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). 

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!

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!

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?

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

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.

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.

What is Your Role as a Home Buyer? (First Time Home Buyers)

Congratulations! You have decided to buy your first home. You have been preapproved. And, you may have already selected your real estate agent. Now What? Are you wondering what your responsibilities are in the transaction? Well, you have a vital role to play! A successful real estate transaction involves cooperation from everyone involved with the sale.

The buyer's responsibilities in the transaction:

01 | Get preapproved and secure financing

02 | Choose right agent and other key players (e.g., attorney, home inspector, other inspectors and testers, etc.)

03 | Cleary communicate what you're looking for and cooperate with your agent

04 | Choose neighborhood and house

05 | Investigate and inspect the property 

06 | Review the Seller's Property Disclosure and read all documents carefully

07 | Verify verbal statements and get them in writing

08 | Be aware of all contractual obligations, meet all deadlines and respond to inquiries

09 | Make all decisions affecting your transaction

10 | Take an active role, speak up if there's a problem, ask questions

Your cooperation will go a long way towards successfully closing the deal. If at any time during the home buying process you seek further clarification on your role, you have questions or simply desire additional information, remember to speak up and ask questions. Look to your agent for direction and guidance. 

Now, if you're still without a real estate agent, check out How a Real Estate Agent Can Help You? For more information or assistance with your first home purchase, please contact me. I have a wealth of knowledge, as well as hands-on experience educating and helping first time buyers like you.  I'd be happy to answer your questions, as well as assist you with purchasing your first home in my service area, or refer you to qualified professionals from a nationwide network of agents.

How a Real Estate Agent Can Help You? (First Time Home Buyers)

If you're in the market to buy your first home, you may be wondering if you need your own real estate agent, or perhaps you're curious as to how an agent can help you. You are about to embark on a very important decision for your future, a great investment of both time and money.

Buying a home for the first time can be overwhelming. Don't go it alone. Work with a professional Real Estate Agent! Remember, the seller will most likely have an agent. You should have your own agent, i.e., a buyer's agent to protect you and represent your best interest. You'll soon discover that there are so many ways an agent can assist you. For now, I would like to bring your attention to the following:

10 Ways a Real Estate Agent Can Help You!

A real estate professional can...

01 | Help establish a plan for a home that fits your needs

02 | Help you find a good mortgage consultant to have you pre-approved

03 | Guide you through the entire process, serve as a buffer and take care of a lot of the behind-the-scenes tasks

04 | Help you research neighborhoods and houses

05 | Find the right home for you

06 | Help you gauge market values and best determine a range where your offer should be 

07 | Help you write up offer (and counter offers) and negotiate the best terms and price for you

08 | Provide you with a list of key professionals (e.g., real estate attorneys, home inspectors, pest inspectors, etc.) that you'll need in a real estate transaction

09 | Help you feel comfortable with the closing process and go with you to closing

10 | Follow up with you after the sale

Remember, these are just some ways that a qualified real estate agent can help you in your journey towards buying your first home. For more information or assistance with your first home purchase, please contact me. I have a wealth of knowledge, as well as hands-on experience educating and helping first time buyers like you.  I'd be happy to answer your questions, as well as assist you with purchasing your first home in my service area, or refer you to qualified professionals from a nationwide network of agents.

First Time Home Buyer Seminar - Delaware (October 23, 2010)

Attend a FREE First Time Home Buyer Seminar! And, Get Your Questions Answered!

Register TODAY for the First Time Home Buyer Seminar!

DATE: Saturday, October 23, 2010

LOCATION: New Castle County, DE

(Click below "Seminar Sign Up" for Location Details)

TIME: 10:00 am - 12:00 pm

The First Time Home Buyer Seminar will cover:

The Basics: The Home Buying Process

Mortgages: How They Really Work

Financing: FHA Loans, VA Loans, and Other Financing Options

Credit: Understanding and Improving Your Credit Score

Online and Mobile Tools: Local Property Search (Delaware Valley -  DE | MD | NJ | PA)

Online Search:

In the market to buy a home? Find homes for sale by using the property search feature on RECoachHomes which allows you to filter thousands of listings based on attributes that you select. You can simply search for houses in a certain area and price range, or you can look for houses that fit your specific style.  For sellers, it ensures that your listing is available 24 hours a day, 7 days a week.

