<?xml version="1.0" encoding="UTF-8" ?>
<rss version="2.0" xmlns:atom="http://www.w3.org/2005/Atom">
    <channel>
        <atom:link href="http://www.mannandsons.com/blog/rss/" rel="self" type="application/rss+xml" />
        <title>Rehoboth Beach Real Estate Blog</title>
        <link>http://www.mannandsons.com/blog/</link>
        <description>Mann &amp; Sons' Rehoboth Beach Real Estate Blog: Local &amp; National Market News &amp; Advice</description>
        <item>
            <guid>http://www.mannandsons.com/blog/plan-a-budget-before-you-purchase.html</guid>
            <link>http://www.mannandsons.com/blog/plan-a-budget-before-you-purchase.html</link>
            <author>Bill@MannAndSons.com (Bill Mann)</author>
            <title>Plan a Budget Before You Purchase</title>
            <description> <![CDATA[ 
Lewes Delaware Real Estate has become rather popular of late. Once you have made the decision to purchase your home, your next decision is usually how much you are willing to spend to purchase the home. In deciding on that purchase price one must consider what the costs of owning and maintaining that home will be.


Consider ALL Closing Costs: When calculating your closing costs remember to budget all items not just those associated with the legal work. Remember to include such items as the appraisal, termite, and home inspections. Depending on the location and age of the home other inspections such as radon and lead based paint inspections could be prudent.   


Taxes: While Delaware offers home owners some of the lowest real estate taxes in the country, plus the advantage of no sales tax, no inheritance tax for most residents and no social security tax, plus a host of other retiree tax benefits one could ask why worry about taxes at all in Delaware. Well, one must still budget for the transfer tax due at settlement. This transfer tax is 3% of the purchase price and is typically split between buyer &amp; seller. The formula for calculating real estate taxes in the counties of Delaware is varied and complicated but the current real estate taxes being paid on that property you are interested in purchasing are readily available. Also, keep in mind that properties are not reassessed when they sell or transfer to new owners.  


Private Mortgage Insurance: Anytime the down-payment on a home is less than 20%, private mortgage insurance will be added on to the mortgage. This allows buyers to get into a home with less money but the payment of this PMI will cover the lender if the buyer would default on the loan. The good news is as you build up your equity, your PMI drops off. 


HOA Fees: Be very careful to consider this cost even when looking for a home.  It is very easy to fall in love with those resort like amenity filled communities but do not forget that these extras will come at a cost. These HOA fees can easily add $100s to your household budget every month. Don’t forget too that there will be community restrictions on what each homeowner can and cannot do. At times this may work in your favor and other times maybe not.  It is something you will want to carefully consider.


Homeowners Insurance: Any lender is going to require that you insure your property. The cost of that insurance will be dependent upon many variables such as the size of the home, its age, where it is located, etc. Some areas are considered high risk resulting in a higher insurance cost and in some cases companies may not even insure homes in a particular area. 


Utilities and Appliances: One can go from a rental with all utilities included to home ownership and not be aware of the costs involved to pay utilities each month. The cost of heating, cooling, cable, etc., can be quite surprising to those who have not had to cover these costs. Once you become interested in a specific home, you should request the costs of utilities from the current owner. Additionally, you must consider maintenance and replacement costs for appliances. You usually do not have the luxury of knowing exactly when something will fail but establishing a maintenance account for your household can insure that money will be there when you need it.
 ]]> </description>
            <pubDate>Sat, 18 Feb 2012 15:14:48 -0500</pubDate>
                    </item>
        <item>
            <guid>http://www.mannandsons.com/blog/november-home-prices-decline.html</guid>
            <link>http://www.mannandsons.com/blog/november-home-prices-decline.html</link>
            <author>Bill@MannAndSons.com (Bill Mann)</author>
            <title>November Home Prices Decline</title>
            <description> <![CDATA[ 
Recently released for November, The S&amp;P/Case-Shiller composite index of single-family home prices declined 0.7 percent...slightly larger than the 0.5 percent economist expected. While previous months were trending toward a decelerating decline, November's data broke the trend. Note: Case-Shiller data has a two-month lag.


Average sale prices for Real estate in Rehoboth Beach &amp; the rest of Sussex County substantially declined from October but the median sale price slightly increased. A healthy market would show increases in both the average and the median.


