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 ... 09/27/2023

Have you considered selling your home? If so, you might be questioning whether you made the right choice given the current mortgage rates. Some homeowners are hesitant to sell and purchase a home with a higher mortgage rate. If this concerns you as well, you should be aware that while rates are high right now, so is home equity. What you should know is as follows. How equity develops and what it is, according to Bankrate:“Home equity is the portion of your home that you’ve paid off and own outright. It’s the difference between what the home is worth and how much is still owed on your mortgage. As your home’s value increases over the long term and you pay down the principal on the mortgage, your equity stake grows.”In other words, equity is the difference between the current value of you... 09/20/2023

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 ... 09/13/2023

Congratulations on choosing to purchase a new home, which is a big decision! But now that the excitement of buying is over, it's time to concentrate on what comes next. To protect and secure the new property, a number of things must be organized and taken into account. In order to ensure a smooth transition into a new home and prevent any unpleasant surprises in the future, this blog will walk you through the crucial steps that every new homeowner should take.  Change or Rekey the Locks It is advised to avoid using the previous owner's locks and to change all the locks before moving in. Who still has the property's keys is never certain. You must make sure that you and your family have the highest level of security in your new home. Also, change any keypad combination for entry or garag... 09/06/2023

You want your house to sell as quickly and for the highest price possible when you put it on the market. And depending on how well your house is maintained, that might entail making some upgrades before you list. However, remodeling your home doesn't have to be expensive! Several home improvement projects that can help you have a big impact on a small budget were listed in a recent Bigger Projects article, including:  Paint the walls. You cannot find a more impactful use of your money than painting. Your home's appearance and atmosphere can be completely changed by fresh paint, making it more inviting for potential buyers. Bonus - painting the front door gives a fresh look to the first impression. Upgrade your kitchen hardware. A kitchen can look more contemporary, sartorial, or classic... 08/30/2023

There are probably many things on your mind if you're trying to decide if you're ready to purchase a home. You're considering your finances, the current home price and mortgage rates, the dearth of available housing, and other factors. And you're trying to balance how each of those factors will affect the decision you'll make.    While the state of the housing market will undoubtedly affect your choice, your own circumstances and financial situation may be even more crucial. According to a NerdWallet article“Housing market trends give important context. But whether this is a good time to buy a house also depends on your financial situation, life goals and readiness to become a homeowner.”Consider concentrating on what you can control rather than attempting to time the market. Here are a... 08/23/2023

A few years ago Reverse Mortgages were not viewed in a positive light.  Media coverage focused on the few cases where the borrowers didn't understand that even though they didn't have a mortgage payment; they did need to pay their property taxes and insurance. Things are done differently now to help ensure this doesn't happen going forward. Now, credit reports are pulled to be able to calculate debt payments, home owners insurance and property taxes.If it looks like the borrower might struggle with these payments, a LESA can be established. This is a set aside amount from the proceeds of the Reverse Mortgage to ensure the taxes and insurance are paid in a timely manner. LESA is a Life Expectancy Set-Aside.To describe a Reverse Mortgage it can be viewed as a deferred payment loan. The bo... 08/22/2023

If you have been watching the market lately, this will come as no surprise - home prices are rising.  It appears that the media ginning up a catastrophic crash in the housing market was a bit overblown.  If you are looking to see what the approximate value of your home is click GET YOUR HOME VALUE. If you need a more in depth analysis, call me and I will be happy to help you understand where your value stands.          Christopher Pataki Realtor RE/MAX Associates - Hockessin Get Your FREE New Castle County Home Value Now! Phone: 302-562-0628 Email: patakiremax@gmail.com License: RS-0019092, Delaware have a great day..........chris   IMPORTANT. the content of this email and any attachments are confidential. They are intended for the named recipient(s) only. if you have received this emai... 08/11/2023

Do you still think it makes sense to sell your home now? Yes, to answer briefly. especially when you take into account how few houses are currently on the market. Although you may be aware that inventory is low at the moment, you might not fully comprehend how low it is or why that will be a benefit when it comes time to sell your home. Putting that into perspective is made easier by the following graph from Calculated Risk:   The graph demonstrates that although the amount of housing inventory increased slightly week over week (blue bar), the overall supply is still low (red bars). Supply is down about 10% from the same week last year, when it was already regarded as low. However, if you go back even further, you'll see that inventory has decreased even more sharply.Let's make a compar... 08/09/2023

Two major factors prevent many homeowners from selling their homes. The higher mortgage rates of today make people feel trapped and worry that they won't be able to find anything to buy because supply is so scarce. Let's examine each difficulty and offer you some sound guidance on how to get past these barriers.The first difficulty is the reluctance to accept a higher mortgage rate.The average interest rate for current homeowners who have mortgages is less than 4%, according to the Federal Housing Finance Agency (FHFA) (see graph below):  The 30-year fixed mortgage rate that buyers typically receive today, however, is closer to 7%. In order to avoid moving to a home with a higher borrowing cost, many homeowners are choosing to stay put. This circumstance is referred to as the "mortgage ... 08/02/2023

Should I still purchase a home this year given the higher mortgage rates, inflationary pressures, and worries about a potential recession? Although there are particular difficulties for homebuyers this year, it's crucial to consider the advantages of homeownership in the long run when making your choice. Think about it: it's probably difficult to find someone who regrets buying a home if you know people who did so five, ten, or even thirty years ago. How come? The cause is connected to how property values increase over time and, consequently, how your own wealth increases. This could be the reason why, according to a recent Fannie Mae survey, 70% of participants think purchasing a home is a secure investment.  Here is an example of how just the home price appreciation component can add ... 07/19/2023

