Real Estate Market Heating Up for Home Buyers and Sellers
It’s been quite a challenging Spring for any number of industries and institutions throughout the US, but many indicators show that the real estate market may be bouncing back faster than many sectors of our economy. Home prices are on the rise and available inventory is increasing as the market maintains its 9th straight week of steady growth. Certainly, like many areas throughout the East Coast, Delaware’s market was hit hard during the first half of the year, with particular lows being seen in April. However, comparatively speaking, the First State did a good job managing quarantine and has seen a successful re-opening these past few weeks. Many are predicting a growing market through summer and into fall due to Spring’s shortage. Though inventory shortages still remain, record low mortgage rates have buyers eager for a better fit as lifestyles change due to a “new normal.”
What are Buyers Buying?
Space – functional space. According to a Bright MLS survey this month of 95,000 real estate professionals throughout the Mid Atlantic, buyers are most interested in square footage, outdoor living space and a home with a home office. Tech-ready homes are big sellers as many buyers see themselves working remotely much more in years to come. Keeping with the theme of more space, real estate professionals note that many buyers are also desirous to buy homes in less-dense neighborhoods.
Building Your Real Estate Team
If you are in the market for a new home and looking to take advantage of low mortgage loan rates, we don’t blame you. This summer promises a competitive real estate market, so you will want to make sure your real estate team is top notch. Go with the team with the expertise necessary to protect your investment. Choose the real estate law professionals at GDWG today!