Buying real estate in Delaware

Purchasing Your Home

Any major purchase requires research, careful analysis, consideration, and thought. Home buying isn't any different! Determining the right location, the number of bedrooms or bathrooms needed, and outdoor space is the easier things. However, there are many other factors to think about in your home search. From your initial search to the moment you get the keys to your new home, I will be there, guiding you through the process. I can even help connect you with mortgage professionals to get the best rates.

As an area expert, I can help educate you on the different neighborhoods, schools, and other local community amenities that suit your lifestyle.

Home Buying Can Be Easy
As your buyer agent, I can help streamline the process of buying a home and make it easier for you. I’ve aligned myself with the top professionals in the industry, and once an offer has been accepted, I will personally help facilitate the process to close on the home. By working closely with mortgage brokers, title and escrow companies, home inspectors, and home warranty companies I will provide you with the best service possible!

Need help with your home search? Fill out my "Home Buyer Information Survey".

This allows me to set up automated searches and help you with your specialized needs.

Home Buyer Information Survey (Click here)

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Frequently Asked Questions (FAQ's) for Home Buyers

1. What is the first step in buying a home in Delaware?

The first step is to get pre-approved for a mortgage. This helps determine your budget and shows sellers that you’re a serious buyer. I can also connect you with trusted local lenders if you need assistance.
If you are an all-cash buyer, then you will need Proof of Funds, typically account statement(s) showing where the money is coming from.

2. How much do I need for a down payment?

Down payment requirements vary based on the loan type:
Conventional loans: Typically 5-20%.
FHA loans: As low as 3.5%.
VA loans (for veterans): No down payment required.
Down payment assistance programs are also available in Delaware for eligible buyers.

3. What is the Delaware real estate transfer tax, and who pays it?

Delaware has a 4% real estate transfer tax, which is generally split evenly between the buyer and seller (2% each). This cost can sometimes be negotiated in the purchase agreement.

4. What are the common closing costs in Delaware?

Closing costs typically range from 2-7% of the purchase price and include:
Transfer taxes.
Loan origination fees.
Title insurance.
Attorney fees.
Prepaid property taxes, insurance and utilities.

5. What should I look for in a home inspection?

A home inspection evaluates the property's condition, including the roof, foundation, HVAC system, plumbing, and electrical. I recommend attending the inspection and reviewing the report carefully to identify potential issues or necessary repairs.

6. How competitive is the housing market in Delaware?

The market can vary by location. Coastal areas like Rehoboth Beach and Lewes tend to be highly competitive, while smaller towns may have more inventory. In a competitive market, being pre-approved and ready to act quickly is essential.

7. What incentives are available for first-time homebuyers in Delaware?

Delaware offers programs through the Delaware State Housing Authority (DSHA), including:
Low-interest loans.
Down payment and closing cost assistance.
Tax credits for first-time buyers.

8. How long does it take to close on a home in Delaware?

On average, it takes 30-45 days from the time an offer is accepted to closing. However, this timeline can vary depending on financing, inspections, and negotiations.

9. Are there specific disclosure requirements in Delaware?

Yes, sellers in Delaware are required to provide a Seller’s Disclosure Form, which details the property’s condition, including any known defects or past repairs.

10. Do I need an attorney for the home-buying process?

Yes, Delaware law requires an attorney to be involved in the closing process to ensure all legal requirements are met. Your attorney will review contracts and handle the title transfer.

11. What is the property tax rate in Delaware?

Delaware has relatively low property taxes compared to other states. Rates vary by county, but on average, you can expect 0.56% of the home’s assessed value annually. In 2024 Delaware underwent a reassessment, so the tax rate will change.

12. Can I back out of a deal if the inspection reveals issues?

Yes, most purchase agreements include an inspection contingency that allows you to negotiate repairs, request credits, or cancel the contract if significant issues are discovered.

13. Are there specific neighborhoods or areas you recommend?

Delaware offers diverse communities, from beach towns, suburban developments, urban areas to country farms. The right neighborhood depends on your budget, lifestyle, and priorities. I can help you in any of these areas that fit your needs.

14. Do I need to pay my real estate agent?

Yes and No, as a buyer, you typically don’t pay your agent out of pocket. Most agreements of sale are written so the real estate commissions are deducted from the proceeds of the sale at settlement. Be aware that working with an agent in any state requires a Buyer's agreement be signed.

15. How do I make my offer stand out?

To make a competitive offer:

Be pre-approved for a mortgage of have proof of funds.
Include a strong earnest money deposit.
Limit contingencies where possible.
Writing a personal letter to the seller used to be helpful, however now these letters are not as recommended as in the past in order to prevent any potential fair housing violations.

Curious about what’s happening in your neighborhood? You can create a custom market report to see what’s active, under contract, and sold in your neighborhood!

Considering selling or refinancing your home? Get an INSTANT property valuation now!