Delaware Valley Real Estate - OnPoint with Letitia Stevenson

Has There Ever Been a Better Time to Buy a Home?

(Delaware Valley Real Estate - Northern Delaware)

While Northern Delaware (Wilmington DE-MD-NJ Metro Area) house prices have declined since the peak of the market (down 13.74% since 2006*), prices have appreciated over the past ten years (up 58% since 2000*) and housing (in my opinion) has become the most attractive asset class in America, especially for investors, as well as, home buyers looking to stay put for a while.

You may be asking yourself: "Has There Ever Been a Better Time to Buy a Home?" Well, there is a time for everything, including buying a home. But how do you know if the time is right for you? In the Fall/Winter 2011 issue of The Chairman's Report (Northern Delaware Edition), Larry Flick, Chairman and CEO of Prudential Fox & Roach REALTORS, looks at several ways of answering this question using regional market trends.

*Source of Above Data: Case-Shiller Home Price Index. Single-Family Aggregate Index, 2000Q1=100), SA (Wilmington DE MD NJ Metro Area Counties: New Castle, DE, Cecil, MD, Salem, NJ). 

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Other Related Article(s):

• It's Time to Buy That House

Share Your Thoughts in the comments section below!

Has There Ever Been a Better Time to Buy a Home? (Delaware Valley Real Estate - Southeastern PA)

While Southeastern Pennsylvania house prices have declined since the peak of the market (down 7.15% since 2006*), prices have appreciated over the past ten years (up 71% since 2000*) and housing (in my opinion) has become the most attractive asset class in America, especially for investors, as well as, home buyers looking to stay put for a while.

You may be asking yourself: "Has There Ever Been a Better Time to Buy a Home?" Well, there is a time for everything, including buying a home. But how do you know if the time is right for you? In the Fall/Winter 2011 issue of The Chairman's Report (Southeastern Pennsylvania Edition), Larry Flick, Chairman and CEO of Prudential Fox & Roach REALTORS, looks at several ways of answering this question using regional market trends.

*Source of Above Data: Case-Shiller Home Price Index. Single-Family Aggregate Index, 2000Q1=100), SA (Philadelphia Metro Division PA Counties: Bucks, Chester, Delaware, Montgomery, Philadelphia). 

Click on the “FullScreen” icon on the bottom panel to maximize the document. 

Other Related Article(s): 

• It's Time to Buy That House

Share Your Thoughts in the comments section below!

304 Charleston Dr Wilmington DE 19808 (SOLD)

Limestone Hills (Elsemer/Newark/Pike Creek)

Main Features:

Status: SOLD (60 DOM) 

 List Price: $382,500

MLS Number: 5876690

 Type: Single Family Home | Sq Ft: 2,550

Bedrooms: 4 | Full Baths: 2 | Half Baths: 1

Municipality: Elsemer/Newark/Pike Creek

Descritiption:

Do spacious, lovely, updated & well maintained describe your next home? If so, then "This is the One." Formal living and dining rooms for special occasions and many other choices for casual get togethers. , i.e. family room w/fireplace that opens onto 16' x 20' screen room w/vaulted ceiling, 16' x 24' deck (both newly constructed), patio, fenced rear yard and a 23' x 23' beautifully finished bonus room w/4 double door closets. Check out the updated powder room w/marble topped vanity and fixtures and the main bathroom's granite countertop, double sinks, new vanity and fixtures. The first floor laundry and nearby office are only steps from the large, eat-in kitchen which has a conventional and a convection oven. If you need creative space requiring the use of hand tools then the finished 12' x 12' workroom (complete w/laminate floor) on the lower level is ready and waiting. Roof was resurfaced in '03, AC replaced '07, heat pump 2000 and furnace motor '08. Immediate occupancy is available!

Google Area Map:

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Listed by - Broker: Prudential Fox & Roach REALTORS® - Greenville

DSHA Update August 15, 2011 - Rate Change (Delaware First Time Home Buyers Program)

DSHA has reduced the interest rates under its Delaware First Time Home Buyers Program (SFMRB). The SFMRB program offers 30-year mortgages with a fixed interest rate to first-time homebuyers, i.e., buyers who have not owned a principal residence within the past three years.

