Ms. Goodman,

The most recent list price compared to sales price reports (Aug. and Sept. 2008) show that homes in the Newark area are selling at about 85% of the list price. For example, a home listed at $290,000 is being sold at $246,500. This has varied over the past year with the highest percentage at 96% in June 2008 to the lowest being about 82% in September 2007 (info direct from the MLS). Of course, each Seller is different in what they will accept for their home, but the current averages certainly favor Buyers. It is difficult to predict the next phase of the market, but Buyers currently have the edge. The market in Delaware differs from other parts of the country such as Florida and California that have seen extremely slow sales. The current average "days on market" in New Castle County is about 71 days.

Mark Felicetti

Hi Tiffany! The Bear/Newark area is a fantastic location. It is within a few hours driving time to major cities like Philadelphia, Washington DC, and New York and within an hour of the Delaware beaches. As far as the prices in Bear/Newark, they are still prime for the first time homebuyer. The selection of homes are great for you. No better time than the present to find the home of your dreams. Also, with the First Time homebuyer tax credit, now is the time to buy. Take advantage of the market and find your home today. If you need any guidance, I'd love to help you.

Tiffany

If you're looking for a starter home, contact me. Mine is for sale in bear.

Tiffany, Bear/Newark seems to always be a popular destination due to proximity to major metropolitan areas and major highways. That being said remember you are in a buyers market and as a first time buyer without a home to sell should put you in a strong position regardless of what area you are looking.
Good luck with your search.

Wow! If we only knew..... Bear/Newark area is very popular and that is good. The market in New Castle County has been better than Kent and Sussex. I don't believe the market will make a quick comeback between now and September. But know that depending the direction you go, you can begin to look or get in position to buy by June/July. Good Luck!

Bear and Newark are great areas to purchase your first home. There is a vast selection of condominiums, town homes and single family homes that would certainly fit the needs of a first time home buyer. Although no one can truly predict this market, since the demand for lower priced homes outweighs the demand for those at higher price points, I feel the market for these homes will stay pretty close to where it is today.