Monday's Main Event - Vol. 44.0 - 08.21.2023

Monday's Main Event Get a jump on your week with the latest in local Real Estate Market trends, Mortgage Rates, and Local Happenings The Main Story... ...  New construction is a very important element in the Real Estate Mix, here in Sussex County. Part 2 August 2023 - Month To Date As we saw last week, New Construction makes up roughly 40% of the homes sold right now.  However, when we remove them from the mix of what's available and look at ONLY Resale homes that are new to the market this month, we see a huge deficiency in every corner of Sussex County.  It's no wonder New Construction makes up such a large part of the total homes sold right now. Interest rates are up about .5% since March.   In real terms, on a purchase price of $550,000 with 20% down, that's $146.00 more a month in Principal and Interest compared to 6 months ago. So, if you want the monthly payment that you would have had in March - consider this - Sellers will need to discount prices by about about 5% or talk to your lender about the cost of a "rate buy down". "Marry the House, Date the Rate", as they say. To sum it up...  With such light Resale inventory; New Construction is a great option to get a home that you love; the way that you envision it to be.  In this market, if you're considering buying a New Construction home, I have the knowledge and experience to ask the right questions with the builders which will help you avoid potential pitfalls through the Contract-to-Close process.  Remember, Builders welcome Buyers who have Realtor® representation and they don't discount homes or offer extra incentives because you're NOT working with a Realtor®.   So, don't go through the process alone.  Please reach out to me today if you're considering building new vs. waiting for the perfect Resale. Although rates "are what they are", there are creative ways to navigate the market.  I'm here to help with that.   Click Here to start your home search, today! Believe it or not, Delaware offers several types of assistance for home buyers in the state.   Depending on different requirements, many home buyers qualify for this assistance. Click HERE to read more and to find out if you can benefit from one of these programs Content provide by Eric Parsons, Mortgage Loan Officer with Capital Bank 302-632-2515 / EParsons@capitalbankmd.com Give Eric a call and let him know I sent you his way. Forward this Email to a Friend Real Estate Portfolio Analysis Stay up to date on your home valuations and real estate assets with a real estate portfolio review. New Newsletter Content Want something that you don’t see in this newsletter? Hit reply and let me know! Local Business Recommendations Reach out to me for any home improvement project contractors, or even food & activity recommendations. New Newsletter Content Want something that you don’t see in this newsletter? Hit reply and let me know!

 

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