Why Delaware is Better Than New Jersey
Move over, New Jersey. Delaware is the new king for first-time home buyers. With lower prices, less competition, and excellent quality of life, Delaware is the clear choice for anyone looking to buy their first home. Don't believe us? Check out our top reasons why Delaware is better than New Jersey for first-time home buyers! Delaware's central location is better than New Jersey's. You might think it doesn't matter, but it makes a difference when you're trying to commute to work or get around the state. Delaware's central location can get to any part of the state in two hours or less; in New Jersey, you can take up to three hours or more. Delaware has lower property taxes than New Jersey. One of the most excruciating expenses for any new homeowner is property taxes. The average effective property tax rate in Delaware is only 0.43%. That means that for a home worth $250,000, you would only have to pay about $1,075 in property taxes each year. But, In New Jersey, the average effective property tax rate is 1.89%. That means that for the same $250,000 home, you would have to pay $4,725 in property taxes each year. That's more than three times as much! Delaware has more Fortune 500 companies incorporated than New Jersey. When it comes to business opportunities, Delaware wins hands down. The state incorporated 66% of all Fortune 500 companies, and New Jersey only has 17. Plus, Delaware's job market is growing at a much faster rate than New Jersey's. Delaware's economy has increased by 2.6% in the past year, and New Jersey has only grown by 1.1%. Delaware beaches are cleaner than New Jersey beaches. It's true! According to the Natural Resources Defense Council, Delaware's beaches are some of the cleanest in the country. Experts ranked Delaware's beach water as Number 1 for water quality, while New Jersey ranked 7th. The cost of living is lower in Delaware than in New Jersey. One of the most necessary expenses for any new homeowner is the cost of living. And the truth is, the cost of living in Delaware is lower than in New Jersey. In fact, according to RentCafe, the cost of living in New Jersey is about 16% higher than the national average, and in Delaware, it's only 7% above the national average. In case you don't know, the national average cost of living is $2,960 for singles and $5,150 for families. Delaware is more affordable than New Jersey in buying a home. Affordability is an essential thing to consider when buying a home. According to Redfin, the median home price in Delaware is around $367,000; in New Jersey, it's about $464,000. That means homes in Delaware are cheaper than homes in New Jersey. Overall, people are just friendlier in Delaware! One of the unique things about Delaware is that the people are so lovely! There's a strong sense of community and calm here that you can't see in New Jersey, and you will know once you come here. Final Thoughts So, there you have it! These are just a few reasons why Delaware is better than New Jersey. Delaware is perfect if you're looking for a great place to live, work, and raise a family and if you want to save on taxes. Are you a former New Jersey resident looking for a cheaper state? Hop on in here in Delaware! And we at Loft Realty will be more than happy to serve you. Click here, and let's get that Delaware home for you!
Best Things to Do in Dewey Beach
Are you looking for the best things to do in Dewey Beach? You may be a newcomer in Delaware or a seasoned traveler looking for your next adventure. Either way, you're always in for a treat regarding Dewey Beach. We compiled the best things to do in Dewey Beach in this article. If you are ready for the ride, continue reading below. 1. Explore the Dewey Beachfront Image Source: Hyatt Let's kick off this list by going to the iconic Dewey Beachfront. There are no shells, the ocean bottom is rocky but not sharp, and calm waves are suitable for kids to play with. If you go to it off-season, the whole beach is all yours to enjoy. Moreover, Dewey Beach is one of the cleanest beaches in the country. Also, it's one of the 13 Superstar Beaches for their ideal swimming water quality. With these facts, there's no doubt that Dewey Beach should be on top of your list. 2. Watch a show at Baycenter for the Performing Arts Image Source: Yahoo Up next, we have the Baycenter for the Performing Arts. It's a beachfront stage that changes its layout whatever event it books. The seats are well-placed; there's no blind spot, and all are the best seats in the house. You can book tickets on the internet or walk in. They book some comedy shows, live bands, and other art-related events. It's a great experience; you shouldn't miss it. 3. Take your kids to John Waples Memorial Playground Image Source: Pinterest If you have kids who want to have Dewey Beach fun, take them to John Waples Memorial Playground. This playground allows families to unwind as their kids explore the slides. There is also a Little Library on the premises and clean restrooms! The distinctive feature is a giant sandbox with loads of toys for the kids to play with. If you think the main beach is too crowded for your kids, this is the hidden gem that fits your needs. 4. Go Paddle Boarding at Delmarva Board Sport Adventures Image Source: Delmarva Board Sports Adventures Delmarva is the main event if you love water sports and paddleboard activities. The Delmarva Board Sport Adventures allows you to rent a kayak and explore the bay of Dewey Beach. Paddle boards are also available for your kids to enjoy. Beachcomber Magazine has named them the "Best Place to Stand Up Paddle." Also, they are the original paddle boarding and windsurfing adventure business on Delmarva. Once you experience enjoying this place, you'll be coming back for more. 5. Have a Sunset Cruise at Sand Dollar Cruises A Traveler's Choice 2022 awardee, Sand Dollar Cruise is hard to beat when it comes to wondering and enjoyment. Imagine spending the day on a family sightseeing cruise. You'll sail past nature scenes, waterfront restaurants, and multi-million dollar beach homes. The real magic? You can enjoy the sunset while listening to a live narration by the boat's captain. Let loose and have a wonderful time on their happy hour cruise! Final Thoughts Dewey Beach has a lot in store for you. We've also listed the best restaurants in Dewey Beach, so check them out. And if you're wondering if you could live here for good, well, you could! It's straightforward, and we at Loft Realty will show you how. Did we miss something? Share it now in the comments below!
Buying a Home When You're Not Married: It's Not as Simple as You Think
Source: https://youtube.com/shorts/DCUVoiMCCLI Buying a home when you’re not married might be challenging. Suppose you've finally discovered the person you want to be with but aren't ready to marry, yet you want to buy a house together now. In that case, that's perfectly OK, which is something we highly commend. However, you should be aware of your rights if something goes wrong. Here's what we mean. Buying a Home when not Married: The Pros and Cons For example, if you're married and your spouse decides to divorce or split, there are regulations to provide you equal shares of the house regardless of the outcome. On the other hand, things might become legally tricky if you are not married and desire to be on the same mortgage and have your name on the same deed. So while buying a home when unmarried might be more difficult in some ways, it could still work out better for you in the long run if things don't go as planned. Here are three things you need to think about before buying a home when you're not married: Who will hold the deed? How will the mortgage be paid? What happens if we break up? Let's discuss these and talk about them in more detail. Who Will Hold the Deed? If you're buying a house with someone you're not married to, it's crucial to decide who will hold the deed. The deed is the official legal paper that proves ownership of the property. If you're buying the house together, you'll need to decide if both of your names will go on the deed or just one. If only one goes on the deed, that person will be the sole owner of the property. Two names on one deed could be a good idea if you're buying the house with someone you're not married to but plan on living together for a long time. However, if something happens and only one person's name is on the deed, the other person will have no legal claim to the property. So if you're buying a house with someone you're not married to, make sure you decide who will hold the deed before purchasing the property. How Will the Mortgage Be Paid? Another thing you need to consider when purchasing a house with someone you're not married to is: who will pay the mortgage? If only one name goes on the mortgage, that person will be responsible for making all the payments. Hence, the other person will have no legal obligation to make any payments if anything happens. You don't want that extra pain from making the payments on top of the pain of a breakup. So, decide carefully how or who will pay the mortgage before purchasing the home. What Happens if We Break Up? As much as we don't want this happening in your love life, we have to talk about this. Suppose everything didn't work out, and you decide to break up. If you're both on the deed and the mortgage, you'll still be legally responsible for the property even if you break up. It means you'll need to continue making payments on the mortgage and taking care of the property even if you're not together anymore. The worst-case scenario is that you're stuck living with your ex, and nobody wants to do it. If you can't both agree on who should keep the house, you may have to sell it and split the proceeds. The Bottom Line Hence, before you go out and purchase a house with your significant other if you aren't married, consult with a lawyer about the potential ramifications of whatever happens between you two. Buying a home when you're not married can be complicated, but it's not impossible. Make sure you check all your course of action and choose the best one for you. And we at Loft Realty can help you process that decision, so feel free to talk to us today!