By signing up with the Property Watch - a FREE customized property search tool, you have access to features that will help you find and organize the listings that best fit your needs:

1 | Saved Searches. Preserve your searches for reference at a later time. Maintain lists of properties that match your criteria - no limit to the number of searches you can save.

2 | Favorites Folder. Save the individual listings that you find appealing. Save favorites from different searches into sub-folders to organize your favorite listings however you see fit - no limit to the number of favorites you can save.

3 | New Listing Notification. Receive e-mail notifications to new listings that match the criteria of any saved search. No need to check back for updates, simply decide whether you want daily, weekly, or bi-weekly notifications of the most recent listings.

Mobile Search:

Now, if you're on the go, try my Homes for Sale Application, powered by Smarter Agent. It obtains your location and instantly returns information about all the homes for sale around you. When available it uses GPS already in your cell phone, or you can search by address, city, community or zip code. This user-friendly application can really help you in your property search. Download the Homes for Sale Application to have all the real estate information you need in the palm of your hand.

Text: TISH To: 87778

Here's what to expect...

You will receive a text with a link for the FREE application for your phone. This GPS downloadable application is FREE on all Sprint phones, and on the iPhone, Blackberry and Android operating systems.

On all other phones on Verizon, T-Mobile and AT&T you will receive a FREE browser/WAP application. Keep in mind that It is not as robust as a downloadable application. To use a downloadable application on a normal cell phone or smart phone on these carriers there is a small monthly charge.

Currently downloadable application is $1.49 on Verizon, $1.99 on T-mobile and $4.99 on AT&T. Remember, downloadable application is Free on Sprint. And free on iPhone, Blackberry and Android operating systems. Please check with your carrier to verify these prices.

*The Delaware Valley is composed of several counties in southeastern Pennsylvania and southern New Jersey, New Castle County in northern Delaware and Cecil County in northeastern Maryland.

The Decision: Buy vs. Rent (Home Buyer Series)

Buying a home is not for everyone. Whether renting is a better option really depends on many factors. Renting make sense for those who move frequently, or who don't want the responsibility and cost associated with buying and maintaining a home.

Good Rule of Thumb: Expect to spend about 1% of your home's purchase price each year on maintenance. So, if you're planning on buying a home be prepared to spend at least 1% on essential maintenance - or plan to spend more if you hire a professional to do all the work. And, don't forget to budget for nonessential home improvements.

Over the long run, owning a home instead of renting makes economic sense for most people - a great way to build wealth over time. Homeowners are legally entitled to write-off up to $100,000 a year in mortgage interests. Also, as a homeowner, the federal government allows you to take tax deductions for property taxes. And, let us not forget that as a homeowner you build equity as you pay off your mortgage and there is potential for appreciation in your home's value. Additionally, you'll have a place to call your own. Finally, if you are single, and you later decide to sell your home, you get to keep up to $250,000 (up to $500,000 for couples) in profits tax free.

Bottom Line: When it comes to whether you should buy vs. rent, buy a home when the timing is right for you, when you can handle the costs of buying and maintaining your home and when you plan to stay for a while.

Are you ready to buy? Buying a home using prudent borrowing practices is a sound way to build lasting financial security. When you're ready to get started or if you have any questions, please Contact Letitia Stevenson for your real estate needs.

This post is for informational purposes only and should be verified by a qualified tax professional. The information provided should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action on this information, you should consult a qualified professional adviser to whom you have provided all of the facts applicable to your particular situation or question.

First Time Home Buyer Seminar - Delaware (September 25, 2010)

Attend a FREE First Time Home Buyer Seminar! And, Get Your Questions Answered!

Register TODAY for the First Time Home Buyer Seminar!

DATE: Saturday, September 25, 2010

LOCATION: New Castle County, DE

(Click below "Seminar Sign Up" for Location Details)

TIMES: 10:00am - 12:00 pm  (1^st Seminar), 1:00pm - 3:00 pm (2^nd Seminar)

The First Time Home Buyer Seminar will cover:

The Basics: The Home Buying Process

Mortgages: How They Really Work

Financing: FHA Loans, VA Loans, and Other Financing Options

Credit: Understanding and Improving Your Credit Score

Each attendee will receive:

Free Home Buying Guide

Additional Tips and Resources

Local Market Reports