Tag Archives: delaware homebuyers
9 Considersations Before A Home Purchase in Delaware

You live in Delaware and currently own your home, but your family hdelaware, home purchase, mortgage creditas grown or perhaps you’re retiring and want to down size.  Everyone has a different reason for buying their next home. 

You have purchased a home before and have a good idea of what to expect when making your home purchase.  However, over the last 4 years there have been a lot of changes when it comes to buying your home.  For the most part, changes in mortgage financing have been a good thing for consumers.  The best part is that we are getting folks, just like you, into their Delaware homes every day.

Below are 9 things to consider before you begin searching for your new home:

1.  How much do feel your current is worth if you put it on the market to sell today?

Compare your house to others nearby to get comparable values. The purchase market call these comparisons, “comparables.”

2.  How much money will you realize after the sale of your current home?

This is the amount of money you will net from the sale of your house, after you payoff your current mortgage, transfer taxes, realtor fees and other closing expenses.

3.  How long do you think it will take to sell your house?

Ask yourself, are homes in your area selling fast or slow?  This is a good yardstick to determine your estimated transition to a new home.

4.  Are you comfortable shopping for another house, without knowing you have a buyer for your current house?

Some folks are comfortable shopping for a new home without knowing whether or not their current house will sell in time and not knowing how much they will receive from their current house sale.  Yet, others are not comfortable to move forward until their current house is definitely under a sales contract.  

5.  Does your income justify the new mortgage payment?

More importantly, does your current income support a new higher mortgage payment?

6.  How is your credit?
 
Have you made all your past mortgage payments to date on time?  Are you paying your other revolving debt on time?

7.  Do you have additional assets available to put down toward the purchase of your new home?

Do you have money saved?  You have other liquid assets to put down on the new house and still have funds for closing?

8.  Is your current job stable?

No one knows for sure how stable their job is in today’s economy, but you better than anyone, will have to answer this question. 

9.  How will the move to a new home impact your life?

Purchasing a new home should be considered one that will hopefully improve your quality of life.   Be careful not to stretch your budget to the maximum when considering your new home purchase.  Doing a household budget will help give you good direction in determining your overall ideal number for a new mortgage payment.  

Moving is considered one of the top 3 changes that will occur in your life.  The nice part is that mortgage process can go very smoothly and very quickly.

Congratulations, if you have decided to purchase another home.  Our experiences have shown that no two persons are exactly the same in their needs and wants. 

Take advantage of our free 30 minute consultation to determine what you can afford, what terms are best, and which program works for your needs.  More importantly, you want to make sure you have the proper timeline and steps in between to make your home purchase as smooth as possible.

Are we still in a Buyer’s Market?

delawareonline

com/article/20120515/BUSINESS06/305150009/Delaware-home-sales-stay-iffy-April”>Delaware OnLine, year-over-year sales in April were down slightly from 171 to 168 in Sussex County, remained flat at 116 in Kent County, and jumped from 395 to 420 in New Castle County, according to statistics from the Sussex County Association of Realtors and Trend MLS

Considering where we were compared to where we are now, Delaware homebuyers still have a great opportunity

  Never before have mortgage rates been so good

   The lower the rate, the more house you can qualify to purchase

You might be saying that your house has taken a pretty big hit over the last 3-4 years in reduce value

In reality, everything is relative

  Even though your house is less than in the past, so is the house you are going to purchase

 

The question: Are we still in a buyers’ market?  Yes, I believe, we are still in a buyers’ market and your timing could not have been better than right now to consider a home purchase

If you are a current homeowner, you might think it is a little scary to sell right now

  Timing is everything

  A house priced right will sell! 

The next question:  What is the best selling price for your home when you put it on the market to sell?  This is where a good Listing Agent is worth their weight in gold

  A good listing agent will perform a market study and suggest the right price for you to put your house on the market

 

If you are moving up to a larger home, transferring into Delaware, or a

defcc

com/first-time-homebuyers?utm_campaign=First-Time-Homebuyers” title=”first time homeowners” target=”_self”>first time homeowners everyday!

So let us help you purchase your first home!  Give us a call at 302-266-9500 or email at info@delawarefinancial

com

 

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