As we move through 2024, Delaware County, Pennsylvania, continues to see shifts and challenges in the real estate market. Whether you’re looking to buy or sell, it’s essential to understand the current dynamics to make informed decisions.
One of the biggest issues affecting Delaware County right now is the low inventory of homes. Like many areas across the country, the number of available homes for sale is significantly below the demand. This imbalance is driving up home prices and creating a highly competitive market for buyers. If you’re a seller, this is great news, as homes are moving quickly and often receiving multiple offers. But for buyers, it can mean bidding wars, higher prices and the need for swift decisions.
Interest rates have been on the rise, which is affecting both buyers and sellers. For buyers, higher rates mean higher monthly mortgage payments, limiting how much they can afford. This can make it more challenging to compete for homes in an already competitive market. For sellers, rising rates can reduce the pool of qualified buyers, particularly in the mid- to high-priced home range. It’s more important than ever to price homes accurately to ensure they move quickly.
While Delaware County’s real estate market remains strong, the broader economy has created a level of uncertainty for both buyers and sellers. Inflation, concerns about a potential recession and job market fluctuations are all factors that can impact confidence in the housing market. Some buyers may be hesitant to commit to a home purchase, while sellers might worry about timing their sale just right to maximize profits.
Property taxes in Pennsylvania, including Delaware County, are a constant concern for homeowners. The county has relatively high property taxes compared to other areas, which can be a burden for some buyers and influence where they choose to purchase a home. Sellers need to be mindful of this and understand that while Delaware County offers many advantages, high property taxes can be a deciding factor for potential buyers.
Delaware County is a popular area for first-time homebuyers due to its proximity to Philadelphia and its suburban appeal. However, first-time buyers are facing more obstacles than ever, from the aforementioned rising interest rates to home prices outpacing wage growth. Many are having to expand their searches, settle for homes that need more work or put off buying altogether until the market stabilizes.
Despite these challenges, Delaware County continues to be an attractive place to live due to its strong sense of community, access to urban amenities and excellent schools. The market is expected to remain competitive for the foreseeable future, but with the right guidance, both buyers and sellers can still achieve their goals.
If you’re navigating the Delaware County real estate market, working with an experienced professional like me, who has been serving the area since 1998, can make all the difference. Whether you’re a first-time buyer, seller or investor, staying informed and strategic is key to success in these ever-changing times.
Need help navigating the Delaware County real estate market? Contact me today at (215) 313-3777 or rshaneremax@comcast.net to get expert advice and personalized assistance!
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