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2019 Real Estate Year In Review

Happy New Year! The start of the year is always an exciting time. It’s a chance to plan for the future and look back on the past year. It’s also the time of year that I hear from many clients who want to know how the real estate market ended and where it’s headed.

Getting perspective on the past year’s trends helps us see how the future will unfold. Here are a few of the key developments the real estate market experienced in 2019.

Interest rates were low, so money was cheap. While experts predicted a rise in interest rates last year, we saw drops below 4%. These low rates are expected to continue in the year ahead unless something changes bringing calm to the world economy.

Demand for housing was ample, although supply was limited. It remained a sellers’ market in 2019 across most areas at the low to mid-level price points, with a continued lack of inventory for sale.

Homeownership rates rose, thanks to low mortgage rates. Buying continued to be more economical than renting as rates dropped, and that brought a jump in homeownership rates, according to Census Bureau reports.

Healthy conditions were reported in the job and stock market. This past year had one of the hottest job markets in recent history, with healthy growth through the year. Likewise, the stock market hit record highs, and industry analysts see that continuing in 2020.

Concerns lowered for a potential recession. Economists talked about a potential recession in 2019 or 2020, but those expectations have dropped as the domestic economy is very strong.

Altogether, 2019 brought positive news to the housing market and 2020 is likely to see the same. If you’re interested in learning more about the market or looking to buy or sell this year (or if you know someone that may), let me know. I’m here to answer all your questions.

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Allison Stine

Experience Matters Allison Stine began her Realtor career in 2004, and three short years later she founded the team of top-notch agents to assist homebuyers find their perfect home. She has earned several awards in the past decade that marks her as one of Northrop Realty’s best such as Delaware’s top producing team in 2021 with over $100M in real estate sales in that year alone. Allison is a certified ePRO, and a Certified Residential Specialist. Allison’s accolades go beyond Northrop Realty; she is a twelve-time recipient of The Delaware Today 5 Star Realtor award and was named 2016 Realtor of the Year by the Sussex County Association of Realtors and the recipient of the association’s President’s Award in 2020. She also is a member of the National Association of Realtors, the Delaware Association of Realtors and the Bethany-Fenwick Chamber of Commerce. Outside of work, she founded the Cripple Creek Car show, which raises funds for Operation SEAs the Day, an all-expenses paid, week-long beach vacation for injured soldiers, veterans and their families. One of Allison’s biggest passions is classic cars and driving fast. She owns four classic cars including a 1969 Z/28 Camaro that she fully restored to factory original in a five-year frame off restoration; and a 1968 unrestored all original Road Runner. You've probably seen her driving in parades in her 2015 Chevrolet Camaro SS Indianapolis 500 Festival Car or racing down the drag strip in her skat pack Challenger. While Allison is charged with marketing and business development, she enjoys working where her roots started — helping clients buy and sell homes. “Working with the team has allowed me to meet fascinating and fun people,” she said. “I have forged relationships that will last a lifetime.”

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