We want to give you a quick update regarding the Spring 2014 Real Estate Market in Delaware as the shift from buyers to sellers market appears to be underway.
So, what's happening in our market? Well, for the third consecutive year – home sales in Sussex County have increased by double digits – up 13 percent in 2013, listing days on market for 2013 decreased from 198 to only 168, while the number of homes on the market fell to just 44 weeks. (This is the lowest it's been in more than two years.) So, Real Estate Recovery in Sussex County is clearly gaining momentum.
Even with the government shutdown throwing a wet blanket on our fall market, as the snow begins to melt, we are seeing well priced turn key homes sell quickly – often with multiple offers, sellers holding their ground and getting their price often above highest recent comparable sales, new construction communities continue with frequent price increases. Buyers anticipating interest rates climbing further are booking showings way in advance of their visits. Just, this past weekend our team wrote 7 offers and we sold a property in house buyer prior to completing the paperwork.
Although REO, Short Sale and Foreclosure inventory is down there are still some great opportunities for investors in the market. So, if you see an opportunity you should grab it!
The good news though, is that you still have a opportunity in this last chance market as a buyer, and an opportunity for a quick sale at a fair market price as a seller. While well priced turn key homes are selling quickly and often with multiple offers, mortgage rates are still near all-time lows. But, now is the time to act if you are a buyer or a seller who needs to move.
So, If you know need to get an idea of your current home value, have given any thoughts to selling, need information about a property, or know someone who may be a little behind on their mortgage, give us a call email, tweet, or Facebook us.