How much would your Wilmington home sell for in today's market?
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You may have heard in the news that some people think we’re on the verge of another housing bubble breaking in the near future. I get asked about this all the time here in Wilmington.
To be honest, I really don’t believe so. Housing is always dependent on supply and demand. Whenever demand is high and supply is low, housing prices increase. We’ve seen more than a 5% increase in prices in the last couple years, which is to be expected with demand and inventory where it is at this point.
As prices continue to rise, more families will have more equity in their home, so there will be more inventory on the market as they continue to sell those homes to capitalize on their equity. As long as we have more inventory coming on the market, we’ll be fine. Hopefully demand will stay high, which will level the supply and demand out a bit. Prices will taper off a bit, but I don’t expect a crash or bubble anytime soon.
If you have any questions, please feel free to reach out. Let’s talk soon.
