Property for sale in Delaware
Delaware borders to the south and west with Maryland, to the northeast with New Jersey and to the north with Pennsylvania.
The state of Delaware is known by the nickname "The First State" because it was the first American colonies to ratify the Constitution and join the union in 1787. Delaware is the sixth most populous state in the USA. Furthermore, it is the only state with only three counties: New Castle, Kent and Sussex.
Delaware is perhaps best known for being the first to enter two important business measures: over 50% of all publicly traded US companies and 64% of Fortune 500 companies are incorporated into Delaware. As a result, incorporation taxes represent the 2nd source of revenue for Delaware after income taxes.
Delaware is not particularly gifted with natural resources and economically hampered by its size, but Delaware ingeniously nurtures a crucial niche in the business services sector by offering a flexible and business-friendly tax structure and a win-win court system where business processes are decided by a judge instead of a jury. Delaware has attracted countless out-of-state companies such as Apple, Coca-Cola, Ford and Facebook to be incorporated into the state.
Delaware also offers interesting usury laws that have attracted credit card issuers in the country, including Bank of America, Chase, Barclays and ING Direct.
The well-paid jobs in the financial and scientific sectors have made Delaware a relatively historically rich state. However, properties for sale in Delaware, in the metropolitan areas of Wilmington and Dover remain relatively affordable compared to house prices in neighbouring Maryland and New Jersey.
The climate of Delaware is temperate, it has a coastal plain, characterized by hills, pastures to the north, swampy areas to the south and sandy beaches along the coast. During the colonial period, Delaware cultivated tobacco, but today farmers produce modest amounts of wheat such as corn, soy, wheat, potatoes and apples.
With 22 miles of coastline, the Delaware benefits from a significant summer tourist traffic from other states of the Central Atlantic. Rehoboth Beach, just 120 miles from Washington, D.C., calls itself "the nation's summer capital" due to its popularity as a vacation destination for Beltway residents.
The pendulum of the Delaware real estate market seems to swing in favour of the sellers interested in property for sale in Delaware.
The average price of a property for sale in Delaware rose 3.9% during the first three months of 2018, the biggest jump in any state except Oregon. Realtors and home buyers last month said they were seeing a sudden lack of inventory, that is, the number of houses on the market, which created an unexpected surge in prices.
Even with the current increase, property for sale prices in Delaware have risen by a paltry 16% over the last %years.
The Delaware domestic market has been stagnating recently, last year, when prices rose only 2.2% in the 12 months prior to 1st October.
That slow growth was probably driven by a large number of homes in foreclosure or sold with difficulty at fire sales prices.
If you've dreamed of a new start in Delaware you've started looking for property for sale in Delaware, especially in Wilmington, Dover, Bellefonte or Georgetown, you'll be happy to know you're on your way because 2018 promises to be a great year to buy a property for sale in Delaware for a variety of reasons.
The 1st reason is that interest rates are expected to continue to rise over the next 11 months, at least two to four times more. In fact, buyers can expect interest rates of 5% by the end of the year.
If you wait too long you could end up spending more on the same property for sale in Delaware. And while these prices have risen rapidly in recent months, 2018 will begin to moderate that pace. House prices will actually continue to rise, but not as quickly as they have been. Buying a property for sale in Delaware in 2018 is a wise and smart move and will save you while you watch the values go up.
More homes will return to the market, with most of the recovery going from mid to top, which means you'll have much more to choose from as you begin your search in Delaware.