Delaware Real Estate Market Trends & Analysis
The Delaware real estate market has yet to experience the same level of recovery as the rest of the country. The loss of equity experienced in Delaware from 2008 to 2012 has proven to be more of an obstacle than many people anticipated. As a result, the local economy has had a difficult time alleviating its own foreclosure crisis. Despite foreclosure activity decreasing on a national level, the Delaware real estate market clocked in with the second highest foreclosure rate of all the states in the first six months of 2019.
It is worth noting, however, that while Delaware may have a high foreclosure rate, foreclosure activity is down year-over-year. Slight improvements in the local economy have helped many homeowners regain equity, but there is still a lot of ground to make up. That said, opportunistic investors may be able to lend a helping hand. By tapping into Delaware's foreclosure market, investors may simultaneously acquire deals at a discount while helping distressed property owners.
It is worth noting, however, that while Delaware may have a high foreclosure rate, foreclosure activity is down year-over-year. Slight improvements in the local economy have helped many homeowners regain equity, but there is still a lot of ground to make up. That said, opportunistic investors may be able to lend a helping hand. By tapping into Delaware's foreclosure market, investors may simultaneously acquire deals at a discount while helping distressed property owners.
Delaware Real Estate Fees & Regulations
Real Estate
| Closing Conducted by: | Attorneys |
| Conveyance: | Warranty Deed |
Foreclosure Procedure
| Primary Foreclosure Method: | Judicial |
| Process Period: | 3 - 7 months |
| Notice of Sale: | Sheriff |
| Redemption Period: | None |
Taxes
| 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 |
Average Transactional Costs
| Closing Cost: | $2,516 |
| Transfer Fee: | 1.5% - 2% |
| Origination Fee: | $1,771.00 |
Overview
- Median Home Value: $236,400
- 1-Year Appreciation Rate: +1.2%
- Median Home Value (1-Year Forecast): +0.4%
- Median Rent Price: $1,400
Delaware Foreclosure Trends & Statistics
Tax Lien Investing
- Tax Lien or Deed: Tax Deed State
- Interest Rate: 15-20% penalty (in some counties)
- Redemption Period: 1 Year Redemption (in some counties)