What to Expect from the Kent County, DE Housing Market in 2018
2018 will continue to be a seller’s market. Even with changes in tax laws and interest rates, the housing market is strong at the end of the first quarter of 2018.
Across the country, inventory rates have reached record lows while housing prices have reached record highs. New construction is expected to increase throughout 2018 to help meet the rising demand. Due to a lack of inventory, home prices will continue to rise. However, in many parts of the country, home prices will rise at a lower percentage than has been seen in recent years.
Sales are down as compared to previous years for new and existing homes; however, this may be due to the low level of inventory available on the market. As inventory increases, homes sales will likely also increase.
Now is a great time to list your home if you are considering selling. With demand high, sellers are frequently receiving multiple offers and offers above the asking price. In many markets homes in the entry-level price range are especially scarce.
New tax laws were passed in 2018 impacting homeowners. This includes a reduction in the mortgage interest deduction allowance from $1 million to $750,000. It also caps property tax deductions at $10,000 where previously there was no cap. Also, interest from home equity loans are no longer tax deductible.
Most of the tax changes impact luxury home owners more significantly. The luxury home market is continuing to see the same rise in home prices; however, this market has a higher inventory rate than other price ranges.
This year, the Luxury Trends Conference was held for the first time. The conference looks at sales and design trends in the luxury real estate market. One key discussion was the similarity of home features desired across generations from millennials to baby boomers. These include walkable neighborhoods, good views and access to city amenities.
Home builders are focusing on meeting housing demands for first-time home owners and baby boomers. This includes building more entry-level communities and 55+ active adult communities. On both ends of the generational spectrum affordable housing options are in demand.
Digital curb appeal is more important than ever. Most people shopping for a home look at multiple sources online to view homes prior to visiting the home in person. Working with an experienced, professional real estate agent will help to ensure your home is listed in the right places and looks great online.
2018 is predicted to be a good year for the Kent County Real Estate market. So far, this is proving correct especially for sellers. If you are in the market to buy or sell a home contact The Rivera Group to schedule a consultation.
Direct: 302-346-2719 or email us at TheRiveraGroupDE@gmail.com