How Low Home Inventory May Impact the Housing Market in Fall 2020

Practical advice for finding your new home when your real estate agent explains the home inventory is low.

how low home inventory can affect the fall market

This morning, one of my agents commented that the best way to find a home for one of our buyers might be to get a listing! What she was saying is what we have all been feeling.

Just not enough home inventory

We have plenty of ready, qualified buyers, who want to move here but there is just not enough inventory of homes to buy! Not only are there limited existing homes for sale in Delaware, but many of our new construction builders are so backed up that they are telling us “we’re not even accepting new contracts!” Add this to the increasing cost of materials and shortages, and you have a better understanding of why new home prices are going up.

What does this mean for buyers?

You need to be prepared. If you know where you want to be, you need to have everything ready to go when your agent tells you that a home you’ll like is Coming Soon.

Recently, this same agent called one of her Buyers on a Sunday to tell her about an opportunity. She suggested strongly that they get in their car and drive down right away. Luckily for them, they listened, they came, and they were able to get a great deal on a new home in a new community that they love.

So, if you’re financing, listen to your agent and get a pre-approval from a local Delaware lender. If you’re paying cash, have proof of funds available. Next, have a bag packed and be ready to go on short notice.

Thinking about selling?

If you’ve toyed with the idea of listing your home but have been hesitant doing so during a pandemic, go for it! Our team would be happy to help you get your home in front of serious buyers who are out looking and we’ll even help you find your next home.

Whether you’re thinking of selling or a buyer searching for your next home we have free guides to make the process as easy as possible.

Click here to download our complimentary Buyer’s Guide

Click here to download our complimentary Seller’s Guide

If you have any questions about the Delaware real estate market, please call on us. We are here to serve you.

About Christine Davis

Christine grew up in northeastern Pennsylvania in a small town called Pittston, which is located between Wilkes-Barre and Scranton. Upon graduation, she enlisted in the United States Air Force, where she proudly served for eight + years at a variety of bases throughout the world, including Holland, Korea, and New Mexico. While in the Air Force, Christine spent most of her time working in the civil engineering career field where she thoroughly enjoyed meeting and working with such a diverse group of people with varying backgrounds and experiences, and learned so much from each of them. Christine’s last assignment in the Air Force was at Andrews Air Force Base in Maryland, and that’s when she discovered the Delaware beaches. Growing up in PA, her family spent time at the Jersey shore. But once she moved to MD, she became one of those many drivers making the trek across the Chesapeake Bay Friday afternoon to visit the Delaware beaches for the weekend. Upon Christine’s separation from the Air Force, she spent a small amount of time working in Washington, D.C., but it didn’t take long before she was drawn to the quiet, slow pace of Lewes and Rehoboth Beach, “the nation’s summer capital”. Christine moved to Rehoboth Beach in 1999 and finished her degree in Business at Delaware Tech. At the time she was working for a large physician organization when a friend recommended that she become a REALTOR because she loved helping people and loved looking at homes. She was reluctant for quite a while because Christine didn’t think of herself as a salesperson. But after much urging by her friend, Christine decided to get her real estate license in 2003 and has not looked back since. Christine still doesn’t think of herself as a salesperson, but rather a facilitator between buyer and seller, working toward a common goal. Christine aims to make the process as smooth and fun as possible but also educates the buyer and seller along the way so they can make the best decision possible. Christine now lives in Lewes and although she misses the mountains of PA, she thoroughly enjoys spending as much time as possible at the beach, especially Cape Henlopen State Park. Christine’s philosophy in life is that it’s too short. Never spend so much time making a living that you forget how to live.

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