With mortgage rates and housing prices on the rise, Wilmington and Newark DE homebuyers should consider buying homes in the area before the busy spring buying season. And not just because more homebuyers will be in the market to compete with— according to Realtor.com, home prices posted double-digit gains in 2013 and will only continue to increase as the new year goes on.

Home Prices Up Again
A trend that is not likely to go anywhere soon, more price increases are coming to Wilmington, Newark real estate. KCM reports that "Prices are projected to appreciate by over 25% from now to 2018. It would be rise to act now, but many homebuyers, especially first-time buyers, will what until spring and encounter a higher mortgage rate as well. In looking at the numbers over the past few months, it is inevitable homebuyers will end up paying more for the same home down the line if they wait to purchase.

Rent Increasing
More hikes are on the horizon for renters everywhere— making the investment of homeownership increasing more appealing. For instance, did you know that the net worth of the average homeowner is 30 times greater than that of a renter? Whether you buy homes in Wilmington and Newark or rent, you're still paying a mortgage— it just may be your landlord's. Make the investment now, save yourself money in the long run, and you could call yourself a homeowner by spring.

Home Sellers Motivated
And while these new housing price hikes should give a push to homebuyers to purchase Wilmington real estate before they increase again, home sellers are seeing a similar push. “We expect the rising prices to attract more sellers, unlocking this pent-up supply, which will have a moderating effect on prices in 2014,” said one real estate economist. 

These home sellers may have previously been underwater in their Wilmington and Newark area homes and are now entering positive territory. The rising numbers on the housing price and mortgage rate front should offer the motivation to sell and be able to move to a new home in the area that they have likely been waiting to do.

Regardless, “the healthy and broad-based gains in home prices in 2013 help set the stage for the continued recovery in the housing sector in 2014,” another real estate economist told Realtor.com. “After six years of fits and starts, we can now see a clearer path to a durable recovery in single-family residential housing across most of the U.S.”

Are you ready to begin the process of buying Wilmington, DE real estate? 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 Homebuyer Seminars! 


Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
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