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Real Estate ‘s Economic Contribution in Delaware

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

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Real Estate ‘s Economic Contribution in Delaware

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  1. 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

  2. Economic Contributions are derived from: • Home construction • Real estate brokerage • Mortgage lending • Title insurance & Attorney fees • Rental & Leasing • Home appraisal • Moving truck service • Inspections

  3. 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

  4. 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 When a Home is Sold in Delaware Bureau of Economic Analysis; Macroeconomic Advisors, NAR

  5. The Total Economic Impact of A Home Sale in Delaware $188,800 Total Income Derived from a Sale of a Home: $55,303 Median Price Home: Bureau of Economic Analysis; NAR

  6. Housing Statistics for New Castle & Kent County September 30 2014 $10,000 – $1,000,000 - Short sales $10,000 - $500,000 - Bank owned Trend

  7. Inventory vs. Appointments New Castle County Appointments Inventory

  8. Inventory vs. Appointments Kent County Appointments Inventory

  9. Positive outlook on Financing Mortgages USDA- FHA- Conventional- VA • Loans appear to be available. • Low interest rate loans for low to moderate income families • Waiver of PMI • Approving Higher debt ratios • Government assistance for down payments • Rate remains low

  10. Barriers Low paying jobs Limited number of new businesses Student loans Shortage of inventory Reduction of governmental programs

  11. Homeownership Concerns Mortgage Insurance Deduction elimination Mortgage Debt Cancellation Relief Flood Insurance

  12. Homeownership still remains the ultimate American Dream • Improves the quality of life • Homeownership stabilizes communities • Increase individual’s net worth • Increases a sense of security, • Improves ones sense of well-being.

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