Buying a Home Won’t Get Much Cheaper

Buying a home may never get any cheaper than this. Several housing experts are predicting that this year will be the last chance for bargain hunters to cash in on the best deals of the weak housing market.

With home prices down 34% nationally since 2006 and mortgage rates at historic lows, homes have never been more affordable — but it won’t stay this way for much longer.

 

A number of factors will help bolster the housing market, he said, including a decline in the number of foreclosures and continued job growth. In addition, homebuyers will have better access to mortgages as they get their finances in order and improve their credit scores.

Mortgage payments at lowest level in decades

“This is a strong indicator that we will start seeing home price indexes, like the S&P/Case-Shiller, start to report home price increases this summer,” he said.

Prospective homebuyers who’ve been sitting on the fence shouldn’t worry if they aren’t quite ready to make the leap. Analysts are predicting that the initial price gains will be modest, at least, in most markets.

Hoffman, for example, is forecasting a 2% increase in 2013 compared with 2012. Meanwhile David Stiff, chief economist for Fiserv, predicts that prices will turn in the last quarter of 2012 and will rise 4.2% for the 12 months through September 2013.

 

Foreclosures start to fade. One major factor that will drive the trend is the cooling of the foreclosure crisis. Stan Humphries, chief economist for Zillow, said that the percentage of mortgage loans 90 days or more late, a good predictor of future foreclosures, is “falling fast.”

That percentage dropped 15% year-over-year to 3.1% through the end of 2011, according to the Mortgage Bankers Association. And the decline is accelerating: More than 70% of the decline came in the last three months of the year.

Before things slow down, however, buyers should brace themselves for a temporary spike in the number of foreclosures as banks start expediting the processing of hundreds of thousands foreclosures that were stuck in the system following the robo-signing scandal. That backlog should move more quickly now that new guidelines for processing foreclosures have been outlined in the $26 billion foreclosure settlement.

Many of the bank-owned properties currently coming out of the foreclosure pipeline are being snapped up by investors who are fixing them up and renting them out — often to those who were displaced by the foreclosure of their own home. That has helped to lift prices on foreclosed properties, according to Alex Villacorte, the director of analytics for Clear Capital, which specializes in housing market valuations.

Home buying much cheaper than renting

“That could have a significant impact on the market overall in terms of providing a rising floor to home values,” he said.

In some markets hit hard by foreclosures, the turnaround in prices is already underway. Phoenix recorded an 8.4% jump in home prices during the three months ended April 30, compared with the three months ended January 31, according to Clear Capital.

“It’s crazy,” said Tanya Marchiol, founder of Team Investments, a Phoenix real estate investing firm. “Stuff I was selling six months ago for $60,000 to $80,000 is now $90,000 to $110,000.”

Miami saw a 4.6% increase quarter-over-quarter through April, and Tampa, Fla., was up 4.4%, according to Clear Capital.

Goodbye 3.8% mortgage. In addition to home prices, mortgages could also move higher.

Mortgage rates have been at or near historic lows for much of the past six months. The average interest rate for a 30-year, fixed-rate mortgage has not topped 4.5% since July 2011 and this week, it hit 3.84%, a new low.

But rates aren’t expected to remain at these record-low levels much longer. As the economy continues to recover, rates will move higher, said Doug Lebda, CEO of LendingTree, the online lending site. Although, he said, they will “stay very reasonable.”

The Mortgage Bankers Association is forecasting that the 30-year fixed will hit 4.5% by the end of the year.

Greater demand for loans will help fuel the increase, according to Lebda.

Even though mortgage rates have been cheap, borrowing for home purchases has been sluggish. The Mortgage Bankers Association estimates that homebuyers will take out mortgage loans totaling about $415 billion this year, an increase of less than 3% compared with 2011. Next year, however, it forecasts that amount will almost double to $706 billion.

As housing markets stabilize and prices stop falling, homebuyers will be even more confident about buying, said Humphries.

“People can now see the light at the end of the tunnel,” he said. “And that can be enough to get them off the fence.”

