In Newark and Wilmington, DE real estate, spring is characteristically a busy buying season and this year, it seems home sellers are already getting a head start. Now is the time sellers have actually begun preparing for the infusion of buyers into the local real estate market. Growing increasingly confident in how fast their homes will be able to sell, many of them are listing their Wilmington homes now.
As you may have noticed, housing prices for Wilmington and Newark homes are on the uptick, mortgage rates are continuing to rise, and more homeowners are regaining positive equity in their homes— a few of these all new to homebuyers for 2014. Given these factors, many sellers are ready to take advantage of the current state of the market and are listing their properties now to prompt homebuyers to strike before spring.
But why the big push right now, many Wilmington homebuyers may wonder? According to one real estate expert, sellers are "nervous about what the spring is going to bring," the expert told Realtor.com. In fact, "they don't know if everybody will list this spring— then you’ll have a big counterbalance toward too much inventory — or if there’ll be a crunch again. They figure they’ll get out ahead of the market, list, sell, and be done with it.”
Real estate economists and outlets are also predicting that with the increasing number of home sellers listing properties right now, the shortage of homes is on its way out. Last year's market was notorious for a lack of homes for sale in Wilmington and Newark, but now insiders suggest the current rising home prices will encourage more to sell and bring more homes into the market.
In fact, "in the last four months of 2013, year-over-year inventory levels of homes for sale began to climb after 30 straight months of declines," reported the National Association of Realtors.
Wilmington and Newark DE homebuyers will want to take advantage of the added inventory they may notice in the area before mortgage rates and housing prices rise even further. And despite a waning enthusiasm for real estate over the past year, both sides— Delaware homebuyer and home seller— have now seen a confidence boost.
“In some markets, prices may rise further and buyers will want to catch it, before the increases put them out of their budget," Realtor's chief economist told Bloomberg.
Ready to list your home this spring? Prepared to make a move to a new Wilmington home before the busy spring and summer seasons? Contact us today to reap the homebuyer (and seller!) benefits at this time!
New to the real estate market? No problem! You can also learn more about the buying process at our FREE First Time Homebuyer Seminars!
Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
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