We continue to see substantial buyer activity in the region and barring a major geopolitical event, I foresee an upward trend in single-family prices and a stabilization in condominium prices.
 ]]> </description>
            <pubDate>Fri, 03 Feb 2012 12:17:36 -0500</pubDate>
                    </item>
        <item>
            <guid>http://www.mannandsons.com/blog/competitive-edge-in-selling-your-home.html</guid>
            <link>http://www.mannandsons.com/blog/competitive-edge-in-selling-your-home.html</link>
            <author>Realtor@MannAndSons.com (Mann &amp; Sons, Inc REALTORS)</author>
            <title>Competitive Edge In Selling Your Home</title>
            <description> <![CDATA[ 
The first thing to examine when thinking about selling your home is your own attitude. Have you adjusted it to accept that the real estate market is not what it once was? The value of your home is elusive and as valued as it is to you, it may not be worth that to others. You would be wise to know what is on the minds of today’s buyers. Hopefully the list below will help you to gain an edge in today’s marketplace. And please keep Mann &amp; Sons in mind for all your Rehoboth Beach Real Estate needs.




Sales Price:  They call it a buyer’s market for a reason. All buyers are looking for and expecting a deal or at least the perception of one. Where location used to rule, sales price has risen to the top of a buyer’s priorities and in general there are a lot of deals out there. Even if your home is in a desirable neighborhood, if it is priced over other comparables in the area the buyers will not be interested. Most properties priced just below others in their neighborhood will sell first. 


Location, location: Having dropped slightly in the buyer’s top ten, location is still important and deserves boasting rights. Use the fact that your home is in a prime, desirable location in all your marketing. This can attract the buyer’s attention, but couple it with the right sales price and you have a sure edge.  


Curb Appeal: First impressions are important in life and in real estate. You only get one chance at this so make the most of it. Take yourself out of your own shoes and into those of a perspective buyer and look at the exterior of your home with a new set of eyes. Is your yard and landscaping neatly kept, does the outside look well maintained? If not, take some time and/or spend a little money to give it a fresh, neat look and then maintain it.  


Condition: Fact is because of market conditions the number of renovators and flippers has diminished significantly meaning the segment of the buying population looking for fixer uppers has diminished too. Those homes that are move-in ready condition enjoy quite a competitive edge over those that are not. Simple things like cleaned carpets, freshly painted rooms, and power washed exteriors have a big impact.


Staging:  A buyer wants to be able to picture him or herself living in your home. If there is too much of you everywhere, this makes it difficult. Tone down the expression of you by removing collections of anything, whether it is family pictures or your display of shot glasses from around the world. You don’t want to distract the buyer. Clutter is out so out with the clutter! They want a sense of well being in your home achieved by open, well lit spaces, up to date furnishings, appliances and cabinets in good condition and a house free of noticeable odors.


Livability: Buyers do not want to “commute” to enjoy amenities. Today’s buyer wants convenient, enjoyable living in or very close to their neighborhood. They want the choice of being able to walk to the things they enjoy doing. Again, if your neighborhood boasts close location to parks, restaurants, theaters, etc., highlight this in your marketing.


Competitive Advantage: So who is your competitor? Don’t think it is just the house for sale down the street. Past area sales and foreclosures are two of your closest competitors so you must be mindful to take these into consideration when deciding on your sales price. Know your competition. Do the houses you are competing with have updated baths and kitchens, well designed and maintained landscaping. A perspective buyer may know so you should too.


Kitchens: A kitchen is the heart of the home and quite frankly it sells homes. If your home has a modern, updated kitchen then be sure and market that point. If not and you do not want to remodel before putting it on the market consider that your perspective buyer is going to want to and give that consideration in your sales price. 


Marketing: DO NOT UNDERESTIMATE the power of the internet in marketing your home. It is a powerful tool and brings your home to the attention of millions of perspective buyers. You should insist on a very strong marketing plan from your agent.


Agents:  You definitely want an agent to represent you but it is important to have the right agent. Before choosing, consider attending open houses. Not only will this give you an idea of what is on the market but will allow you to observe the agent and to meet before he/she is making a listing presentation to you. It is important to find someone with whom you have an easy rapport but who is also knowledgeable and understands the latest market trends and is enthusiastic about having the opportunity to sell your home.


