Tri-State Real Estate Blog

18 year low in unit volume sales for New Castle County

2010-12-01T22:00:59-05:00

New Castle County is on pace to drop to 4000 homes sold for 2010. It has been 18 years since sales were as low as 4000 units in NCCo, when units sold were 3548 in 1992.

1993 saw unit sales of 4192, and sales were on a steady increase until 2005 when sales hit their peak at 8284 units. Since then sales have declined, going from 7700 in 2006 to 4974 in 2009.

The big question is where will the market go for 2011? Certainly with a greater population in New Castle County today than we had 18 years ago, one would not expect unit volume to remain at levels from 17-18 years ago. As the economy continues to slowly and steadily improve over the months ahead, we should see increased confidence in the home buying market, and sales volume increase.

When it comes to home prices and value, it will take a much greater reduction in supply before we start to see prices begin to increase again. I would not look for that to happen until sometime in 2012, when the demand has had a chance to bring down the supply of inventory levels for at least a year or so.

To discuss specific market values and strategies either for investment properties or your primary residence, please contact me at 302-999-6966.

John Luca

Real Estate Market Update Month End October 2010

2010-11-03T10:21:49-04:00

October home sales dropped 37% in New Castle County (274 vs.435) compared to October 2009 sales. Much of the drop can be attributed to last year’s first time home buyer tax credit which originally had a November 30, 2009 deadline, which had created increased demand in the final quarter of 2009. Year to date 2010 home sales volume for the county is down only 9.5% compared to 2009 year to date numbers (3,583 vs. 3,944).

In spite of the reduced numbers on unit volume, Average sales prices have remained very steady at $244,240 for 2010 ytd, compared to the 2009 ytd average of $244,056, which supports the notion that our local market has continued to remain stable over the past 10 months.

As the economy continues to stabilize and makes progress towards recovery, along with the current mortgage rates at record low levels for buyers, transactions are happening for sellers with realistic expectations. And although sales numbers haven’t been this low since before the year 2000, I believe the market appears to be in a position to have a better year in 2011. To find out how your current situation is best suited to take advantage of today's real estate market, call John today at 302-740-5872.

Mary Luca, MBA, Realtor, Technology Specialist
John Luca, Accredited Luxury Home Specialist, Chairman Circle Award, Realtor Licensed in DE, PA & MD

The Luca's Tri-State Team at Prudential Fox & Roach Realtors
302-999-6966 - Direct
302-999-9999 - Broker
http://www.TriStateTeam.com http://www.SearchTriStateHomes.com

Download 2010 Ytd sales stats NCCo thru Oct

Download Market_History_NewCastle_SingleFamily

Real Estate Market Slow but not dead - Sept 2010 Market Statistics

2010-10-01T15:59:37-04:00

Summer slowdown continues into Fall. September Pending home sales along with number of units Settled in New Castle County reached their lowest levels in 21 months falling 42% and 44% respectively vs. Sept 2009.

Even though the market is slow, it is certainly not dead. With the current mortgage interest rates at record low levels for buyers who want to buy, transactions are happening for sellers who want to sell.

In the past week we’ve had 3 properties go under contract, one of which was on the market only 5 days. Basically we have a lot of uncertainty with the economy, so the demand will continue to build as people sit on the sidelines waiting for the recovery. Once the economy starts to show some positive signs with some rate of consistency, higher levels of activity will return again.

To find out how your current situation is best suited to take advantage of today’s real estate market, call John today at 302-740-5872.

Real Estate Market Update September 4 2010

2010-09-04T11:20:37-04:00

The current real estate market is more competitive than ever. In spite of recent declines in the number of homes sold, homes are indeed still selling. Why? The one constant is that people still need homes. There are still buyers that need to relocate for jobs and others that want larger homes for growing families. Current interest rates are at record lows, and remain a big motivational force as well. Outstanding properties, meaning homes that are truly move-in-ready and priced at market value, are still in high demand and will sell - guaranteed.

To discuss buying or selling in this market, contact John Luca today - 302-999-6966.

Pike Creek Golf Club Closing - Meeting to Discuss - Joe Miro

2010-08-06T18:15:30-04:00

Mary Luca

July 2010 NCCO Real Estate Market Update

2010-08-01T08:06:43-04:00

Ncco real estate market – summer slow down continues for month of July – Pending home sales are down 42% compared to July 2009. Year to date sales are still slightly ahead (3%) of last year’s pace, thanks again to the heavy activity in the Spring due to the first time buyer tax credit. However, looking at the numbers going forward it appears that as these lower #’s of Pending home sale begin to settle, year to date sales will begin to trail 2009 numbers starting in August. The one bright spot is that interest rates remain at near record lows, so that anyone who is in the market to buy, will benefit from the rare combination of declining prices and low interest rates. For more information on the market in your specific area, contact John Luca today - 302-999-6966.

