Happy Spring! As we look back on the first 4 months of the year, there was a slowdown in total sales, but the beach real estate market remains firm as we continue to experience very limited inventory amidst rising interest rates.
A positive piece of news for real estate that we are watching closely is the Delaware legislation recently introduced that would reduce the transfer tax by 1%, effective for transactions recorded after July 1, 2022. This would bring the total tax back to 3% vs. 4%. Typically, this expense is split between the buyer and seller at closing. While not yet in effect, we are encouraged that this bill will be passed and we will keep you informed.
If you would like to discuss the market in more detail, please give us a call: (302) 541-5207.