New Castle County, DE Real Estate News

By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
Moving might be one of your main objectives for the upcoming year. However, how can you decide when to take action? Although spring is typically the busiest time of year for home buyers, you don't have to wait until then to sell. Here are some reasons why not to wait.  1. Take Advantage of Lower Mortgage RatesThe 30-year fixed mortgage rate peaked in October of last year at 7.79%. They reached their lowest point since May in January. This implies that you might not feel as committed to your existing mortgage rate at this time. Moving is now more affordable than it was a few months ago thanks to this downward trend in interest rates.Another reason why now is a good time to sell given today's rates? Buyers are returning to the market in greater numbers. Now that rates are starting to decl...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
A house sale can be a major undertaking. A common goal among homeowners is to sell their home quickly.Whether you're relocating, downsizing, or have other reasons why you need to sell quickly, putting these strategies into practice can really help.A thoroughly thought-out plan can improve the home sale process, regardless of whether it's a glitzy mansion or a stigmatized property.Years of experience as a listing agent have taught me that far too many sellers need to work hard to create a positive impression of their properties.For first-time home sellers who require additional experience as a backup, it becomes essential. It can help to have a real estate expert by your side offering guidance.  Improve the curb appealGetting a potential buyer to view your house is largely dependent on i...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
Red flags could keep you from selling, or costing you a lot of money if a deal does end up falling through. It is advisable to address these concerns before listing your house for sale.When it comes time to make an offer, the majority of buyers who are willing to take on your maintenance responsibilities will look for a discount, which can occasionally be significant.  What is a Red Flag in Real Estate?Anything unfavorable that can affect your decision to buy is a red flag. There are a few warning signs that you should watch out for when purchasing a home. These red flags point to possible concerns or problems that could lower the property's appeal and compromise your long-term happiness. Incomplete or Blank DisclosuresA seller's disclosure form is a record that offers details regarding...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
A time of rebirth and blooming flowers, spring is also a hot time for the real estate market. The real estate market wakes up alongside nature. For those who are looking to sell their homes, it offers the best opportunities.We'll look at professional springtime house selling advice to capitalize on the lively vibes and increased attention from buyers.This advice will be especially helpful if this is your first time selling a house. Selling real estate can be an educational experience. Every time you complete it, your skills improve.These are the things you should think about in order to maximize the experience.  Enhance curb appealFirst impressions are crucial in the spring, and your home's exterior sets the tone for prospective purchasers. Improve the curb appeal of your home by painti...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
Over the previous two years, the number of homeowners at risk of foreclosure has increased.As per a recent report by real estate data firm ATTOM, over 357,000 properties faced the dreaded foreclosure filing in 2023. That was an increase of 136% from 2021 and 10% from the year before.But real estate experts say it's unlikely that there will be another wave of foreclosures that flood the market with inexpensive homes.“We see the recent rise in foreclosure activity as a market correction rather than a cause for alarm,” ATTOM CEO Rob Barber said in a statement. “It signals a return to more traditional patterns after years of volatility.”Even though that might seem like a large number of homeowners in jeopardy, it only accounted for 0.26% of all housing units in the nation. Additionally, in ...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
Upkeep of a home is very expensive. However, are you needlessly spending more money on maintenance? These are the top ten costly errors you might be doing at home.   1. Using Traditional Light bulbsYour inflated monthly electric bill could be costing you a lot of money if you still use incandescent light bulbs in your home. An incandescent lightbulb can consume $180 worth of electricity in its lifetime. In the same amount of time, a CFL will only use $41 in energy. The LED bulb is even more advantageous, costing only $30 per bulb. Consider the financial impact that changing every lightbulb in your house could have.   2. Ignoring a Leaky FaucetMore than 3,000 gallons of water a year, or more than 180 showers, can be wasted by a leaky faucet that leaks one drop every second. While some of...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
Home sales are dependent on a number of variables, even in seller's markets, so you may need to be adaptable.It's possible that you're selling a house in a market that is competitive, with little supply and a lot of demand. And you're probably thinking "Whew," if not "Yay!" You are aware that compared to otherwise, you're probably going to have better offers, more interested buyers, and a quicker contract signing process. The good news does, however, come with a warning: you must control your expectations by learning what influences home sales and prices. The right real estate agent, market circumstances, buyer preferences, seasonality, and mortgage rates in relation to inventory are some of the factors.  Work with the Right Real Estate Agent to Sell Your HomeAccording to Jasen Edwards,...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
