York Times provides, we are able to calculate how much money a Wilmington, DE homeowner will save over a renter and how long it will take to start benefiting. With 20% down, the average mortgage would be nearly $200 less per month than the average rent payment. Check out this tool and try it for yourself with your current monthly rent and the prices of some Wilmington, DE homes you have in mind.
As your Wilmington, DE real estate agent, I feel it’s my responsibility to provide you with the most up-to-date market statistics. I hope the information I provide and the tools I show you help your home buying or home selling process go smoothly and successfully. If you need any assistance selling your Wilmington, DE home, are considering a short sale, or would like to see some homes for sale in the area, please feel free to contact me. I’m well versed in the Wilmington, DE real estate market and would love to help you through your real estate transaction.
Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
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