Fallout from the abrupt closure of local businesses has created financial chaos for some Georgetown, DE homeowners. For breadwinners forced to make painful choices between creditors, there seems to be no right answer. With payments pending for auto loans, credit cards, student loans, and/or the big one—the monthly mortgage payment—the dilemma can be all but disabling.

Recognizing the unfairness of the situation, the Federal government included in its CARES Act (that’s the $2.2 trillion stimulus package) a provision meant to provide temporary relief to many Georgetown, DE homeowners. Those with federally backed mortgages can request a “forbearance period” of as long as 180 days—with an option to extend for another 180 days. Since 95% of conforming mortgages on single-family homes are backed by one of the federal programs, many Georgetown, DE homeowners should qualify. Although jumbo loans are not included, most mortgage servicers have stepped forward to work with borrowers who need help as a result of the COVID-19 pandemic.

Forbearance doesn’t come automatically, though; it must be requested. That may take patience—telephone lines have been jammed, and even emailed requests may be slow to be returned. That’s understandable when you realize the massive size of the operation (Moody’s Analytics estimates that by the end, 15,000,000 loans will be modified). But for homeowners forced to wait for business activity to resume, persistence should pay off. When forbearance is granted, delayed payments won’t be reported to credit bureaus, and no late fees will be charged.  

The details of forbearance agreements differ—and like any financial arrangement, it’s important to get written confirmation, even if only via email. If you have questions about this or other Georgetown, DE real estate issues, do give me a call! 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

 Georgetown, DE’s home loan picture has presented buyers with rarely seen benefits for quite a while—but last week, the picture brightened even further. That isn’t to say that Georgetown, DE mortgage rate quotes matched all-time lows—but they were coming pretty close.

Across the U.S., the numbers quieted even the most pessimistic observers. What it will mean as Georgetown, DE enters the traditional peak home sales months is something we will have to wait to see. But if the likelihood for a surge in nationwide activity is any indicator, last week saw green lights flashing. A sampling of what was being hailed from virtually all quarters:

The Wall Street Journal: “Falling Rates Could Boost Mortgages Ahead of Spring Selling Season.”

MarketWatch: “This could be the ‘last affordable’ spring home-buying season for a while…”

CNBC Power Lunch: “The average 30-year fixed fell to 3.71%—almost a full percentage point lower than a year ago—and that sent current borrowers rushing to refi.”

FreddieMac.com: “The 30-year fixed-rate was the lowest in three years.”

Mortgage News Daily found the rate drop surprising—actually convention-defying. Rates “managed to move appreciably lower” despite Friday’s strong showing in the employment numbers. “Today’s big jobs report” should have led to higher mortgage rates. That it didn’t was an indication of “some more staying power” than industry experts usually expect.

The technical factors affecting home loan rates are difficult to keep up with—and impossible to predict with any confidence. What’s easier to know is that today’s home loan picture creates opportunities for Georgetown, DE mortgage rate shoppers—which makes it terrific for buyers and sellers. If you would like to explore how you might take advantage of what continues to be a rarely seen buying and selling environment, do give me a call! 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

 They never fail to draw web readers—those “Top” lists of ways to get the best results when selling a home. Despite its name, Investopedia is a web site which devotes a fair amount of content to the ins and outs of residential real estate. In addition to the expected “Your Money” section, Georgetown, DE homeowners can find a well-populated “Home Ownership” tab. That’s where they’ll come across a Top 7 list of “Ways to Improve your Home’s Sell-ability” by Dr. T.L. Canady.

The Top 7 are in the Selling Your Home section. They are notable for the emphasis they put on removing, subtracting, withdrawing, minimizing, etc. The less-is-more theme is worth bearing in mind for Georgetown, DE home sellers looking to get the best result in the shortest time. Here the Investopedia list:

1.      Neutrality. “It works for Switzerland,” Dr. Canady points out—and it can almost certainly work for selling your Georgetown, DE home, too. Steering clear of brash colors and design themes minimizes the number of buyers who might be put off.

2.      Less. Remove as much of everything as is sensible. That succeeds in opening up the space you are selling. Clearing away the dispensable furniture and décor items allows prospects to picture rooms decorated to match their own tastes.

3.      Smell. Avoid cooking strong-scented foods for 48 hours before a showing. And, for sure, eliminate pet odors.

4.      Details. Making inexpensive refurbishments (with cabinet hardware, light switches, outlet covers, etc.) conveys an impression of freshness without making major expenditures.

5.      Curb appeal. Keep the path to the front door clear and inviting—and the door itself perfectly maintained.

6.      Personality. Don’t get “too personal” (this one is really pretty close to #1).

7.      Repairs. Dig in and take care of them before the first open house or showing…you’ll wind up doing so sooner or later, anyway.

There may not be any new ideas in these “Sell-ability” tips—but given that 6,000,000-plus U.S. homes are sold every year, you wouldn’t expect any important ones to have been overlooked. Not mentioned is the king of all selling-your-home tips: Right-pricing! For details on how to zero in on that one, give me a call! 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

On Thursday, USA Today published a view of what many of this spring’s first-timers have encountered in their inaugural home-buying ventures. Our own Georgetown, DE trends don’t precisely match those tapped by their research—but the themes cited in the national press are familiar here, too.

Although the headline emphasized the difficulties those buying a home for the first time may encounter (“3 Challenges Facing First-Time Homebuyers This Spring”), elsewhere in the piece, some bright spots were acknowledged. For Georgetown, DE readers inclined toward a ‘glass-half-full’ point of view, they tend to balance out the familiar challenges.  

Bright Spots:  

·         According to the Mortgage Bankers Association, affordability has advanced with the easing of 30-year fixed mortgages to a national average of 4.42%.  

·         Inventory “has loosened up slightly.” This is a relative finding since the U.S. still lags in properties for sale (at least compared with the historical norm).  

·         Prices.  Price growth has slowed “and leveled off” according to the MBA.

·         Spring buying. Nationally, good, old fashioned negotiations have replaced the frenzied bidding wars of last year. But USA Today isn’t calling this spring a buyer’s market—only one characterized by fewer competing offers.

Challenges:

·         Home prices. Prices are still relatively high—especially for those buying a home for the first time. Since they can’t count on the equity built by their current property, scrambling for a substantial down payment can be a barrier.

·         Securing a loan. In March, the FHA said that it is tightening its rules for high-risk mortgages. As is generally the case, this can provide a hurdle for first-timers.  

·         Inventory is still tight. Some finger-pointing is aimed at the home construction industry, which is only now rebounding from the recession-spawned falloff in new home starts. Entry-level housing ($200,000 and less) is the sector hit hardest.

Buying a home in Georgetown, DE may take more determination for first timers—but that doesn’t mean it isn’t well worth the effort. Whether you are a first-timer or a long-time homeowner, give me a call for an in-depth discussion of the possibilities presented by this spring’s many offerings!  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