Extension of Tax Credit Deadlines and Exemption From Tax Credit Recapture Rules for Qualified Service Members

2010-06-19T13:27:29-04:00

"The Congress has acknowledged the unique circumstances affecting members of the military, the foreign service and the intelligence community by making exceptions that apply to both the $8,000 tax credit for first-time home buyers and the $6,500 tax credit for repeat home buyers." (http://www.federalhousingtaxcredit.com/service_mem.php )

At a glance, one major exception is that for qualified service members who are ordered on a period of official extended duty, the Tax Credit deadline dates are extended for one year. For these home buyers, the tax credit applies to sales with a binding sales contract in place on or before April 30, 2011 and closed by June 30, 2011

For detailed information on

Exemption From Tax Credit Recapture Rules
Extension of Tax Credit Deadlines
Definitions

view the official site: http://www.federalhousingtaxcredit.com/service_mem.php

Further information is available on the official IRS site http://www.irs.gov/newsroom/article/0,,id=215594,00.html including official questions and answers on whether one or both spouses must be overseas.

For information on buying or selling your home, contact John & Mary Luca now - 302-740-5872
We have the experience and knowledge to help you get the best value when buying or selling - including information to help you receive the optimal financing and tax benefits.

Regional Real Estate Market Update

2010-06-18T12:40:50-04:00

At a regional sales meeting yesterday with fellow Prudential Fox and Roach's top selling agents, the topic of discussion centered around the following details of the current real estate market:

Home sales have seen a bit of a slow down following the end of the first time buyer and Repeat buyer Tax Credit. Year to date home sales for 2010 are still ahead of 2009. Economy has stabilized somewhat, positive signs for growth, stock market has been up over past 12 months.

Home value appreciation will come eventually. It is very difficult, if not impossible, to know where the bottom is. The bottom of the market can only be identified when it has already begun to increase. Some parts of the country has seen prices on the increase.

Locally it’s still a tremendous time to buy. Interest rates will not remain at or below 5% indefinitely. Home values are the lowest they’ve been in 6-7 years, and will go up again as they always have. As long as someone has plans to remain in an area for at least 5-7 years, buying a home now is a much better investment strategy than renting.

Sellers can still sell their homes too. “Life events” such as: job transfers, marriage, divorce, retirement, downsizing, etc. will always provide demand for homes.

However, in order to sell a home in a market where Buyers have the “Get the Deal” mentality, Sellers need to clearly “price separate” their homes from the competition to attract offers. Realistic expectations for what home is worth, and pricing ahead of the market is the key to a settled transaction. If market value for a community is $300,000, don’t price the home at $315,000 thinking you will negotiate down to $300,000. Price it at $295,000 (which is just 1.66% below market value), and it will guarantee Sellers the best chance of selling in the shortest amount time. The longer a home languishes on the market, the less it will eventually sell for. It may also be a good idea to have an independent appraisal done before listing the home when it is a unique property or one where nearby comparables are not available or recent enough.

May 2010 Market Analysis - Pending Home Sales Decrease....

2010-06-02T21:57:30-04:00

Major drop in market activity for May 2010 – pending home sales (277) for May 2010 have dropped 39% compared to the previous year May 2009 total of 453.

The first time buyer tax credit deadline played a huge role in getting the buyers to write offers by the April 30 deadline, thereby pulling a great many number of transactions that would have occurred in May into April. This created an inflated April number and a very weak May total. The big question now is - what is going to happen in June 2010? I believe we will see less buyers this June compared with June 2009 when there were 494 pending home sales. Look for somewhere in the range of 300-325 sales for the month of June which would still be a decrease from June of 2009, but would still give a 4 month total ahead of last year by about 5%. Without the stimulus of the tax credit, we would more than likely have seen a decrease in the volume of units sold rather than the 5-7% increase.

Now is still one of the best times to buy a home in the U.S. in the past 7-8 years. Sold prices are also lower by 3.6% from 2009 and with the record low interest rates – who knows when this combination is going to exist again in the near future.

Whether you are looking to buy or sell in this current market, call John Luca now for a free consultation to see what makes sense for you 302-999-6966.

