Despite the COVID-19 pandemic, the real estate market continues to trend upward. According to analytics firm CoreLogic, in November, home prices were up 8.2% year over year. Interestingly, Idaho (15.7%), Maine (15.4%), and Indiana (13.6%) were the states with the highest increases. Plus, this past year saw record low interest rates, which is certainly a driving factor in the current hot real estate market. While this is great news for existing homeowners, it has posed some difficulties for lower income individuals to afford homes.
One major challenge facing the industry is inventory for would-be buyers is at a 12-month low. According to the National Association of Realtors (NAR), inventory nationwide is down to a 2.1 month supply. This is a 30% decrease in available homes for sale from the same time period last year. Most real estate professionals consider a six-month supply of homes a healthy balance between a buyer and seller market. This low supply, or low inventory, generally indicates a strong seller’s market. NAR also reported the median days on market in December 2020 was only 16 days, further indicating that it is a strong seller’s market.
Because the real estate market is very dynamic, whether you are thinking about selling or buying, it’s more important than ever to work with an agent who understands the local market. Often, homes are sold where the seller may have netted a higher amount or there are buyers who lose out on a great home because their agent may not understand these market forces. The Scott Farnan Team is highly knowledgeable and locally experienced, and can understand your unique needs.
If you live in Delaware or Pennsylvania and find yourself in need of more living space for your family the Scott Farnan Team at Patterson Schwartz is here to help. The Farnan team can answer questions on staging and closing to home inspections and what repairs are required to sell, The Scott Farnan Team offers clients over 25-years of real estate and client services experience, all with the indelible backing of Patterson-Schwartz, Delaware's largest independent REALTOR® and leader in the Mid-Atlantic region. The Farnan team is prepared to guide you through the buying/selling process, connect you with trusted partners and aim to reducing the levels of stress that typically come with buying and selling a home. Contact us today to get started or search our current listings.