Why Delaware is Better Than Pennsylvania
Delaware is a beautiful place to live, work, and retire, and it's a dream place for many. But, if you're from Pennsylvania, you might wonder if it's worth the switch. Pennsylvania is a major city in the North Eastern United States. And although the land here is diverse, it's the fifth most populous state in the country. And with the increasing inflation rate, Pennsylvanians feel the pain of high consumer prices. Between Delaware and Pennsylvania, which is better? And, which is the one right for you? Let's explain why we say living in Delaware is better than living in Pennsylvania. Delaware is more tax-friendly than Pennsylvania. In Delaware, there's no sales tax and no tax on personal income, and Pennsylvania's sales tax is 6%. Moreover, the personal income tax ranges from 3.07% to 4.95%, depending on your income bracket. In addition, retirement income is also taxed at a lower rate in Delaware than in Pennsylvania. Retirees don't have to pay Social Security benefits in Delaware; they can exclude up to $2,000 of other retirement income from state taxes. Whereas in Pennsylvania, retirees have to pay taxes on Social Security benefits and no exclusion for additional retirement income. Delaware's cost of living is lower than Pennsylvania's. Pennsylvania's cost of living is 6.4% higher than the national average. But in Delaware, it's only 3.7% above the norm. In case you don't know, the cost of living national average is under $2,963 for singles and $5,157 for a family of four. In terms of home prices, the median price in Pennsylvania is $164,100, but in Delaware, it's $153,700. Hence, Delaware is a more affordable option for buying a home. A one-bedroom apartment in Pennsylvania will cost $871 per month. But in Delaware, you can find units at $785 per month. Delaware is closer to major cities like Philadelphia and New York City, while Pennsylvania is more rural. Delaware is your place if you want to be close to the action. It is between two of the biggest cities on the East Coast—Philadelphia and New York City. And it's only a two-hour drive to either city. So, if you're looking for a weekend getaway, you won't have to go far. But in Pennsylvania, you'll be further from the action. The state is primarily rural, with forests making up about 60% of the land. And although there are some prominent cities like Pittsburgh and Harrisburg, they're not as close to Philadelphia and New York City as Delaware is. Delaware has a higher per capita income than Pennsylvania. In Delaware, the average per capita income is $29,829. But in Pennsylvania, it's only $27,201. So, if you want to make more money, Delaware is your best bet. Delaware ranks higher than Pennsylvania in education and health care quality. Regarding education, Delaware ranks higher than Pennsylvania in high school graduation rates and test scores. And regarding health care, Delaware ranks higher than Pennsylvania in overall quality and access to care. Delaware's crime rate is lower than Pennsylvania's. Delaware is a much safer state than Pennsylvania. The crime rate in Delaware is 36% lower than the national average, and in Pennsylvania, it's only 10% lower than the average. So, to raise a family or retire in peace, Delaware is the perfect option. People in Delaware are generally happier than people in Pennsylvania. According to a recent study, people in Delaware are some of the happiest in the country. Delaware consistently ranks top 10 for overall well-being and emotional health on other sites. But in Pennsylvania, the rankings are much lower. Hence, if you're looking for a state where you can be happy and stress-free, Delaware is the place for you. Delaware is a great place to retire, while Pennsylvania is not as ideal for retirees. Delaware is an excellent option if you're looking for a retirement place. It has a reasonably low cost of living, no income tax, and plenty of activities for retirees. But Pennsylvania is not as ideal for retirees. The cost of living is higher, the winters are harsher, and there's not as much to do. Final Thoughts Overall, Delaware is simply a better state than Pennsylvania. Thus, if you're searching for a more appropriate state with a lower crime rate and closer to major cities, Delaware is the more promising choice. With its many benefits, it's no wonder that Delaware is ranked as one of the best states in the country to live in! Are you looking now to buy a home here in Delaware? We at Loft Realty are here to help you, so feel free to reach out to us! Together, we'll get that Delaware home you want in no time.
Why You Should Consider Investing in Duplex Homes in Delaware
Source: https://youtube.com/shorts/FISbqpymkXY What would it be about if we could turn back time and say something to our younger selves? For us, it's this: save up and buy a duplex as your first real estate investment. Why? For good reasons! But before we talk about investing in duplex homes, let's first talk about what a duplex is. What is a duplex, and why should I consider it? Most of us dream of owning our homes. After all, home ownership gives a sense of success to a young professional. Then, if things get better, owning more homes and renting them out for more cash flow is not out of reach. But, the reality is most people don't reach that phase. Paying a mortgage alone can be a lifelong struggle, and in this case, owning many homes can be a bit far from realistic. Enter duplex homes, your gateway to real estate investing early on. A duplex is a side-by-side home with a wall as a partition and with separate doors. What's impressive is that a duplex is a single property, but you, in turn, get two homes. Having two home units in one property opens many real estate options. And many young professionals are using it as their entry point to real estate. Here's why you should consider investing in duplex homes in Delaware. Duplex allows you to live free or cheap. Free or cheap living is the main selling point of why you should consider buying a duplex. If you own a duplex, you can live on one side and rent out the other. And, the rent you get from the opposite side will help pay for the mortgage on your side and vice versa. Let's say your mortgage is $1,500 a month. You can let your tenant pay $1,000 per month, so you only shoulder a cheaper payment of $500 for your mortgage. Or you can make double payments and pay off the mortgage quicker. In this way, you can turn your rent into passive income. Duplex is more affordable than single-family homes. A duplex cost is around the same prices (or slightly higher) as single-family homes. But you're getting two units in a duplex, and that's value-for-money right there. This investment will be good for you in the long term. Also, duplexes are less expensive and located in cheaper neighborhoods. Duplexes cater to low- to middle-income families that can't afford their own homes yet. Young professionals also prefer duplexes over apartments as they feel more "homey." Duplex qualifies you to have landlord tax deductions. Buying a duplex as an investment property makes you a landlord. Thus, the state qualifies you for many tax deductions, and you can deduct your expenses for maintenance, home repairs, and yard work. Leasing and financing for duplexes are not that hard either. Duplexes act as one unit, so the paperwork applies the same as when you're buying a single-family home. To find tenants, you can offer duplexes as "bigger than an apartment without the full price of a single home." Final Thoughts The caveat is that finding a duplex in Delaware is a little bit difficult. But, it's not impossible. So, if you're curious about finding options to generate wealth while living in that home, we can help you. Email or call us at Loft Realty and let's have a conversation. Together, let's find you a duplex here in Delaware and get you in for some real estate investing!
Fenwick Island vs. Rehoboth Beach: Which is Better for You?