Download Supply Demand May 2010 John Luca

Download Months Supply of Inventory May 2010

April 2010 Real Estate Market Still Sizzling: New Contracts Trend Up, While Months Supply Inventory Trends Down

2010-05-03T10:10:48-04:00

The market continued to sizzle in April 2010 as another 658 properties went under contract compared with 484 in April 2009 (up 36%), and 520 in March 2010 (see Supply/Demand chart below). This flurry of activity was supported by the first time buyer and existing homebuyer tax credit which expired Friday April 30th 2010.

While the Days on Market (DOM) and Months Supply of Inventory (MSI) (see MSI/DOM below) have dropped significantly in the past few months, these indicators should increase once again with the end of the tax credit extension. The only factor that could sustain these levels would be a more significant economic recovery.

As always, though, homes that are priced properly and are presented well, will continue to draw buyers.

If you have further questions, please don't hesitate to contact me - John & Mary Luca 302-999-6966

Download April 2010 Month Supply Inventory and DOM John Luca

Download April 2010 Supply Demand NCC John Luca

Home Sales Sizzle in March 2010 up 22% over March 2009 for New Castle County Delaware

2010-04-01T11:07:41-04:00

New Castle County home sales were sizzling for the month of March 2010. 520 homes went under contract, which is a 22% increase over March 2009 with 426 homes.

Three major factors could be the reason behind the increase

1. first time buyer and existing homebuyer tax credit is set to expire on April 30^th

2. the major snows of February prevented many people from shopping for homes, which pushed the purchases in to March

3. a possible threat of an increase in the current interest rates, which are still near record lows, have gotten many people off of the fence and into a new home.

Short sales and bank-owned properties continue to dominate homebuyers’ interest, and are keeping overall prices from increasing. Even though buyers begin with an interest in foreclosed properties, many times they find great values in resale homes that require less work, and will settle in a more timely fashion. (For an overview on the short-sale home buyer process click here.)

The next 30 days of April should continue to see strong market activity, providing excellent opportunities for both buyers to sellers.

If you have further questions, please don't hesitate to contact me - John Luca 302-999-6966

Download New Castle County March 2010 Supply and Demand Chart and Table

What is a Short Sale & How Do They Work? + View ALL Distressed Homes for Sale (Foreclosures, Short Sales, Bank Owned, REO)

2010-03-13T20:06:52-05:00

View ALL Distressed Homes for Sale (Foreclosures, Short Sales, Pre-Foreclosures, Bank Owned, REO)

http://www.teamluca.com/Short_Sales_Foreclosures_Delaware_PA_MD/page_2342264.html

In the past year alone, 20% of my clients' real estate transactions have involved distress sales, and I expect that percent to be higher in 2010. Given the volume of distress home sales in the marketplace, I thought it might be beneficial to share a summary I had written up for a client on the short sale process (see below).

This is meant as a quick summary (not legal advice), and I'd be glad to answer questions and share my experience with you as we work to realize your real estate goals together.

Respectfully, John 302-740-5872

What is a short sale and how do they work?

A short sale occurs when a homeowner wants to sell their home, and the amount they owe on their mortgage is greater than the current market value of the home.

In order to sell the home, the seller would have to get an approval from their current lender(s) stating that the lender(s) will absorb any commissions and costs associated with the sale, and agree to accept the contract price offered by a willing buyer. The seller, in most cases, is now released from any indebtedness from the previous lender(s). This entire process, from the time of the initial offer by a buyer to final settlement can take anywhere from 60 - 180 days - with the average being somewhere around 120 days.

Here is a high level summary of the steps in the process:

An agent submits an offer on behalf of the buyer to the seller's agent. If the seller has no other offers, the seller “might” accept the offer, depending on how low it is (no guarantee).
Once the seller accepts the offer, the agent sends it to the seller's lender/bank. In about 2-3 weeks (sometimes longer), it should get assigned to someone called a “negotiator”.
The negotiator person is now in charge of handling the process of the short sale for the lender/bank. The negotiator then orders something called a BPO (Broker Price Opinion) which is a fancy term for an appraisal. The appraiser goes out to look at the house to determine its worth and sends a report to the negotiator.
Based on the appraisal, if the negotiator thinks the buyer’s offer is close enough to the appraised value, he gets in touch with someone called “the investor”.
The investor is now the person who makes the decision on whether or not to accept the offer. My experience is that when the offer is within 90-95% of the appraised value, the investor will accept the offer – again no guarantees.
Once the offer is accepted by the lender/bank, it can now move forward with having the buyer’s lender do their own appraisal. This costs about $250-$300 – which is less than the home inspection.
If the appraisal (for the buyer’s lender) comes back fine then the process moves on to the home inspection (about $750-800 including septic, radon and termite). Most of the time the house is being sold in its present "As-Is" condition so keep in mind if something needs to be repaired, like a septic system, the lender/bank usually will not agree to cover that repair. They may agree to reduce the price or they may not. If the buyer is not willing to cover the repair either, then the buyer can walk away from the deal and get the deposit back.
If the inspection is fine, then the process moves on to settlement.

