Source:https://youtu.be/GVU1pGYJiBw

Good day to all Delaware homeowners! The Delaware Housing Market is seeing some major changes this September. Hence, let’s break down everything you need to know about it. Without further ado, let's jump right into it.

Home Prices Stabilization

The first thing is home prices are starting to stabilize in Delaware. And that is not the sign of a housing crash; that’s a sign of a healthy housing market! Over the past two and a half months we’ve started to see a slowdown in the rate of increase in home prices. Let me show you what I mean.

From March 2020 until about June of this year, we’re seeing prices increase month after month at an insane rate. But now, we're starting to see healthy tendencies as the rate of price increase slows down.

Days on the market today are starting to go back up where we see homes listed on the market for 10 to 14 days only on average. And to put that into perspective, three years ago in Delaware, the average home was selling in 81 days! So we are nowhere close to where we were before this crazy seller’s market started.

Buyer Negotiations

As we’re seeing homes stay on the market a little bit, we are shifting into where buyers can negotiate their offers. Let me take you on a trip down memory lane back to April and May of this year. When you get an appraisal taken by the seller and get a house a thousand dollars under the list price, you were lucky. You couldn’t even get inspections on a property back then.

But now, we have some negotiating power, and it doesn’t mean we’re out of the thick of it yet. What's new is that first, buyers can now seek help with closing costs. Second, buyers can negotiate the settlement dates. And of course, we’re getting inspections done so as a buyer, you’re protected going into that new home.

Your home is Worth Way More

This is for the savvy homeowners in Delaware that want to know what’s your next move. Your home is worth more than what you bought it for if you’ve owned it for more than a year. Let me tell you what’s going on behind the headlines.

Yes, there are talks of price increases and frustrated sellers. And there are price increases and frustrated sellers indeed. Still, price reductions are going on and homes are sitting on the market. What could be driving this?

The real reason is there are greedy sellers and misinformed real estate agents. Those sellers and realtors alike are still trying to break records with prices. We’re not in that market anymore.

For the last year and a half, we’ve been seeing record-breaking prices month over month. That has stalled out because we’re getting back to a healthy real estate market. So if you’re still interested in selling your home, it is worth a lot more than what you bought it for. But, don't expect it to be breaking any records more than likely.

Closing Thoughts

Suppose you’re one of those savvy homeowners that have all this equity built up and you're not sure what to do with it. In that case, I want to have a conversation with you because your situation is specific to you.

There are so many options outside of selling your home to get mere equity. If you’d like to learn what those options are, reach me here at Loft Realty, and we’ll see which option is best for you.

And that’s it for September's Delaware Housing Market Update! I’m Zachary Foust with Loft Realty, where we continue to be the difference you deserve. See you in the next update!