The March real estate market will look to rebound from dreadful February numbers. New Castle County suffered its worst month in real estate sales in over 10 years with home sales of only 208 units - down 21% from Feb 2009. (See chart below)
One would have to think the record amount of snow had to have hurt the real estate market. Many people could not even leave their homes much less try and go looking to buy a new one. However, high showing traffic over the past week is a strong indication of the pent-up demand that is starting to break loose. With less than 2 months to go in the first time buyer and repeat buyer tax credits, many buyers will be scrambling to beat the April 30 deadline. We currently have 10 clients in one of those 2 categories. I recently had submitted one offer for a buyer only to find out the property already had 2 other "higher" offers on the table ahead of us. It's going to be an interesting 2 months.
For a detail analysis on your home buying or selling prospects, contact John & Mary Luca at 302-999-6966.