Dover
Newark
Closing Conducted by: | Attorneys |
Conveyance: | Warranty Deed |
Primary Foreclosure Method: | Judicial |
Process Period: | 3 - 7 months |
Notice of Sale: | Sheriff |
Redemption Period: | None |
Income Tax: | 2.2% - 6.60% |
Corporate Tax: | 8.70% |
Sales Tax: | None |
Estate Tax: | No |
Inheritance Tax: | No |
Median Property Tax: | 0.43% |
Property Taxes by County: | http://www.tax-rates.org/delaware/property-tax#Counties |
Closing Cost: | $2,516 |
Transfer Fee: | 1.5% - 2% |
Origination Fee: | $1,771.00 |
Median Home Value: $236,400
1-Year Appreciation Rate: +1.2%
Median Home Value (1-Year Forecast): +0.4%
Median Rent Price: $1,400
Price-To-Rent Ratio: 14.07
Average Days On Market: 76
Percent With Negative Equity: 10.8%
Unemployment Rate: 3.3% (latest estimate by the Bureau Of Labor Statistics)
Population: 967,171 (latest estimate by the U.S. Census Bureau)
Median Household Income: $63,036 (latest estimate by the U.S. Census Bureau)
Percentage Of Vacant Homes: 16.85%
Foreclosure Rate: 1 in every 1,106
Kent (1 in every 808)
New Castle (1 in every 1,028)
Sussex (1 in every 2,180)
Tax Lien or Deed: Tax Deed State
Interest Rate: 15-20% penalty (in some counties)
Redemption Period: 1 Year Redemption (in some counties)
Foreclosure activity will continue to decline: As it has already done over the course of 12 months, the strengthening economy has bolstered the Delaware real estate market. Consequently, increasing home values have removed many homeowners from underwater, precarious situations. While there’s still an inordinate amount of foreclosures in the Delaware housing market, the state looks like it will slowly (but surely) ease foreclosure activity for the foreseeable future. What’s more, investing in Delaware foreclosures should promote a healthier market for everyone.
Available inventory will continue driving prices up: The Delaware real estate market has felt the constraints of tight inventory for several years. Thanks, in large part, to a lack of available housing, prices have increased for the better part of a decade. That said, there doesn’t appear to be a solution anywhere on the horizon. As of September, Delaware had 3.9 months of supply, which represents a year-over-year decline of 25%. Until the state addresses the situation, home prices will continue to rise.
Positive economic indicators will support a healthy real estate market: Not unlike the majority of markets across the country, Delaware is a lot better off today than it has been in years past; that, combined with a stronger economy and historically low interest rates should promote homeownership on a higher scale. As a result, the entire market should see a lot more activity, which bodes well for everyone involved in transactions for the foreseeable future.