Current interest rates, 30 year fixed-rate mortgage (As of this post, Rates Subject to Change): 

• 3.5% (formerly 4.25%) - New, Existing or 203K Acquisition/Rehab Homes Loans (without SMAL)
• 4.5% (formerly 4.875%) - New, Existing or 203K Acquisition/Rehab Homes Loans (with SMAL)

Qualified buyers can also use the Second Mortgage Assistance Loan (SMAL) program for down payment and closing cost assistance up to $10,000 in conjunction with the Delaware First Time Home Buyers Program, making it possible for the buyers to purchase with little to no money out of pocket. 

The content provided in this post is presented as a courtesy to be used only for informational purposes and is not represented to be complete or error free. For the latest information, rates, requirements and updates on DSHA's affordable homebuyers programs, please visit DSHA's Homeowenership online. Or, contact a participating mortgage lender/mortgage consultant, like Gail Frederick from Trident Mortgage (DSHA 2010 Top Producing Lender).

 If you have any real estate questions, please contact me (Letitia Stevenson).

Buying a Home: Are We There Yet?

Are you thinking of buying a home? But, you’re still sitting on the fence, wondering “Are we there yet?” That is, “Has the real estate market really reached a turning point?” Read On. It could be a turning point for you!

The Summer 2011 issue of The Chairman’s Report below answers the question “Are We There Yet?”

In This Issue:

Is Buying a Home Still a Good Investment?

 Are Real Estate Prices at the Bottom?

Is There Going to be a Double Dip Recession?

Isn’t it Hard to Get a Mortgage Now?

Why Now is the Time

What If I Need to Sell?

Are We There Yet?

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The following regional editions of the Summer 2011 PFR Chairman's Report are available:

Wilmington DE

Southeastern PA

Central NJ

Southern NJ

NJ Shore

GET YOUR OWN COPY! To request a copy, please contact me and indicate which edition of this report you would like sent directly to your inbox.

DSHA Update June 30, 2011 - Rate Change (Delaware First Time Home Buyers Program)

DSHA has changed interest rates under its Delaware First Time Home Buyers Program (SFMRB). The SFMRB program offers 30-year mortgages with a fixed interest rate to first-time homebuyers, i.e., buyers who have not owned a principal residence within the past three years.

Current interest rates, 30 year fixed-rate mortgage (As of this post, Rates Subject to Change): 

• 4.25% - New, Existing or 203K Acquisition/Rehab Homes Loans (without SMAL)
• 4.875% - New, Existing or 203K Acquisition/Rehab Homes Loans (with SMAL)

Qualified buyers can also use the Second Mortgage Assistance Loan (SMAL) program for down payment and closing cost assistance up to $10,000 in conjunction with the Delaware First Time Home Buyers Program, making it possible for the buyers to purchase with little to no money out of pocket. 

The content provided in this post is presented as a courtesy to be used only for informational purposes and is not represented to be complete or error free. For the latest information, rates, requirements and updates on DSHA's affordable homebuyers programs, please visit DSHA's Homeowenership online. Or, contact a participating mortgage lender/mortgage consultant, like Gail Frederick from Trident Mortgage (DSHA 2010 Top Producing Lender).

 If you have any real estate questions, please contact me (Letitia Stevenson).

DSHA 2010 Top Producing Lender: Trident Mortgage (Delaware First Time Home Buyers Program) 

Trident Mortgage Did It Again... Two (2) Years in a Row! Trident Mortgage Company (a member of Prudential Fox & Roach and Trident family of companies) was recently recognized by the Delaware State Housing Authority (DSHA) as 2010 Top Performing Lender for assisting first time homebuyers with DSHA's affordable homeownership programs. 