Link to ‘The Mortgage Debt Relief Act of 2007’

http://www.irs.gov/individuals/article/0,,id=179414,00.html

February 2010 Real Estate Market Analysis, Prices, Days on Market, Months Supply of Inventory

2010-03-03T11:09:32-05:00

The March real estate market will look to rebound from dreadful February numbers. New Castle County suffered its worst month in real estate sales in over 10 years with home sales of only 208 units - down 21% from Feb 2009. (See chart below)

One would have to think the record amount of snow had to have hurt the real estate market. Many people could not even leave their homes much less try and go looking to buy a new one. However, high showing traffic over the past week is a strong indication of the pent-up demand that is starting to break loose. With less than 2 months to go in the first time buyer and repeat buyer tax credits, many buyers will be scrambling to beat the April 30 deadline. We currently have 10 clients in one of those 2 categories. I recently had submitted one offer for a buyer only to find out the property already had 2 other "higher" offers on the table ahead of us. It's going to be an interesting 2 months.

For a detail analysis on your home buying or selling prospects, contact John & Mary Luca at 302-999-6966.

View NCC Median Price Chart

View NCC Median Price Table

View NCC Months Supply of Inventory and Days on Market Chart

View NCC Months Supply of Inventory and Days on Market Table

You set the sale price "dead on"...Consequently, the house was under contract 2 weeks

2010-02-27T17:09:55-05:00

"We wanted to let you know how much we appreciated all that you accomplished for us. You went far beyond all expectations as our realtor. There were so many problem issues that came up with the house that we felt totally overwhelmed. On each issue you calmly had a solution. When we needed the heat pump repaired, you had a HVAC person there the next day. A plumber, an electrician, a carpenter, a mold specialist seemed to magically appear providing excellent workmanship and reasonable quotes. You have an amazing arsenal of professional workmen that you respect and you can rely on to help in all situations and quickly. Your advice and solutions to prepare the house to show at it's best were always accurate and flawless.

You set the sale price "dead on" and gave us the "realistic" expectations for which the house would and could sell for in that neighborhood and in today's economic times. Consequently, the house was under contract 2 weeks after the sign was put out and settlement a few weeks after that. What was even more amazing was that the house was under contract by December 22nd.

With your expert guidance this whole process was smooth and easier than we had ever hoped.

If there is ever an occasion that you would need us as a referral, we would be delighted to highly recommend you as "the best in the business"!

We cannot begin to thank you enough for all that you did. May God bless you in all ways.

With our best regards,

Roy and Donna Lickliter" 2-26-10

Share Cell Phone Homes Search Tool on Facebook - Share the Free Search for Delaware, Pennsylvania, Maryland

2010-02-22T22:08:27-05:00

facebook

Share the free Cell Phone Home Search App via facebook

Just follow the directions here and use the Code "Luca" when promted to add a badge and/or tab to your profile to share with friends.

Smart Phone App to search for homes for sale using GPS in Delaware, Pennsylvania & Maryland

2010-02-22T21:28:41-05:00

Find
Locate listings by GPS, address, city or zip code.

Refine
Select your price range and property type to find just what you're looking for.

View
See price, square footage, estimated mortgage, descriptions, pictures, interactive maps and more.

Connect
Interact with us agent using the "Call to See" feature.

Text: LUCA to: 87778

Text: LUCA to: 87778 to get the application on any phone

Think Spring - Homes for Sale with Tennis Courts, Swimming Pools, on Golf Courses

2010-02-20T13:13:12-05:00

Sure there is snow on the ground - but Think Spring and view these single family homes and estates that have Tennis Courts or Swimming Pools . Or start to think about your game, viewing these Golf Course Homes for Sale!

Enjoy your online tour of homes, and of course if you are interested in touring one of these estates in person, contact John & Mary at 302-740-5872.

John Luca's Hot Pick of the Week - Single Family Property 19805

2010-02-14T11:19:06-05:00

John Luca's "Hot Pick of the Week" -

Priced thousands below market value in Willow Run. This one will not last the week!!! ***Only $90,000 for a single family home anywhere in New Castle County is a rare occurrence, let alone in 19805. Owner occupants only for the first 15 days – then investors can move in. Call John Luca ASAP to schedule a showing 302-740-5872.