When you think of Delaware beaches, the first two that come to mind are Fenwick Island and Rehoboth Beach. Both are lovely places, but which one is right for you? Here are the pros and cons of each town to help make your decision. Fenwick Island Image Source: VacationRentalRehoboth.com Fenwick Island is great if you're looking for a quieter, more low-key beach experience. There are fewer people and less traffic here than in Rehoboth Beach. And when we say few, we mean less than 400 people across the whole town! Fenwick Island is more laid-back since it sits at the far corner of the Delaware beach border. Hence, Fenwick Island is great for retirees who want peace as they spend their golden years. There are some drawbacks, though. The town is a bit more spread out, so walking to diners and shops can be challenging. And since it's quieter, there may not be as much nightlife and amusement. There are also fewer dining and shopping options on Fenwick Island. And we must mention that Fenwick Island doesn't have a school. But, your children can attend the Indian River School District in Sussex County. Fenwick Island is also more expensive than Rehoboth Beach. The average home price here is around a million dollars, and the median household income is around $58,000. The housing market is not competitive here; listings stay 37 days before selling. Rehoboth Beach Image Source: ViewDelawareHomes.com Rehoboth Beach is perfect if you're looking for a livelier beach town. There's always something going on here, from festivals to farmers' markets and art walks. Also, there's a plethora of restaurants and shops. Here are the things you can do in Rehoboth Beach! You'll also see more choices for dining and shopping here. Rehoboth Beach is home to some of the best restaurants in Delaware and plenty of shops and boutiques. And have we mentioned that Rehoboth Beach has the best boardwalk in the country? Compared to Fenwick Island, Rehoboth Beach is less expensive. The average home price is $615,000, and the median household income is around $51,000. The housing market is somewhat competitive, with 29 homes sold per month. So Rehoboth Beach takes the cake. Yet, Rehoboth Beach can be more crowded than Fenwick Island. And, because there's always something going on, it can be not quiet. Rehoboth Beach may not be the best choice if you're searching for a peaceful, relaxing beach vacation. Final Thoughts So, which beach town is proper for you? Fenwick Island is perfect if you want a more quiet beach and don't mind fewer dining and shopping options. But Rehoboth Beach is better if you're looking for a livelier beach town with more to do. Whichever village you choose, you're sure to have a great time at the beaches of Delaware! Are you interested in the home prices on both Fenwick Island and Rehoboth Beach? We at Loft Realty are here to help! Give us a call or email today, and let's talk about anything home-related here in Delaware.
7 Exciting Things to Do in Middletown Delaware
Are you visiting Middletown for the first time? Or you're a Delawarean looking for something new to do? Well, there's plenty of them to keep you amused. We're here to make your life easier. Here are our top picks for the most exciting things to do in Middletown, Delaware. Catch a show at the Everett Theater Image Source: The Everett Theatre in Middletown, Delaware (interwovencreations.com) Have you watched the movie Dead Poets Society? They filmed in the Everett Theatre! This gorgeous building is a National Historic Landmark constructed in 1903, and today, it hosts live music, stand-up comedy, and many more! Take a walk through Silver Lake Park Image Source: Morton Fox Silver Lake Park is a beautiful spot for a stroll or taking pictures, and it's also great for sports and recreation. The park has a full running track, a swimming pool, tennis courts, three softball fields a bike path connecting to several miles of trails. Spend the rest of the day here with your family, and you'll have a lot of fun. Visit the Middletown Historical Society Museum Image Source: history.delaware.gov The Middletown Historical Society Museum is the perfect place to learn about the rich history of Middletown. It has a variety of exhibits that showcase the town's past, including a replica of an old one-room schoolhouse. The museum is also home to a research library where you can find more information about the town's history. Scare Yourself at Frightland Image Source: FrightLand If you want to be scared, this is the place! The Travel Channel listed Frightland as one of the Top 10 Scariest Attractions in the US. With four haunted houses and eight scary attractions, this place is not for the faint of heart. Don't forget the Haunted Hayride, too. Spend the Day at Charles E. Price Memorial Park Image Source: BusinessYab Another vast outdoor gem in Middletown is the Charles E. Price, Memorial Park. With over 100 acres of land, there's a lot of room to explore. The park has a playground, fishing ponds, and even an amphitheater. It's the perfect place to spend a sunny day outdoors. This park is a famous spot for waterfowl, so carry your binoculars. You'll see a lot of ducks, Canadian geese, and snow geese during fall and winter. Roll a Strike at Mid County Lanes and Entertainment Image Source: Trip101 At the heart of Middletown is a charming bowling alley perfect for you and your friends. The Mid County Lanes and Entertainment are great for a night out or weekend action. They have 30 bowling lanes, an arcade, and a sports bar. There's even space for bumper cars! Shop Healthy Produce at Dutch Country Farmers Market Image Source: TripAdvisor Wrapping up our list is, of course, healthy food shopping! Dutch Country Farmers Market is open every Saturday from May to October. This market features fresh, locally-grown produce, baked goods, flowers, and more. Final Thoughts Middletown is a gem for family fun. You're missing a lot if you haven't checked out these spots already. Or better yet, why not move here and settle for a home for good? Contact us today, and we at Loft Realty will help you and give you the difference you deserve.
Top Fun Things To Do In Lewes, Delaware
Are you looking for the top fun things to do in Lewes, Delaware? Aside from Delaware being the "First State," Lewes is its first official town, hence the nickname, "the First Town of the First State." Lewes may be a tiny town with under 2,700 people, but there's no shortage of fun things to do here! So, without further ado, here are the top 10 things to do in Lewes, Delaware. Let's jump right in. 1. Visit the Lewes Beach Source:6ad3e3d05c9b6b55a94fc0c7e4a7e362.jpg (640×640) (pinimg.com) For our first stop, we are going to the white sands of Lewes Beach. Its crystal-clear waters and beautiful views make it one of Delaware's top places to visit. You can relax on the beach, build sandcastles, go for a swim, or walk along the historic Lewes Canal. 2. Take a scenic stroll down Second Street Source:https://excitesussex.com/wp-content/uploads/2015/11/second-street-lewes_resized.jpg If you want quality leisure time in Lewes, how about a scenic walk downtown? Second Street is full of picturesque cottages, quaint shops, and gardens. If you're looking for souvenirs, check out The Bungalow. It's a charming 1920s cottage turned into a beach-themed home decor store! 3. Shop for unique gifts and souvenirs at the Lewes Historical Society Museum Source:c0e04f8a0eedec14487482826b2163d2.jpg (880×660) (visitsoutherndelaware.com) The Lewes Historical Society Museum is the place to buy souvenirs for your loved ones back home. The Museum Store offers various items, including books, jewelry, pottery, and more. You and your kids can also learn about the history of Lewes and see some unique artifacts! 4. Go for a hike or bike ride through Cape Henlopen State Park Source:pet-friendly-travel-beach-cape-henlopen-state-park-de-960x636.jpg (960×636) (petfriendlytravel.com) Want some outdoor fun? Cape Henlopen State Park is a must-visit for nature lovers. And it has one of the most beautiful sunset spots in all of Delaware. There are over 5,000 acres of land for you to explore, including dunes, marshes, forests, and beaches. You can go for a hike or bike ride on the many trails, or go fishing, crabbing, or clamming in Delaware Bay. 5. Learn about Lewes' history at the Zwaanendael Museum Source:055853e6378023d318961c6297fc8651.jpg (3200×2400) (pinimg.com) Lewes' first name is Zwaanendael, meaning Swan Valley. The Zwaanendael Museum is a replica of the city hall built in the 17th-century Dutch building style. It marks the first European colony in Delaware and has exhibits on maritime history. 6. Walk Inside the Cannonball House Source:http://www.flickr.com/photos/leecannon/7554189000/ The Cannonball House is a great place to learn about Lewes' yore and legacy, whether you're a history buff or not. It's the oldest Lewes house, built in 1665 and used as a haven during Indian attacks. It gets its name from the countless cannonballs lodged in its walls from the Battle of Lewes during the Revolutionary War. You can go on a guided tour of the house to learn more about its fascinating account. 7. Ride the Cape May-Lewes Ferry Source:https://ripsreviews.blogspot.com/2014/08/50-years-of-cape-may-lewes-ferry.html And finally, don't forget to jump on the Cape May-Lewes Ferry. One of the longest-running ferry services in the US, it offers stunning views of Delaware Bay. The trip takes about an hour and 15 minutes, so sit back, relax, and enjoy the ride! There you have it! These are the top fun things to do in Lewes, Delaware. Pack your bags and head to this charming town for a fun-filled vacation! Or better yet, own a home right at the heart of Lewes! Contact us today at Loft Realty, and let’s discuss getting your dream home here in Lewes. And who knows? Your one-off vacation can be your weekly getaway!
