Get a jump on your week with the latest in local Real Estate Market trends, Mortgage Rates, and Local Happenings
The Main Story...
... One week left in the month of September and the local Real Estate market seems to becoming more stable in both price and inventory.
September 2023 - Month To Date
September new resale listings are trending down about -15% from last year, which is better than it has been all year (down -23% from last year).
Average list prices continue to be strong with an increase of more than 25% from the 5 year average. This is predominately due to a much higher percentage of multimillion dollar homes on the market vs previous years.
With interest rates staying high and the FED talking about doing one more increase this year, Assumable Mortgages may be an excellent option to win with both a lower home price and a lower mortgage rate that you can hold on to for years.
"Marry the House, Date the Rate"
To sum it up...
Although inventory is down and we are seeing a higher number of multimillion dollar homes coming on the market, we are seeing stability in both the average home price sold and a narrowing of the "lack of inventory gap", both indicating some parity in the market.
Competitive shopping for mortgages and selecting the right lender based on your specific needs is essential in getting the best rates in this market. If a Seller has an Assumable Mortgage, it could save you thousands of dollars a year.
Please note: I will be out of the office September 28th though October 2nd. I will respond to emails, text messages, and phone calls as quickly as I can.
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Market Stats for Specific Towns or Communities
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*all information in this email is relative to Sussex County Delaware and is not to be construed as the case for Kent or New Castle Counties.
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