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Is it still a sellers market?

Is it a still a sellers market?

I get this question often from neighbors and agents looking for my take on where the market is today and where it is heading tomorrow. I read alot about this topic (and pretty much ONLY this topic) and I have a few go-to gurus that I like to quote (alot).

I have been describing the market as wonky and weird for the past 3 months cause I could not quite wrap my head around a few things. Interest rates – are they temporaily being impacted? Inventory – where is it? Prices – why are they STILL going up? Days on market – climbing, but not by much! Seller concessions – back with a vengeance!

OK, so back to my original question which is “Is it still a sellers market”? The answer is sorta. Yes, inventory is very low and there is more demand than supply, which signals a sellers market. Home prices are climbing which is also a good indicator. Buyers, however, have cooled a bit as they are being spooked by rising interest rates and lack of inventory, but here is why you MUST be a buyer NOW!

There is less competition – 10, 20, 40 offers on homes with no inspections, no financing, and you must pledge your first born to the Sellers for life! Those days are behind us. You can negotiate with a seller now!

Seller concessions – you can negotiate interest rate buy-downs from a seller. It’s cheaper than a price reduction for the seller and remember, right now, you are the only buyer they have!

Refinance – you can always refinance later. Marry the home, date the rate! Most homebuyers qualify for a refinance after 6 months which means you can take advantage of lower rates when they come.

I believe that we are headed for a fever-pitched sellers market again once interest rates calm down. Don’t be left behind again as a buyer – jump in NOW, you will be glad you did!

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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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