The market report for New Castle County, Delaware for November 2011 is in, and as you can see, there is good news and bad news. Not as many people are trying to sell their homes, but of the ones who do, they have brought their asking prices down, therefore driving buyers to make successful offers. So there are about 25% more closed and pending sales than last year, but prices are down 13%. This dive in prices is being driven by foreclosures and bank sales, which influence appraisers who are trying to determine values. Sellers are holding on to their houses either because they are under water in their mortgage, or hoping to wait out the economy. I don't have a crystal ball, so this could be the new "normal".
If you are thinking of buying or selling an older home in the Wilmington, Delaware area---see what Carolyn Roland can do for you!