 

2215 Jamaica Drive Wilmington, DE 19810 – Just Listed!!

Available with 0 Down & a Free 1 Year Home Warranty. Welcome home to this gorgeous 5 bedroom 3 full bath split in Holiday Hills. Attractive refinished hardwood floors run throughout. The brand new untouched kitchen is ready for a new owner with cherry cabinets, matching dark granite, tile backsplash, & view of the landscaped yard & park from the sink. Up stairs is 4 large bedrooms, pull down attic & a full hall bath. The large master includes a full bath with tub, & double closets. A Full Bath & 5th bedroom are on the entrance level for one floor living along with the spacious family room that gets great sunlight. On the rear of the home you will find a large florida room great for enjoying the garden, creek & wooded view beyond. The Bi-level rear yard invites an outdoor cookout at the lower picnic area. Other features include a large basement, new heater, fresh paint, & new carpeting. Behind the home is a park with a walking path & footbridge. Stores within walking distance. 95 access less than a mile away!

 

2215-jamaica-drive

[img src=http://www.showtimere.com/wp-content/gallery/2215-jamaica-drive/thumbs/thumbs_front.jpg]
[img src=http://www.showtimere.com/wp-content/gallery/2215-jamaica-drive/thumbs/thumbs_livingroom.jpg]
[img src=http://www.showtimere.com/wp-content/gallery/2215-jamaica-drive/thumbs/thumbs_living.jpg]
[img src=http://www.showtimere.com/wp-content/gallery/2215-jamaica-drive/thumbs/thumbs_dining.jpg]
[img src=http://www.showtimere.com/wp-content/gallery/2215-jamaica-drive/thumbs/thumbs_kitchen.jpg]
[img src=http://www.showtimere.com/wp-content/gallery/2215-jamaica-drive/thumbs/thumbs_kitchen2.jpg]
[img src=http://www.showtimere.com/wp-content/gallery/2215-jamaica-drive/thumbs/thumbs_hardware.jpg]
[img src=http://www.showtimere.com/wp-content/gallery/2215-jamaica-drive/thumbs/thumbs_kitchensink.jpg]
[img src=http://www.showtimere.com/wp-content/gallery/2215-jamaica-drive/thumbs/thumbs_family.jpg]
[img src=http://www.showtimere.com/wp-content/gallery/2215-jamaica-drive/thumbs/thumbs_bath.jpg]
[img src=http://www.showtimere.com/wp-content/gallery/2215-jamaica-drive/thumbs/thumbs_5th.jpg]
[img src=http://www.showtimere.com/wp-content/gallery/2215-jamaica-drive/thumbs/thumbs_hall.jpg]
[img src=http://www.showtimere.com/wp-content/gallery/2215-jamaica-drive/thumbs/thumbs_2nd.jpg]
[img src=http://www.showtimere.com/wp-content/gallery/2215-jamaica-drive/thumbs/thumbs_4th.jpg]
[img src=http://www.showtimere.com/wp-content/gallery/2215-jamaica-drive/thumbs/thumbs_3rdbed.jpg]
[img src=http://www.showtimere.com/wp-content/gallery/2215-jamaica-drive/thumbs/thumbs_masterbed.jpg]
[img src=http://www.showtimere.com/wp-content/gallery/2215-jamaica-drive/thumbs/thumbs_sunroom.jpg]
[img src=http://www.showtimere.com/wp-content/gallery/2215-jamaica-drive/thumbs/thumbs_back.jpg]
[img src=http://www.showtimere.com/wp-content/gallery/2215-jamaica-drive/thumbs/thumbs_walkway.jpg]
[img src=http://www.showtimere.com/wp-content/gallery/2215-jamaica-drive/thumbs/thumbs_yard.jpg]
[img src=http://www.showtimere.com/wp-content/gallery/2215-jamaica-drive/thumbs/thumbs_yard2.jpg]
[img src=http://www.showtimere.com/wp-content/gallery/2215-jamaica-drive/thumbs/thumbs_creek.jpg]
[img src=http://www.showtimere.com/wp-content/gallery/2215-jamaica-drive/thumbs/thumbs_footbridge.jpg]
[img src=http://www.showtimere.com/wp-content/gallery/2215-jamaica-drive/thumbs/thumbs_frontside.jpg]

 

 

Price: $279,900 Neighborhood: Holiday Hills
MLS: 6045470 Age: 52
Bedrooms: 5 Square Footage: 2200
Bathrooms: 3 Full School District: Brandywine
Central Air: Yes Acreage: 0.23

 

Real Estate Bidding Wars Are Back!

