According to the November 30, 2011 Housing Pulse/Campbell Surveys out of Washington D.C.:
Investor purchases hit 22.3% of closed transactions for the month of October, up from just 19.6% as recently as July. For the past three months, investor participation has exceeded 20%, continuing a long-term trend of increased investor interest in the housing market.
A combination of low home prices and growing demand for rental units make purchasing damaged Real Estate Owned (REO), fixing up the properties, and then collecting monthly rents, an attractive financial play. In October, average prices for damaged REO hit $101,100, the lowest price recorded in two years. In contrast, home prices for non-distressed residential properties averaged $266,700 in
Morgan Stanley recently reported that the current home ownership is around 59.2%, the lowest since tracking began by the Census Bureau in 1965; however, more than half of Americans are still homeowners. In spite of the downward economy there are numerous benefits to homeownership and purchasing real estate in Rehoboth Beach and elsewhere.
Pride of Ownership: Probably the number one reason people are driven to own their own home. You can make your home a reflection of your taste through design of permanent features, decorating, and landscaping. It’s an investment in your future that provides a sense of security and stability.
Equity: Paying a landlord is like throwing your hard earned money into a roaring fire. It’s gone forever. In exchange for paying
Rehoboth Beach Home owners, like everyone else, like to think they are in control of what enters into their homes. The reality is most homes have not been weatherized to ensure that those pesky drafts don’t make an unwelcome entrance. A simple visual inventory can easily identify most problem areas and many can be corrected with caulk, weather stripping, and expandable spray foam. Some areas may require a little more attention and supplies but the investment of both can add up to savings. The good news is anyone can master their domain, keeping away that uninvited winter guest, just by following the guidelines below.
Doors & Windows – Gaps are not your friend and can be eliminated with a bead of clear or paintable acrylic later caulk. The larger ones
According to National Association of REALTORS®, October saw existing-home sale improve with a decline in the number of homes on the market.
Total existing-home sales, defined as successful transactions which encompass single-family, townhomes, condominiums and cooperatives, for October increased 1.4% to a seasonally-adjusted annualized rate of 4.97 million -- 13.5% above the level in October 2010.
For single-family, townhomes & condos in Rehoboth Beach the October median sales price was $412,553. For Sussex County Delaware, the October median sales price of single-family homes was $250,000 -- 0.5% decline from a year ago. Townhomes & condos were hit particularly hard with a median sales price of $265,778 -- an 11.7% decline from a year ago.
In case you have not given thought recently to a weekend get away at the beach, you may want to consider. The Rehoboth Beach area is a great weekend get-away any time of year. It has really become a year round destination when you look at it as 52 weekends a year the town is vibrant and alive. Not only do most of the restaurants now operate year round, offering unbelievable specials during the week for off season vacationers and locals, there are special events scheduled almost every weekend of the fall season. One of the favorites, Jazz Festival takes place on Wednesday, October 12th through Sunday, October 16th. This year there will be shows offered on three stages - the Rehoboth Convention Center, the Rehoboth Theatre of the Arts and Epworth
