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Home sales and market recovery in 2016

On Behalf of | Jul 29, 2016 | Residential Real Estate

Delaware homeowners interested in selling their houses could benefit from the 2016 housing market rebound. Sales of single-family homes in the United States are at their highest point since the 2008 housing bubble burst. The Commerce Department explained that sales increased 3.5 percent in June alone, which was significantly higher than analyst predictions. The dramatic increase came after a 6-percent drop in home sales in May.

Industry experts estimate that new home sales make up approximately 9.6 percent of the American housing market. Positive changes in the national job outlook and falling mortgage rates are believed to be partially responsible for the upward trend. The increased demand for residential property has had the effect of creating housing shortages in many areas around the country, limiting options for interested buyers.

As a result of the decreased supply and increased demand for single-family homes, prices have risen across the housing market. In May 2016, general residential housing prices increased 5.2 percent compared to prices in May 2015. The National Association of Realtors estimates that housing prices will increase another 4.4 percent overall in 2016 and another 3.4 percent in 2017. Home inventory is only expected to increase by 1.2 percent in June.

Homeowners who are selling property in Delaware may benefit from consulting with a real estate law attorney. A lawyer might be able to help with residential real estate transactions by negotiating contract terms and land development agreements. An attorney may also be able to provide advice and assistance with the real estate closing process, which can pose many complications for sellers and buyers alike.