Pending-home sales in March hit their highest level since April 2010, spurring the return of real-estate bidding wars.

 

 

109 Marsh Road Wilmington, DE 19809 – Brand New (Top to Bottom)

Seller will allow 3% settlement help! Available with 0% Down and a Free 1 Year Home Warranty. Don’t be fooled, home looks small from the street but is 1,850 sqft inside! Brand new completely renovated 4 bedroom 2.5 bathroom Cape style home in North Wilmington. This home has been completely renovated in 2011 with more than 3/4 of the home being a new construction. Renovation include:Kitchen with granite and stainless steel appliances, bathrooms with tile and fixtures,brand new hardwood floors, High efficiency HVAC, brand new electric throughout, plumbing, roof, siding, High efficiency windows and much more. This home features an open floor plan with a large eat in kitchen, dining area and living room along with a first floor bedroom and half bath. The second floor features a large master suite with full bath, large walk in closet, skylight along with two large bedrooms and another full bath. Lot features a large private yard with a 6 foot fence,concrete patio and new slab for a shed.

 

109-marsh-rd

[img src=http://www.showtimere.com/wp-content/gallery/109-marsh-rd/thumbs/thumbs_dsc_0841.jpg]
[img src=http://www.showtimere.com/wp-content/gallery/109-marsh-rd/thumbs/thumbs_dsc_0831.jpg]
[img src=http://www.showtimere.com/wp-content/gallery/109-marsh-rd/thumbs/thumbs_dsc_0834.jpg]
[img src=http://www.showtimere.com/wp-content/gallery/109-marsh-rd/thumbs/thumbs_dsc_0842.jpg]
[img src=http://www.showtimere.com/wp-content/gallery/109-marsh-rd/thumbs/thumbs_dsc_0844.jpg]
[img src=http://www.showtimere.com/wp-content/gallery/109-marsh-rd/thumbs/thumbs_dsc_0845.jpg]
[img src=http://www.showtimere.com/wp-content/gallery/109-marsh-rd/thumbs/thumbs_dsc_0846.jpg]
[img src=http://www.showtimere.com/wp-content/gallery/109-marsh-rd/thumbs/thumbs_dsc_0854.jpg]
[img src=http://www.showtimere.com/wp-content/gallery/109-marsh-rd/thumbs/thumbs_dsc_0870.jpg]
[img src=http://www.showtimere.com/wp-content/gallery/109-marsh-rd/thumbs/thumbs_dsc_0863.jpg]
[img src=http://www.showtimere.com/wp-content/gallery/109-marsh-rd/thumbs/thumbs_dsc_0856.jpg]
[img src=http://www.showtimere.com/wp-content/gallery/109-marsh-rd/thumbs/thumbs_dsc_0867.jpg]
[img src=http://www.showtimere.com/wp-content/gallery/109-marsh-rd/thumbs/thumbs_dsc_0868.jpg]
[img src=http://www.showtimere.com/wp-content/gallery/109-marsh-rd/thumbs/thumbs_dsc_0861.jpg]
[img src=http://www.showtimere.com/wp-content/gallery/109-marsh-rd/thumbs/thumbs_dsc_0860.jpg]
[img src=http://www.showtimere.com/wp-content/gallery/109-marsh-rd/thumbs/thumbs_dsc_0849.jpg]
[img src=http://www.showtimere.com/wp-content/gallery/109-marsh-rd/thumbs/thumbs_dsc_0838.jpg]
[img src=http://www.showtimere.com/wp-content/gallery/109-marsh-rd/thumbs/thumbs_dsc_0839.jpg]
[img src=http://www.showtimere.com/wp-content/gallery/109-marsh-rd/thumbs/thumbs_dsc_0872.jpg]
[img src=http://www.showtimere.com/wp-content/gallery/109-marsh-rd/thumbs/thumbs_dsc_0875.jpg]

