Summer slowdown continues into Fall. September Pending home sales along with number of units Settled in New Castle County reached their lowest levels in 21 months falling 42% and 44% respectively vs. Sept 2009.
Even though the market is slow, it is certainly not dead. With the current mortgage interest rates at record low levels for buyers who want to buy, transactions are happening for sellers who want to sell.
In the past week we’ve had 3 properties go under contract, one of which was on the market only 5 days. Basically we have a lot of uncertainty with the economy, so the demand will continue to build as people sit on the sidelines waiting for the recovery. Once the economy starts to show some positive signs with some rate of consistency, higher levels of activity will return again.
To find out how your current situation is best suited to take advantage of today’s real estate market, call John today at 302-740-5872.