If you are waiting for the market to hit the bottom, you may have already missed the boat. I stumbled across a wonderful article in the latest issue of Delaware Today that I wanted to post. It talks about how while the nationwide market is somewhat soft, some local realtors feel we have hit the bottom of the market — last year — and are on a very attractive upward climb! Here are some highlights from the article.
- Existing Home Prices were 4.6% higher in the Northeast than they were this time last year.
- Median Home Prices jumped from $400,000 to nearly $600,000 in the first quarter of
2008. So though buying has slowed, home values have increased.
- Home reports from the Spring show existing home prices averaged $261,000, compared to
$270,000 at the height of the 2006 market, so if this is a slip in the market after a peak 2
years ago, then the value is still there.
- The rental market has been healthy this summer, up about 15%, and that in turn has
encouraged visitors to purchase vacation homes.
- The Delaware Beaches are within close proximity to millions of people, and several major cities,
making it a very desirable vacation spot for those not wanting to spend alot on gas prices, and
longer distance travel.
Overall, it was a very positive article, full of statistics, data, and professional advice/opinions.
To read the article in full, please visit http://www.delawaretoday.com/Delaware-Today/September-2008/And-If-You-Buy-Before-Midnight/.
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