Delaware is One of the Best States for Real Estate Investing.
Source:https://youtube.com/shorts/OZerXnhXH3o Delaware may be the second smallest state in the country. But don't let it mislead you. Delaware is also one of the biggest and best states for real estate investing. With its tax policies and strategic location, more and more people are moving into the state to live. Investors are also jumping in on closing home deals in the Diamond state. If you still don't believe us, well, you're the one who'll be missing out. If you want to know why Delaware is one of the best states for you as a real estate investor, keep reading. No Lodging Tax First, there are only five states in the country that collects zero lodging tax. These are the tax they placed on your Airbnb and short-term rentals. Without lodging tax, Airbnb and short-term rentals are true to their price, which can save you a lot of money. And out of those five, only Delaware and Hawaii have beach properties! In case you don't know, beach properties are the holy grail in the Airbnb world. Hence, a beach property without any lodging tax is a sweet and rare deal. Hotspot for the Great Migration Here's the second reason. Delaware is currently in the bull’s eye for the great migration. Try to take a look at the tax maps. You can see that Pennsylvania, New York, Virginia, and New Jersey, are losing people every year. All due to high property prices, high property taxes, and a slew of other things. But guess where these people go? They are moving to Delaware more and more! As an occupant in the state, that could be bothersome. After all, we don't want too many people on our beaches, right? But, it's different if you are a homeowner or an investor. It means there’s high buyer demand and hence prices will be rising. You also get lots of vacation and beach traffic which is perfect if you have short-term rentals. Plus, there’s 0% shopping tax and we have some of the best LLC formations in the entire country. So tax-wise, we’re a great state. Cheap Property Taxes And finally, the numbers work well in Delaware if you're a real estate investor. And one of the biggest reasons is that property taxes are so cheap here. For example, we have people come down from Jersey that is paying $800-900 a month in property taxes. Meanwhile, the property taxes in Delaware on average is $1,200 a year. Talk about $9,600 in savings! Hence, when it comes to lodging, corporate, shopping, or property tax, Delaware is hard to beat. Final Thoughts Delaware is one of the best states if you are diving into the world of real estate investing. And as people from the major cities flock to the beaches of Delaware, now is the best time to buy or sell a home. Contact us today at Loft Realty and together let's get moving into buying your next home here in Delaware.
How to Sell a Home Fast in Delaware
Are you looking to sell a home fast in Delaware to have cash? Or do you wonder why your listing is not selling fast enough? Selling a home can be an overwhelming and time-consuming process. Even more difficult if you’re not sure how to get the word out and attract potential buyers. Many homeowners put their houses on the market intending to sell them fast, but they often find that’s not the case. If you have a home that you’d like to sell fast in Delaware, here are some tips to help you achieve your goal. Selling a home fast isn’t always easy, but it is possible by following the steps below: Set a reasonable price you’re willing to accept. The first thing you need to do when you want to sell a house fast is to set a price for it and stick to it. Sellers who are too aggressive with their pricing are likely to miss out on potential buyers. But, if you're too conservative, your home might sit on the market for months without any offers. The best way to set the price for your property is to take note of recent sales in your area. Then, check the current housing market conditions in your area. You should also factor in the cost of repairs and renovations that you need to stage your home. Make sure to do your research so you have a fair idea of what your home is worth. The more realistic you are with your price, the more likely you are to attract buyers and sell your home fast. Stage your home to attract potential buyers. After you’ve set a price for your home, the next step is to stage it to attract potential buyers. This means you should spruce up your home to look its best and showcase its features to potential buyers. One of the best ways to do this is by hiring a professional home staging company. A home staging company can help you make renovations and improvements to your home. They can also declutter your home and organize furniture and accessories. Hence, your place will look neat, tidy, and spacious. Another way to stage your home is by making improvements and repairs yourself. If you have dated flooring, you can replace it to make your home look modern. If your roof leaks, you can make the necessary repairs to prevent water damage. Making renovations to increase the value of your property is the heart of home staging. With this, you can sell your home fast or more than you intended. Advertise your property and set an open house date. Once you’ve set a price and staged your home, the next thing to do is promote it. You can do this by posting it on various online real estate websites, like Zillow and Realtor.com. You can also post flyers in your neighborhood, put up yard signs, and talk about your home on social media. Another way to advertise your property is by setting an open house date. Open houses allow buyers to visit your place in their comfort, which can help you attract more buyers. An open house is also a great way to generate buzz about your property and attract real estate agents. Be responsive and flexible with prospective buyers. Once you’ve set a price, staged your home, and advertised it, be responsive and flexible with buyers as much as you can. If a buyer offers you a lower price than what you’re asking, you may want to consider negotiating with them. Likewise, if a buyer wants you to make repairs before they buy your home, you may want to consider their requests. Being flexible with buyers can improve your chances of selling your home fast. Selling a house isn’t easy, but it’s doable if you’re willing to put in the time, effort, and energy to make it happen. Closing Thoughts Selling a home is a big decision. You need to make sure that you sell your home for the right price and at the right time. And this is why Loft Realty exists: to make the difference you deserve in selling your home fast.We at Loft Realty know the best month to sell for speed, and the best month to sell for a price in Delaware. If you want us to help you get the best deal for your home, contact us today and we are always happy to help.
Brandywood Housing Market Update
Greetings, Brandywood residents! It's time for a housing market update for your wonderful neighborhood in Delaware. We make these housing market updates for you to help you in your judgment if you decide to buy or sell your home. As a Brandywood local, it's vital to be always updated on what's happening in your market. Are you ready? Let's jump right in. Running the Numbers In 2021, there are 22 houses sold in the neighborhood for an average sale price of $452,000. But now, year-to-date in 2022, there are only 6 houses sold for an average of $464,000. That's an average home sale price increase of 2.5%. There may be fewer houses per unit sold this year than last year, but we see that the home sale price is better. Yet, it's a small growth compared to the average sale price increase of 19% from 2019 to 2022. To clarify, the average sales price in Brandywood was below $390,000 back then in 2019. So, what does this mean? We had a strong upward rally over the last couple of years, although things have slowed down over this last year. You may ask, "so, what could be causing the slowdown of the average sales price rally?" Interest and Turnover Rates This is all due to the rise of interest rates which has helped to stabilize our housing market. We do want a stable housing market in Brandywood if you're a seller or a buyer. Now, we know some buyers out there felt sad about missing out on that 2.5% sales price increase. Don't worry, we're still low on average, right around 5%. Also, the turnover rate is the pace at which homes are selling, often referred to as "liquidity" in the market. The higher the turnover rate, the faster the houses are being sold. If the turnover rate is lower, it means the homes are selling slower. There are 340 houses in Brandywood, so last year when we sold 22 of them, that's about a 6% turnover. This year we're turning towards a 3% turnover. So, things have slowed down quite a bit in the neighborhood. Making Sense of the Numbers Now, what this means for you as Brandywood residents? We can assure you that average home prices will remain high. Demand is still out there for homes, still increasing. Depreciation has slowed down over the past 6 months, but it's still a very good time to sell. After all, high prices increase your home equity, should you choose to use it and sell your home for cash. Final Thoughts And that's it, our housing market update for Brandywood, Delaware. As always, we at Loft Realty can help you with anything and we're always here to answer your questions. If you like to know about the value of your home or whether you're looking to sell or not, feel free to reach out to us or call us here. Stay tuned to our next Brandywood housing market update!