As a Buyer's Agent (representing only YOU as the buyer) John is excellent at finding and negotiating deals for his clients. To put John's expertise to work in finding your next investment property or luxury estate - contact him today at 302-740-5872.

Here's a link to ALL homes for Sale in Willow Run - John can set up a tour of all these homes as well as other comparables in the area for you to compare:

http://www.lucateam.com/willow-run-wilmington-delaware-real-estate-homes-for-sale-19805.aspx

Market Update January 2009-January 2010 New Castle County Delaware

2010-02-07T12:01:00-05:00

The current real estate market in New Castle County appears to be headed in the right direction – “for now”. Buoyed by the First Time Buyer tax credit, January 2010 numbers show higher sales volume (+15% units sold), less inventory (2804 units down from 3032 units) less days on market (80 days down from 87 days), and higher average sales price (236K vs. 233K – see graph/chart: Download NCC Price Analysis Jan 09 - Jan 10) compared with sales numbers for January 2009.

Near record low interest rates, plus an additional tax credit of $6500 for existing homeowners who purchase another primary residence (must have owned previous home for at least 5 years) along with home prices which are at the lowest level in over 5 years, make this a perfect time to buy or sell a home.

To discuss your options in the real estate market, contact John Luca at 302-740-5872.

Click on the charts below to see full size charts of Price Analysis for New Castle County, Delaware for the past year.

Larry Flick on NBC 10 Market Analysis

2010-02-06T21:04:04-05:00

Chairman and CEO Larry Flick sat down last week with NBC10’s Tracy Davidson as part of the network’s weekly “Survive and Thrive” segment. Flick shared his insights on the local housing market, how to take advantage of the existing home buyer’s tax credit and shared his predictions for 2010 in the Greater Philadelphia area. The segment also featured Prudential Fox & Roach clients and first time home buyers, Mike and Ryan Brown, who recently purchased a home in Wilmington DE and qualified for the government sponsored first-time home buyer’s tax credit. The full segment can be found here.

Interview highlights include:

Now is the time to buy: as the market improves, home prices and mortgage rates will increase in the year ahead.
Buyers who have strong credit can qualify for an FHA loan and put down as little as 3.5% down or as little 5% for a conventional loan.
The best opportunities will be available early in 2010, when home buyers are still able to take advantage of federal tax credits, selection of inventory and affordable mortgage rates.
The tax credit will continue to drive home sales in 2010, as more first time and ‘move up’ homebuyers enter to market to take advantage of the April 30 tax credit deadline.

For detailed information on the Expanded Home Buyer Tax Credit, click here.

Contact John Luca to answer all your real estate questions: 302-999-6966

Market Update December 2009 - First Time and Expanded Home Buyer Tax Credit, Inventory, DOM, Sales Prices

2009-12-03T15:15:43-05:00

First time home-buyer market continues to roll. Record low interest rates and affordable pricing and the extension of the $8000 First Time Buyer Tax Credit are keeping the market hot in the lower price ranges. It’s a great time to buy and it’s a great time to sell in this price range. In the past 4 months, the inventory levels in the under $275,000 price range have been reduced to 7 months of inventory. The average days on the market is as at a mere 67 days. And the average settled price compared to its original list price is 94%. These are all improved numbers from where the market was 1 year ago for this price range. In the higher price ranges it is definitely a great time to buy. Especially now that congress has added an Expanded Home Buyer Tax Credit which now includes a $6500 credit for anyone buying another principal residence, as long as they have lived in their current residence for 5 out of the past 8 years. We expect these numbers to start improving in the higher price ranges as buyers begin to take advantage of this new incentive. The deadline for both credits is June 30, 2010, but you must be under contract by April 30, 2010.

John Luca (licensed in DE, PA & MD)

302-999-6966

Home Buyer Tax Credit - Extended and Expanded

2009-12-03T14:28:30-05:00

Here are informative links directly to the IRS site. If you have specific questions it is always recommended to consult with your accountant.

First Time Home Buyer Credit Updated November 24, 2009

First Time Home Buyer Credit - Extension and Expansion

Current Form 5045

First Time Home Buyers Questions and Answers - Homes Purchased in 2009

Below is a summary of the tax credits provided by our broker (not the IRS):

Download Taxcreditchanges[1]

Download Taxcreditfaq_updated[1]

NPF IRS Presentation 11102009

Worker, Homeownership and Business Assistance Act of 2009

2009-11-07T11:16:26-05:00

The Worker, Homeownership and Business Assistance Act of 2009, was signed into law on Nov. 6, 2009. It extends and expands tax credits for first time home buyers implemented with previous Acts.

