Source: https://youtu.be/oOEFPveNxQE

Hello, Kent County Home Owners! It's time for our Housing Market Update for July 2022.

Let's begin right away by talking about numbers. We've seen 132 homes that went active on the Kent County real estate market in the previous month. However, 204 homes went under contract. How did that happen? Let's dive in to understand this situation deeper.

It's All About the Contracts

To better grasp this case, let's look at the statistics. For all home listings on a contract last month, 55% of these got under contract within the first 45 days. This means that more than five out of ten listed homes move forward in the transaction and get under contract. 

On the other hand, the remaining 45% of these home listings in the housing market take more than 45 days to go under contract. What could be the cause? Three reasons come on top: 

1) Unreceived Contracts

The first reason is that homeowners may just not receive their contracts yet. As mentioned above, more than four out of ten listings took 45 days and above to go under contract. This could be from delays in brokerage processes or the waiting time in the movement of documents, which in essence rolled over to the next month. 

2) Ineffective Contracts. 

Another reason is that homeowners may not have received an effective contract for selling their homes. As a result, there could be more back-and-forth revisions with their brokerage, which can take 45 days or more. 

3) Marketing Problems.

Lastly, homeowners may not have had good marketing, so contracts are not closing in. After all, they still have to go out there and sell a house by getting buyers' eyes in front of it. Subpar marketing will drive the point why it takes more than 45-plus days to get a home under contract.

Now, with these valuable facts, what does that mean for you as a homeowner in Kent County? 

We've seen that in the last 30-60 days, homes stay listed a little longer in the real estate housing market before they get sold. However, the critical part is that homeowners are still receiving contracts nonetheless.

Moreover, you likely have a lot of equity if you bought your house more than two years ago. Remember that the equity we're talking about is the value of the mortgaged property after deducting charges against it. In fact, most homeowners in the United States have 180,000 dollars in equity! As a Kent county homeowner, that means you have many options during this season. 

Contact us at Loft Realty

Well, that’s it for our July Housing Market Update for Kent County! If you're curious about finding out what options you might have for that Equity in Kent County, don't hesitate to reach us and talk to one of our agents, Austin, here at Loft Realty. Please email us at Hello@LoftTeamDE.com, and together let's strategize your next move. See you on our next monthly update!