Housing prices are skyrocketing. The average time it takes for a home to sell for its list price in Delaware is 37 days, compared to more than 106 days before the pandemic hit, according to local housing data. Housing inventory is low and demand for housing is high, which is posing a real problem for COVID-19-era house hunters.
Whether you are just starting your homebuying journey amid COVID or have been shopping around for quite some time, here are three tips to help you navigate Delaware’s fast-paced housing market:
1. Boost Your Buying Power. Take the time to make sure you understand all of the financing options that may be available to you. Find out if you qualify for Medical Professional Loans, Community Reinvestment Act (CRA) programs, homebuyer programs in your state, or grants that can lower your out-of-pocket expenses. However, understand that right now in this super-competitive market, cash is king and all-cash offers are highly attractive to sellers. Therefore, seek out available opportunities that will help you solidify your buying power in the housing market.
2. Do Your Research. There’s a lot more involved in preparing to buy a home than just preparing financially. Home shopping requires conducting research, especially on the local housing market where you are looking to buy. Take advantage of free services, such as listing tools and local newsletters to gain valuable market insight and increase your knowledge of current market trends and conditions so that you can navigate the ever-changing real estate market. Healthy Real Estate & Associates provides market reports and feasibility studies to assist both clients and non-clients with making a competitive offer at the best time.
3. Time is Your Competition — Be Flexible. In this chaotic housing market, homes are listed today and gone tomorrow. Recently, Healthy Real Estate & Associates sold a home that was only on the market for three days! This means that time is of the essence. Actively check for new home listings in your market. Don’t waste any time making an appointment to view the home you are interested in purchasing. Appointments fill up fast and it will be hard to make an offer on a home that you can’t even set your eyes on first. Be mindful that some home buyers are being persuaded to purchase homes without viewing them. Don’t be moved to make any hasty decisions because purchasing a home is a very final decision.
Buying properties during the pandemic has posed additional challenges for buyers – but it’s not impossible to win a bid. Use these tips to boost your competitive advantage in order to position yourself as a top candidate. Remember, don’t give up!