When it is 50 degrees one day and 70 the next, it must be spring! Can our local real estate market warm up as quickly? Judging by 2013 activity so far, our forecast is definitely improving.
“The bidding wars are back,” proclaims CNNMoney (April 5, 2013). Especially in metropolitan areas like New York, Boston, Washington, DC, and cities throughout northern and southern California, sellers are receiving multiple offers on properties.
This national trend is largely a result of an imbalance between buyers and sellers (a much lower than normal number of houses for sale). Additionally, buyers want to take advantage of current low mortgage rates. While spring is usually a popular time for sellers to list homes, this seasonal bump may not balance the scale.
Delaware beach housing inventory levels remain lower than usual, as well. Demand is exceeding supply, which is creating buyer competition. Locally, we are seeing a continual rise in multiple offers - especially for beach homes that are priced right and for vacant lots in Historic Lewes.
While the term “bidding wars” may be strong, Delaware beach homes are definitely becoming hotter properties!