Delaware – A Little State with Big Plans
Even with all of the challenges that loomed at the end of 2012 (like the fiscal cliff, tax uncertainties, and a chilly winter that wasn’t exactly friendly to house-hunters), realtors in Delaware closed the year with great news to report – prices were up and homes were selling quickly. Even though you didn’t hear stories here of rabid bidding wars, many of the homes for sale in Delaware fetched multiple offers!
And don’t forget, Delaware residents had some cleaning up of their own to do after Hurricane Sandy! The damage here wasn’t anything compared to what New Jersey saw, but it was still something that homeowners had to overcome.
Despite all of the good news, there is one thing that realtors in Delaware are somewhat concerned about – foreclosures. Since the state has a mandatory foreclosure mediation policy (which helps some people keep their homes, but makes the foreclosure process take much longer), there’s no telling when a glut of foreclosed homes could hit the market. Foreclosures that would have been put up for sale months ago in other states still haven’t been listed here.
So, until all of those foreclosed homes are out of the way, Delaware’s housing market will not be able to be considered truly “healthy” or “recovered”.
In the meantime, though, home sellers in Delaware are enjoying a low inventory, because it’s forcing the prices up – and up quickly. Between the second and third quarters of 2012, the homes for sale in Delaware were selling for nearly 6% more!
Realtors in Delaware aren’t the only ones taking notice, though. Builders here gained a tremendous amount of confidence during the last half of 2012. As a result, they broke ground on more new homes than they had in the four years before that!
And, it looks like the demand for homes in Delaware will stay strong. That’s because Delaware’s workforce is stronger than America’s as a whole. In fact, Delaware’s unemployment rate spent most of 2012 decreasing. As of the beginning of 2013, Delaware’s unemployment rate was more than a full percentage point lower than the U.S. unemployment rate. All of those steady paychecks mean that Delaware residents can feel more confident committing to mortgages.
The state is also doing what it can to jump-start the housing market’s recovery. Both the Governor and the state’s Economic Development Office are working to streamline the permitting process, so that new businesses can come into Delaware. The thinking is that if new businesses can set up shop, it can give the entire economy a boost – which will, among other things, help the housing market!
Living in Delaware
Interested in living in a state where you can experience sandy beach trails, sail, and save money every time you shop? Then Delaware might be ideal for you!
Bordered by Maryland on the south and west, New Jersey to the northeast, and Pennsylvania to the north, Delaware’s location makes it convenient for daily commuting and shopping. Because of its tax-free status, Delaware is a shopper’s dream with both name-brand outlet malls and delightful boutiques.
Because of its proximity to the Atlantic Ocean and the Delaware Bay, northern and southern Delaware experience different types of weather. The southern part experiences a milder climate and therefore, a longer growing season.
Before you head off to Delaware, let’s go over some of the fast facts:
- What is the population of Delaware?
- The population of Delaware is 917,092
- What is the capital of Delaware?
- The capital of Delaware is Dover
- What is the largest city in Delaware?
- The largest city in Delaware is Wilmington
Coined the “First State” back in 1787 when it became the first state of the new Federal Union, Delaware is rich in history. If you’re a history buff, you can experience Delaware’s heritage through living history programs, state parks, museums and historic sites. The Delaware History Trail can give you an opportunity to learn American History using 36 significant historical sites.
There seems to be something exciting for everyone in Delaware. If you’re interested in American History and the Arts, you may enjoy Winterthur, a leading American decorative arts museum. The 60-acre property was founded by Henry Francis du Pont.
For some relaxing adult activities, the Delaware Wine and Ale Trail can introduce you to 12 wineries and breweries from the Wilmington riverfront to the Atlantic Ocean.
If you are a NASCAR race fan, you can enjoy the Dover International Speedway twice a year with the Dover Downs Hotel and Casino within walking distance.
If you love the outdoors, you can take a scenic drive in Delaware to experience the state’s natural beauty. There are many opportunities for boating, biking and hiking along the way. Delaware’s beaches, because of their beauty and proximity, have become popular tourist destinations for people in nearby states. And, Delaware’s beaches have been ranked number one in water quality.
All in all, this state might just become number one for you and your family!