There is good news for Delaware home sellers - more home buyers will be coming to the market during the next few years. But if you're a first-time home buyer in Delaware, you need to be prepared for competition!

For starters, we are now seeing more first-time home buyers enter the market, after hitting a 4-year slump only a few months ago. Nationally, first-time buyers accounted for 34.5% of all home purchases during February 2013. The "early spring" of the housing market in 2013 was at least partially fueled by first-time buyers looking to get a jump on the market.

They were not alone. Real estate investors, still hungry for aquisitions, claimed an equal share of all home purchases in February - another 34.5%. Investors can be the bane of a first-time home buyer, since investors are usually looking for lower-priced homes, and paying cash.

But the 900-lb gorilla among buyers is perhaps the least expected group - the "boomerang buyers." These buyers are former homeowners who experienced a short sale or a foreclosure during the housing downturn. Many of them have now completed the minimum waiting period and are looking to buy a home again.

To give you some idea of the numbers, USA Today reported that just under 5 million people lost their homes during the housing crisis - and an amazing 70% of them will buy another home as they become eligibile to do so. Based on the timelines of the era against the mortgage waiting period, this translates into 500,000 boomerang buyers becoming eligible for home ownership each year for the next several years.

Why would these former homeowners want to return to home ownership after having a negative experience? Speaking bluntly, renting is no picnic, and home ownership at today's prices and interest rates is a much better deal. USA Today reports that boomerang buyers are anxious to return to the market at the earliest opportunity, while the economics work in their favor.

If you are a first-time home buyer in Delaware, you need to be well-equipped to handle the competition! Find out how to get approved for a mortgage, and learn about the buying process at our FREE first-time home buyer seminars! The next one is in Newark on April 20, 2013! Register here to save your seat!

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
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