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A lot of people have been wanting to know whether we're in a buyer's market or a seller's market, and the answer to this question can be determined by how much supply you have in a given market. When there are more homes in a market, the buyers have the advantage, and when there are less homes, sellers have the advantage.
In our area, it depends on the price range you're looking at to determine if you're in a buyer's or seller's market. If your home's value falls under $300K, then you're going to find 5 months of inventory, and that will put you in a seller's market.
Above $300K is a market that's really favoring the buyers because there is a 10-month supply of homes. This means that buyers will have a much stronger negotiating position. This factor, along with low interest rates, will allow a lot of buyers to purchase homes this year. If you have good credit, you shouldn't have too much trouble getting a home loan.
I also want you to know that some zip codes in our area are seeing significant increase in home prices, such as the 28409 area (8% increase in a year). Overall, home prices aren't going through the roof, but this year will be a great one to sell a home. We expect a lot of first-time buyers to come out because homes are so affordable right now.
If you're interested in buying or selling a home in Wilmington, please don't hesitate to contact me!
