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New Castle County, DE Real Estate News

By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
 The process of purchasing a home may seem overwhelming, especially if you're a first-time home buyer with no prior real estate experience. It's simple to feel overburdened by the amount of money needed for down payments, credit scores, interest rates, fixed- and adjustable-rate mortgages, property taxes, and closing costs. The stakes are really high when buying a first home!Nevertheless, knowing the basics of home buying beforehand will make navigating the real estate market easier for you. Now let's start discussing some important information for first-time home buyers!How can one purchase a home? To make your first home purchase, follow these guidelines.   Save Your MoneyStart saving a down payment, closing costs and moving expensesOne of the most crucial stages in making your first ...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
  In the current housing market, the quantity of properties available for purchase is crucial. And one of your biggest advantages right now, if you're debating whether or not to list your house, is the limited supply of homes available. This is because, in a low- inventory situation—especially if it's priced appropriately—your house will stand out more. However, there are more houses available for purchase. Recent data from Realtor.com indicates that the number of new listings—homeowners who have recently listed their property for sale—is increasing (see graph below):     Compared to the same period last year, this graph indicates that more homeowners are posting sale signs in their yards. According to Realtor.com: “. . . sellers turned out in higher numbers this March as newly listed h...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
You never think it will happen to you, but sometimes you have a listing or a home that just won’t sell. Or, your seller keeps asking, “Why is my house not selling?” and you want to share the reasons. Don’t worry. It happens to the best agents and great homes! The good thing is that there are many reasons why a house isn’t selling, and it isn’t always just an issue of price. So before you panic and massively reduce the price, read on to learn about some other challenges you may be facing with some easy fixes.1. Home FeaturesAccording to studies, about 60% of US owner-occupied homes were constructed prior to 1980. In certain states the average age of homes is even higher. Many of these older homes have features—like small bedrooms, no main bathroom, low ceilings, and one-car garages (that...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
Recent data from Fannie Mae reveals that nearly 25% of home buyers and sellers believe that home prices will decrease. If you find yourself among those concerned about this possibility, fear not! Let me shed some light on the situation.Much of this apprehension likely stems from the doom and gloom portrayed in the media and online. But here's the scoop - bad news sells. So, what you're consuming may not be the whole enchilada. You might just be getting the sensationalized version.As Jay Thompson, a Real Estate Industry Consultant, aptly puts it:“Housing market headlines are everywhere. Many are quite sensational, ending with exclamation points or predicting impending doom for the industry. Clickbait, the sensationalizing of headlines and content, has been an issue since the dawn of the ...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
Numerous factors can cause property values to fluctuate, so it's critical for homeowners to be aware of those that could lower their home's value. While some of these factors—like interest rates, the state of the economy, and market conditions—are beyond your control, others are largely under your control. A home's property value can be adversely affected by certain projects, or lack thereof, ranging from ugly renovations to careless home maintenance. Knowing what depresses property value will help you safeguard your house and maximize your return on investment when the time comes to sell.   1) Home improvement projects done poorlyIn addition to making their space more comfortable and enjoyable, many homeowners undertake home improvement projects in an effort to increase the value of th...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
In the current housing market, the quantity of properties available for purchase is crucial. And one of your biggest advantages right now, if you're debating whether or not to list your house, is the limited supply of homes available. This is because, in a low- inventory situation—especially if it's priced appropriately—your house will stand out more.However, there are more houses becoming available for purchase. Recent data from Realtor.com indicates that the number of new listings—homeowners who have recently listed their property for sale—is increasing (see graph below):  This graph shows more homeowners are putting that sale sign up in their yards compared to the same time last year. As Realtor.com says:“. . . sellers turned out in higher numbers this March as newly listed homes wer...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
If you're thinking about moving, you might be considering if it would be wise to hold off on selling until mortgage rates drop. Here are some details that might assist you in finding the answer to that difficult question.There is a well-established correlation between mortgage rates and buyer demand in the housing market. Higher prices are usually accompanied by decreased buyer demand. This is due to the fact that some prospective homeowners may be reluctant to take on a higher mortgage rate on a new property. They therefore make the decision to postpone their plans and wait it out.CLICK FOR YOUR FREE GUIDECLICK FOR YOUR FREE GUIDE However, things shift when interest rates begin to decline. Demand shifts from low or weak to high or robust. This is due to the fact that many of the purcha...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
This week saw a spike in mortgage rates, which should worry buyers in the midst of the competitive spring real estate market.According to Freddie Mac, the average rate on a 30-year fixed home loan increased from 6.82% to 6.88% during the week that ended on April 11.“Mortgage rates have been drifting higher for most of the year due to sustained inflation and the reevaluation of the Federal Reserve’s monetary policy path,” Sam Khater, Freddie Mac’s chief economist, said in a statement.For the week ending April 6, home sellers were pushing ahead despite the ongoing rocky path of mortgage rates.According to Realtor.com® economist Jiaya Xu's most recent analysis, "many sellers are actively listing their homes this spring, with the number of newly listed homes up by 30.1% from a year ago."In ...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