 

Price: $218,900 Neighborhood: Hillcrest
MLS: 5863034 Age: 91 (Newly reconstructed)
Bedrooms: 4 Square Footage: 1850
Bathrooms: 2 Full 1 Half School District: Brandywine
Central Air: Yes Acreage: 0.13

 

105 Olga Rd, Wilmington, DE 19805 – Vilone Village!

Available with 100% financing, 0% down and $35,000 for upgrades!A Must See!! Beautiful 2 story colonial with garage backing to the park in Vilone Village. This home has only been owned by one family and you will notice the pride of ownership throughout. At the front of the house you will find a large living room that flows into the dinning room and kitchen. A large Family room addition has been added to the left side of the home. This area includes it’s own full bathroom, closet, hardwood floors and access to the yard through Anderson French doors. This area could also function as a 1st floor master or in-law suite. Upstairs you will find 3 bedrooms with hardwood flooring that’s in excellent shape and a full bath. The kitchen has plenty of counter & cabinet space and access to the driveway or yard. The rear yard is fully fenced with a private wooded view. The finished basement is waiting to be used as your game room or media room. Fresh paint and carpets throughout! Visit today!

 

105 Olga

[img src=http://www.showtimere.com/wp-content/flagallery/105-olga/thumbs/thumbs_dsc_0367.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/105-olga/thumbs/thumbs_dsc_0405.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/105-olga/thumbs/thumbs_living2.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/105-olga/thumbs/thumbs_living.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/105-olga/thumbs/thumbs_dsc_0369.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/105-olga/thumbs/thumbs_dsc_0370.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/105-olga/thumbs/thumbs_dsc_0383.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/105-olga/thumbs/thumbs_dsc_0382.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/105-olga/thumbs/thumbs_dsc_0380.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/105-olga/thumbs/thumbs_dsc_0373.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/105-olga/thumbs/thumbs_dsc_0388.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/105-olga/thumbs/thumbs_dsc_0385.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/105-olga/thumbs/thumbs_dsc_0392.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/105-olga/thumbs/thumbs_dsc_0400.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/105-olga/thumbs/thumbs_dsc_0401.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/105-olga/thumbs/thumbs_dsc_0396.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/105-olga/thumbs/thumbs_dsc_0389.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/105-olga/thumbs/thumbs_dsc_0402.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/105-olga/thumbs/thumbs_dsc_0403.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/105-olga/thumbs/thumbs_dsc_0365.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/105-olga/thumbs/thumbs_dsc_0363.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/105-olga/thumbs/thumbs_dsc_0364.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/105-olga/thumbs/thumbs_dsc_0361.jpg]

 

Price: $169,900 Neighborhood: Vilone Village
MLS: 6027514 Age: 64
Bedrooms: 3 Square Footage: 2150
Bathrooms: 2 Full School District: Red Clay
Central Air: Yes Acreage: 0.11

 

599 Orchard Drive, Wilmington, DE 19803 – MUST SEE!!

SELLER OFFERING $5000 FENCE ALLOWANCE or ASSIST WITH ACCEPTABLE OFFER! True Gem in the quiet McDaniel Heights! Built in 1998 & rehabbed in 2010/11. Notice the attention to detail & care put into every inch of this home. 1st floor boasts redone hardwoods w/ walnut finish. Crown/Chair molding in LR & DR. New kitchen includes granite, maple cabinets w/ polished bronze knobs, stainless appliances, plenty of storage, eat-in area, and a sliding door. Open FR is great to relax & enjoy the newly refinished glass tile fireplace. Upstairs is comfortably fresh master suite w/ its own full bath, a plethora of closet space, & crown/chair molding. Master bath has a large soaking tub w/ stone tile trim, shower, double granite sinks and huge walk-in closet. 2 more bedrooms & full updated bath are upstairs. Below is a redone 900 SF finished basement with recessed lights, fireplace and space for a 4th bed. Fresh Paint and carpet everywhere! Outside find a wide garage, & beautiful landscaping w/ a nearby walking trail.

