An Open Letter Regarding Today's Real Estate Market at the MD & DE Beaches
I hope that you all are well and staying safe. I know you are receiving endless emails and I am not one to send frivolous communications but I have been getting quite a few questions about the current state of the market and whether it’s a good time to buy or sell. Information has been changing daily—and just when you think you have grasped it, it changes again.
Here are some things to consider if you are thinking of buying or selling property…
• In-person activities in at the Maryland and Delaware Beaches must be by appointment only--and only for vacant properties.
• No more than two people, including the broker, may be at the property at any one time; and those two persons must strictly follow social distancing guidelines established by the Centers for Disease Control and Prevention (“CDC”) by wearing masks and remaining at least six feet apart at all times.
• No open houses are permitted (except virtual tours/online open houses). I’m always happy to provide you with a virtual tour of properties that interest you—just ask.
• Buyers must be pre-approved
• Lenders, Escrow and Title are all essential to completing transactions. (Don’t hesitate to ask me for recommendations.)
• Professional photographers, stagers, inspectors, appraisers, and repair professionals are permitted by appointment.
I have distilled some recent data for you. Here are the highlights:
• In March, sales prices continued to climb, and we still saw multiple offers as buyers tried to take advantage of low interest rates.
• Although inventory is still DOWN overall from the same period last year, new listings, pending and closed sales were all UP over last month.
• Buyers are decisive! The average days that a listing is on the market before they get into contract dropped from 42 in February to only 26 in March.
• Interest rates, like the stock market, have been volatile. Your lender can explain what effect the Fed has on long term rates (not much). Some loan types are no longer available, and some banks have even withdrawn from the market temporarily.
I recognize that real estate might not be your priority right now…and that’s okay! However, if you ever need anything or have questions, I am here for you.
Wishing you good health and prosperity,
PS: For a Sussex County Market Snapshot, click here.
Information deemed current as of 5/15/20 and subject to change.