Federal Affordable Housing Plan Details Could Spark Controversy
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- Written by Jimmie Bachand
Bethany Beach, DE Real Estate Watchers Like Moderating U.S. Results
Those results were anything but negative—and Bethany Beach, DE real estate followers would also have been pleased by the moderating takeaway by NAR President Charles Oppler. He prefaced his statement on “working to boost the supply of safe, affordable housing” with “we are beginning to see some normalcy to return” to U.S. markets.If you’d like a rundown on the latest Bethany Beach, DE real estate results, call me anytime! Call/Text me Russell Stucki at (302) 228-7871, email me at This email address is being protected from spambots. You need JavaScript enabled to view it., visit more listings at www.beachrealestatemarket.com.
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Some “First-Time Homeowners” have Owned Homes Before!
For a large number of prospective homebuyers, the feasibility of the transaction depends on the terms being offered by the home loan originators. Once you delve into the range of possible home loan offerings, you soon find that a large proportion of special benefits are being made available only to first-time homebuyers—who may also qualify for financial help through various government-sponsored programs.
Those advantages can be substantial. For instance, with certain caveats, the IRS allows penalty-free withdrawal of a limited amount of IRA funds without the usual penalties. That can make a difference when you are piecing together a down payment. As for that down payment, in its “Affordable Options” educational web pages, Fannie Mae describes its “3% Down Payment Mortgage for First-Time Homebuyers”—a program aimed at buyers who are “good at managing their credit” who also meet other requirements.
Given the reality of how today’s homebuyers can have a hard time juggling everyday expenses while saving for the down payment, it does make sense for the government and home loan providers to give special consideration to qualified first-timers. But that can be true for anyone—not just first-timers.
Enter a little-known detail about Bethany Beach, DE first-time homebuyers. (Drumroll, please):
They don’t really have to be buying for the first time.
According to the U.S. Department of Housing and Urban Development (HUD), a “first-time homeowner” can include anyone who hasn’t owned a residential property within the past three years. In other words, you can be a serial homeowner and a first-time homeowner as long as the three-year non-ownership minimum is satisfied. And if you are buying a home with another person, only one of you needs to fit the definition.
Investopedia.com lists other exceptions to the literal meaning of ‘first-time homeowner’—for instance, a “displaced homemaker who only owned property with their spouse,” or even someone whose property “wasn’t in compliance with and cannot be brought into compliance with local or state building codes without constructing a new permanent structure.”
This is the kind of significant (and easily overlooked) detail that illustrates how important it is for Bethany Beach, DE homebuyers to be able to bank on the experience and comprehensive resources of a veteran Bethany Beach, DE real estate professional. Do give me a call anytime!
Call/Text me Russell Stucki at (302) 228-7871, email me at This email address is being protected from spambots. You need JavaScript enabled to view it., visit more listings at www.beachrealestatemarket.com.
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- Written by Jimmie Bachand
Is the Gonzo Housing Market Ready to Take a Breather?
When you read that for the second month in a row, U.S. properties are, on average, being sold in 17 days, Bethany Beach, DE readers would assume that the housing market is blazing ahead, full steam.
It looks like the Big Picture for residential real estate: it’s a seller’s market—and a pretty strong one at that! Among the measures that would lead anyone to agree with that conclusion:
The 17 Days on Market figure is a full nine days faster than was the case a year ago.
The median existing-home price of $350,300 in May was 23.6% higher than last May’s prices (and they weren’t exactly giveaways).
The rise in home prices was an all-time record.
Even so, a few stray details are hinting that a leveling-off could be in the works:
The volume of sales slowed in May for the fourth month in a row.
Some of the latest burst of activity is, as is well known, due to the shortage of available homes. But preliminary numbers show that the pressure buildup from the widespread lack of inventory is beginning to moderate. Per last week’s Zillow.com roundup, “inventories have risen in each of the past three months.” Although that could be expected as part of the normal development of the traditional busy selling season, this year, as the nation emerges from the pandemic, nothing can be counted on to be very ‘normal.’
As existing home inventories are beginning to turn around, the same is true for new homes. Builders are now beginning to take advantage of a sharp fall in the price of lumber, where future prices had quintupled. As NPR put it, “Now those record wood prices are finally starting to crack, and more builders across the U.S. are able to reach for their toolboxes.”
What does this mean for Bethany Beach, DE sellers? It may not mean an instant turnaround to longer average Days on Market, but the gradual easing of the inventory crunch should point in that direction. Meantime, buyers continue to be motivated to act while the home loan interest rates remain in historically lowly territory—especially if prices continue to rise, no matter how slowly.
For both sellers and buyers, strong reasons remain to consider how today’s prospects compare going forward. I hope you’ll call for a customized readout! Call/Text me Russell Stucki at (302) 228-7871, email me at This email address is being protected from spambots. You need JavaScript enabled to view it., visit more listings at www.beachrealestatemarket.com.
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