Fun Date Spots You May Not Know About in Delaware
Urban cities are too noisy for romance. Sometimes, you and your partner want to get away from the daily grind and enjoy each other instead. Well, Delaware is the place perfect for you. Delaware is usually known as retiring spots or overcrowded beaches during summer. But, not everyone knows that it's pretty romantic in here. So, without further ado, here are fun date spots you may not know about in Delaware. Let's dive in. Fall in love touring Odessa's historic homes. Source:P1030790_0.JPG (3072×2304) (historicodessa.org) If you're looking for a sweet and beautiful place for your next date, pick a tour in Odessa. Between March to December, tours are available for you to enjoy. Here, you can see houses built in the 1700s and know more about the rich history of the state. But, when the snow falls in these homes, that's where peak romantic ambiance happens. The roads and meadows become covered in green and white; a true winter wonderland. And don't forget to dine in the sweet and humble Cantwell's Tavern; its meals will warm your loving hearts. Melt some Fondue in The Melting Pot's Big Night for Two Source:Celebration-Rose-Petals-Event-Image.jpg (720×480) (meltingpot.com) Ah yes, the Big Night for Two. Imagine booking a table for two, and your server leads you to a private table adorned with petals and a wine bottle. Couple that with dim lights and personal space for the two of you, and we're sure both of your hearts will flutter. The Melting Pot rekindles a love for couples with the warmth of fondue. The private table is so elegant and the service is top-notch that you'd forget you're in a restaurant. Once you've had your fill, your hearts will be full too. Make memories as you stroll in White Clay Creek Source:12829002_10153922147877410_8894895933225020561_o-700x394.jpg (700×394) (ehowcdn.com) Sometimes, a peaceful walk with the person you love in a scenic view is more than enough. You may know White Clay Creek State Park as a place to bike, hike, and fish. But, in wintertime, White Clay Creek is a hidden gem for romance. When the white snow falls on the trees and the riverside, it's as if you and your partner are inside a movie. Spring wildflowers, trout lilies, spring beauty, bloodroot, and mayapple blooms along the creek. In case you lost your footing, it's okay; you can hold each other's hands. Pamper yourselves at The Inn at Montchanin Village and Spa Source:https://www.johansens.com/wp-content/uploads/2018/02/na-usa-delaware-inn-at-montchanin-village-spa-1.jpg And after a long day, you can relax at The Inn at Montchanin Village and Spa. This charming inn and village are especially cozy during the winter months! What's sweeter than cuddling up together and getting a couple's massage? In the morning, the stunning gardens will greet you. And, don't forget to experience the culinary delights of Krazy Kat's. The rooms are historic and quaint, yet full of warmth and love. Truly a romantic place! And that wraps up our fun date spots you may not know in Delaware. Once you visit these romantic spots, you'll fall in love immediately. And if you desire to make it last a lifetime, it's better to move in here and buy a home. Contact us today at Loft Realty and we'll give you the difference you deserve.
Best Places to Live in Delaware
You've finally decided to move into the beautiful state of Delaware. The gorgeous coastlines, fantastic range of parks, and pristine beaches captivated you. But, where in Delaware is the best place to live in? Indeed, Delaware is a small state. But, with a wide range of beautiful choices, you are now confused about where to settle down in safety. Don't worry; we've got you covered. Read on as we list the absolute best places to live in Delaware for you and your family. Let's jump right in. Happy Valley Source:09d7738ff656e8c39318c59e1380372el-m3126836759od-w480_h360_x2.jpg (960×640) (rdcpix.com) Anyone wants to live in a happy valley, and this one lives up to its name. Located in Wilmington, Happy Valley ranks among the best places to live in Delaware. It has excellent commuting access, many amenities, and top-rated schools. This should be one of your top choices if you're looking for the best living place in Delaware. Forty Acres Source:39c052f63359eed72c771940ca963b7cl-m505173336od-w480_h360_x2.jpg (960×693) (rdcpix.com) If you are in the upper middle class, definitely choose Forty Acres as your next home in Delaware. It may cost you $365,000 on average to buy a property here, but you'll see value for money here. There is no hint of crime, unemployment, and poverty, and household safety is top-notch. You'll also have close access to high-quality amenities and nearby shopping malls. And, the schools here are excellent and rated high. North Star Source:636608658176994529-48-Pool.jpg (2977×1683) (gannett-cdn.com) North Star is one of the best places to live in Delaware for very good reasons. The quality of schools, work opportunities, and nightlife all surpass other Delaware neighborhoods. Moreover, 98% of all residents in North Star own their homes; that's a testament to how great this place is to live in! So, save up $433,000 and have a property here, and you'll have one of the safest and best places to live in Delaware. Pike Creek Source:https://regcorpweb.blob.core.windows.net/marketingassets/SlideShowImages/729526fc-6650-4c21-93a5-8c3dde9592ca-full.jpg If you need a quieter, more affordable neighborhood, look no further than Pike Creek. The top schools here are all on A-ranking, and the crime rate is too low to even mention. Families living here have a modest median income of $122,000, and it's only an hour away from Philadelphia. Imagine having job opportunities in Phili without its premium cost of living! Hockessin Source:Hockessin_Friends_from_NW-700x467-700x467.jpg (700×467) (onlyinyourstate.com) Ask anyone from Delaware who will say that Hockessin is one of the best neighborhoods to raise a family. Its community atmosphere oozes out in every local shop and resident living here. Even though rent is quite high (around $1700 a month on average), the living conditions are much better here. If you want the safest neighborhood to raise a child, you can never go wrong with Hockessin. Delaware Avenue Source:https://www.wnyheritage.org/content/kenmore_delaware_avenue_victoria_boulevard_1910-2008/image_4-166-full.jpg And closing out our list is the accessible and the most affordable on this list: Delaware Avenue. Best for first-time home buyers, the average house price here is $199,000 only. A lot of young professionals live here because of its easy access to shopping and nightlife. And for modest income earners, this is also a great place to retire to keep your vibes young! Final Thoughts There you have it! These are the absolute best places to live here in Delaware. Do you think there are places that we should add to this list? Let us know in the comments! If you are still undecided about where exactly in Delaware you want to live, we at Loft Realty are so happy to assist you. Contact us today so together we can have a conversation about it. You are one step away from having the Delaware home of your dreams, so grab it today!
