Finding the home you want in the First State is becoming more and more difficult especially in “hot” areas such as Pike Creek and North Wilmington. Even though interest rates are on the rise, they are still very reasonable for those seeking a mortgage. Fear of inflation, and therefore a higher dollar figure for homes, is also affecting the market. This is bringing out first time home buyers as well as those exploring their first opportunity to “move up.” What has resulted is a home shortage in the market in much of the US. Our area is feeling it, too. If you are looking for a home in Newark, Pike Creek or North Wilmington in the $300K – $600K range, do not hesitate to put in an offer once you have found your dream house. Some homes are only spending one day on the market before they are snatched up. Others are seeing bidding wars from buyers and end up selling above the asking price.
What’s not moving off the market as quickly? Distressed homes that need a lot of rehab are still slow to move in some areas especially downstate. Other homes that stay on the market longer tend to have certain similarities such as outdated kitchens and bathrooms. So, if you are selling, be competitive. Make sure your home presents as best as it can when showing, but you may want to make sure you have your new home under contract before you go to sell your existing property. For some home sellers, the biggest hurdle is finding a place to land!