Buying a home is a milestone many people in Delaware and elsewhere want to reach. Of course, navigating the world of residential real estate is not easy, and without the right information, potential homebuyers could end up facing complications. Starting off on the right foot could make all the difference for those looking to buy their first home or even those who have purchased before.
It was recently reported that 37 percent of Americans are looking to buy a new home sometime in the next two years. For those in the millennial generation, 52 percent are hoping to buy a home. At this time, the real estate market is seeing much more demand than supply, which has resulted in high prices for residential property. In fact, individuals planning on buying their first homes will need approximately 23 percent of their income to buy, and that percentage is the highest it has been in the last decade.
Of course, there is a considerable amount of financial information to consider when looking to buy a home. Individuals may think that a low mortgage payment would best suit their needs, but they may be forgetting to consider other expenses, like closing costs. Additionally, it may also prove wise for parties to understand the difference between loan prequalification, or finding out how much individuals can afford, and loan preapproval, which may help with qualifying for a mortgage loan later.
Trying to navigate the world of residential real estate on one’s own may not be the best path to follow. Even having just a real estate agent may not be enough. It could work in Delaware residents’ best interest to also consult with real estate attorneys who can help individuals understand any contracts and other legal aspects involved in such transactions.