Monday's Main Event - Vol. 65.0 - 01.15.2024

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... ... Reflecting on 2023 by quadrant and looking into 2024. 2023 In Review   Digging in to 2023 and the home closings by Quadrant, between Rt's 1 and 113 had the highest number of home sales, more than double the other 3 quadrants combined.  As was the case all year, East of Rt. 1 was down in units and West of Rt. 13 was down in price compared to 2022.   Interest rates are lower in January than in December and less than half a point higher than January a year ago.   "Marry the House, Date the Rate" To sum it up...  Home prices in Sussex County were up 7.5% on average vs. 2022 in all quadrants except West of Rt 13 and are expected to continue to rise through 2024. As interest rates continue to come down (some people are saying in the low 5%'s or lower by the end of the year), we should see more inventory become available.   Consider this....  Rates now are 1 full point below where they were at the beginning of November 2023.  So, if someone who purchased a home for $500K then at 7.75% refinanced today (2.5 months later), they would have only paid $400 more over the last 2 months and are now able to reduce their future monthly payment by $200.  That's about $72K saved over the life of the loan by refinancing into a lower rate only 2 months later.  Spending an extra $400 was a cheap way to save $72K! Does it make sense for you to buy the beach house now and refinance to a lower rate later?   Call, Text or Email me - 215-432-3066 // jeffheckerhomes@gmail.com Upcoming  Spring Events In Rehoboth Beach Note: the Gumbo Crawl was moved to April 6th so as not to compete with Easter Weekend. Click Here to start your home search, today! Help me, help you. Complete the Survey Forward this 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. Market Stats for Specific Towns or Communities I’m here to help decode the mystery of the Sussex County Real Estate market. Let me know which communities you are interested in for more information.

Did you find this information helpful?  Let me know by simply replying "thanks" in the comments, below. Interested in information about a specific town or community?  Let me know in the comments, below.   I'm here to help decode the mystery of the Sussex County Delaware Real Estate market.

*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.