house prices for real (mortgage, loan, foreclosures)

[movn2del]

We all know that when someone puts a house on the market for a particular price, it never sells for that. Here in New York, I've been told most houses sell for within 15% of the asking price, generally speaking. Does anyone have an idea what to expect in Delaware? Is there a difference in a new home vs an older home as far as the percentages?

[from PA]

Originally Posted by movn2del

We all know that when someone puts a house on the market for a particular price, it never sells for that. Here in New York, I've been told most houses sell for within 15% of the asking price, generally speaking. Does anyone have an idea what to expect in Delaware? Is there a difference in a new home vs an older home as far as the percentages?

I think it all depends on market time, location, competition within the neighborhood and circumstances behind the sale for resales.
Builders are currently offering lots of incentives on new construction. Every situation is unique but I think this goes for all over the country currently. I know of several homes where I used to live in PA that have been on the market for more than a year. Their original price was inflated and they have dropped their prices 15% or more but the sellers are stuck because they didn't react soon enough to the changing market conditions and they are now at rock bottom. I guess what I'm trying to say is that I don't think DE is different than anywhere else in the country right now. If you're in a position to buy, now is the time.

[movn2del]

Thanks for your opinion. I guess I was really looking for statitstics that people who are living in Delaware might be aware of over the last several months. We are looking to purchase in the next few months. I realize the market can change between now and then but it seems to be on a steady decline for now.

[maryCh]

In general, I would second what from PA said... I have relatives and acquaintances all over the country that say the same thing she said. I do know Long Island is going through a craxier than normal roller coaster ride with housing sales and associated pricing. My in laws are there, and we considered going back there until deciding on DE.

We had friends in NC that were from Smithtown. They had a house for sale (their mom's) that listed, 3 years ago, for over $400,000. And in their words, it was a wreck and needed major renovation. However, the location was the appeal, and they got close to asking price finally about 1-1/2 yrs ago. But the taxes seem to be the bigger problem on Long Island, even more so than the listing/selling prices of homes.

Where the in laws are, an average house would list for about $800,000. These are NOT deluxe, by any means... working class neighborhoods, and all that. But their proximity to NYC, and convenience to public transportation, etc. is what keeps the prices elevated. However, with the mortgage industry in such turmoil, few working class folks can get the loan for that price. Then tack on $10,000 plus for property taxes, and you see where I'm going.

I have heard the prices in DE escalated in the last 5-10 years. I have also heard locally that foreclosures are all over here, as in the rest of the country. So statistics, in my opinion, aren't keeping up with the actual happenings everywhere. The data can only be processed so quickly, ya know?

We too will be looking to purchase this summer. We already have an eye on the market, and fully intend to stay in the school district where we are currently renting. It should be interesting to see what is going on over the next few months!

Mary

[remike2]

Originally Posted by movn2del

We all know that when someone puts a house on the market for a particular price, it never sells for that. Here in New York, I've been told most houses sell for within 15% of the asking price, generally speaking. Does anyone have an idea what to expect in Delaware? Is there a difference in a new home vs an older home as far as the percentages?

That is not quite true. While some sellers do subscribe to the theory of pricing the property higher than than the comps indicate, a GOOD realtor will try to discourage this practice, especially in a down market. The best advice I can give you is to sign up with a realtor early in the process.

[movn2del]

Thanks for the advice remike2. We already have a realtor and have been giving information on houses we are interested in seeing. My family and I will be spending Monday morning going all over Delaware. So if anyone is travelling around and sees New York plates, it might be us. Oh yeah, we are seeing a lot of houses and may go into the early evening.

[CMTAD]

Originally Posted by movn2del

Thanks for the advice remike2. We already have a realtor and have been giving information on houses we are interested in seeing. My family and I will be spending Monday morning going all over Delaware. So if anyone is travelling around and sees New York plates, it might be us. Oh yeah, we are seeing a lot of houses and may go into the early evening.

Best of luck, movn2del. Be sure to ask every question you can think of. The only stupid question is the one never asked.

Charley

[Summering]

One area that is nice to look at is Angola Bay.........With those homes you own your own land. You are near the bay and there is boat docking. You can also use your own canoe or rowboat to go out onto the bay area. The kids love crabbing from the docks there is access areas to them and the boats, nice sitting areas too.
The pool there is great. What is really fantastic is that the yearly dues for having all that is just minimal........Our little fellows love to go there and visit. Its a short skip to Cape Henolopen State Park for swimming at the ocean. It is also a short distance to Rehoboth and the little Fun Park that is so inexpensive .........kids love it.
Not sure your going that way...........but...........if you are..........just so you know we love it. ( Goes under lewes listings)

[rdlr]

Originally Posted by movn2del

We all know that when someone puts a house on the market for a particular price, it never sells for that. Here in New York, I've been told most houses sell for within 15% of the asking price, generally speaking. Does anyone have an idea what to expect in Delaware? Is there a difference in a new home vs an older home as far as the percentages?

In Kent County, Delaware, as per Kent County Association of Realtors Market Statistics, properties generally are selling for 93%-94% of List Price. Market time is 3-6 months. These are across the board statistics and there's no break down between new construction and resales.

[from PA]

Originally Posted by Delly

In Kent County, Delaware, as per Kent County Association of Realtors Market Statistics, properties generally are selling for 93%-94% of List Price. Market time is 3-6 months. These are across the board statistics and there's no break down between new construction and resales.

Just knew it was a matter of time before you would chime in on the stats for this thread, Delly. If the property is anywhere in DE, you have the expertise just didn't want to volunteer you knowing how busy you are.