Are you a real estate investor looking for potential investment opportunities? There are various areas where you can concentrate your search for a quick return and profitability. You have options in Delaware, depending on your strategy.
Whether you are looking into a larger city or a beach town for a rental portfolio, here are the counties you should consider.
The New Castle County
It is the northernmost county in the Delaware state with a population of around 600,000. It is the most populous county in the state and covers an area of more than 1,000 km2. The county is known for its average rates in all the cities surrounding it, such as Bear, Newark and Wilmington.
These are good cities for investors as they offer lower rates than some of the neighboring cities. For instance, the median home values at Wilmington range at $ 165,000 despite the high unemployment rate. Similarly, Bear’s job market is expected to grow 30% for the next 10 years as it continues to attract settlement due to the availability of social amenities.
The average rents in Bear range from $1300 a month. Another booming real estate market in New Castle County is Newark city, with an expected rise in home value of 3.3% this year. Notably, the job market has grown recently, strengthening the rental market with over 60% of the population renting.
The Sussex County
It is located in the southern region of Delaware, with a population of over 200,000. This is the largest county in Delaware as it occupies an area of more than 3000 km2. The common areas for real estate investment in this county include Dewey and Rehoboth beach. The latter is known for its vacation rentals contributing to population shifts.
With the recent skyrocket of vacation rental rates, you can invest in a vacation market in Dewey. Rehoboth beach has also recorded a 1.5% job growth this year, making it a great time to invest as you anticipate future growth.
How Do I Find A Realtor Near Me?
Real estate investment requires expertise and knowledge about the homes and specific region. Therefore, you should find a professional realtor to guide you through the process. There are plenty of real estate agents that appear just by typing ‘realtor near me’ on the search tab. However, to find the best, you may have to:
- Get referrals from trusted family members and friends. Their experience would best guide you on the next step.
- Consult your lender on what they have to offer to understand your financial capabilities to avoid issues early in the process. This will show the realtor that you are a serious buyer and help them find the best home for you.
- Do your research online or through interviews to understand accreditations and processes you have to undergo.
Investing in the Delaware real estate market requires professional intervention. Realtors will guide you on the possible taxes for your investment and the best places to invest. The most important thing is to find a genuine real estate agent for emotional, legal and financial responsibility.