So you bought a home in Wilmington, DE in 2006. It lost 20-40% of its value, but today you could break even, hopefully. You want to buy a new home, but don't really have any equity, what should you do?  You're not too confident in the housing market, but you know rates are great? The real question should be, "What would you pay today to put income in your pocket and a roof over your head for the rest of your life?"

Today you have a once in a lifetime opportunity to buy a new home in Wilmington or Newark, keep your old home and own them both in 15 years! What would your life look like if you owned two homes in 15 years? You could use the income from one to live in the other, have a roof over your head for life and have a retirement income! Act now— this opportunity will go away within 1-2 years max.

Interest rates are going up! We have been at a 100 year low and you won't be able to create wealth like this ever again in your lifetime!

That's right, when rates are back to 6.5-7%, you will not qualify to keep your old house and buy another. You might be lucky to even buy one home on a 30-year mortgage, let alone a 15-year mortgage. The choice is yours.

Option One:
Stay put, be conservative, wait to see what is going to happen with the real estate market. Keep your "old" house, hunker down, wait and see if rates really will go up?

Option Two (The Smart Choice):
You purchased your existing Wilmington home in 2006, paid $255,000, it went up, then down, then down some more, now it is back up to a little less than you owe. Why sell? Keep it, rent it for the monthly payment at 5.5%. Your payment is $1636 and fair market rent should be at least that. Pay $600 a month extra in addition to rent and you own it in 15 years!

Your new home is $300,000. Instead of doing a 30-year mortgage at 4.25% with a payment of $2026, do a 15-year loan at 3.5% and pay an extra $695 per month!

To recap: For $2,600 more per month over 15 years, you can own both houses, earn an income of $2,000 per month for the rest of your life and own your home free and clear. With the leverage of reverse mortgages, you could have $4,000-$5,000 per month with no house payment for the next 15-20 years!

If you have been wrestling with yourself, your spouse, your parents or relatives— BUY NOW! You will forever be a genius.

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Your real estate agent with the Kat Geralis Home Team can help you navigate the current real estate market and take advantage of mortgage rates. We cover all of the bases when selling your home, so you don't have to— just one of the many reasons to avoid For Sale by Owner this year. 

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