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Terms First-Time Home Buyers Need to Know!

by Tucker Robbins


The time has come to begin the steps of buying your first home and looking around the internet and other real estate-related media, you’re finding there’s a lot more to know than finding a house, getting a loan, and signing papers.  There are some key wor
ds that can be unfamiliar to a first-time home buyer, so familiarize yourself with these lesser-known terms so you’ll have fewer questions and stumbles along the way: 

 

  • - In order to be certain that the home is worth the amount of the loan, there will be a home appraisal performed by an unbiased inspector of the lender’s choosing. 

  • - At the final paper-signing, the buyer is required to pay closing costs, which normally include attorney fees, surveyors, inspections, and title insurance, among other things.  Be prepared to have 2-5 percent of the purchase price for closing costs. 

  • - If you’d like to pay less interest over the time of your loan, you can purchase discount or mortgage points.  To learn more about this option, check out these tips from the Nerd Wallet website. 

  • - Earnest money is money that will be paid to the seller to show good faith of the buyer towards the home purchase.  It will be applied to your down payment. 

  • - When you have funds in escrow, you will have given funds to a third party to hold until they have verified that inspections, disclosures or any disputes have been resolved.  Keeping it in escrow protects your deposit before you sign the final contract to buy your new home. 

  • - Pre-approval is very important and differs from being pre-qualified.  If you’re pre-approved for a loan amount, you have a realistic expectation of what you can buy. 

  • - If your down payment is less than twenty percent of the purchase price, you will pay private mortgage insurance typically until that amount reaches twenty percent of the loan or home value. 

  • - Your lender will require the purchase of title insurance, which protects real estate owners and lenders against any property loss or damage for whatever reason.  Learn more about what title insurance is and what it covers from the CFPB. 
     

There are other terms and abbreviations you may find in your search for a house in their descriptions and about real estate in general that you won’t be familiar with.  Here’s a longer, more comprehensive list from realtor.comⓇ.  The more you know before you get started, the smoother the home-buying process will be!


Courtesy of New Castle County DE Realtors Tucker Robbins and Carol Arnott Robbins.   

Photo credit: activerain

Buying an Older House in New Castle County DE

by Tucker Robbins


Many people dream of living in an older home, whether it be a 100-year old farmhouse, or a vintage ranch from the 50’s.  There are certain things that should be taken into consideration, good and bad, when that dream starts to become a reality, and you’re 
on the hunt for an old new home.  

 

  • - If the house was built before 1978, make sure the home inspector looks for lead paint and asbestos, as both can be health hazards. 

  • - Have the foundation thoroughly checked if it is original to the house.  Even the most solidly-built houses can have settling, water damage or corrosion. 

  • - Not only are older mechanical systems likely to fail since they’re at the end of their lifespan, they are less energy-efficient.   

  • - Plumbing and electrical systems can be old enough that they need to be replaced; old pipes can affect water quality and worn out wiring can be a fire hazard. 

  • - Unsafe features that may be charming may not be up to current code.  Check for steep stairs, non-working fireplaces, and laundry chutes, especially if you have younger children. 

 

While all those things are expensive solutions, there are some things that you can’t get with a newer home: 

  • - Older homes are usually in established locations, and are in good school districts, as well as being close to shopping and restaurants. 

  • - Houses built before the 1970’s are generally sturdier, simply because the lumber used to build them was made from old growth hardwoods, something that isn’t available today. 

  • - The lots in areas where you find older homes are usually larger, and that may mean more maintenance, but it also means more room for playing, pet exercise, and outdoor entertaining. 

  • - You just don’t get the charm and character in new construction like you do in an older home, even if the styles are similar. 

  • - Prices of older homes are usually lower, unless there is historical significance to the house itself or to the area. 

 

Do your research, list the pros and cons as they pertain to your life.  No matter what age house you finally decide to buy, the choice should be made because it’s what is best for you and your family. 


Courtesy of New Castle County DE Realtors Tucker Robbins and Carol Arnott Robbins.   

Photo credit: myoldhouseonline.com

Real Estate Disclosures and You

by Tucker Robbins

Zillow.com defines the term disclosure as “...the buyer’s opportunity to learn as much as they can about the property and the seller’s experience in it.”  In most states, this simply means that the seller must let the buyer know about problems that they are aware of.  Whether you’re selling or buying a house, disclosing issues with the house is an extremely important part of the process.  

 

What Disclosure Means for the Seller 

  • - Your listing agent will provide a form for you to fill out, answering questions with either yes, no or I don’t know about different aspects of the house.  This form should be filled out truthfully and to the best of your knowledge. 

  • - Items that most states ask you to disclose to the buyer:  lead paint or asbestos, previous repairs or additions, mold or water damage, pest issues, drainage problems, foundation cracks, problems with HVAC and other appliances, and if the roof is leaky. 

  • - If you think there might be a problem, say possible mold in the crawlspace, have an inspector come and have a look.  It’s better to be safe than sorry here. 

