Did the media predictions come true? Did the real estate market crash?
No, it did not.
What we are seeing here at the Maryland and Delaware beaches is a stabilizing market, but certainly not the buyer’s market forecasted by news outlets. Inventory levels are still low, and with buyer demand slowed due to the rise in interest rates, the market stabilized. While we aren’t seeing every property selling at lightning fast speeds in bidding wars, home values haven’t fallen. Right now, we are in a normal market, where buyers and sellers can have a conversation without either side having a strong upper hand.
What are we expecting from the market as we head into summer? While we don’t have a crystal ball to see into the future, what we can predict from the local market indicators is that interest rates will continue to drop, and we may find ourselves back in a heated seller’s market with multiple offer situations around every turn and very short days on market.
What does this mean for you if you’ve thought about selling? It means right now, you can still take advantage of strong property values and limited inventory, making your home stand out to buyers, so it is a good time to sell your home.
What does this mean if you’re thinking about purchasing a beach property? It means now is a GREAT time to buy, with interest rates back under 6% in many cases and you can take time to tour homes, weigh your options, and have a normal negotiation with sellers. This may change in the coming months, so we advise our clients to take advantage of this window in case things shift back into a seller’s market.
Whether you’re selling or buying, give us a call today to discuss your strategy and how we can best help you in this market. (302) 236-1456