Discussing Delaware Real Estate Market Trends with a Local Expert
Realtor Q&A: Delaware Real Estate Market Trends from Eric Braunstein.
Industry vet Eric Braunstein knows the real estate market. Focusing on the New Castle, region, he made time for us to talk about what buyers and sellers can expect when they enter today’s market today and other Delaware real estate market trends.
How would you describe the market right now? We have a great story to tell down here: Things are selling. It seems like a simple statement, but there is more to it than that. Just this quarter, prices are up almost 6 percent. We’re down to an average of a 102 days selling time. We’re under five months supply inventory, which from a statistical viewpoint is what we refer to as a balanced market. Anecdotally, my agents are coming to me with houses they listed that are sold the day they come on the market. It’s a tale of two markets, meaning: If your house is in nice condition and it is priced right, it will sell rapidly, although those that are not priced correctly will continue to languish. The bottom line is simple, price it right and it will sell.. It’s also a great time to buy a house, with interest rates at historic lows, and that won’t last for ever.
Since the market decline, have the rules changed for selling a house? No they have not. Sellers must ensure their home is in good condition. Fresh paint. New carpet. Those sorts of things. When a buyer walks in to a house, they don’t want to see the seller’s house, they want to see a nice, neat house. They want to see a home in good condition that they can move into and go to work the next day.
What do they need to do to get their homes noticed? I’ve been recommending this for years now: Before you put your home on the market, do a presale inspection. Find out what issues may affect the sale of your house. Our biggest problem in getting to settlement is the home inspection process, what home inspectors find out. That’s the biggest reason deals fall apart.
What advice do you have for buyers? Here is something that buyers need to understand: The price of a house is important, but the cost is more important. In other words the cost each month of living in the house is a more important number than the original price. When interest rates increase a little, over the course of a 30 year loan, that can be a huge number. Here is another piece of advice for buyers if interests rise even slightly you may have to choose a less expensive home. Now is the time to buy!