Here's the latest Hockessin real estate update and a few words about the national economy as well from the Hockessin Real Estate experts. There are currently 68 properties listed for sale in Hockessin 19707 ranging from $197,000 to $989,900. The pending (under contract) listings number 24. Inventory isn't really high at all and right now this is a healthy balance between listed and pended properties! The chart below shows a comparison of Hockessin properties average list price, sale price and days on market from 1998 to present.
We are cautiously optimistic about the Hockessin real estate market. Buyers are jumping off the fence as the expanded and extended tax credits will be coming to an end before long and people are beginning to realize that now that the government has announced it is pulling out of the mortgage market, the private sector will take over again and interest rates are bound to start creeping up. This means higher monthly costs to buyers and could cause inventory to rise again if sellers prices aren't in line with affordability. Right now interest rates are the lowest they've been in over 30 years and that is certainly a big attraction as well. Even if they increase by 2% the interest rates will still be good, it's just that prices have to be in alignment with buyer's monthly cost. Real estate is what really drives the economy in our nation and in order to rebound, we must do so at a realistic pace.
There is a lot of negativity in the media which it generally thrives on, but the facts right now are:
- 90% of Americans are employed
- Interest rates are at an all time low
- Tax credits are still available for first time buyers ($8500) and most repeat buyers ($6500)
- Americans still need shelter and real estate has always proven to be a good long term investment. As a matter of fact, even in the downturn we have recently experienced most Americans still believe that home ownership is still a big part of achieving the American dream!
Whether you are buying and/or selling and want more information on Hockessin real estate, contact the Hockessin experts. Get a Realtor® who is experienced in the area and puts your needs first.
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