If you've been dreaming about a fresh start in Delaware or Pennsylvania and have started browsing homes for sale in Greater Wilmington, Newark, Chester County or Delaware County PA, you'll be glad to know you are on the right track! 2018 is shaping up to be a great year to purchase a home in our area for a variety of reasons, from rate hikes to inventory levels, and I've listed a few of them for you below!

Rates are rising
In order to avoid paying more down the road for a home in Delaware or Pennsylvania, you will want to make your purchase in the beginning of the new year ahead. Interest rates are expected to continue rising (no more 3% rates!) over the next 11 months, at least two to four more times. In fact, buyers can expect 5 percent interest rates by the end of the year. 

Prices are rising
Just as I mentioned above, you could end up spending more for the same property if you wait to buy later in the year as home prices are also expected to increase. And while these have been rising rapidly over the past few months, 2018 will begin to moderate that pace. Home prices will indeed continue to rise, but not quite as quickly as they have been. However, that doesn't mean you should delay! Purchasing a home in 2018 is a wise move and will allow you to save as you watch numbers tick upward.

Inventory is rising
This is a good sign for the local real estate market as inventory levels have been on the low side for the last year. More homes will return to the market, with the majority of the recovery being in the middle to upper price ranges, which means you will have much more to choose from as you begin your home search in Delaware and Southeastern Pennsylvania.

Start the new year in a new home in Wilmington, Newark, Chester County or Delaware County PA— the Kat Geralis Home Team is here to help! Give us a call today for a list of available properties in the area or for more information about buying a home. We even offer FREE first-time homebuyer seminars!

Looking forward to hearing from you in the new year!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty

Wilmington Real Estate
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