Delaware Real Estate
If you have ever considered buying real estate in Delaware now is the absolute perfect time to make that financial investment. Did you know that sitting on the Delaware real estate market right now is two to three years combined worth of unsold property? This happened because during the housing boom properties hit a record high and now they cannot keep up with the recession. Prices in the Delaware real estate market have dropped nearly 30% in the past two years. This is extremely high for the United States average. Additionally, the shrinking auto industry in Delaware has improved the buyers’ market because people are desperate to sell and get out of their mortgages. Unfortunately for the unemployed in Delaware this recession has brought about a decrease in property values. So if you have ever remotely considered buying Delaware real estate, now is the time to make your move and obtain the financial investment of the year.
The major cities in the State of Delaware that one could look at purchasing real estate are Wilmington, Dover (which is the state’s capitol) and Smyrna. Wilmington is a beautiful city in Delaware that housing predictors forecasts the sale of homes to be slow and the market to remain very much a buyers’ market. There has been a recent onslaught of foreclosures in Dover which makes this a prime location to purchase Delaware real estate. Foreclosure properties can be bought for sometimes half of what their valued at. This means that if you invest in Delaware real estate immediately after you close on the property you’ve doubled your equity. The foreclosures aren’t the only cause of slow home sales in Dover, the rising unemployment levels and growing amount of job losses are a big culprit as to the slow home sales as well. Maybe you are looking at purchasing real estate as a second home or investment property in Smyrna which is a delightful little town just outside of Dover. The real estate market in Smyrna is going on its third year with a sluggish housing market. Other cities with Delaware real estate available for investment are Delaware City, Harrington, Milford and Newark.
So what are some other reasons to purchase and invest in Delaware real estate? Delaware is located on the Atlantic Coast and is bordered by the Delmarva Peninsula, the Chesapeake Bay and Delaware Bay. New Jersey, Pennsylvania and Maryland all border Delaware. Delaware is the second smallest state in the United States, second after Rhode Island.
Economically the State of Delaware has been hit by the recession, however it is ironic that the median household income is still over $50,000 which is higher than the average state in the United States. The main employers for the residents of Delaware are the government of the State of Delaware and the government of New Castle County. The University of Delaware is another big employer. A few other big employers are the banking industry like Bank of America, chemical and pharmaceutical companies such as E.I. du Pont de Nemours Company, the automotive manufacturing companies such as General Motors and Chrysler. What does this mean for you as a potential investor in Delaware real estate? Whether you are intending to purchase Delaware real estate as a second home, investment property or rental property, you will have an abundance of companies that have employees that need homes. The State of Delaware educational institutions actually employ a large population of Delaware residents. These educational institutions are Delaware College of Art and Design, Delaware State University, Delaware Technical and Community College, Wesley College, Wilmington University and the Widener University School of Law. Students and teachers come from outside Delaware and all need housing.
If you are contemplating purchasing Delaware real estate you may want to look into the higher class areas of Delaware. If you decide to purchase an investment property or a property to rent out, these richer areas may prove to bring in more revenue. The rich areas are Greenville, Henlopen Acres, South Bethany, Dewey Beach and Fenwick Island. The average income in Greenville is $83,000 and the average income in Fenwick Island is $44,000.
There are a plethora of areas in which to purchase your Delaware real estate and in this incredible buyers’ market this is the time to do so.