Wilmington, Delaware First Time Home Buyer Mortgage
In a competitive market, it’s important for home buyers to have a great support team. Recently, a past client referred a coworker to me to help them buy a first home. We set up a meeting to discuss their goals, finances, and what the right mortgage and home might look like. Being in New Castle county, it was especially important for our customer to find a home close to good schools and their work, within a price range that maxed out somewhere around $450,000. In New Castle County, Delaware, that price point offers a lot of options, as many homes sell within the $300-500k price point.
After applying, we worked with the buyer using our Buyer’s Advantage preapproval process, in which we examined the local market, comparable markets for renting and also learned what the results of potentially waiting to buy would mean. When it was clear that buying a home in New Castle County was the right move, we next looked at market data, inventory, and competition, determining that a strong offer would be necessary when trying to buy a home that was in great shape and priced well.
We had a tremendous amount of local assistance and support from Delisia Inge, a local Realtor that covers New Castle County (and one that our team highly recommends as a local pro – Delisia did a phenomenal job! You can find her on Instagram @delisia_inge ) in finding the right home, and since part of our Buyer’s Advantage preapproval includes an underwriting issuing a full loan approval, once the right home was found, it was all downhill from there. We had an accepted offer and within a couple weeks were headed to closing! Within a month our customer welcomed a new child to the world, and also made settlement on their new family home!
For any first time home buyer, it’s extremely important to work with a great real estate agent (we have great recommendations around the country for pros you can trust), and a lender that not only gets you a loan, but ensures it’s the right loan that matches up with your financial situation and your financial goals. In this case, a 10% down conventional mortgage was the right answer, and allowed our customer to maintain both a payment they were comfortable with and some funds left in reserve as assets. New Castle county is currently seeing high demand with homes averaging less than 30 days on the market, so proper preparation and using our Buyer’s Advantage preapproval can give you an edge in getting the home of your dreams.
Questions about how we can help? Ask an expert here or give us a call today! Check out the real estate report card below for market stats on New Castle County as of 9/27/23. If you’d like to see one for your zip code or county, reach out!