We’ve all experienced significant challenges thus far in 2020, which is destined to be a year none of us forget anytime soon. But there’s a silver lining in every dark cloud, and we’ve found a pretty big one if you’re considering your selling your home in southern Delaware or on the eastern shore of Maryland.
Due to pent up demand after several weeks of “shelter in place” restrictions, as well as a seriously depressed level of inventory currently on the market, the interest in local real estate is literally as hot as we’ve ever seen it in the 16 years since the Oldfather Group was founded in 2004.
As a group, we’ve seen several homes in the last couple of months sell literally a day or two after being listed, with far more buyers than sellers currently in the residential real estate market. Quite simply, there’s a shortage of homes for sale, which is a great opportunity if you’ve been on the fence about whether or not to sell.
The local situation mirrors what the National Association of REALTORS (NAR) is reporting in the United States as a whole, with sales of existing homes up more than 20 percent in June compared to the month of May.
And here’s the kicker – this represents the largest monthly gain that NAR has ever reported, dating all the way back to the infancy of this particular reporting metric in 1968.
A CNBC report posted earlier this week revealed that inventory is down all over the United States, accounting for a more than 18 percent drop from the same time a year ago. Mirroring what’s happening in our local markets, this is keeping an insanely robust market from becoming even more robust.
Says NAR Chief Economist Lawrence Yun: “The housing market is hot, red hot, based on the data…We are clearly seeing trends for small towns or suburbs.”
In addition to record low inventories, mortgage rates are also near historic lows and are expected to remain that way, at least in the short term, as the Federal Reserve continues its easing measures in response to the coronavirus pandemic.
Alright, so we said all that to say this – if you have a home and you’ve even remotely considered selling it, you may not get a better opportunity than the one that’s presenting itself at this very moment in time.
We have potential buyers contacting our team of exceptional agents every day asking to look at homes, and we frankly don’t have enough on the market to show them. But what is available is selling quickly, more quickly than we’ve ever seen.
So let’s sit down and talk about your home and property. Our team has once again ranked in the top three in the state of Delaware for 2019 in terms of overall sales and sales volume – so if you have a home to sell, we’re the ones who are going to get it sold for you!
Give us a ring today at 302-260-2000 or visit us online at www.theoldfathergroup.com to set up an appointment with a member of our growing team of real estate professionals.
There’s no better time than right now to learn about the Oldfather Group difference, and see what we can do for you and your family.