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How Low Home Inventory May Impact the Housing Market in Fall 2020

Practical advice for finding your new home when your real estate agent explains the home inventory is low.

This morning, one of my agents commented that the best way to find a home for one of our buyers might be to get a listing! What she was saying is what we have all been feeling.

Just not enough home inventory

We have plenty of ready, qualified buyers, who want to move here but there is just not enough inventory of homes to buy! Not only are there limited existing homes for sale in Delaware, but many of our new construction builders are so backed up that they are telling us were not even accepting new contracts! Add this to the increasing cost of materials and shortages, and you have a better understanding of why new home prices are going up.

What does this mean for buyers?

You need to be prepared. If you know where you want to be, you need to have everything ready to go when your agent tells you that a home youll like is Coming Soon.

Recently, this same agent called one of her Buyers on a Sunday to tell her about an opportunity. She suggested strongly that they get in their car and drive down right away. Luckily for them, they listened, they came, and they were able to get a great deal on a new home in a new community that they love.

So, if youre financing, listen to your agent and get a pre-approval from a local Delaware lender. If youre paying cash, have proof of funds available. Next, have a bag packed and be ready to go on short notice.

Thinking about selling?

If youve toyed with the idea of listing your home but have been hesitant doing so during a pandemic, go for it! Our team would be happy to help you get your home in front of serious buyers who are out looking and well even help you find your next home.

Whether youre thinking of selling or a buyer searching for your next home we have free guides to make the process as easy as possible.

Click here to download our complimentary Buyers Guide

Click here to download our complimentary Sellers Guide

If you have any questions about the Delaware real estate market, please call on us. We are here to serve you.

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