According to a recent report from Trulia, buying a home is still about 35% less expensive than renting one. How is this possible? We are going to explain that to you today.
Here are the facts that come into play. Obviously, you need a 30-year fixed rate mortgage to get the best rate. The rates right now are historically low, making homes more affordable than they have been in quite some time.
Another factor to consider is prices. Home prices are still relatively affordable and reasonable, even with the recent appreciation that has come into play.
The bottom line is this: owning a home is still less expensive than renting and it makes sense financially to do so. A housing payment is something you will have whether you own your own home or not, and you are going to be paying off a mortgage whether you buy or rent. Why not pay off your own mortgage by purchasing a home, and build up that equity for the future?
If you have any questions for us, or are interested in buying a home, we would love for you to give us a call or send us a quick email. We look forward to hearing from you!
Sell now before the spring! Supply currently outpaces demand. Nationally, there is approximately 5.2 months worth of inventory. However, in several areas of the Wilmington market, we notice a lower supply comparatively.
Based on supply and demand, a balanced market has an inventory of about six months. Since certain neighborhoods experience less than 5.2 months and much more demand, many areas of Wilmington are in a seller's market. If you list now, you have less competition to sell.
Additionally, many homeowners wait to list in the spring. Although these homeowners think they won't be able to sell during the winter, demand is still high now. List this season before the market floods in the spring.
If you have any questions, please give us a call or send us an email. We look forward to hearing from you!
Today I'd like to discuss home sales in the Wilmington area. Whether you're planning on buying or selling, this information should be useful to you.
Overall, August home sales rose by 8% since 2014. There were 678 home sales this August, and the median home price was $218,000, which was a 3% increase from last year.
The average days on market for homes in Wilmington was 105 days. Inventory is also sitting at 6.8 months, and this is creating a very neutral market. However, in some price ranges we're definitely seeing more of a seller's market taking shape.
If you have any further questions about our real estate market, please don't hesitate to ask. I'm always here to help you!