Trident Mortgage Company's Delaware team consist of five (5) professional Mortgage Consultants. I would like to give special mention to Gail Frederick, a Trident Mortgage Consultant in the Greenville Office. Gail has effectively assisted my clients with DSHA's first time home buyer program. 

Gail Frederick is a long-time mortgage professional with more than 20 years in the business. She has secured financing for her wide range of clients by satisfying their needs through hard work, quick response to any and all questions, and attention to detail. 

The content provided in this post is presented as a courtesy to be used only for informational purposes. For the latest information, requirements and updates on DSHA's affordable homebuyers programs, please visit DSHA's Homeowenership online. Or, contact a participating mortgage lender/mortgage consultant, like Gail Frederick from Trident Mortgage, or, contact DSHA at 302.577.5001 (Wilmington), 302.739.4263 (Dover) or toll free at 888-363-8808. 

If you would like a list of DSHA's approved lenders or have any real estate questions, please contact Letitia Stevenson.

Delaware Down Payment Assistance Programs (First Time Home Buyers)

Many first time home buyers find it nearly impossible to save cash for the upfront costs associated with purchasing a home. Down payment assistance programs (DAPs) and other buyer assistance/financing programs help home buyers overcome two common barriers to buying a first home:

• DOWN PAYMENT
• CLOSING COSTS

Looking for down payment and closing cost assistance? Here are a few potential options to consider:

1 | Delaware First Time Home Buyer Program (SFMRB) with SMAL (for down payment/closing cost assistance)

The Delaware First Time Home Buyers Program (SFMRB) offers 30-year mortgages with a fixed interest rate to first-time homebuyers, i.e., buyers who have not owned a principal residence within the past three years. Qualified buyers can also use the Second Mortgage Assistance Loan (SMAL) program for down payment and closing cost assistance up to $10,000 in conjunction with SFMRB program. With the SMAL program, buyer must participate in HUD-approved housing counseling program.

To get started today, contact Gail Frederick from Trident Mortgage (DSHA 2010 Top Producing Lender) for more details. Also, visit DSHA's Homeowenership Website for more information.

2 | USDA Rural Development Loans (require no downpayment)

USDA Rural Development (RD) Loans offer 30-year mortgages with a fixed interest rate, 100% financing (no down payment), and no monthly mortgage insurance. Also, any difference between the contract price and the appraisal value can be used to finance normal closing costs.  

USDA Home Loans are available in rural areas of the country, provided a market exists for the property, funding is available, and the home meets HUD's minimum property standards. Currently, there are two types of USDA loans available for new and existing single family homes:

1. USDA Rural Housing GUARANTEED Loan
2. USDA Rural Housing DIRECT Loan

Contact a Delaware RD Representative for specific details, requirements and borrower qualifications. Also, check out these additional resources:

• USDA Rural Development
• State RD Office Lookup
• Local RD Office Lookup
• Income & Housing Eligibility
• Notices of Funds Availability

3 | Delaware Down Payment Assistance Programs (DAPs)

Delaware Down Payment Assistance Programs (DAPs) offer financial assistance for qualified buyers. Depending on the program, DAPs may be used for down payment and/or closing costs. Of course, all programs are subject to provider restrictions including availability of funds.  

 *Loan Types (for Eligible 1st MTG):  F = FHA  |   V = VA  |  C = Conventional

Contact a DAP representative (see above matrix) for specific details about a particular program and borrower qualifications. 

The content provided in this post is presented as a courtesy to be used only for informational purposes and is not represented to be complete or error free. For the latest information, rates, requirements and updates on homebuyers programs, please contact a mortgage consultant and/or use the contact information and links provided throughout this post. 

I highly recommend that you contact a qualified mortgage consultant to obtain a pre-approval for financing that fits with your unique needs prior to shopping for a home. If you have any real estate questions, please contact me (Letitia Stevenson).

A Picture Paints a Thousand Words (Delaware Valley Real Estate)

They say a picture paints a thousand words and when it comes to selling your home, you want those words to end with "sold." It's no secret that better-presented homes get more traffic and more buyer interest, therefore selling faster.