Your house has to be different from the others when it is for sale. Additionally, some features, like immaculate hardwood floors or exquisitely designed open kitchens, are excellent at attracting attention to listings. However, what happens if you are unable to finance renovations, even though some items are in grave disrepair?In order to attract buyers, some sellers might decide to give their house an allowance, or discount. In this case, the seller would consent to bear the cost of fixing anything the buyer deems to be defective. The allowance could be included in the buyer's offer or an request for repairs addendum following the home inspection.  If the home purchase will be secured by a loan, the buyer will need to contact the lender in order to make sure that the allowance will not...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
Are you considering selling your home this year? If so, this could be the ideal moment to take action. Experts predict that the ideal week to list your home is quickly approaching.   The best week to list your home this year is April 14–20, according to a recent Realtor.com study that examined housing market trends over the previous few years (2020 was an anomaly).“Every year, one week stands out from the rest as that perfect stretch of time when it’s great to be a home seller. This year, the week of April 14–20 is the best time to sell—that is, if sellers want to see lots of interest in their homes, sell quickly, and pocket some extra cash, according to Realtor.com® data."Here's why you should care about this. This might be the peak sweet spot, but the spring market is always a great t...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
Are you unsure if selling your house now is still the right decision? Well, to put it briefly, yes. You can see two reasons for this if you look at the quantity of houses that are currently for sale.  According to a Calculated Risk article, the number of properties for sale has increased by 15.6% since the same week last year. That indicates a rise in inventory. However, compared to 2019, the last year the housing market was normal, there are currently about 40% fewer homes available for sale: Here's a summary of how this helps you in the event that you sell.  1. You Have Greater Moving ChoicesAre you considering selling because your needs have changed, your present home is too big or too small, or both? If so, you have more options for your home search thanks to the year-over-year grow...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
 Numerous factors can cause property values to fluctuate, so it's critical for homeowners to be aware of those that could lower their home's value. While some of these factors—like interest rates, the state of the economy, and market conditions—are beyond your control, others are largely under your control. A home's property value can be adversely affected by certain projects, or lack thereof, ranging from ugly renovations to careless home maintenance. Knowing what depresses property value will help you safeguard your house and maximize your return on investment when the time comes to sell.   1) Not Using Professionals for Home ProjectsIn addition to making their space more comfortable and enjoyable, many homeowners undertake home improvement projects in an effort to increase the value ...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
CLICK TO DOWNLOADFREE STAGING GUIDE The lighting in your home plays a crucial role in highlighting all of your best features, so make sure to highlight them all before you flaunt them. Consider this: we adore public spaces with plenty of light, such as parks and shopping malls. Prospective purchasers will value the same glow emanating from your house.It involves more than just turning on all of the overhead lights. To make the room more cheerful, you must select the appropriate arrangement of blubs. To make sure your property is flawlessly lit before a showing, follow these seven staging tips.1. Clear Up the Room's Purpose Think about each room's utility first when deciding where to add lighting in your house: how much light is necessary for a person to be able to function in this space...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
  It's true what they say: "First impressions matter," particularly when it comes to your house. One of the most important factors in determining how people initially view your property is curb appeal. Making the most of your home's curb appeal is a worthwhile endeavor, whether your goal is to sell it or just improve its overall appeal. This post will discuss doable strategies and ideas for updating the outside of your house to make it seem more hospitable and appealing.      Front Door: Your front door is a main attraction and an excellent place to create a statement. An energetic coat of paint in a striking hue that harmonizes with the exterior of your house can revitalize the entryway. Upgrade hardware for a unified and fashionable aesthetic, such as mailboxes and doorknobs. The welc...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
When touring a home that is listed for sale, buyers and their agents tend to be attracted to things that show need of obvious repair or deferred maintenance. While not addressing these issues may not remove interest in your home, it will give a skilled negotiator additional leverage in the home purchase strategy.  To avoid having equity removed from your pocket, is an important to address these issues.  Whether you’re currently aware of any of the following issues or they’re discovered during a pre-listing inspection, it is usually much more financially wise to remove these items prior to listing.   1. Roof  issuesMissing or damaged shingles or gutter issues are normally apparent prior to entering the home.  A negative first impression is not the best way to get your home sold.  Even if...
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By Christopher Pataki, Hockessin Delaware Real Estate
(RE/MAX Associates)
Now is the ideal time to begin preparing your home if you plan to sell it this spring. As the market prepares for its busiest season, it will be crucial to ensure that your home stands out from the competition.Here are some helpful pointers to help you prepare your home for the market.  Declutter and OrganizeBuyers are influenced by first impressions, and a messy home can quickly turn them off. Spend some time organizing and decluttering each room before listing. More than just organizing your belongings, decluttering aims to make your house feel open and spacious so that prospective buyers can picture themselves living there. As per Moving.com:"Organizing and decluttering your space will make it much more appealing to potential buyers. Decluttering will make it easier for them to pictu...
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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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