You may be considering selling your house due to a change in your life. While mortgage rates are important, remember the reason you want to make a change.Affordability has been impacted by the fact that mortgage rates have increased from the recent record lows. Because of the current rates, some homeowners have decided to put off selling their homes because they don't want to relocate and end up with a higher mortgage rate on their new residence.   If a homeowner has a 30-year fixed rate in the 2-3% range, they may not want to give that up for a rate in the 6-7% range..”However, your way of life and evolving needs ought to be more important. Here are a few of the most popular motives for selling in today's market. Any of these things might be more crucial than maintaining your current m... 07/12/2023

Right now, there's a big problem in the housing market. There aren't enough homes for sale compared to the number of people who want to buy them. This means that there's a limited supply of houses available.  A recent report from Realtor.com shows just how limited the housing inventory is. In June, the number of active listings was 50% lower than the levels seen before the pandemic in 2017-2019.Take a look at the graph below. It shows historical data and compares it to the inventory levels of a more normal market. You'll see that the numbers are still far below what they should be.  It's important to note that the years 2020-2022 are not included in the graph. These years were abnormal for the housing market due to the pandemic. To make a fair comparison, they have been left out.When yo... 07/06/2023

 Buying a home in Delaware can be a big decision, especially in today's expensive housing market. It's important to be smart about it. The interest rates on your mortgage loan can affect how much money you have to pay back. To save money, some people are rethinking what features they really need in a home.     Creating Your Wish ListIf you're looking to buy a home, take some time to figure out what you really need. Make a list of all the features you want, and then organize them into different categories. Here's a helpful way to do it:   Must-HavesThese are the features that are absolutely necessary for your lifestyle. If a house doesn't have these, it won't work for you. Examples could be the distance from work or loved ones, the number of bedrooms and bathrooms you need, etc. Nice-To-... 07/05/2023

Why Selling Your House with a Real Estate Agent is a Smart Move Selling your house is like solving a big puzzle. Some people try to sell their homes on their own, but it's not as easy as it sounds! Without a real estate agent, you might face all sorts of problems. So, if you're thinking about selling your house by yourself, here's some important stuff you need to know.The Challenges of Selling on Your OwnThe most recent Profile of Home Buyers and Sellers from the National Association of Realtors (NAR) surveyed homeowners who had recently sold their own homes. They found that these sellers faced difficulties in prepping their home for sale, pricing it right, and managing the required paperwork, among other challenges.The Benefits of a Real Estate AgentWhen it comes to selling your most v... 06/28/2023

Welcome to the Summer Buying Season (and National Home Ownership Month)Hey there! It's summertime, and that means more people are selling their houses. This is great news for you because it means there are more houses to choose from! But it also means there are more people looking to buy, so you need to be a powerful buyer to get the house you want.  Get Pre-Approved and Know Your BudgetBefore you start looking for a house, you need to know how much money you can spend. Talk to a local lender to get pre-approved for a loan. This will show sellers that you are serious about buying and that you can afford the house. Plus, it will help you figure out how much you can spend each month on your mortgage. Find the Right AgentA real estate agent can help you find the perfect house and negotiate... 06/20/2023

As you near the end of the home buying process, it is essential to conduct a final walk-through of your soon-to-be new home. This critical step ensures that the property is in the condition you agreed upon with the seller. During the walk-through, you will inspect the property for any damages or issues that may have arisen since your last visit. Taking your time during this process and thoroughly examining every aspect of the property is crucial. Doing so can help you avoid any surprises or unexpected expenses after closing.  To prepare for the final walk-through, it is recommended that you schedule it at least a day before the closing date. This will give you ample time to address any issues that may arise during the inspection. Additionally, it is advisable to bring a checklist of ite... 06/14/2023

If you are contemplating the sale of your house, it is important to be aware of the current market conditions. With the limited number of homes available for sale there is a significant advantage to Delaware sellers. This is due to the fact that there are more potential buyers than there are homes on the market. Consequently, with a scarcity of options, buyers will be more inclined to consider your property, increasing the likelihood of attracting a larger pool of  home buyers.  Industry experts have shared their insights on the advantages of selling now. Let's take a closer look at their perspectives.Lawrence Yun, Chief Economist at the National Association of Realtors (NAR):“Inventory levels are still at historic lows. Consequently, multiple offers are returning on a good number of pr... 06/07/2023

If you are keeping up with current events, you may be feeling uncertain about the state of home prices and whether or not we are headed towards a housing crisis. Unfortunately, many news headlines are painting a bleak and inaccurate picture. The truth is, home prices are not plummeting uncontrollably. In fact, the most recent data reveals a much more optimistic outlook. Delaware prices are slightly up month over month.  When reviewing home prices from a year-over-year perspective, we notice that they remained positive, albeit with a slower rate of appreciation compared to the peak of the pandemic. However, to gain a more comprehensive understanding of the market trends, it is necessary to analyze monthly data. By doing so, we can obtain a more detailed picture of the fluctuations in the... 05/31/2023

Memorial Day 2023 = In Remembrance =Raymond William PiersonCO. K 168th INF 34th Div1922-1944Veterans Memorial Park - New Castle DE 19720David HenkeLong & Foster Real Estate, IncDevon PA / Wilmington DEOffice:610-225-7400 / Direct:610-618-0808www.DelawarePAHomes.com 05/29/2023