The Delaware housing market officially changed as we entered the third quarter of 2022. A few months ago, homes in Delaware were selling hot and quick. But in the last month, homes have been selling relatively not that fast.

There's no need to worry. It just means that we have fewer buyers this month than we had just a few months ago. So, let's jump in and look at why this is happening.

Last Month Comparison

Previously, we got 6.5 showings per listing in the first week of June. In other words, six and a half potential buyers went with a real estate agent to check out the property whenever a home went for sale. Now, that number's down to 4.3 showings per listing as of the first week of July.

But here's an interesting angle. We have more homes hitting the market today than we had seven weeks ago. In the first week of June, 108 listings hit the housing market in Delaware. In contrast, a whopping 318 homes hit the real estate market in the last fourteen days. 

With more than double the listings last month, why are fewer people showing up? The real reason is the rising interest rates, which slows down the demand for these listings. Hence, most people likely took a step back, observing if it's the right time to jump in or wait it out.

In other words, we have more listings this month than in June. But, we have fewer people going out to see these properties this month than in June due to rising interest rates. So, what could this mean for you as an aspiring homeowner?

1.  Increase in Market Listing Length

Homes will sit on the market a little longer as buyers hold their horses during these interest rate hikes. With inflation also at an all-time high, other potential buyers are extra cautious in closing a deal than before. You have more opportunities to check these listings and compare the better options personally.

2. Less Buyer Offers

Sellers may receive fewer offers both in their amount and in the strength of the request. Hence, sellers must be extra patient and creative in building a more promising offer that is pleasing to the potential buyers. 

3. More Opportunities to Shop

With interest rates going up, mortgages are a little bit more expensive to obtain. Thus, buyers will have more time to shop for their home instead of putting in a quick knee-jerk offer on a home they hadn't even seen. 

Summary

The housing market may have fewer showings, but we have more listings than ever that buyers can freely choose now. So if you're interested in learning more about the real estate market, the Loft Team is here to serve you, and we’ll help you with anything about buying or selling a home here in Delaware. 

We'll be back next month with another monthly housing market update, so make sure you stay updated with us!