Top 10 Things Only Delawareans Know
Delaware is the second smallest state and the sixth least in population. Yet, the locals--called Delawareans--are one of the happiest people you'll ever meet. Indeed, whether we are living here, growing up, or retiring, we're very glad to call this state home. Since Delaware is a small state, almost everyone knows anyone here; it's like a community. And with tight-knit societies comes quirks that only the locals understand. Here are the top 10 things only Delawareans know, and if you plan to move here, it might be helpful if you know these. 1. When someone asks where exactly is Delaware, we came up with silly answers. Yikes, people don't know exactly where is Delaware no matter how hard we explain it. Sure, some of us describe them as an hour or two south of Philadelphia, 2.5 hours east of D.C., and somewhat close to Baltimore. Others can be quite clever or silly, saying we're a small apostrophe on East Coast or worse, an island in the Pacific. That's part of the fun of living in humble Delaware! 2. "Wawa" is a way of life. Wait, what? Wawa may be a goofy name, but if you don't want to offend a Delawarean, don't insult our Wawa. It's indeed, a Delawarean's way of life after all, and it's our pride and joy as a community. For context, Wawa is a name of a gas station and convenience store chain in Delaware, but it's much more than that. They make the finest sandwiches around and the coffee there is fantastic. The service always comes with a smile—plus, you're bound to see someone you know in the checkout line. 3. It's a good thing if Delawareans say "it tastes like Dog Fish." Delawareans blurt out this huge compliment when they taste a fine beer. While others find it confusing at first, in reality, the Dogfish Head craft beer is one of the best on the east coast. Dogfish even have a beer-themed Bed&Breakfast that is hard to beat! 4. Delawareans forbid to shop in other states. True Delaware natives take this to heart: sales taxes are ridiculous. Here, designer brands are cheaper, and a dollar store is truly a dollar store. If you know someone who prefers to shop in their home state instead, you know it's a sign of a true Delawarean. 5. If anyone mentions Nicola's and Grotto's, there will be a heated debate. Neighboring states say Grotto's is the best pizza swirl ever. But, Delaware natives will tell you "that's only because you haven't tried Nicola's." It's a heated eternal debate for sure, but let's keep this all professional. 6. Scrapple is the best breakfast meat--as long as you don't ask what it's made of. If you are in Delaware for breakfast, scrapple is the way to go. Sure, thick or thin slices are another debate for another day, but no one can deny that this tastes superb. Don't you dare Google this one; what it's made of is only for the brave and curious. 7. Delawareans know when the food you serve is not fresh. Delaware's food is always fresh, whether it be chicken, seafood, or fish. Never try serving a Delawarean frozen meat or food past its due; we'll know in the first bite. 8. The real reason why Delawareans can pass up Coachella. If you don't have the funds to go to the West Coast for Coachella, Delaware got you covered. The Firefly Music Festival is the East Coast's premier Music Festival, and it's a lot cheaper! 9. Delawareans obsess about everything UD. If you say "UDel" instead of UD, you're in deep trouble; everyone here will cringe at you. People get excited when they see someone in a University of Delaware (UD) shirt or jacket. Even the charming, blue chicken mascot warms our UD hearts. 10. Slow down your Delaware life on the Slower-Lower. And finally, people in Delaware refer to Southern Delaware as the Slower Lower. Indeed, life is slow down here, and the lower you go, the more Southern you became. Once you've passed the C&D Canal, prepare for some Southern traditions and three times as many farms. And there you go! You are now a certified Delaware native if you know about these 10 things that only Delawareans know. Being a Delawarean is one of the best things that will happen to anyone. So, be one of them and buy a home here in Delaware today! Reach out to us at Loft Realty and together let's get you new home here and be a true Delawarean!
11 Things to Do in Rehoboth Beach
If you haven't heard of Rehoboth Beach in Delaware, you might be living under a rock. Rehoboth Beach is one of the most iconic boardwalks and beaches in Delaware. It's packed with lots of fun rides, restaurants, and outdoor parks that you and your family will love. Don't know where to start? We got you covered. We'll give you 11 things to do here in Rehoboth Beach, so buckle up and let's begin the ride! Funland Source:5606f5b2f4e36b8fc3298c8c5ef68884.jpg (2048×1365) (pinimg.com) Let's start with the park that has the word "fun" embedded in it. The Funland Amusement Park is the best place for you and your kids to have fun rides together! Spend your family time in bumper cars, Ferris wheels, cute plane rides, and arcade games. And if you're a thrill seeker, don't forget to hop in their Haunted House and sail the Sea Dragon ride! Rehoboth Beach Boardwalk Source:965e2c770cfb5999d2c94b8f684422ce.jpg (4555×3254) (pinimg.com) Of course, our next stop is Rehoboth Beach's Boardwalk facing the public beach. This 1-mile boardwalk boasts one of the best scenic walks in DE with a lot of seagulls flying over your head! You can also sit around and explore the many bars and restaurants and enjoy to your heart's content. Gordons Pond Source:gordons-pond.jpg (550×413) (tripadvisor.com) If you love nature and long walks, Gordons Pond is waiting for you. This walkway is beautiful; it passes through beach dunes and marshlands that will warm your soul. There is also a 6-mile bike trail partly covered by trees as you breeze through Delaware winds. The Delaware Seashore State Park Source:_mg_9924.jpg (1620×1080) (outdoorproject.com) With 20 miles of pristine shoreline, the Delaware Seashore State Park is hard to beat. People love to swim, surf, sunbathe, and camp here by the beach during summer. There are plenty of outdoor recreations too like biking, fishing, clamming, and crabbing. Junction and Breakwater Trail Source:12abafd81fcff7ae30a0a356c8acfadb.jpg (640×480) (pinimg.com) A hidden gem of Cape Henlopen State Park, the Junction Breakwater Trail is a nature retreat. With 4.1 miles of paved trail, this is a biker's haven and natural freedom. Take a healthy breather as you pass by forests, farmlands, marshes, and a lot of pines! Tanger Outlets Source:0-tanger_outlets5_5660c6d2-5056-b3a8-491d9d4916fec83d.jpg (1000×750) (visitdelaware.com) It's time to shine shoppers! The Tanger Outlets are an extensive selection of factory outlets all on Highway One. They boast all your designer brands and have more savings--all because they're tax-free! Take advantage of this Delaware perk, and the Tanger Outlet is there to meet your shopping needs. Jungle Jim's Theme Park Source:entrance-to-jungle-jims.jpg (550×412) (tripadvisor.com) If your kids love water, then take them to Jungle Jim's Theme Park. You can find all types of water slides and water-soaked lazy rivers here! They also have very friendly staff and locker rentals, so you can go all-out on the fun! Revelation Craft Brewing Company Source:170A3361.jpg (2048×1365) (delawonder.com) How about some beer, you say? Then take that car into the Revelation Craft Brewing Company. They make their beer and serve the best beers on tap in Rehoboth. Make sure you have a driver with you to take you home! Indian River Marina Source:7e441c884463be1cdd4f7ccde282778e64cb84d5af7ee3f87e9308941e91380c.jpg (5464×3640) (marinas.com) Let's get on some boat experience in Indian River Marina. Here, you can stroll and watch ship vessels docking and exiting the harbor. Or, board the Judy V or Capt Bob II and take a trip in the sea! After all the fun, head out to Hammerhead's Dockside Restaurant to grab a tropical meal. Clear Space Theater Source:vlcsnap-error052.png (1280×720) (tn-cloud.net) Give your artistic side a boost and check out the Clear Space Theater in Rehoboth Beach. It's a unique, flat-spaced theater for musicals and has a much more intimate and holistic view of the play. College theater students and local actors' passion for performing is on full display. Rehoboth Beach's Farmers Market Source:https://www.capegazette.com/sites/capegazette/files/2017/11/field/image/REHO+FM.jpg And, before we round up our trip around Rehoboth Beach, let's not forget to visit the Farmers Market. It's a collection of Delaware’s best artisans, farmers, vendors, artists, and more. Stop by for lunch or a snack; Grove Park has picnic tables, a playground, workout area. A perfect way to relax and wind down before going home. So that's it, our 11 things that you can do in Rehoboth Beach if you want to visit for vacation. Even better if you live within Rehoboth Beach, so why not buy a home here in Delaware? Give us a call at Loft Realty today and we'll get things going for you!
