Monday's Main EventGet a jump on your week with the latest in local
Real Estate Market trends, Mortgage Rates, and Local Happenings |
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| ... One week left in the first half of the year... |
| a year ago the national average interest rate was 5.03% and we are now more than a point and a half higher than that and transactions and prices are still holding strong. |
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| June to date, with one week to go, we can clearly see where the sales are strong and lagging across Sussex County. The closer you are to the coast, the harder it is to find a home to buy, with fewer new construction communities East of Rt. 1, the demand is down significantly from last year. West of Rt. 1, all quadrants are showing strong numbers year to date, with a slight decline in the average home price West of Rt. 13. |
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| As we consider the strength in demand across the county, we see that new listings of Resale properties are down significantly from last year. This lack of inventory both pushes sale prices up and makes new construction more appealing than ever. In every quadrant, listing prices are flat or up from last year, year to date, which is showing Coastal Delaware to be stronger than the national trend. |
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30 year rates remained relatively flat last week compared to the week before, and as we've seen from the demand and short number of days on market, many buyers know that they can refi in the future and are unfazed by interest rates.
"Marry the House, Date the Rate", as they say. |
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To sum it up...
As we go into the last week of the first half of the year, we find that Sales are down, but it's not for lack of interest, but for lack of supply.
Although the Days on Market are still relatively low compared to pre-Covid times, they are quite a bit slower than the last two years have been.
And, believe it or not, we are still seeing close to 30% of the closed transactions this month selling for MORE than the original listed priced.
Click Here to start your home search, today! |
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Not only is Delaware a great state for it's charming coastal towns, but it's also known for it's low property taxes and no sales tax.
As more and more people retire to the Coastal Delaware region, they are also considering things like State Inheritance Tax (or the lack of it), when choosing to move here.
I recently came across this article providing some tips and tricks when leaving your Estate to your heirs. Since I know this isn't something that comes up in normal conversation, and it is the type of thing you need to plan for (before you can't) I thought it could be helpful to a handful of my readers.
If you or someone you know would like a few Estate Attorney's names and numbers, I'm happy to provide them to you, just let me know. Read More HereCourtesy of Yahoo Finance : https://finance.yahoo.com/news/real-estate-transfer-baby-boomers-150025107.html |
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