 

 

599 Orchard

[img src=http://www.showtimere.com/wp-content/flagallery/599-orchard/thumbs/thumbs_exterior.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/599-orchard/thumbs/thumbs_dining.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/599-orchard/thumbs/thumbs_hall.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/599-orchard/thumbs/thumbs_family-room.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/599-orchard/thumbs/thumbs_family-2.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/599-orchard/thumbs/thumbs_kitchen.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/599-orchard/thumbs/thumbs_kitchen-2.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/599-orchard/thumbs/thumbs_kitchen-3.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/599-orchard/thumbs/thumbs_basement.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/599-orchard/thumbs/thumbs_basement-bath.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/599-orchard/thumbs/thumbs_living-2.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/599-orchard/thumbs/thumbs_living.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/599-orchard/thumbs/thumbs_bath-1st-floor.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/599-orchard/thumbs/thumbs_laundry.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/599-orchard/thumbs/thumbs_hallbath.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/599-orchard/thumbs/thumbs_3rd-bed.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/599-orchard/thumbs/thumbs_2nd-bed.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/599-orchard/thumbs/thumbs_master-bed.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/599-orchard/thumbs/thumbs_closet.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/599-orchard/thumbs/thumbs_master-bath-2.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/599-orchard/thumbs/thumbs_masterbath.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/599-orchard/thumbs/thumbs_shower.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/599-orchard/thumbs/thumbs_bathmaster.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/599-orchard/thumbs/thumbs_exterior2.jpg]

 

Price: $337,999 Neighborhood: McDaniel Heights
MLS: 6031225 Age: 14
Bedrooms: 3 Square Footage: 1875
Bathrooms: 2.2 School District: Brandywine
Central Air: Yes Acreage: 0.19

 

213 Sterling Ave, New Castle, DE 19720 – New Price!

Free 1-Year Home Warranty! This Beautiful well maintained brick rancher is a must see! The large family room features hardwood flooring and lovely built-in shelving that’s perfect for an entertainment center. Leading to the kitchen is a powder room and breakfast area that gets great morning light. The kitchen includes recessed lighting, diamond pattern tile flooring, updated cabinets and ceiling fan. off of the rear is a huge 3 season room that includes cathedral ceilings lined with solid wood bead-board and windows across 3 walls. On the other side of the home you will find 3 well sized bedrooms and a full bath updated with tile floors and walls, new fixtures, and extra cabinets for storage. The front of the home has an open living room with a brick fireplace and dining room that are great for entertaining. Both rooms include hardwood flooring. This home is on a large lot with a fenced yard that boasts a well maintained in-ground pool with plenty of extra yard space. The wide Driveway can easily park 4 cars.

 

213 Sterling

[img src=http://www.showtimere.com/wp-content/flagallery/213-sterling/thumbs/thumbs_front.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/213-sterling/thumbs/thumbs_living.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/213-sterling/thumbs/thumbs_living2.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/213-sterling/thumbs/thumbs_kitchen1.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/213-sterling/thumbs/thumbs_kitchen2.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/213-sterling/thumbs/thumbs_3seasons1.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/213-sterling/thumbs/thumbs_3seasons2.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/213-sterling/thumbs/thumbs_family.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/213-sterling/thumbs/thumbs_powder.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/213-sterling/thumbs/thumbs_dining1.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/213-sterling/thumbs/thumbs_dining2.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/213-sterling/thumbs/thumbs_bed3.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/213-sterling/thumbs/thumbs_bed2.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/213-sterling/thumbs/thumbs_master.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/213-sterling/thumbs/thumbs_bath1.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/213-sterling/thumbs/thumbs_yard.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/213-sterling/thumbs/thumbs_pool.jpg]
[img src=http://www.showtimere.com/wp-content/flagallery/213-sterling/thumbs/thumbs_exterior2.jpg]

 

 

Price: $199,000 Neighborhood: Llangollen Estates
MLS: 5994136 Age: 59
Bedrooms: 3 Square Footage: 1864
Bathrooms: 1.2 School District: Colonial – New Castle
Central Air: Yes Acreage: 0.36

 

303 Whitford Hills Rd (Exton, PA) – Sold 4/3/12

Absolutely Stunning Converted Barn! Sold By The ShowTime Team!

 

Older posts «