I consider it a priority, as a Wilmington, DE real estate agent, to stay on top of emerging trends in the local real estate market. It’s important that I use the latest market news and statistics when communicating with my clients because it helps me better understand the individual needs of every Wilmington, DE real estate transaction. When I have a strong grasp of what is happening in both the local and national real estate market, I know what my clients’ needs are and can provide them the best service possible. In recent years, that meant that I had to help more people successfully complete their Wilmington, DE short sale transaction, and this is still the case in today’s market.
Each time a new year begins, I sit down and take the time to review what happened the year before and determine what that could mean for the year to come. As a Wilmington, DE real estate agent, it is how I know what areas of expertise I need to use to best service the needs of the people in my community. Over the past few weeks, I have taken the time to figure out that there are a few changes to come to the Wilmington, DE real estate market. With the intention of preparing you for what is to come, I thought that I’d share a few of the major upcoming trends:
• Home buyers will make a comeback. Now that jobless claims are decreasing and the condition of the United States economy is slowly improving, more home buyers will be stepping up to the plate this year. Last year, Wilmington, DE real estate consumers lost confidence in the market, which caused sales to go down. Now, some of that confidence has returned, and more people will be willing to make the investment on a home. Once consumer sentiment starts to solidify, more buyers will realize that now really IS the time to buy.
• Wilmington, DE foreclosures and short sales will likely increase. The robo-signing challenges of late 2010 caused a serious delay in the processing of several foreclosure properties, but now that the situation has been resolved, these proceedings will start back up again. This will cause the value of single-family homes to decrease and will put many homeowners underwater, which will create an increase in Wilmington, DE short sales. This sounds scary, but many lenders are already recognizing this situation and are easing the requirements needed for both refinancing and the short sale process.
• Home values will continue to go down. With the increase in foreclosures and short sales that are about to enter the market, we will likely see the values of single family homes start to go down. This will be great news for buyers as they embark on their Wilmington, DE home search, however for sellers, this will continue to be a frustrating factor. Since the increase in foreclosures will eat up some of the buyer demand in the market and will impact appraisals, it is likely that more homes will be underwater this year.
Now that you know all about the upcoming trends in the Wilmington, DE real estate market, it’s important to be prepared. Stay smart with your finances and keep your credit scores as high as possible in order to avoid trouble with your mortgage payments. If you feel that you’re already underwater on your Wilmington, DE home, now is not the time to panic. Instead, you should contact your Wilmington, DE real estate agent and discuss your options. You may just qualify for a short sale.
Don’t hesitate to contact me with any of your questions or concerns! I’d be happy to help you out in any way that I possibly can. I will make your real estate needs my priority. I hope to hear from you soon!
Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
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