Local first time home buyers vs. out of state home buyers

DELAWARE – According to local realtors, it appears that first time home buyers are facing some stiff competition.

According to the Parker group, over the past year they’ve noticed home buyers coming from metropolitan areas to buy homes especially near the beach. They tell us, these out of state home buyers typically have cash offers, beating out a lot of other home buyers.

They also say this drives prices up, and for those who are financially struggling while coming out of the pandemic, it could cause problems. “Those houses are getting 10, 15, 20 offers and there’s a good chance that at least a handful of those offers are going to be cash or above the list price and that’s tough to compete with,” says Dustin Parker, local real estate agent and owner of The Parker Group. He adds, “Those people still need a place to live and because now the people that have the cash and have the resources they’re taking up those places to live, they’re really struggling.”

Parker also tells us, until those prices come down it’s likely going to be a challenging market for first time buyers to get into. However if you are first time home buyer looking, their advice is to be aggressive.

Categories: Delaware, Local News