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Buying a Wilmington, DE Home— Act Quickly!

Thursday, June 27, 2013
by Katina Geralis

While housing inventory across the country is beginning to increase— along with mortage rates, housing prices, and buyer confidence— Wilmington, DE homebuyers are urged to act quickly if purchasing a home in the area is something in their near future. You've started your home search and you think you've found the perfect home, but are hestitating to make the jump to finalize all of the real estate plans. Don't think twice! Homes are beginning to sell quickly on the local real estate market and homebuyers will need to respond and be decisive if they wish to secure their dream home purchase.

Cash offers are becoming more apparent and lender standards are starting to loosen. According to data from the National Association of REALTORS®, in May, 45 percent of all homes sold were on the market for less than a month. So what can you do as a Delaware homebuyer to act quickly and land your dream home? Here are some tips to start the process:

1. Get preapproved, not just prequalified 

Getting preapproved for your Wilmington home's mortgage helps to show the seller that the buyer is serious about this home purchase and has a greater likelihood of being approved for a loan and making it to closing. 

2. Be responsive to your lender

If a lender asks for more information, be ready to respond. When you are willing and able to provide everything the lender requests, you should have no problems making it to your closing within a month, pending the title company and others involved work within your time frame as well.

3. Be decisive, not careless

It's important that you as a homebuyer are decisive in what you want and need out of your future home, but do not act on a whim to purchase quickly. Experts still advise that no matter how much of a hurry you are in, you should still set your sale contingent upon a home inspection. Afterall, you may love the home but you don't want to get stuck with a problematic one after the sale. 

Are you ready to take a look at the area homes for sale and invest in your piece of Wilmington, DE real estate? Let me help you decide which type of property best fits your needs for homeownership. Together we will work to find the best home for both you and your family. You can also learn more about the buying process at our FREE first-time home buyer seminars! 

As always, feel welcome to contact me for more information about homes for sale in Wilmington and Newark. I am here to help you with your home ownership goals!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
Contact Me
Find me on Facebook
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Upgrade Your Wilmington, DE Home This Summer

Thursday, June 13, 2013
by Katina Geralis

Have you been thinking of purchasing a new home in Wilmington, DE? Recent real estate studies show now is a great time for Wilmington homebuyers to jump into the market— and purchase more expensive homes at that. According to a study by the National Association of Home Builders, Americans may be able to afford a higher-priced home if they buy newer properties. "Due to lower operating costs with new homes, buyers can purchase a newer home that is more expensive and still achieve the same annual operating costs as an older, existing home," the NAHB study found.

The NAHB study took into account how utility, maintenance, property tax, and insurance costs vary by the age of the home. According to the study, homes built prior to 1960 had an average maintenance cost of $564 per year, where homes built after 2008 had average maintenance costs of $241. Those homes built prior to 1960 have operating costs that average nearly 5 percent the home's total value as compared to the homes built after 2008 which had operating costs of less than 3 percent of the home's value.

NAHB Chairman Rick Judson stressed the importance of homebuyers looking beyond the initial sales price when considering whether to buy new construction or an existing home. “They will find that with the higher costs of operating an older home, they can often afford to spend more to buy a new home and still have annual operating costs that fit their budget.”

And while mortgage payments will naturally be greater with the higher purchase price of a newly-built home, "the lower operating costs mean the home buyer will have annual costs that are about the same as if they’d bought a lesser-priced, older home with a smaller mortgage payment and higher operating expenses,” the NAHB stated.

This news comes at a great time as seller confidence has begun to increase, allowing more housing inventory to open up and current homeowners to feel comfortable placing their properties up for sale. home buyers have recognized recently that buyer demand just simply cannot keep up with the limited inventory available and now, with more homes coming into the Wilmington, DE real estate market, home buyers will appreciate more choices should they choose to purchase either higher-priced new homes or existing properties.

Are a first-time homebuyer in Delaware or simply looking to find a new place to call home? Let me help you decide which type of property best fits your needs for homeownership. Together we will work to find you the best mortgage options for your new home. You can also learn more about the buying process at our FREE first-time home buyer seminars! 

As always, feel welcome to contact me for more information about homes for sale in Wilmington and Newark. I am here to help you with your home ownership goals!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
Contact Me
Find me on Facebook
Follow me on Twitter  

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