Delaware County is still a seller’s market, experts said Thursday night during a panel discussion about the real estate market.
Stephanie Cashman, the owner of RE/MAX Allegiance and a real estate agent, organized the event and told attendees about the real estate trends and forecasts for 2017.
“It’s definitely a seller’s market,” Cashman said. “There is a huge wave of Generation Y, born in the 1980s and 90s, who have delayed buying because they were the children of the boomers who got tied up and could never sell their house.
“[Generation Y] are the key buyers in the years to come and are predicted to keep home buying and condo sales strong well into 2020. It’s going to stay pretty significant a sellers market.”
Cashman reported that in just January 2016 there were 156 homes that closed in Delaware County, including 37 in the city of Delaware, and reported the average price was around $242,000. Cashman said that, in comparison, 207 homes were closed on in Delaware County in January of this year, with 53 in the city and an average price of $285,000.
Cashman continued and said that housing prices will increase in the next two years.
“Home sales and prices will increase slightly in 2017, what we see is probably about 2 percent,” Cashman said. “It’ll do it again in 2018 by about 4 percent.”
Cashman said inventory is currently down and said if you are searching for a home and you see a for sale sign you can almost be sure it’s being negotiated.
“You need to find someone that can work for you that can find you those homes that are coming onto the market,” Cashman said.
While inventory may be down now, Cashman said the three most popular days for sellers listing their homes are April 1, April 15 and March 1, in that order.
“We are definitely approaching our season,” Cashman said. “As far as buying, now is a good time to buy because you’ll have more of a selection.”
Additionally, Cashman said that Millennials are buying bigger homes and said that Baby Boomers aren’t buying the a second home like they used to and are instead buying bigger homes.
Cashman said another trend is walking communities or houses within walking distance to restaurants and stores. She also recommended that home sellers clean and paint their home before contacting an agent because agents want the home to look as good as possible before photographing it and showing it online.
“You only get one chance for a first impression,” Cashman said.
Cashman was joined on the panel by Joe Frank, the manager at Evolve Bank and Trust; David Coburn, a home inspector and owner of True-Check Home Inspections LLC; and Katie Twigg, a partner at Search2Close. Frank, Coburn and Twigg, along with Cashman, walked the attendees through the process of buying a house from start to finish.
Glenn Battishill can be reached at 740-413-0903 or on Twitter @BattishillDG.