First-time homebuyers in Wilmington, DE today may be sitting on the fence, wondering if now is the time to spring into the real estate market or continue renting. According to the U.S. Census' 2013 American Community Survey, this is the third consecutive year housing costs have taken a downward turn and with mortgage rates also low, owning a home is still the better choice.

For renters in the Wilmington Delaware area, it is not uncommon to spend more than 30 percent of their income on housing. In fact, nationwide, this is true of nearly half of all renters— compared to just 26 percent of homeowners who spend more than 30 percent on housing.

But for homeowners everywhere, that number is falling. Realtor Magazine reported the amount of those spending 30 percent or more on housing fell to 39.6 million homeowners, down from 40.9 million the year before. Considering all of the costs involved with owning a home in Delaware, first-time homebuyers should be able to recognize the opportunity in today's real estate market.

It is renters who make up the category of those considered "severely burdened" by housing costs. Rents are rising—as much as 5 percent last year, reported a study from the Harvard Joint Center of Housing Studies— and in most places, incomes just cannot keep up.

Housing affordability in the Wilmington area tends to favor homeowners, especially given the currently low mortgage rates. If you're paying more than 50 percent of your income toward rent in Wilmington or Newark, we can help!

We are seasoned in working with first-time homebuyers and even offer FREE first-time buyer seminars to walk you through the process, including how to save for a down payment. If you have questions about buying a home in the greater Wilmington area, we'd love to hear from you!

You won't want to miss out on this opportune time in the real estate market, so do not hesitate to contact the KG Home Team today!

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If you're on the other side, ready to move out of your current home, know that NOW is a great time to sell! The number of potential buyers looking at real estate has remained strong this fall and inventory has dropped, which equates to less competition for homeowners selling today.

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