Raw materials and demand make the market hot

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The housing market in Delaware, as in much of the country, has been hot, with strong demand fueling higher home prices and competition from buyers, which has resulted in a plethora of offers above the listing price.

Our reports over the past few months provide examples of what buyers, sellers, real estate agents and home builders in Delaware have experienced in these unusual circumstances, as well as some of the impact of the construction boom.

This list will be updated throughout the summer.

– Ben Mays, reporter

Hot Markets

Pandemic pushes to flee to the First State: Despite the pandemic – and because of the pandemic – home sales in Delaware continue to rise. Home prices in Sussex are up 24.4% this year, followed by 13.8% in Kent and 3.0% in New Castle.

Great time to sell your home. What you need to know: Homes ready to move in receive an average of 10 to 25 bids and are selling as much as $ 50,000 in excess of the asking price. See what the prices are in Delaware.

Low stocks and low interest rates: Realtors call this the perfect storm. Low interest rates are encouraging homeowners to refinance by reducing inventories. For those looking for a new home, there is not enough supply, so offers are growing.

Homebuyers face record prices and fierce competition for the first time: Some buyers struggle to buy a home, even if they find it in their price range, due to intense bidding competition, which puts the sale price thousands of dollars above the list price.

How much money do you need for your first home: One of the biggest surprises home buyers face when looking for a home is how much it actually costs to buy a home. To make it easy to save money to achieve this goal, here are some financial guidelines and upfront costs to consider when you’re ready to buy.

You can dream, can’t you?

Delaware Dream Beach Homes: Would you believe in $ 5 million Delaware homes? What about $ 10 million or more? Check out these examples from earlier this year:

7 most expensive homes for sale near Ocean City: Whether you’re ready to leave, or just staring at your dream home, here are the most expensive and luxurious beachfront homes at $ 2 million.

Looking for a rental?

Here’s How To Get A Beach Rental In Delaware: While people are trying to book travel, here are some tips or messages of hope from rental agencies and owners in the area.

Best Delaware Airbnbs: Airbnb’s Top 25 Airbnb in Delaware.

Party destruction

Soaring sawnwood prices and long waiting times for other deliveries: One thing that could cool the hot housing market is rising prices and demand for lumber and building materials. We tell you the impact this has on new home construction and other projects.

Contact reporter Ben Mace at rmace@gannett.com.

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