The State News recently published helpful information about Kent County real estate trends for the period between November and January over the past decade. It was compiled by realtor Cynthia Witt and squares with what we at Lessard Builders have experienced.
After a three-year decline, her data indicates a recent uptick of 32 percent from 392 last year to 516 homes this year sold during that period. Even more encouraging for buyers is that the average price of homes sold in previous years during the same period dropped by $50,000 from $254,974 to $204,344. Add that to the current low interest rates and tax benefits for first-time homebuyers and existing homeowners, and it becomes a true buyer’s market.
From the perspective of a third-generation builder, three things are evident:
- Home prices have stabilized;
- While interest rates are still quite low, they are not expected to remain so in the long term;
- The current deadline to apply for the tax breaks requires buyers to contract by April 30, with settlement before July 1.
This confluence of events suggests that anyone considering buying a home should pull the trigger now before consts of labor and materials rise.
Lessard Builders Inc., is a third-generation, family-run business based in Camden, DE.
Brian P. Lessard
President
Lessard Builders Inc.
