New Homes in Wilmington A Popular Draw for Boomerang Buyers
Wilmington-area real estate market heats up
The term “boomerang buyer” refers a person who lost a home to foreclosure or short sale, but is planning to re-enter the market to buy again. CBS News reports that 70 percent of these boomerang buyers plan to buy another home when they are eligible. This translates to a whopping 500,000 homeowners ready to buy homes every year for the next several years.
Who can buy new homes in Wilmington?
According to CNN, mortgage giants like Fannie Mae and Freddie Mac require defaulters to wait five years, have a minimum credit score of 680 and save up a 10 percent down payment. Sometimes this wait time can be reduced, however – like in the event of a layoff, divorce, or health issue.
Why buy again?
For some buyers, home ownership truly is “the American Dream” and they couldn’t imagine anything else. Others are enticed by the low housing prices and even lower interest rates. In most markets, it’s still cheaper to buy a home or townhome than it is to rent a much smaller apartment.
Why are people buying new townhomes in Delaware?
Why choose new townhomes in Delaware? The “First State” is an attractive place to buy, due to the extremely low real estate taxes compared to neighboring states like Pennsylvania, New Jersey, Virginia and Maryland. Delaware is one of just five states with no sales tax, and one of 27 states with no tax on social security benefits. Residents enjoy a relaxing coastal lifestyle, with great restaurants and beautiful natural parks.
Over the years, Delaware has been heralded by national publications as a “great place to retire”and “best vacation home location.” The new townhomes and condos at Darley Green are conveniently located only 15 minutes from Philadelphia, not to mention an hour to Baltimore and two hours from New York City, as well as Washington DC.
Delaware living offers lasting value
NBC News rates Delaware in the top five states with the highest home ownership rate. Sure, the population is smaller than, say, Michigan or Minnesota, but it’s still impressive that 72.1 percent of the people living here own a home, rather than rent. The pride of ownership creates neighborhoods that are cleaner, safer, and more stable.
It’s no surprise, then, that the homes in Wilmington, Delaware retain their value over time. According to Zillow’s latest statistics, homes in Delaware have seen an average appreciation rate of 3.7 percent — which is higher than Pennsylvania (2.2%), Maryland (2.1%) and New Jersey (0.4%).
New homes at Darley Green come with a “zero-maintenance” lifestyle appealing to retirees and a home warranty offering greater peace of mind for boomerang buyers.
Looking for new homes in Wilmington?
If you are looking for new homes in Wilmington, check out the beautiful move-in ready townhouses and condominiums at our various master-planned communities. Prices start in the low $200s, and standard features include gourmet kitchen, 1-2 car garage, and up to 2500 square feet of finished living space. With plentiful greenery and open spaces, shops on site, and dining & nightlife only minutes away, the lifestyle at Darley Green appeals to singles, families, and retirees alike.
Visitors are welcome to tour the Montchanin Builder’s model home, open every day from 11 a.m. to 6 p.m. For more information, please contact Amy Maluski, Community Sales Manager, at 302.655.2600.