While Pennsylvania’s Delaware County real estate has not seen a historic low since 9/11, the area’s housing market has still been able to offer many affordable listings to those looking for a bargain. But with recent developments in light of the coronavirus (COVID-19) outbreak, the phenomenon is changing in quite a significant way.
Lately, the Delaware County housing market has seen an incredible rise in buyer interest, to the point where almost every listing is able to close at its asking price. The occasional sweet deal is nowhere to be seen, and many listings are even doing the rare jump over the fence of their asking price.
Listings Close Fast, Inventory Stays Tight
The housing market in Delaware County is known for its distinct home styles, which are sought after by those who are fans of that aesthetic. Country cottages and farmhouses often see a high level of interest, with charming starter homes trailing just behind.
With the U.S. recording its lowest-ever mortgage rates during COVID-19, the level of interest in these properties has peaked as of late. Country cottages sell like hot cakes, farmhouses get picked up right away, and starter homes see immediate offers. The activity is so heightened that listings are closing as swiftly as they are put on the market, with many interested buyers even being unable to visit a listing in person before it is whipped up by someone else.
The level of activity has given sellers the power to negotiate prices according to their own discretion, while also nudging buyers to close on a so-called perfect listing as soon as they find it. It’s quite an unprecedented scenario for Delaware County, but one that has been welcomed by local realtors who had been expecting the worst during the novel coronavirus outbreak.
COVID-19 Case Control Gives Way to More Activity
These facts have given a massive boost of confidence to the general population, who are now getting back to their everyday life. With more information about the pandemic coming to light and realtors maintaining physical distancing measures through every step, sellers and buyers in the Delaware County real estate market are feeling more courageous in their day to day activities.
This has paved the way for sellers putting more homes on the market, with buyers reacting with the same upward trajectory in their interest. As a result, this approach has injected a certain vigor into the Delaware County housing market that was not possible until a few weeks ago.
With that being said, the commercial real estate in the region is not getting the same level of love from buyers or investors. It is mostly due to the uncertainty that COVID-19 brings for businesses or new rental units. However, local realtors are confident that this might change in the near future as well.
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