For Delaware Luxury Homes, there is No “Typical”
The typical Delaware luxury home buyer isn’t really “typical” any more than the property they will ultimately acquire. It’s a simple fact that the affluent prospective buyers who are Delaware’s next homeowners simply can’t be pigeonholed in any meaningful way. The Luxury Home Council defines the group as “owners of properties valued at five times the median price of U.S. homes”—but in fact, many Delaware luxury properties significantly exceed that metric. Again, there simply is no “typical.”
It follows that generalizations about today’s Delaware luxury properties are also few and far between. But there are some features that writers point to as gaining increasing popularity. Some include—
- Designer Dressing Rooms. Yesterday’s closets are rapidly expanding into walk-in areas with luxurious cabinetry, sound systems, and designer lighting. Glass cases may display handbags and clothing; opening drawers can trigger lighting.
- Gourmet Kitchen features are evolving. Today’s luxury kitchen may have built-in iPhone triggered coffee brewers, wine refrigerators (or walk-in, climate-controlled wine rooms), warming drawers—and/or any of the rapidly surfacing electronic “smart” kitchen adjuncts. There is no ‘typical.’
- Spas. Luxury in today’s master bathrooms really comes closer to what high-end resorts feature in their spas. These begin with double vanities and walk-in showers, then add features ranging from towel warmers and rain showers to radiant-heated floors, soaking tubs, skylights and fireplaces—often designed with materials that create an organic, natural ambiance.
- Gymnasiums. Fitness facilities custom-designed for the health needs of their owners eliminate the need to exercise in public membership health clubs. Indoor swimming (or lap) pools can add year-round utility.
- Smart Technology. Household systems that can be monitored at home or from afar via smartphone apps are no longer the exclusive province of homes that meet the “luxury” designation. That should be reserved for those that have been elegantly integrated for simplicity of operation. They provide improved security, and for Delaware’s luxury homeowner, enhanced ease of mind.
- Written by Jimmie Bachand
Slated FICO Update Probably Won’t Rock Delaware Real Estate
The lowering of Delaware mortgage rates is providing an undeniable stimulus for area buyers—so any change in how lenders look at credit scores is automatically of interest. In that sense, this should come as interesting news: FICO is about to introduce two new scoring models!
But actually, it’s likely to produce barely noticeable ripples. Among other reasons, the gradual introduction of the new FICO Score 10 and Score 10T won’t happen until this summer—and most lenders will wait a while before adopting them (if they use them at all). The difficulty confronting consumers seeking to track relevant details in the credit rating universe is well known. For instance, FICO 8 is still the most commonly used, even though its successor—FICO 9— debuted six years ago. Further complicating the picture is how the three credit bureaus use specialized FICO versions (a different story entirely!).
Basically, FICO scoring has to do with how different factors are weighted in formulating any given “score”—the number meant to predict the risk a lender would take when funding a loan. Each new model attempts to further refine the available data. Such improvements become possible as more information is made available—and in today’s Delaware, the all-encompassing electronic nature of our day-to-day dealings creates more and more data.
Among other factors, the new FICO 10 will give more weight to personal loans. It will penalize borrowers who take out loans to consolidate debt if they then continue to rack up more debt. FICO 10T will tabulate “trended” data, taking the last 24 months of data to plot the “trajectory” it reveals. Delaware consumers who have been paying off debts will score higher than those who rack up more during the same period.
- Written by Jimmie Bachand