  • - While you’re going over the disclosure form, if you’re not sure if you should report something, report it anyway.  It’s best to err on the side of caution. 

  • - Have the disclosure ready before you’ve accepted an offer for your own protection. 

  • - Your listing agent will be aware of all government disclosure requirements--federal, state, and local--so be prepared to report all that these laws ask of you. 

 

Disclosure and the Buyer 

  • - Once you receive the disclosure statement, go over it carefully and ask questions if you’re not sure about anything listed, because you must sign the disclosure. 

  • - The extra expense of having an official inspection done on the house is vital to this part of the sale.  Have the disclosure form information with you when you meet the inspector at the house, so you can go over the problem places with a pro. 

  • - In the case of any additions to the home, check the local government building permit and zoning information to make sure the addition was done the legal way by licensed people. 

  • - If you have any issues with the seller’s answers on the disclosure statement, and don’t want to make the repairs, and can’t come to an agreement with the seller, it may be best to walk away and look for another house. 

  • - Once you are satisfied with the disclosure and have the peace of mind that the sale should go through, sign off on the disclosure. 

 

A disclosure should be a seller’s protection plan, and smart sellers will be completely honest, and maybe even over-disclose.  Also, be aware that some states even ask sellers to disclose things like traffic noise, and even paranormal activity!  Your Realtor will know everything you need to provide to buyers, so the sale of your home goes smoothly.

Courtesy of New Castle County DE Realtors Tucker Robbins and Carol Arnott Robbins.   

Photo credit: davesellsmetrodenver.com

New Castle County DE Real Estate Market Watch For September 2018

by Tucker Robbins

New Castle, De Sales Activity


Q2 2016Q3 2016Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017Q1 2018Quarter50100150200

New Castle, De Home Sales Price Trends


Q2 2016Q3 2016Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017Q1 2018Quarter120K140K160K180K200K
 Median      Average
Period Total Sold Average Price Median Price
2018      
JAN-MAR 83 $154,348 $120,000
Total 83 $154,348 $120,000
2017      
OCT-DEC 142 $182,089 $140,650
JUL-SEP 173 $181,614 $150,000
APR-JUN 142 $163,863 $139,950
JAN-MAR 135 $140,735 $124,900
Total 592 $168,148 $139,900
2016      
OCT-DEC 126 $193,530 $158,950
JUL-SEP 187 $188,611 $162,500
APR-JUN 180 $161,890 $137,500

Courtesy of New Castle County DE Realtors Tucker Robbins and Carol Arnott Robbins.   

Getting the Best Home Inspection in New Castle County DE

by Tucker Robbins

Whether your offer on an older home has been accepted, or you’re buying brand-new construction, it’s highly recommended that you have the house inspected.  Yes, it’s an added expense to the home-buying process, but it could save you money and heartache in the end.  Get the most out of the inspection by following these tips: 

 

  • - Ask your RealtorⓇ for a list of qualified inspectors in the area.  Be sure to check reviews, and ask other recent home buyers for recommendations. 

  • - Call at least three different inspectors for price, experience, and whether your state requires a license and bonding or not, ask about these anyway.  A top certification they could have is one by ASHI (American Society of Home Inspectors). 

  • - Once you choose an inspector, choose a date for the inspection when you can accompany them.  If they have a problem with you being there, find another inspector. 

  • - Ask the seller if you can go in the house on your own before the official inspection to get an idea of the condition of the property for your own satisfaction.  Popular Mechanics offers a thorough list of things to look for in your new prospective home. 

  • - While you’re in the house, look for cosmetic things like paint and patching that could be covering bigger issues. 

  • - The inspector will have a process of their own, complete with checklist, but make one for yourself so you can have a record of your own for issues they show you as you walk through the house. 

  • - Don’t be afraid to ask questions during the inspection--a reputable inspector welcomes questions, plus, you’re paying them for their knowledge.  Getting answers before you get their final report will help you understand it better. 

  • - If you’re not quite sure of how to change the hot water heater temperature, how to work the circuit breaker box, or where the water shut-off is, the inspector can help you become more familiar and knowledgeable about the house.  Use your smartphone to take photos and video as they give you a how-to lesson, so you’ll have it in case you need it. 

 

Once you get your report, go over it carefully.  If there are major repairs that need to be made, ask the seller to make the repairs or offer you a credit or reduction in selling price.  Being as knowledgeable as you can be during this process can mean more money saved.  Just be sure to hire a good inspector, and stay involved in the process. 

Courtesy of New Castle County DE Realtors Tucker Robbins and Carol Arnott Robbins.   

Photo credit: drakeshomeins.com 

New Castle County DE Real Estate Market Watch For August 2018

by Tucker Robbins

New Castle County DE active listings are down 21% from last year and did not change from the previous month. The median listing price was just under $270,000 and the median sales price was just under $230,000. Compared to last year, the average days on market is down 19%. The number of units sold was consistent year-over-year and decreased 14% month-over-month. 

Courtesy of New Castle County DE Realtors Tucker Robbins and Carol Arnott Robbins.   

