Have you been thinking of purchasing a new home in Wilmington, DE? Recent real estate studies show now is a great time for Wilmington homebuyers to jump into the market— and purchase more expensive homes at that. According to a study by the National Association of Home Builders, Americans may be able to afford a higher-priced home if they buy newer properties. "Due to lower operating costs with new homes, buyers can purchase a newer home that is more expensive and still achieve the same annual operating costs as an older, existing home," the NAHB study found.

The NAHB study took into account how utility, maintenance, property tax, and insurance costs vary by the age of the home. According to the study, homes built prior to 1960 had an average maintenance cost of $564 per year, where homes built after 2008 had average maintenance costs of $241. Those homes built prior to 1960 have operating costs that average nearly 5 percent the home's total value as compared to the homes built after 2008 which had operating costs of less than 3 percent of the home's value.

NAHB Chairman Rick Judson stressed the importance of homebuyers looking beyond the initial sales price when considering whether to buy new construction or an existing home. “They will find that with the higher costs of operating an older home, they can often afford to spend more to buy a new home and still have annual operating costs that fit their budget.”

And while mortgage payments will naturally be greater with the higher purchase price of a newly-built home, "the lower operating costs mean the home buyer will have annual costs that are about the same as if they’d bought a lesser-priced, older home with a smaller mortgage payment and higher operating expenses,” the NAHB stated.

This news comes at a great time as seller confidence has begun to increase, allowing more housing inventory to open up and current homeowners to feel comfortable placing their properties up for sale. home buyers have recognized recently that buyer demand just simply cannot keep up with the limited inventory available and now, with more homes coming into the Wilmington, DE real estate market, home buyers will appreciate more choices should they choose to purchase either higher-priced new homes or existing properties.

Are a first-time homebuyer in Delaware or simply looking to find a new place to call home? Let me help you decide which type of property best fits your needs for homeownership. Together we will work to find you the best mortgage options for your new home. You can also learn more about the buying process at our FREE first-time home buyer seminars! 

As 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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