Best Bars in Delaware
Looking for the best bars to have fun at here in Delaware? You came to the right place. Because in today’s guide, we’ll give you the best bars in Delaware for your nightlife and weekend party! Be ready to get tipsy as we explore the best interiors, drinks, and ambiance perfect for you. So without much more delay, let’s jump right in! Bottle & Cork, Dewey Beach Source: 11062783_10153434689889739_7613063722958528047_n-700x526.jpg (700×526) (ehowcdn.com) Let’s start with the eclectic, indoor-outdoor Dewey gem that is Bottle & Cork. Everyone in Delaware agrees that Bottle & Cork is the best little rock and roll bar in Dewey. People travel for miles to drink and party at this iconic music venue and bar in Dewey beach. Once you’re here, you’ll love the indoor/outdoor openness and the big tree right off to the left of the stage. The close gathering of others enjoying great music with the ease of buying tickets is superb. In short, Bottle & Cork is the best place to unwind, enjoy libations, and be home to the many talented bands they book! Deer Park Tavern, Newark Source: 22687852_10155956838097642_9045920341160093161_n-700x467.jpg (700×467) (ehowcdn.com) Deer Park Tavern is dearest to both Newark residents and students. The bar is a deep part of the community, and there's always an event going on during the weekend. The historic building adds to the charm of this great bar. Enjoy their menu from pizzas, potstickers, and nachos to draft, bottle, and canned beers. Whatever your fancy, they've got it, as long as it's in the name of fun! Kelly's Logan House, Wilmington Source: 395.jpg (1000×665) (inwilmde.com) Kelly's Logan House is the oldest bar in Delaware. It started as a tavern for sojourners in the 1800s. Today, it's a rowdy Trolley Square bar that's as much fun for 20-somethings as it is for the older crowd. Sip cheap beer and dig into crispy wings on any given night here. Love the warmth of their Whisker's Big Breakfast or some Hangover Cure. And enjoy a huge choice of beers on tap, bottled, or in cans. Sambo's Tavern, Leipsic Source: Sambos-Tavern-delaware.jpg (640×480) (townandtourist.com) Everyone in Kent County goes to celebrate their 21st Birthday at Sambo's Tavern. It's a 21 and over restaurant and bar located in Leipsic. Here, you can enjoy their beer specials while you nibble crabs that came in right off the boat. Nothing beats Sambo's Tavern in seafood goodness. They have the best crab cakes and steamed crabs in Delaware for sure. Couple that with beer on tap, and you've got a whole lot of fun here! The Starboard, Dewey Beach Source:updated-header-1.jpg (1920×1080) (thestarboard.com) And of course, don’t forget the iconic Starboard in Dewey Beach. The Starboard is one of the bustling bars in Dewey Beach for a great reason! You will have a blast at this landmark bar and restaurant whenever you visit here! Here, you'll see skilled bartenders whip up a tasty Bloody Mary facing a crowd that loves to have fun. If you have a beer-loving palette, you can never have enough of about 19 beers on tap! Wash down those briny oysters with beer or pickled martini! And that’s it! The best bars in Delaware are waiting for you. And why just come here one time, if instead, you can live nearby of these bars full-time! If you want to have these bars within your reach every time you feel the itch to have fun, contact us at Loft Realty today, and together we can close a home deal for you near these bars!
FHA Loans vs Conventional Loans: Which one is better for you?
Source:https://youtube.com/shorts/L9a6dTAl7Xw Congratulations! You just got your pre-approval on your dream Delaware home. But now, you have been presented with two options: get an FHA loan or a conventional loan. And you may now wonder, what’s the difference between the two? Picking a type of mortgage loan is intimidating already, even more so if you don’t understand what you are getting yourself into. Don’t worry; this guide will explain the difference between an FHA loan and a conventional loan, and the best mortgage option that fits you. Let’s jump right in. What is an FHA Loan? The Federal Housing Administration Loan, or FHA Loan, is designed for first-time home buyers to help them get a housing loan even if they don’t have huge savings or they have a not-so-stellar credit score. These loans are backed by Federal Housing Administration to allow lenders to take on riskier borrowers, while also aiding home buyers in less-than-ideal cases to achieve the dream of owning a home. What is a Conventional Loan? Conventional lenders, on the other hand, only approve borrowers who have well-established credit score history, solid assets, and a steady stream of income. Hence, these loans have higher barriers to entry than the FHA-backed options, and borrowers are allowed for a higher amount of loans and are usually processed faster. What’s the Difference? Let’s start with the most obvious one, the down payment. For FHA, the minimum you can put down is 3.5%; for conventional loans, it’s 3%. Another difference between these two types of loans is the appraisal strictness. Usually, when an appraiser goes out to a home for an FHA buyer, they’re going to be a little bit more strict in regards to the red flags they may search for. All because FHA buyers are a little bit riskier due to a lack of great credit history or savings, as mentioned above. On the other hand, buyers under conventional loans seem to be less risky since their savings, income, and credit score records are so clear that the appraiser doesn’t tend to criticize the home buyer as much. Hence, buyers under conventional loans gain the benefit of fewer restrictions, and higher amounts of loans, with usually quicker processing times. Which one is right for you? FHA and Conventional Loans are given to various borrowers depending on their financial situation, like how credit scores affect greatly on which loan type you are going to be approved for. If you have a solid credit score, have income-generating assets, and an established flow of income, definitely get a conventional loan, since you will be approved faster with higher amounts of loans and with fewer restrictions. But, if you haven’t built up your credit reputation, or belong to the limited income bracket, the FHA loans are there for you to still be able to be approved for a loan. Bear in mind though that there will be stricter measures upon approval, and there might be limits on your buying power under FHA loans. All these should be best discussed with your trusted real agent here in Loft Realty. If you’re interested to learn which loan you would qualify for, reach out to us today and we’ll connect you with a local lender that will surely fit your needs.
Delaware Housing Market UPDATE (September 2022 Edition)
Source:https://youtu.be/GVU1pGYJiBw Good day to all Delaware homeowners! The Delaware Housing Market is seeing some major changes this September. Hence, let’s break down everything you need to know about it. Without further ado, let's jump right into it. Home Prices Stabilization The first thing is home prices are starting to stabilize in Delaware. And that is not the sign of a housing crash; that’s a sign of a healthy housing market! Over the past two and a half months we’ve started to see a slowdown in the rate of increase in home prices. Let me show you what I mean. From March 2020 until about June of this year, we’re seeing prices increase month after month at an insane rate. But now, we're starting to see healthy tendencies as the rate of price increase slows down. Days on the market today are starting to go back up where we see homes listed on the market for 10 to 14 days only on average. And to put that into perspective, three years ago in Delaware, the average home was selling in 81 days! So we are nowhere close to where we were before this crazy seller’s market started. Buyer Negotiations As we’re seeing homes stay on the market a little bit, we are shifting into where buyers can negotiate their offers. Let me take you on a trip down memory lane back to April and May of this year. When you get an appraisal taken by the seller and get a house a thousand dollars under the list price, you were lucky. You couldn’t even get inspections on a property back then. But now, we have some negotiating power, and it doesn’t mean we’re out of the thick of it yet. What's new is that first, buyers can now seek help with closing costs. Second, buyers can negotiate the settlement dates. And of course, we’re getting inspections done so as a buyer, you’re protected going into that new home. Your home is Worth Way More This is for the savvy homeowners in Delaware that want to know what’s your next move. Your home is worth more than what you bought it for if you’ve owned it for more than a year. Let me tell you what’s going on behind the headlines. Yes, there are talks of price increases and frustrated sellers. And there are price increases and frustrated sellers indeed. Still, price reductions are going on and homes are sitting on the market. What could be driving this? The real reason is there are greedy sellers and misinformed real estate agents. Those sellers and realtors alike are still trying to break records with prices. We’re not in that market anymore. For the last year and a half, we’ve been seeing record-breaking prices month over month. That has stalled out because we’re getting back to a healthy real estate market. So if you’re still interested in selling your home, it is worth a lot more than what you bought it for. But, don't expect it to be breaking any records more than likely. Closing Thoughts Suppose you’re one of those savvy homeowners that have all this equity built up and you're not sure what to do with it. In that case, I want to have a conversation with you because your situation is specific to you. There are so many options outside of selling your home to get mere equity. If you’d like to learn what those options are, reach me here at Loft Realty, and we’ll see which option is best for you. And that’s it for September's Delaware Housing Market Update! I’m Zachary Foust with Loft Realty, where we continue to be the difference you deserve. See you in the next update!