Although not all potential homeowners will agree, pets are the best.  Two things are true for those who own dogs or cats: they can be messy and they are endearing.The American Pet Products Association estimates that over 111 million households in the United States own a dog or cat, demonstrating the widespread sentimentality of this pet ownership. So, it's crucial to get rid of any evidence left by our furry friends when it comes time to sell your home. After all, sellers frequently thoroughly clean and stage a home before putting it on the market to encourage potential buyers to see it as a blank canvas.Here's how to present your house to potential buyers as their "fur-ever" home—minus the fur.  1. Conduct a deep cleaningDoes your furry friend like to lounge on furniture meant for huma...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
 Even the most well-organized person may experience extreme stress when moving. While there is no way to totally remove stress, there are known and unknown ways to make it easier. In this blog post, we'll go over some advice on how to lessen the stress and facilitate a more seamless moving experience. Create a Moving ChecklistMaking a thorough moving checklist can be the difference between complete chaos and a well-organized move. A moving checklist is a vital tool that will help you remain organized, make plans, and work through each task one step at a time. A well-thought-out checklist can help you remember everything, from cleaning and packing to updating your address and calling utility companies. Additionally, it will give you a sense of control in the midst of chaos, which will fa...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
Although they have fallen from their October highs of 8%, mortgage rates are still high and remain aground 7%. Additionally, house prices are high: As per the most recent Case-Shiller U.S. National Home Price NSA Index, there has been a seven-month consecutive increase in home prices. It makes sense that these elements combined could discourage you from making a purchase at this time. Regardless of the direction the Northern Delaware real estate market is taking, investing now allows you to start accruing equity right away.  It also entails avoiding the possibility of future increases in mortgage rates: Increasing rates not only result in higher interest payments over the course of the loan, but they can also cause serious problems for your monthly budget.“If a buyer finds a property th...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
If you're considering purchasing a home in Delaware soon, you may be wondering if it makes sense to do so at this time due to rising mortgage rates, rising home prices, and persistent affordability concerns. Though those market factors are significant, there are other factors to take into account. It's important to consider the long-term advantages of homeownership as well.    Consider this: you're probably not going to find many people who regret their home-buying decision if you know people who did so five, ten, or even thirty years ago. For what reason is that the case? The explanation has to do with how house values increase over time and how that increases your personal wealth indirectly. This could be the reason that 76% of participants in a recent Fannie Mae survey said they thou...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
First Start Home Buyer Program is part of neighborhood revitalization initiatives Wilmington is providing help  residents with a down payment on a property.Wilmington Mayor Mike Purzycki stated in a news release earlier in November that residents who meet the income requirements can receive up to $15,000 to assist in the purchase of a home.The New Homebuyer Assistance Program was accepted earlier this year as a part of the 2024 budget.  First Start Homebuyer ProgramThe program is designed to help first-time homebuyers, those who haven't owned a property in the previous three years, as well as displaced homemakers and single parents, with closing costs, down payments, or lowering the cost of a property purchase.Up to $15,000, or 6% of the purchase price of the property, may be awarded to...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
For health reasons, many people kept their distance from loved ones during the pandemic. It was advised that grandparents avoid their grandchildren, particularly when school started. This is because seeing their grandchildren, who might have become ill at school, would have been dangerous.   Many grandparents are eager to spend more time with their grandchildren now that the pandemic has passed in order to make up for lost time. However, how are they fulfilling their "Grandparent Wish"? According to the data, a lot of people are relocating to ensure they have more quality time.Grandparents Are Moving To Be Near Loved OnesPeople between the ages of 55 and 74 are moving farther (more than 100 miles) than any other age group, according to recent data from the National Association of Realto...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