A summary from the IRS:

"Extends deadlines for purchasing and closing on a home."
"Authorizes the credit for long-time homeowners buying a replacement principal residence."
"Raises the income limitations for homeowners claiming the credit."

With the new legislation, long-time homeowners who buy a replacement principal residence may also claim a homebuyer credit and people with higher incomes may now qualify.

This is excellent news for those first time home buyers who weren't able to settle in time to take advantage of either the Housing and Economic Recovery Act of 2008 or the American Recovery and Reinvestment Act of 2009.

It also welcome news for those long-time home owners who desire to move to replace primary residence (as opposed to those who invest for the short term to resell a property).

As always, we are here, working full time as team in the real estate market and have the experience and knowledge to meet your home buying and selling needs. If you are considering buying or selling, we are available for you to interview or to consult with us at 302-999-6966.

In addition, you can view ALL homes for sale in the area at our real estate super-site http://www.TriStateTeam.com

Respectfully,

John & Mary Luca

For detail information directly from the IRS web site, click this link: http://www.irs.gov/newsroom/article/0,,id=204671,00.html

Quotes from Clients October 9, 2009:

"Sure John, if I see anyone wanting to buy or sell a house I will be linking you up. You are a great guy. Very relaxed and reassuring. My wife and I were very comfortable with you from the 1st day we met you. Keep up the good work!"

~ Odiraa

Statistics show how to sell homes in less time. How? Price it at market from the start.

2009-11-01T15:03:32-05:00

Sellers commonly ask why can’t we just start a little higher and see if someone makes an offer. The reason that idea doesn’t work is because when a home is priced above its true value, it doesn’t compare favorably with the homes that are priced at their true value.

This is especially true for homes that are in a market where the values are declining. For example, let’s take a home that has a real value of $300,000 and it is put on the market at $315,000. The home does not sell because compared to some other $315,000 homes (which are priced at their real value) this home doesn’t show as well. $15,000 may not seem like much for a home that is priced around $300,000 but $15,000 is about what a builder (in this price range) would charge to add a sunroom or partially finish a basement. So which house would you buy between 2 houses that are practically identical, and priced the same – the one with the sunroom or the one without it? See the difference?

Now factor in the fact that the market is dropping in value 1% every 60 days – which is what we’ve recently experienced in New Castle County in the past 12 months. So now the house has been sitting on the market for 4 months without a price reduction. And now its real value has dropped 2% or $6000. Now the house is $21,000 over-priced. Buyers and their agents quickly recognize that it’s overpriced and showings have decreased dramatically and continue to decline. Now the only way to sell this home is to have a price reduction of at least $21,000. However, now it’s been on the market for 4 months and that may not be enough of a price reduction to get it sold. Had the home been priced at its true value it would have had a much greater chance of selling within the first 2 months. See the chart below that shows homes priced correctly from the start (not requiring a price reduction) sell on average in less time and for a higher percentage of its listed price vs. the homes that required one or more price reductions.

Please feel free to contact us with any questions you have regarding buying or selling real estate.

Respectfully

John & Mary Luca 302-999-6966

Also feel free to contact us for additional Charts and Tables specific to your area.

New Castle Chester and Delaware Counties Average SP/OP Comparison Chart - No Price Change vs 1+ Price Change

New Castle Chester and Delaware Counties Average SP/OP - No Price Changes vs 1+ Price Changes

Inventory Slightly up from last month, yet homes priced correctly still selling well - average 76 days on market - New Castle, DE and Chester County, PA

2009-10-02T18:16:32-04:00

Market statistics continue to show that homes for sale that are priced correctly according to their condition and the market comparables (similar homes sold recently) sell well - going Under Contract on average in just 76 Days on Market (DOM) in Sept 2009. This is down slightly from a year ago (at 79 DOM in Sept 2008) and off the annual high of 103 DOM in Jan of 2009.

This is in contrast to the increase in the average Days on Market for both For Sale and Expired home for sale which we've seen in the past year. Expired Homes (those that did not sell) have gone from 155 average DOM last Sept up to 188 average DOM as of Sept 30 2009.

If you want to sell your home, John Luca has the experience to review your home's condition as well as the market comparables of recently sold homes and advise you on the correct price point as well as staging and other helpful sales tips - this can make the difference between you going Under Contract and being able to move or ending up on the Expired list.

