Read My Predictions for Delaware Real Estate for 2024 As we bid farewell to 2023, it is with great pleasure that we take a moment to update you on the real estate market in Delaware in 2023 and to share our predictions for 2024. In 2023, one word aptly describes the Delaware real estate market – sluggish. While we observed a continued upward trajectory in home prices, with a notable increase of 7.7% compared to 2022, there was a stark contrast in the sales figures. Home sales experienced a significant drop of nearly 20%, primarily attributed to the limited availability of housing inventory and ..read more

A Glimpse into the First Half of 2023: Navigating Delaware’s Real Estate Market in the Face of Rising Interest Rates As we reflect upon the first half of 2023 in Delaware’s real estate market, one notable factor that has influenced buyer behavior and investment decisions is the rise in interest rates. In this blog post, we’ll explore how the increasing interest rates have impacted Delaware’s real estate landscape and provide insights on how buyers and investors can adapt to this changing environment. Shifting Buyer Dynamics: The rise in interest rates during the first half of 2023 has caused ..read more

Happy New Year! I hope this post finds you well and in good spirits after a rather chilly holiday! The numbers are in on 2022, and I am pleased to say that the team topped $100M in sales for the second consecutive year. It takes a lot of work to sell as much real estate as we do, and we also know that it takes a dedicated team of administrative staff and a loyal client base, and, as always, we are grateful for both!2022 was all about the three I’s – interest rates, inflation, and inventory. Let’s dive right in and talk about all three before I get to the specifics of the market and the good ne ..read more

Is it a still a sellers market? I get this question often from neighbors and agents looking for my take on where the market is today and where it is heading tomorrow. I read alot about this topic (and pretty much ONLY this topic) and I have a few go-to gurus that I like to quote (alot). I have been describing the market as wonky and weird for the past 3 months cause I could not quite wrap my head around a few things. Interest rates – are they temporaily being impacted? Inventory – where is it? Prices – why are they STILL going up? Days on market – climbing, but not by much! Seller concessions ..read more

Considering a renovation? What’s the Return on Your Home Improvement Dollars? Before selling your home, it’s hard to know what improvements you can do now that will add value to it – without spending a fortune. To help, each year Remodeling magazine releases their Cost vs. Value Report, which estimates the average cost of a project and the percentage of the investment that will be recouped if the home is sold within a year. Based on the 2022 report, here are the top four home improvement projects with the highest return at resale. Garage Door Replacement: Traditionally ranked as one of the hig ..read more

Real Estate Market Update The housing market is influenced by the state of the economy. With so many economic developments recently, you may be wondering about the impact on the housing market. To keep you informed, we looked at a few factors that are currently affecting the real estate market. Rising Mortgage Rates The recent increase in mortgage interest rates – currently over 5% – are the highest they’ve been in more than 14 years. Although still historically low, these higher rates have resulted in hesitant buyers, so fewer people are looking for homes. Persistent Seller’s Market It’s stil ..read more

This is not a housing bubble and here is why: The supply does not outweigh the demand! In early 2021 there were 1.03 M homes for sale and in 2007 there were 4M. Homeowners have equity in their homes! Higher down payments means more equity. The average down payment is 15.9%. Conventional mortgages are increasing! Buyers are able to lock in historically low interest rates. Stricter lending restrictions! Buyers are being forced to buy within their means. If you are ready to buy or sell, or just need more information about the real estate market, give me a call. I am happy to answer your q ..read more

The Delaware Emergency Management Agency received Dogfish Head’s scratch-made hand sanitizer. They are continuing to ramp up hand sanitizer production with all inventory being sold to the State of Delaware – Government at at market price, and 100% of the profits going to the Delaware Restaurant Association E.A.T.s fund to help restaurant workers affected by the Coronavirus.   ..read more

Long & Foster – A Solid History and a Solid Future As your real estate partner, I wanted to reach out to you in these unprecedented times and let you know that as always, I’m ready and able to support your real estate needs.  In times like these, I’m proud to be a real estate agent with Northrop Realty, a Long & Foster Company – a company that has been in business for more than 50 years – and will be in business 50 years from now. Long & Foster has greater financial strength and security than any other real estate firm in our market. Backed by Berkshire Hathaway, we have unequ ..read more

Happy New Year! The start of the year is always an exciting time. It’s a chance to plan for the future and look back on the past year. It’s also the time of year that I hear from many clients who want to know how the real estate market ended and where it’s headed. Getting perspective on the past year’s trends helps us see how the future will unfold. Here are a few of the key developments the real estate market experienced in 2019. Interest rates were low, so money was cheap. While experts predicted a rise in interest rates last year, we saw drops below 4%. These low rates are expected to conti ..read more