Purchasing and being the owner of a home can significantly alter your life. Although there are financial benefits to owning a home, it's important to consider the non-financial advantages that elevate a house above merely a place to live.These are a few of the best non-monetary justifications for home ownership.94% of survey participants cite "Having Control Over What You Do with Your Living Space" as their top motivation for owning, according to Fannie Mae.  In a true sense, your house is your own. Unless there are particular requirements set forth by your homeowner association, you are free to decorate and alter your home as you please if you own it. This implies that you can customize your home to suit your needs by making minor adjustments or even major renovations. Purchasing a hom...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
A big life milestone that comes with a lot of change and new opportunities is reaching retirement. One thing you might be thinking about is selling your house and finding a new one that better fits your changing needs as the door to this exciting chapter opens.   Thankfully, you might be in a better position than you think to take action. These are some of the causes.Consider How Long You’ve Been in Your HomeThe average homeowner stayed in their house for approximately six years between 1985 and 2009. However, that figure is higher now, according to the National Association of Realtors (NAR). The average time spent in a home since 2010 is slightly over nine years (see graph below):  This indicates that a large number of homeowners have spent even more time in their homes recently. It's ...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
Because there are so few homes for sale, the housing market is still a seller's market even though it has slowed from the frenzied "unicorn" years. What does that actually imply for you, though? And why are the market conditions for selling a home so favorable right now? Housing supply is still incredibly low, according to the National Association of Realtors' (NAR) most recent Existing Home Sales Report. The quantity of available homes on the market is used to calculate housing inventory. The amount of time it would take to sell all those available homes based on current demand is also measured in months' supply. There is typically a six-month supply in a market that is balanced. At the current sales rate, there are only about three months' worth of available homes today (see graph bel...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
Even though you might be hesitant to sell your home because you don't want to commit to a mortgage rate that is higher than the one you currently have, there are other factors to take into account. Your personal needs might actually be more important than your financial situation. As stated in a Bankrate article: “Deciding whether it’s the right time to sell your home is a very personal decision. There are numerous important questions to consider, both financial and lifestyle-based, before putting your home on the market.”In light of this, consider the following: Why did I want to move in the first place?There's a good chance that money wasn't your main motivation. It's more likely that a change in your life or a change in what you need from your home is the real reason you're consideri...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
If you own a home, you might be unsure of whether or not to sell it at this time. That might be the case because you don't want to purchase your next home at a higher mortgage rate. Understanding your equity may be just what you need to feel more at ease making your move if that is your biggest obstacle. Equity Decoded: An In-depth Analysis of its Concept and FunctionalityYour home's equity is its current value less any loan balance. And more recently than you might anticipate, that equity has been increasing significantly.  The sharp increase in home prices over the past few years quickly increased your equity. Although the market has begun to normalize, there is still an imbalance between the quantity of homes that are up for sale and the quantity of potential buyers. And the reason p...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
The housing market is still shifting and changing, making it more crucial than ever to have a reliable real estate agent on your side in this fast-paced environment. Working with a professional who can lead you through each particular step of the process is essential, whether you're buying your first house or selling one you already own.   The truth is that not all agents behave in the same manner. You need a real estate expert who uses their understanding of what's actually happening with home prices, housing supply, industry projections, and more to give you the best advice possible if you want to make a decision that is truly strong and confident when you buy or sell a home. You need that kind of person if you want to succeed—someone who can give you clarity and trust. Jay Thompson, ...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
If you're considering moving today, one question on your mind is probably: Why is it so difficult to find a house to buy? It might be tempting to wait until you have more options, but that is probably not the best course of action. This is why. There aren't enough houses for sale, but this issue isn't limited to the present. It has been difficult for years. Let's examine some long-term and short-term elements that have attributed to this restricted supply.   Underbuilding Is a Persistent IssueThe fact that builders haven't been constructing enough homes in recent years is one of the main causes of the low inventory. The graph below depicts new single-family home construction over the previous 50 years, as well as the overall average of completed housing units:  Builders failed to build ...
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