All Blog Entries by Bill Mann

The Federal Reserve's Federal Open Market Committee (FOMC) voted to maintain the Federal Funds Rate within its current range of zero to 0.25 percent, and to continue its current stimulus program of purchasing $85 billion monthly in Treasury bonds and mortgage-backed securities (MBS).

Citing weather-related events such as Hurricane Sandy and drought in the Midwest, the committee said in its statement that information received since its December 2012 meeting "suggests that growth in economic activity has paused in recent months in large part because of weather-related disruptions and other transitory factors."

Concerns over the then-looming fiscal cliff crisis may have also contributed to the economic contraction during the last quarter of 2012.

Anyone who is buying a house in Lewes -- or even just checking up on the market -- is likely to find that some of the rules of the game seem to have shifted. Particularly anyone expecting to be deluged by the kind of amazing deals being offered in 2008 and 2009 should see what I mean.

As the latest housing statistics continue to paint an upbeat picture, at least when it comes to bargain-priced properties, the days of multiple bids and ‘offers over asking’ are back.  If you are weighing the advantages of purchasing a Lewes home before interest rates and prices rise in earnest, it should be useful to take a look at some strategies that work -- and some that virtually never work:

1. Blanket Low-balling – Running around writing up a bunch of low-ball

Case Shiller released their latest Home Price Index yesterday. The headlines that followed were true but, in our opinion, a little misleading. Here are some of the highlights of the report that have dominated major media coverage:

• Home prices rose 5.5% in the 12 months ending in November 2012 (the latest data available).
• In the 12 months ended in November, prices rose in 19 of 20 cities.
• Housing is clearly recovering. Prices are rising as are both new and existing home sales.

Great news for the housing industry. Realize however that all the highlights mentioned above refer to year-over-year comparisons.

What is NOT Being Reported

There is another finding in the report that hasn’t garnered many headlines – month-over-month prices

When preparing to sell a home, few things improve its curb appeal more than a fresh coat of exterior paint.  

Many people are intimidated by the thought of painting their home's exterior, and choose to hire a third-party to handle the work. But, you can do it yourself, with these easy steps.

First, before starting, you'll want to inspect your home. Examine all walls, look under the eaves, and pay attention to door frames and windows.  Be on the lookout for peeling paint, mildew and rough surfaces and make a note of them.

Next, gather the tools you'll need to do the job. These include :

• A power washer
• A 2-3” inch putty knife
• A 2-3” inch pull scraper
• A wire brush
• A sander
• Chlorine bleach

Then, to create a clean surface

The National Association of REALTORS® (NAR) reports that the Pending Home Sales Index fell 4.3 percent in December as compared to the month prior. The index now reads 101.7.

The Pending Home Sales Index measures the number of U.S. homes that have gone "into contract", but have not yet closed. The report is based on data collected from local real estate associations, and from national brokers.

Despite December's drop, however, the annual rate at which contracts for a home purchase were drawn increased 6.9 percent from one year ago, and marked the 20th consecutive month of annual purchase contract gains.

NAR reports that 80% of homes under contract are closed with 60 days, with the majority of the remained homes "sold" within months 3 and 4.

Every edge counts when you’re selling your Coastal Delaware home and want it to stand out from all the other listings. Whether you have an underused room you have been wondering what to do with, or already have a ‘game room’ you’re looking to improve before an upcoming open house, in honor of next weekend’s Super Bowl, let’s talk about creating one of today’s most desirable extra-value features: that Lewes homes listing star, the “Man Cave!” 

Find the Right Space 

Lisa McDennon, an award-winning interior designer in Southern California’s Laguna Beach, likes the basement as the ideal Man Cave location.  "I think the lack of windows…is a benefit because it's already dark and cave-like. It's also separated from the house by a wall." 

Install the

These are five good reasons why you should consider listing your house today instead of waiting:

1.) Demand Is High

Homes are selling at a pace not seen since 2007. The most recent Existing Home Sales Report by the National Association of Realtors (NAR) showed that annual sales in 2012 increased 9.2% over 2011. There are buyers out there right now and they are serious about purchasing.

2.) Supply Is Low

The monthly supply of houses for sale is at its lowest point (4.4 months) since May of 2005. The current month’s supply is down 21.6% from the same time last year. Historically, inventory increases dramatically in the spring. Selling now when demand is high and supply is low may garner you your best price.

3.) New Construction Is Coming Back

Since the real estate market is beginning its rebound, maybe you've finally decided to make that retirement condominium purchase. But you've got a few years left until retirement day and would like to offset some of the costs of ownership. Consider putting your Rehoboth Beach condominium on the vacation rental market until you're ready to make the move.

If you plan to place your Rehoboth Beach condominium on the rental market, here are some things to consider:

1. Not all rental companies are alike. Research area rental companies that actively market the area where your condominium is located to maximize occupancy for your unit. 
    
2. Just as you would with a home you're trying to sell, make your condominium interior cozy and home-like that