Over the past few years, the Delaware real estate market has been doing great. However, rising interest rates could affect home sales in the upcoming months.
In particular, the Delaware real estate market is seen as a seller’s market, with regard to the global health crisis we’re in. In 2021, the state’s counties faced increases in median property costs and the number of houses sold.
The lifestyle changes caused by COVID-19, and the shortage of housing supply, are the primary reasons for increased housing demand when it comes to the Delaware real estate market. The National Association of Realtors (NAR) claims that the U.S. built 276,000 fewer homes on average annually between 2001 and 2020. As you can see, it’s not just about the real estate market softening Delaware, it’s a nationwide crisis. NAR also said that if production didn’t slow down, there would be 5.5 million more houses in the 2022 US housing market.
To fill the gap in the rising housing demand, the US will have to build over two million homes yearly for the next decade. Given the present global conditions that are negatively impacting the supply chain, it would be an almost-impossible feat. Simply put, the law of supply and demand will still rule over the real estate market in 2022.
Delaware Will Still Be a Somewhat-Hot Market
Delaware remains to be a seller’s market, which makes it one to watch out for although according to industry insiders, days on market will soon increase from 40 to 70.
As the Delaware housing market picks up steam, buyers and investors are advised to still do due diligence and avoid getting easily swayed by the fast-paced market movement. Since a seller’s market often pressures buyers into making sudden and impulsive purchases, it would be prudent to keep your cool and go over each step of the process carefully.
When you’re searching for an investment property in a certain market, it’s recommended to do some advanced research and work with a professional real estate agent. These two factors should never be overlooked since they’ll give you a higher likelihood of landing a good deal, specifically in a market such as Delaware.
As the Delaware housing market faced several price fluctuations in 2021, investors and buyers can pretty much expect the real estate market softening Delaware to be an issue for the remainder of 2022. As of now, it’s still unknown whether the state will see a similar number of fluctuations as last year, i.e., in terms of the average home price. However, specialists agree that 2022 will end with relatively higher median property costs in most counties in the state.
What To Do With The Real Estate Market Softening Delaware PA
So, what’s the best advice on how to handle the real estate market softening in Delaware? You might be wondering how you can sell your property in such a situation?
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