It is truly a seller’s residential real estate market these days and some Delaware homeowners selling their home are taking advantage of this. Not only may their asking price be well above market price, but some sellers are taking things to the extreme and are taking fixtures with them following the sale that in years past would have conveyed with the home. This causes problems for those who are buying a home, especially if they are buying a home for the first time.
The rise of the seller’s market
Post pandemic life meant many people were once again considering buying a home, while the number of homes for sale declined. Ultimately as of June 2021, the number of homes on the market decreased 28% from the number of homes on the market in 2020. This pushed the median sale price on homes across the nation up 25% to $386,888. Homes would sell within 14 days of being listed and 56% of sales were above the asking price.
Will the fixtures you loved be available?
Some sellers these days are taking the unusual step of taking with them fixtures that normally would have conveyed with the house, such as cabinetry, sinks and appliances. This is a problem as these days finding appliances or workers to renovate a home has become more difficult due to low supply and high demand. Moreover, sellers know that if a buyer will only buy if the fixtures convey, they can reject that buyer’s offer as there is generally a second interested party waiting in the wings.
Some buyers will choose to wait
With the residential real estate market being so lopsided in the sellers’ favor, some potential homebuyers in Georgetown will choose to hold off on purchasing a home until things even out a bit. If you are considering buying or selling a home, it may be a good idea to discuss your plans with a real estate attorney who can help ensure contracts are enforceable and can advise you on your rights as a buyer or seller.