Please call John at 302-999-6966 to answer any real estate related questions on the market in your area, or about buying and selling in this environment.

Have a great October!

Mary Luca

Charts used in the analysis - plus additional statistics are below for your viewing - click on the links to view all of the data that I've prepared for you.

Mary and John Luca

TriStateTeam.com at Prudential Fox & Roach

4764 Limestone Rd
Wilmington, Delaware 19808

Office: (302) 999-6966

Email Link

Download Average Days on Market for Under Contract Properties Chester and New Castle Counties Sept 30 2009 John and Mary Luca

Download Basic Absorption Residual Inventory Chester and New Castle County Sept 30 2009 John and Mary Luca

Download Months Supply of Inventory and Days on Market Chester and New Castle County Sept 30 2009 John and Mary Luca

Download Supply and Demand Chester and New Castle County Sept 30 2009 John and Mary Luca

Download Supply and Demand FS UC New Chester and New Castle County Sept 30 2009 John and Mary Luca

Increase in Sales, Rising Median Sold Prices for New Castle- Chester- Delaware Counties

2009-09-05T18:25:11-04:00

Both the anecdotal and market data show that volume of sales and sales prices have increased.

First time home buyers are snapping up inventory with the November 30^th deadline quickly approaching. Interest rates have improved as well, which has increased buying power.

John is out showing homes to a couple different buyers today, and when he called the appointment center to show inquire about an “active” listing he was told it was now under contract – that happened twice just today.

Looking at the Median Price Chart below (click the link to see the full size chart), you can see that the Median Sold Price has increased 9.1% (comparing the last 12 weeks over the previous 12 weeks), while the Homes for Sale are only up .7% - meaning that it's not that higher priced listings have come on the market and driven up the purchase price. Instead, the listing prices are rather stable, and the buyer is moving up in price point. This is typically what happens in a cycle such as the one we're in. The first time home buyers will come back in the market first, which allows the sellers to then buy up in price.

Also if you look at the Units Sold Chart below, you can see that there was an increase in the number of units sold while that price point moved up - so it wasn't just a weak market with a few outlier purchases. The Units Sold increased a strong 38.1% (last 12 week average versus previous 12 week).

Please call John at 302-999-6966 to answer any real estate related questions on the market in your area, or about buying and selling in this environment.

Mary

Download Median Price past 6 months NCC, Chester and DE counties John Luca

Download Units Sold Supply and Demand past 6 months NCC, Chester and DE counties John Luca

New Castle County Home Sales Graphs: Days on Market, Median Sold Prices, More

2009-08-22T20:24:46-04:00

Here are statistics to show how the real estate market has been performing over the past two years through June 2009. Click on any graph to see a larger version, complete with a table of the statistics.

As you can see, after a drop from November 2008 to February 2009, the median sold price has risen again to levels seen early last fall.

Other good news is that the Months Supply of Inventory (MSI) has dropped significantly from it's peak in January 2009 of 13.6 months, to a low of 6.3 months in June 2009. Good news for sellers also is found in the Days on Market (DOM) - which has dropped from a peak of 98 days to 79 days in the same time period.

Finally, an interesting bit of information can be gleaned from the Supply and Demand chart and table. Look at the table and you'll see that Homes for Sale have an average DOM of 132 days (which has dropped since January at 141 days), and Homes Under Contract have a lower average DOM of just 79 days (down from 98 days in January). Expired homes for sale, actually have the highest DOM at 188 days (which is UP from January at 169)

As you can see, those homes that get contracts are averaging just 60% of the DOM vs all homes for sale. These homes that get contracts tend to be priced correctly from the start (the sellers are realistic) and are in better condition. The homes that are not in top condition, or priced above the comparable sales, will languish on the market, suffering the fate of higher days on market. This makes the house look stale to new buyers in the market as they wonder why no one else has purchased the home yet, which ultimately can decrease the sales price of the home.

For a detailed price analysis of a home you'd like to sell or purchase, please contact John Luca (John@TriStateTeam.com or 302-999-6966).

Mary Luca

Market Update August 2009 - things are looking up

2009-08-06T22:39:13-04:00

The summer is flying by so fast, I cannot believe it's August already!

I thought I'd update you on how I see the market performing lately, while sending the link to my monthly market update newsletter which is: www.TriStateTeam.net .

The real estate market in New Castle County and surrounding areas is definitely seeing signs of positive activity. Days on the market have been trending down in addition to an increase in pending sales over 2008.

