As the sold my house to Doug from Signature Properties market continues to shift in favor of buyers, New Castle DE house buyers are finding that they have more choices than ever before. The inventory of homes for sale has increased by 13% year-over-year, and mortgage rates are at an all time low, giving home shoppers more purchasing power.
We Buy Houses in Philadelphia: Fast, Easy, and Stress-Free
This influx of new homebuyers could be responsible for the recent increase in prices across the state, particularly in Delaware County. The median price of a home in the area is $263,000, which is up 13.6% over this time last year. In the city of Wilmington, prices are even higher and average over $300,000.
Those looking to buy a home in Delaware will need to prepare for a sizable budget. Median prices in Sussex County, which is home to popular beach towns like Rehoboth and Bethany, are a bit lower at just over $410,000, but in New Castle County, where the state’s capital is located, prices can run well into the million-dollar range.
First-time homebuyers may be eligible for various loan programs to help them afford a new home in the area. These programs typically have specific requirements in place regarding income, credit scores and homeownership history to ensure that they are only provided to those who truly need them. For those who are unable to qualify for a conventional mortgage, selling to an investor for cash can be a great option. These investors can provide a fast property closing, and they can also eliminate the need for costly repairs and showings.…