6 Reasons to Buy Your Delaware Home Now!
Have you been waiting to buy a home in Wilmington or Newark? If you have been waiting to see if home prices will come down, or you are waiting for spring, you could be missing a golden opportunity to buy a Delaware home! Here are 5 reasons why right now could be the best time to buy!
1. Home prices are moving higher. According to Trulia, Wilmington home prices between Nov 2012 and Jan 2013 were 7.2% higher than a year ago. Nationally, economists expect home prices to continue to gradually appreciate.
2. Mortgage interests rates are rising. The Mortgage Bankers Association predicts that rates will trend higher throughout 2013.
3. Rents are expected to go up. Nationally, rents averaged a 4% increase during 2012. As the economy continues to improve, monthly rents are expected to follow suit.
4. Mortgage rules are changing. New guidelines exist for FHA loans. Meanwhile, the Consumer Protection Act may influence the type of mortgage products that are available in the future. Another new rule, called the Qualified Residential Mortgage, could change the requirements for credit scores and down payment amounts.
5. Closings are faster off-season. Real estate sales have lower volumes this time of year, meaning there are few backlogs in mortgage underwriting, appraisals, and home inspections.
6. Sellers are motivated. New listings are coming on the market in February! There are homes on the market today that must be sold; there are banks waiting to approve short sales, but they need offers!
Your ideal home could be on the market right now! Why not take a look at the Wilmington and Delaware homes for sale?
First-time buyers should give themselves an advantage by attending a free home buying seminar! Be prepared for the opportunities in Delaware real estate by attending one of the upcoming seminars below. Just register for the date and time that work best for you!
Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
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