Better late than never. Attached you will find the 3rd quarter market stats for the New Castle County, Delaware market. At The Team Sordelet Realty Group, we understand that everyone is hearing different data reports.
For the most part, we are in a buyers market, but I guess that you were kind of thinking that. That is not all doom and gloom for sellers! If you are a seller or are thinking of selling your home, LETS GET GOING! Interest rates are low, the tax credit has been extended, buyers are looking. Not that every house is going to sell. You are not going to get 2006 prices for your home. (Average Sales Price Has Even Declined From The Second Quarter of 2009 to the Close of Quarter 3).
Things could be worse.....There could be no tax credit for first time and move up buyers! Interest rates could be at 6.5%, FHA could make it harder to qualify for financing! Oh, WAIT A MINUTE. The tax credit expires at the end of April 2010. (you have to be under contract by April 30, 2010 and closed by June 30, 2010). There are many experts predicting that interest rates will top or exceed 6.5% by the third quarter of 2010, some are saying higher. FHA is in the process of imposing stricter guidelines on mortgages and the government is posed to stop purchasing mortgage backed securities.
So, IF you are a buyer or seller!!! now is the time. Take a look at our web site www.teamsordelet.com if you have any questions, you can email us at WeSell@teamsordelet.com or you can call our office 302-476-2057.
We covered that the average sales price has decreased and it was also expected to decrease in the 4th quarter. The number of homes increased in the third quarter of 2009 and the number of homes sold rose but that number is forecast to have decreased the fourth quarter as the average days on market.
Take a look at the charts below. It is broken down by zip code.