Home-Buying After Foreclosure or Bankruptcy

by Tucker Robbins

If foreclosure or bankruptcy has been part of your past, and you’re ready to jump back into buying a new home, welcome to the “boomerang buyer” club!  There are several factors to buying a home after these losses, so before you start house-hunting, make sure you’re not only emotionally ready, but financially ready! 

 

  • - Be absolute certain your credit has been rebuilt by paying all your bills on time and in full. Check your credit score, and keep an eye on it.  Aiming for a minimum score of 580 improves your chances of qualifying for a home loan. 

  • - Get every penny you can into savings! 

  • - Consider taking a course in financial management.  Not only does this help you become more financially stable, it shows a lender that you’re serious about it. 

  • - If your last home went into foreclosure, there are waiting periods for applying for a mortgage: three years for FHA loans, seven years for Fannie Mae/Freddie Mac loans, two years for Veterans Affairs loans, three years for USDA loans, and other lenders have different waiting periods. 

  • - Buying a home after bankruptcy depends on what type of bankruptcy was filed, so there are different factors when it comes to each situation. 

  • - If you have experienced a short sale with your last home, depending on the lender, the waiting period to apply for a mortgage is two-seven years. 

  • - Some lenders may ask you to write a letter explaining the circumstances for the foreclosure or short sale, as well as what you learned during the process.   

  • - Extenuating circumstances that caused a foreclosure or bankruptcy, such as a major illness or job loss can make a difference in how long you must wait to apply for a mortgage, depending on the lender.  Be prepared with any paperwork that shows your loss of income or increase of debt. 

 

Before you begin this second chance on homeownership, talk to a RealtorⓇ who is experienced with assisting those who have experienced financial hardship and lost a home in the past.  They have a wealth of knowledge to help you every step of the way on the path to a fresh start! 

 

Courtesy of New Castle County DE Realtors Tucker Robbins and Carol Arnott Robbins.   

 

Photo credit: homes.com

Ready to Buy a Home?

by Tucker Robbins

Buying a home is likely the largest investment you will ever make.  There is plenty of preparation before you start house-hunting, so make the process as smooth as possible with this guide to buying a home. 

 

  • - We can’t say it enough:  mind your credit!  Unless you have the funds to pay for a house in cash, then you need to keep an eye on your credit. Get a report from all three credit reporting agencies from the Annual Credit Report website. 

  • - Know what you can afford.  Make a budget and stick to it, recording everything on paper or using budgeting software.  Once you see where your money is going, it’s easier to cut some unnecessary things to put towards your down payment. 

  • - That said, start saving now, not only for your down payment, but any other expenses associated with a home purchase:  inspections, closing costs, and taxes are a few to expect. 

  • - Once you are close to having all of your down payment, start shopping for the best mortgages, and get pre-approved.  Being pre-qualified is great, but it’s not much help if you’re not approved for the loan. 

  • - Be ready to compromise on certain home aspects:  square footage, having to make minor repairs, or even living on a busy street.  If the price is right, the house fits your needs and wants, then put the it on your possibilities list. 

  • - Just because you’re approved for a certain home loan amount doesn’t mean you have to max that budget.  You need as much leeway in your finances for emergencies and unexpected costs. 

  • - Prepare yourself for possible let-downs:  some perfect-for-you homes are also perfect for others who are on the search for a new house.  If there are several offers on a house, you may have to walk away from it and keep hunting. 

  • - Don’t go through it alone!  Find a Realtor that you trust and like.  These real estate professionals are your ultimate guide through the home-buying process, and will make it so much easier for you.   

 

The house-buying process for most Americans takes a bit longer than what we see on the home-buying television shows. It takes planning and patience to find what you need and want.  So, do your “home” work, and you’ll soon be on your way to being homeowners! 

Courtesy of New Castle County DE Realtors Tucker Robbins and Carol Arnott Robbins

Photo credit: Realtor.com 

New Castle County DE Real Estate Market Watch For July 2018

by Tucker Robbins

New Castle County DE active listings are down 23% from last year and did not change from the previous month. The median listing price was just over $270,000 and the median sales price was just over $240,000. Compared to last year, the average days on market is down 14%. The number of units sold decreased 2% year-over-year and increased 15% month-over-month. 

Courtesy of New Castle County DE Realtors Tucker Robbins and Carol Arnott Robbins.   

 

New Castle County DE Real Estate Market Watch For June 2018

by Tucker Robbins

New Castle County DE active listings are down 20% from last year and up 8% from the previous month. The median listing price was just over $274,200 and the median sales price was just over $234,900. Compared to last year, the average days on market is down 15%. The number of units sold increased 1% year-over-year and increased 22% month-over-month. 

Courtesy of New Castle County DE Realtors Tucker Robbins and Carol Arnott Robbins.   

Displaying blog entries 1-10 of 44

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Tucker Robbins
Berkshire Hathaway HomeServices
3838 Kennett Pike
Wilmington DE 19807
(302) 777-7744 (direct)