The Housing Market in Delaware

Published on July 1, 2021 under Tips

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Many people are looking to Delaware for their next home purchase. Whether they want to buy a vacation home or plan to retire in the state, there are many benefits of looking to the Delaware shores. It has a lot to offer people, no matter what they are looking for.

Here are some benefits of buying a home in Delaware.

There are a lot of options when it comes to choosing where to live. Delaware offers all sorts of environments when it comes to choosing where to settle. You can live in a big city like Wilmington or Dover, or you can choose to live in a rural area. There are also plenty of beaches to choose from!

There are plenty of attractions and activities to do in the state. Besides the beaches, there are plenty of cultural and historical attractions. Many people enjoy hiking and camping throughout the state. Tax-free shopping is also a popular attraction.

Delaware is also known for some of its signature events and festivals, including the Dover Days Festival and the Firefly Music Festival. There are also festivals that are designed around wine, beer, arts, and even sandcastles.

Delaware is proud to be tax-free! Delaware is one of five states that does not have a sales tax, making it a popular place to shop. It also doesn't have personal property tax, which makes it a good place to buy a home.

It is also a pretty reasonable place to live. Though it is more expensive to live in Wilmington, Delaware, it is actually more reasonable than some of the other larger cities, like Washington D.C. and Philadelphia. That being said, everywhere else in Delaware is pretty reasonable when it comes to the cost of living, including housing and groceries. Utilities, healthcare, and transportation are more affordable than some of the surrounding states.

Here is what the housing market is like in Delaware.

The housing market in Delaware is hot, just like many markets are around the United States.

Low interest rates make it a good time to buy a home. Because interest rates are so low, people are able to afford bigger and better homes. Many want to use this time to sell their current home and buy one that is better suited for them.

Because so many people are looking for new homes, buyers often are able to sell their homes quickly. Most homes that are priced accordingly are only on the market for a short amount of time. People want to look at homes as soon as they are on the market, so it is not uncommon to have multiple showings in the first few days.

Multiple showings right away leads to multiple offers within the first week. Because of this competition, many buyers are selling their home for more than they asked for. They may also be able to sell their home without inspections and other stipulations. Buyers who want the home will pay over the asking price, just to win the contract! Gone are the times of negotiating and renegotiating contracts until both parties are happy. Buyers only have one shot to win the house and many will do whatever they can to win the house of their dreams.

Because of this market, you may be able to sell your home for more than you ever imagined and find yourself being able to afford a better home due to the low interest rate. However, you have to act fast!

So, what should you do next?

If you are serious about relocating to Delaware, it is time to reach out to a loan officer from First Savings. We know Delaware and the market to help you get ready for your next adventure.

Contact an Expert Loan Officer