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Mann & Sons Inc

414 Rehoboth Ave Rehoboth Beach, DE, 19971
Office: 302-227-9477

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Buying A Home

Advice on buying a home with a competitive edge.

Found 34 blog entries about Buying A Home.

Vacation in Rehoboth BeachLast year, vacation home sales rose over ten percent. The U.S. Census Bureau reports there are almost eight million vacation homes in America today! That means nearly a tenth of citizens own a vacation home. The overall price of a second home is down a whopping 25% (and that’s being conservative) since 2006! Interest rates are at historic lows. A strong stock market return combined with discounted foreclosures has really brought smart buyers out of the woodwork. And the smartest buyers look to Mann & Sons when buying a vacation home in Rehoboth Beach.

There are many reasons why vacation homes are a good idea. First and foremost, purchasing a vacation home gives you a permanent place to take the family that you can fix up just the way you like. If you

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Nationwide Open House in Southern DelawareThis weekend, April 20 and 21, is the 2013 Nationwide Open House, sponsored by the National Association of REALTORS®. REALTORS® across the nation will be holding “open houses,” an appointment-free, no-strings-attached opportunity to explore a home. Last year, 45% of all home buyers accessed open houses across the nation in their search for the ideal home. That’s too big a number to ignore. While one could very likely find their future home at an open house, there are many reasons why attending an open house is beneficial to home buyers.

By going to an open house on this particular weekend, buyers are provided with the chance to talk to a local REALTOR®. REALTORS® can inform buyers of the benefits of homeownership and give priceless insights on the local

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Lewes Homes For Your FamilyWhether you are moving to a new house with children or you are buying your first Lewes home with the intention of raising future little ones there, many factors will come into play when making your decision.

You will want to find a house with the right size and layout, that has a suitable number of bedrooms and bathrooms, is in an excellent neighborhood and has all of the local amenities your family will need.

Here are three important factors to consider during your new home search:

Location

Take a look at the area where the property is located.
  • Is it close to a school that your kids want to attend when they are old enough? Lewes is located within the Cape Henlopen School District. Delaware's enrollment choice program makes it possible (no
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Coastal Delaware First Time HomebuyingFirst time homebuyers in Rehoboth Beach are told a lot of things —

“Save your money,” their parents advise.
“Location, location, location!” their friend’s friend cautions.

Reasonable advice, for certain. But there some important elements of the home buying process which a typical Coastal Delaware first time homebuyer doesn’t usually hear. I’ve listed some of the most important ones, in no particular order:

  1. Mortgage rates you see advertised aren’t usually what you get
    The banner ads are everywhere online: “3.2% rates!” “No money down!” But the truth is, mortgage rates vary greatly. The only way you’ll know what rates you actually qualify for is to go through a complete mortgage application including credit pulls and income verification. One more
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Pricing in today’s Rehoboth Beach real estate market, as it is in the markets for every other saleable item, will be determined by the concept of ‘supply and demand’.

According to dictionary.com:

“The relationship between supply and demand determines the price of a commodity. This relationship is thought to be the driving force in a free market.”

Rehoboth Beach Housing Supply & Demand

In real estate, supply and demand is represented as the current month’s supply of homes for sale (the number of homes for sale divided by the number of homes sold in the previous month).

While there is no steadfast rule that will apply to pricing in every category of housing, here is a great guideline:

  • 1-4 months supply creates a sellers’ market where there are not enough homes to satisfy buyer
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Rehoboth Beach Vacation Home

You would think that buying a Coastal Delaware vacation home would be pretty much like buying your primary home. After all, the technical processes are the same: first, you locate a suitable vacation home the same way you found your primary residence (most likely with the active help of a knowledgeable agent), then the offer, financing, documentation, etc.

In fact, there are basic differences. Appreciating how they affect your final choice can help you secure a Coastal Delaware vacation home that provides the advantages you set out for -- a memory-creating family getaway, investment value that builds wealth, or both.

Patience is a key virtue in getting the deal right. Financial experts from Bankrate suggest that vacation homebuyers are in ideal

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Mortgage Lending Rules

Sometimes, even after your mortgage application has been approved, you have to scratch your head at apparent non-sequiturs that attach to the process (for instance, when a loan is made contingent upon your repaying an ultra-low-interest credit account).

Even more so if your perfectly dandy financial situation results in a turndown. How could this happen? The answer usually makes perfect sense…but only if you understand that bankers and mortgage brokers are bound by policies and procedures that apply to everyone currently buying homes in Rehoboth Beach. Knowing the rules ahead of time can influence how readily mortgage applications are approved. Some guidelines:

Forget adding "mattress money." 

Your bank account gets a thorough going-over, of

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When Can You Buy Real Estate After ForeclosureIf you lost your Lewes Beach home due to foreclosure, you probably haven't given up on the dream of owning a new home. The good news is that a number of guidelines have changed which may allow  you an opportunity to buy that new home sooner than you think.  

There are a few guidelines that lenders follow to determine when you’ll qualify for financing after foreclosure. Arming yourself with this information may help you qualify again for a mortgage.

Foreclosure With Extenuating Circumstances


Generally, lenders will take into consideration any extenuating circumstances surrounding the foreclosure on your Delaware real estate. 

Was there a death or illness that prevented you from earning money to pay your mortgage? Did you have a job transfer that

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Tips On Buying an Older Home

Older Lewes homes sometimes offer more charm and character than the newer houses of today. They boast gabled roofs, crown moldings, hardwood floors and antique fixtures.

Buying an old house is like buying a piece of local history. Its beautiful period features can give it a timeless beauty and grace that is hard to resist.

However, buying a house from another era can be an endeavor fraught with potential problems. Older houses are not necessarily built to the same electrical or plumbing standards of today. Plus, if they have not been maintained correctly through the years, they can turn into a serious money pit or a potential hazard.

Here are six tips to keep in mind if you are considering buying an older home:

  1. Always hire a professional real
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Lewes Home Buying Strategies

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
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