That's why it is essential that you showcase your home through images in the best way possible.

According to the National Association of REALTORS^®, nearly 90% of all homebuyers begin shopping for homes online. Many flip through photos of the homes and send a list of those they want to see to their agent. In fact, homes with few or no photos are often passed over simply for that reason, even if the home's description matches a buyer's ideal listing.

Many agents believe that apart from staging, no other marketing investment is as important as professional photography in marketing a property effectively. So, to generate more buyer interest, there has been a dramatic increase in the use of professional real estate photographers in the past few years.

The best photographs are most likely to come from someone who has an eye for the underlying beauty of the home's structure and spaces; has specialized equipment and techniques for lighting and perspective control; and uses workflow processes for post-processing of the images for use on the Web and in publications.

Let's face it, as much as we all like to think we take great photos, a professional has an eye for seeing the best vantage points and lighting options and also has better equipment to make the photos bright, clear and sharp. A professional photographer will most likely use a 10mm lens that can capture up to 85% of a room and lighting that can illuminate the entire room.

The same holds true with taking video of your home to add to a website listing. An amateur can show what each room and yard looks like, but a video professional will make the strongest elements stand out and provide a much better video narrative of the home. Plus, you don't have to worry about any shakiness or dullness that someone not that experienced with a video camera may give you.

Before bringing in someone to photograph or video your home, it's essential that it is clean and de-cluttered so the pictures entice a buyer to want to see the home in person. You don't want clothes, pets or anything else distracting people from the photo at hand.

Indeed, homes showcased with the best photographs and videos will attract more sellers and help speed the home-sale process to a successful conclusion.

What to Expect When Obtaining a VA Loan in Delaware

- By Matt Polsky (Guest Blogger)

For retiring and current active duty service members, Delaware has a lot to offer, including tax free shopping. Its capital city, Dover, is home to the Dover Air Force Base. Many military members who choose to purchase a home in Delaware choose to do so with a VA home loan due to the unparalleled benefits offered by the VA Home Loan program. In addition to competitive interest rates, flexible mortgage terms, and an optional down payment, VA home loans offer high loan limits, which are beneficial to military members searching for a larger home. 

For military members interested in purchasing their Delaware home with a VA Home Loan, they can expect to achieve financing in as little as 30 days by adhering to the following steps: 

1 | Contact a VA Loan Specialist

Military members interested in a VA Home Loan should contact a Delaware VA Loan Specialist, first. A VA Loan Specialist will be able to answer any questions regarding the home loan or the process to obtain one, and will be able let a potential borrower know the amount they may qualify for.

2 | Submit Your Certificate of Eligibility

All veterans and active duty service members interested in securing a VA Home Loan must submit their Certificate of Eligibility. If a military member is unable to find their Certificate of Eligibility, they can either request it by mail through the Department of Veterans Affairs or ask a VA lender to obtain it electronically.

3 | Hire a Realtor

Once a military member finds out the amount they have pre-qualified for, it is time to start looking for a home. To make shopping for a home easier, potential home buyers should hire a local realtor. A knowledgeable realtor will be able to save a buyer time by finding homes in desirable neighborhoods with a desirable price tag.

4 | File Your VA Home Loan Application

After a military member finds the home they wish to purchase, they will have to submit their complete application, including all financial documents, to the VA Loan Specialist they spoke with first. To expedite the filing process, interested borrowers should have all financial documents including W-2s and bank statements ready prior to application.

5 | Wait for Processing and Approval

Once the application and financial statements are submitted, a VA inspector must perform an appraisal on the home the veteran wishes to buy, while VA processors begin verifying all credit and income information. After these tasks are completed, the VA lender will fully be able to determine approval status.

6 | Close the Loan

Once approval for a VA Home Loan is achieved, the property will then be transferred into the borrower's name. Delaware laws require real estate closings to be conducted by an Attorney licensed to practice in that state as a safeguard to protect the public from dishonest settlement agents.

For more information on VA Home Loans in Delaware, contact a VA Loan specialist such as VA Mortgage Center.