The first time home buyer tax credit is certainly driving the market, which is also helping the "move-up" buyer into their next home. Please keep in mind the deadline for the tax credit is November 30, 2009, which means that any first time home buyer who qualifies for the credit will want to have a home under contract by no later than October 15th, 2009, in order to allow at least 45 days for the closing process.

If you know of anyone who is considering a home purchase now is an excellent time to be looking with the tax incentives and low interest rates - and of course, I'd be excited to assist them in finding just the right home at the right price.

Please feel free to contact me with any questions, or any referrals you may have (302-999-6966).

I hope you enjoy the rest of your summer.

Respectfully,
John

Video Explanation of First Time Home Buyer $8000 Tax Credit: http://www.teamluca.com/First_Time_Home_Buyer_Tax_Credit/page_2263242.html

First Time Home Buyer Tax Credit - Deadline Approaching

2009-08-01T15:18:48-04:00

August 1, 2009:

60 days and counting - to when all first time home buyers should get their first home under contract for the November 30th, 2009 deadline.

1) Record low interest rates,
2) a super-affordable buyer's market and
3) this $8000 tax credit

are three of the best reasons you need to call John Luca now at 302-740-5872.

What if you already own a home and wanted to move up?

Now's a great time if the home you're in is priced in a typical first time home buyer range. That means there are more buyers for your home during these last 60 days - and it will be easier for you to sell and therefore move up to your new home! We have a great track record on selling homes with our multimedia marketing strategies.

Contact John @

John@TriStateTeam.com
302-740-5872
302-999-6966

Summary of First Time Home Buyer Tax Credit
http://www.tristaterealestateblog.com/2009/02/first-time-homebuyer-tax-credit-8000-.html

More Details on First Time Home Buyer Tax Credit
http://www.tristaterealestateblog.com/2009/02/further-explanation-on-8000-refundable-tax-credit.html

Main Site First Time Home Buyer Tax Credit
http://www.federalhousingtaxcredit.com/2009/index.html

As always, if you have specific questions on buying, selling or investing - please call me (John Luca) at 302-999-6966.

NEW - Search for Homes from Your Cell Phone using GPS

2009-05-13T21:34:29-04:00

Search all homes for sale in the Tri-State Area from your personal cell phone.

One of the top real estate agents in the Tri-State Area announced today that cell phones can be turned into the ultimate house-hunting tool. John & Mary Luca with The Luca's Tri-State Team at Prudential Fox & Roach is providing consumers with a mobile application called Homes for Sale that makes it possible to search all local property listings from their phone, regardless of whether it is listed by John Luca or another broker/agent. Homes for Sale can be downloaded to cell phones, iPhones and BlackBerry devices by visiting www.TriStateTeam.com.

With Homes for Sale, consumers can be in any neighborhood and view detailed home information at the touch of a button. The GPS technology in the mobile phone, where available, locates users and pulls up addresses and information on property listings in their immediate area. Sales price, square footage, tax information, beds/baths, interior and exterior features and pictures become available instantly in the palm of their hand.

Consumers can also search by city, zip code, address, or community name when GPS is not available, or if they want to search for real estate in a particular area other than their current location.

The “Call to See” feature within the Homes for Sale application will connect users to John Luca if they have further questions or want to schedule a tour of the property.

"We're all about providing excellent service to our clients by combining the technology they need with our personal market expertise,” said Mary Luca, who is e-Pro Certified.

When downloading the application from John and Mary’s website, www.TriStateTeam.com, consumers will find a "Search for Homes from Your Cell Phone" tool which provides instructions on how to send the application to their personal cell phone. Users simply select their cell phone carrier, the make/model of their device and enter their cell phone number into the downloader tool. Instantly, the application is sent via text message and downloaded to their cell phone just like a game or ringtone.

Homes for Sale is available across every carrier and mobile device via a fully downloadable application or mobile web (WAP) version. The fully downloadable version is live on hundreds of cell phone models on AT&T, Sprint and T-Mobile. If your carrier or cell phone model is not listed on the downloader tool, simply select ‘Other’ and download the mobile web (WAP) version. Smarter Agent is also available on BlackBerry devices as well as the iPhone. The fully downloadable version for Windows Mobile devices, as well as other devices and major carriers, will be added over the coming months.

Homes for Sale is free to download on BlackBerry devices across all carriers and the iPhone, in addition to the free WAP version. For other devices, a nominal monthly carrier charge may apply, dependent on device and carrier, billed directly to your carrier statement.