How to Buy a Home in Delaware
At last, you are ready to buy your home here in Delaware. Yet, there’s not much information you can see on how to do this step-by-step. Well, you’re in the right place, as we will give you the exact steps you need to buy a home in Delaware. Let’s jump right in. Step 1: Prepare your down payment and closing costs. The first step in buying your Delaware home is preparing your down payment. Typically, mortgage lenders want you to pay 20% of the listing price. The lenders will then pay the remaining 80%. Click here to have an idea of the current listing prices available here in Delaware. There are other options if you need a home now but you think you can’t reach 20% of the listing price. In this case, you may opt for a government-backed mortgage like an FHA loan. Learn more about the difference between an FHA and a conventional loan here. Aside from the down payment, don’t forget to also prepare for closing costs. This is the part that most home buyers overlook. Read more about closing costs here. Step 2: Find a realtor. The next step is to find a great real estate agent that will truly put your needs first and will give you the best recommendations based on your situation. And, there’s no better place to look for the best realtors than Loft Realty! Here at Loft Realty, we give you the first-class experience that not only brings you into the home of your dreams but also ensures that you feel appreciated and served. Our Listing and Buying agents are top of the line and will offer you the difference you deserve. Step 3: Get pre-approved for your mortgage. Home sellers in Delaware require pre-approval before showing you their home most of the time. You can show the seller that you are a serious buyer who is financially qualified to make an offer on a home by submitting a mortgage pre-approval letter. If you want to be pre-approved today, feel free to reach out to us, and we’ll be happy to help. Step 4: Pick the right location for you. When it comes to home buying, you’ll always hear the phrase, “Location, location, location.” To get the best deal for your home, search for neighborhoods that are within your price range. Also, check out the local amenities if it supports the lifestyle you want. Step 5: House-hunting! Now, here’s the exciting part: you can now start house-hunting with your real estate agent! To make things easier, list out and prioritize the things you want in a home. Determine if you need a wide backyard, closed garage, how many bedrooms and bathrooms, and the like. Be realistic with the budget you have, and never compromise your top priorities. It’s your home after all! Step 6: Submit an offer to purchase. This is the moment of truth. You now picked the home of your dreams. It’s time to brush up and make a compelling offer for the seller. Don’t worry, your realtor will be right there with you in creating your offer to purchase. If there’s not much competition, go ahead and submit your offer according to the listing price. But, if you think someone is trying to get ahead of you in buying the same home you love, you can submit an offer over asking. Either way, you can talk this out with your realtor to get the best offer for your home. Step 7: Inspections. If you get ahead of the offer and the seller is trying to close the deal for you, don’t skip or waive the inspections. This is your chance to examine your home for history of floods, leaks, fires, electric malfunctions, and if the soil is good or not. Better safe than sorry! Step 8: Close the deal for your home. And after all these tedious processes, you can now close the deal for your home! At this point, you must finish the needed documents and pay the closing costs. On the closing date, anticipate reviewing and signing a lot of paperwork. It's recommended to study these papers ahead of time with your realtor so you won't be surprised with anything on closing day. Buy Your Delaware Home Now! And that’s it! We have covered eight steps in buying a home here in Delaware. If you’ve read up to this point, you now have a headstart and an overview of the entire process you will need to buy a home. If things get confusing, don’t forget that you can always reach out to us at Loft Realty and we are here to help you. We’ll be waiting for your call!
Fun Family Things To Do In Delaware
Are you looking for ideas for your next family vacation? Delaware might be a small state, but you will never run out of fun things to do here with your family. From museums to beaches and camping sites, there is every kind of adventure fit for you and your kids. So, buckle up, pack your things, and get you and your kids ready. For we will list down the fun family things to do in Delaware. Are you all set? Let's jump right in. Explore the Enchanted Woods in the Winterthur Gardens Source: http://www.winterthur.org/wp-content/uploads/2019/03/enchanted-woods-RCP_180719_3562_web-small.jpg The Winterthur Gardens is one of the best places to have fun in Delaware as a family. Winterthur is a museum, library, and garden in one! But, the real deal is when you take your kids into the Enchanted Woods. The Enchanted Woods is the children's haven inside the Winterthur Gardens. Here, you'll see miniature houses, troll bridges, and giant mushrooms that kids love so much. Imagine stuff you see only in fairy tales; now you'll see them in real life! How exciting is that? Canoe under Cypress trees at Trap Pond State Park Source: Vacation-on-the-Eastern-Shore-with-Kids-Trap-Pond-768x576.jpg.webp (768×576) (trekaroo.com) If you and your kids love trees and boats, you should see Trap Pond, State Park. A long time ago, the locals flooded this swamp land for easier access to harvesting cypress trees. Now, it's a gorgeous lake dotted with stunning cypress trees and lots of wildlife. Adventurous families can rent canoes to traverse the park’s diverse water trails. Canoe between the cypress to enjoy the shade offered by the trees. The experience will leave you and your kids in awe of these majestic trees and will make you come back here again. Stroll Under the Planes at the Air Mobility Command Museum in Dover Source: Things-to-do-in-Delaware-with-kids-768x607.jpg.webp (768×607) (trekaroo.com) We've done some gardens, then water, now let's visit planes. At Dover Air Force Base, a free museum showcases some of the US Air Force’s enormous retired planes. Imagine walking through these planes up close, with an Air Force veteran as your tour guide! Mid-Atlantic families love Dover's Air Mobility Command Museum. You and your kids can walk around these massive planes and admire them from every angle. Even as an adult, you can still feel the awe of how big these planes are since we only see them usually in the sky. See some dinosaur bones in the Delaware Museum of Nature & Science Source: http://static.thousandwonders.net/Delaware.Museum.of.Natural.History.original.9807.jpg If your kids love ancient animals, shells, and dinosaurs, this is the place for you. The Delaware Museum of Nature & Science houses the only dinosaur exhibit in the state. The museum also features one of the nation's top collections of shells in its Shell Gallery! As you walk through the front door, a giant squid is waiting to greet you. The main exhibits have dinosaurs, birds, shells, a nature nook, and a butterfly garden. The real hit? Your kids can touch the dinosaur teeth and skeleton! Enjoy the outdoors at Cape Henlopen Park Source: 0416191449f-1.jpg (1024×768) (wp.com) And this list will not be complete without visiting the Cape Henlopen State Park. This is the ultimate outdoor getaway for you and your family. You can almost do anything outdoors here, and you will never run out of fun! Fill your day swimming at the beaches, biking, hiking, and kayaking. If you love history, make sure to visit Fort Miles: Delaware’s coastal defense during World War II. And, you can even rent a loaner bike for a two-hour biking session across the historic park! Final Thoughts The list of fun family things to do in Delaware is endless. Better yet, make this your weekly getaway by buying your home here in Delaware! Reach out to us now at Loft Realty and we'll get you a home here at the best price. What is your favorite fun family thing to do in Delaware? Add them below in the comments!
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