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Real Estate ‘s Economic Contribution in Delaware. The Real Estate Industry accounted for $8,953 million or 13.0% of the Gross State Product in 2012. Bureau of Economic Analysis; NAR. Economic Contributions are derived from: Home construction Real estate brokerage Mortgage lending - PowerPoint PPT Presentation
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Real Estate ‘s Economic Contribution in Delaware
The Real Estate Industry accounted for $8,953 million or 13.0% of the
Gross State Product in 2012
Bureau of Economic Analysis; NAR
Economic Contributions are derived from:
Home constructionReal estate brokerage
Mortgage lendingTitle insurance & Attorney fees
Rental & LeasingHome appraisal
Moving truck serviceInspections
When a Home is Sold in Delaware
Income Generated from real estate related industries is:
$16,992
Additional expenditure on consumer items such as on furniture, appliances, and remodeling is:
$4,429
Bureau of Economic analysis; Census: NAHB,NAR
When a Home is Sold in Delaware
The multiplier impact is estimated to be:
$10,282
Additional home sales induce additional home production . On the average, one new home is constructed for every 8 existing home sales. 1/8 of new home value is added to
the economy estimated in the State to be:
$23,600
Bureau of Economic Analysis; Macroeconomic Advisors, NAR
Median Price Home:
The Total Economic Impact of A Home Sale in Delaware
$188,800
Total Income Derived from a Sale of a Home:
$55,303
Bureau of Economic Analysis; NAR
$10,000 – $1,000,000 - Short sales $10,000 - $500,000 - Bank owned
Housing Statistics for New Castle & Kent County
September 30 2014
New Castle Kent County
Inventory 2675 1266
Short Sales 284/11% 90/7%
Bank Owned 83/3% 42/3%
Trend
Inventory vs. Appointments New Castle County
0-99,999 12%
100,000- $199,999 30%
200,000- 299,999 26%
300,000 – 500,000 24%
500,000 + 8%
$0-99,999 16%
100,000 -199,999 29%
200,000-299,999 29%
300,000-500,000 21%
500,000+ 5%
Appointments
Inventory
Inventory vs. Appointments Kent County
$0-99,999 24%
100,000 -199,999 40%
200,000-299,999 28%
300,000-500,000 7%
500,000 + 1%
Appointments
0-99,999 10%
100,000-199,999 30%
200,000- 299,999 45%
300,000-500,000 12%
500,000+ 3%
Inventory
Positive outlook on Financing Mortgages
USDA- FHA- Conventional- VA
Loans appear to be available. Low interest rate loans for low to moderate
income familiesWaiver of PMIApproving Higher debt ratios Government assistance for down paymentsRate remains low
Barriers
Low paying jobsLimited number of new businessesStudent loansShortage of inventoryReduction of governmental programs
Homeownership Concerns
Mortgage Insurance Deduction eliminationMortgage Debt Cancellation Relief
Flood Insurance
Homeownership still remains the ultimate American Dream
Improves the quality of lifeHomeownership stabilizes communitiesIncrease individual’s net worthIncreases a sense of security, Improves ones sense of well-being.