Getting the facts about your local market is a part of being a responsible home owner. It is just as important as checking on your 401k, IRA, or money market accounts. For most home owners, their home is the biggest investment they will make and being informed is the best way to protect your investment.
This information is from March '09 in New Castle County, Delaware and reflects information for single family homes for last month.
|March '08||March '09|
|% of asking $||93.90%||90.90%|
In the first quarter of this year 761 homes have settled compared to 983 in the first quarter of last year. The median price of homes is also down from $234,000 to $218,000. Sellers are also not getting the prices they are asking for, they are only achieving 90.7% of the listing price compared to 93.63% for the same period last year.
What does this mean for the consumer? It is a great time to buy!
1) As a first time home buyer, you can take advantage of the down market to make a great investment and STOP PAYING RENT.
2) If you need to move and don't need to sell your current home, YOU CAN WIN! You can do this by buying a property and renting your current home. You will be building your real estate portfolio and someone else will be paying for it!
3) Real Estate investors will not see interest rates this low or buying value so high!