 ]]> </description>
            <pubDate>Thu, 19 Jan 2012 11:52:25 -0500</pubDate>
                    </item>
        <item>
            <guid>http://www.mannandsons.com/blog/helpful-tips-for-new-buyers.html</guid>
            <link>http://www.mannandsons.com/blog/helpful-tips-for-new-buyers.html</link>
            <author>Bill@MannAndSons.com (Bill Mann)</author>
            <title>Helpful Tips for New Buyers</title>
            <description> <![CDATA[ 
What a great time to purchase Rehoboth Beach Real Estate or a home in virutally any area. In general there is a good selection of affordable homes to choose from coupled with low interest rates. It is indeed a buyer’s market.  Below are some things to consider as you make a decision to purchase.




Find a good real estate agent – An agent can assist you through every step of the process from assisting you in finding the right home to getting you successfully to the settlement table and everything in-between, including where to find home inspectors and general contractors. 


Start looking now – There are many websites out there to assist you in your search, such as MannAndSons.com, realtor.com, zillow.com, and the multiple list services (MLS). All are great ways to begin the navigation process


Take an inventory of your savings – Experts recommend that your monthly payment should be no more than one third monthly income. However, it is important to know that the buying process will include upfront costs such as a down-payment and closing costs.


Down-payment – Do you know how you are going to secure these funds? Are they coming from your personal savings, from a relative as a down-payment gift, or will you need the assistance of a down-payment assistance program?  FHA loans require only 3.5 percent down. Most financial experts encourage a 20 percent down-payment. Thoroughly explore all your options.


Know your credit – Lenders will use your credit report to evaluate you as a borrower, closely examining your risk potential and how responsible you are as a borrower. They also use your credit score to determine your interest rate. The better your score the lower your rate. It’s important to know your credit score and to take steps to report any errors to the credit reporting agencies.


Prequalify and Preapproval – Talk to a lender and get a ball park figure of how much they are willing to lend you. This will help you determine what you can afford. Once this is determined get an official letter from the lender that states in writing that they are willing to lend you the money. This can work in your favor when negotiating a sales contract with the seller.


What can you afford – Keep in mind that you do not have to spend what the bank may be willing to loan you.  A less expensive home may better suit your financial position. You do not want to put yourself in a “house poor” position.


Your wish list – Once you have established your budget, create a list of what you must have in a house and then what you would like to have. This could include must have two bathrooms but would like to have two and a half


Location - Keep in mind that location strong affects sales prices. Make a decision on what areas or neighborhoods best fit your lifestyle and ones you like best. If your planning on residing in a larger area you might consider purchasing a map and driving through neighborhood, crossing out those that do not appeal to you.


 ]]> </description>
            <pubDate>Fri, 30 Dec 2011 13:51:21 -0500</pubDate>
                    </item>
        <item>
            <guid>http://www.mannandsons.com/blog/to-buy-or-not-to-buy.html</guid>
            <link>http://www.mannandsons.com/blog/to-buy-or-not-to-buy.html</link>
            <author>Bill@MannAndSons.com (Bill Mann)</author>
            <title>To Buy Or Not To Buy?</title>
            <description> <![CDATA[ 
Now is the time to buy! You read and hear it everywhere. Real estate and financial experts agree that today’s housing market certainly favors the buyer. Low interest rates, larger inventories, and affordable prices make buying now very enticing. The question one should ask first though, is buying right for me?


Below is a list of things to consider in making that decision. Owning a home in is a long term financial responsibility and should not be entered into lightly. If you decide to purchase, start off making the first wise decision by using a professional real estate agent. The internet gives buyers unprecedented access to the property listings but you will be much better off to have an agent with your best interest at heart that can advise and assist you through his/her experience and expertise.  Mann &amp; Sons' REALTORS® specialize in Rehoboth Beach real estate and in the surrounding areas.


Stability – How stable is your job? How committed are you to staying in one place for awhile? If your company is experiencing lay-offs or you are not committed to staying put for a few years, then owning is not your best choice. Real estate transactions are costly; you may end up losing money if you have to sell too soon.


Current Financial Status – There is a rule of thumb that you can buy a home that runs approximately two-and-one-half times your salary. But a decision should not be made by this alone. It is important to also consider debts and expenses. What kind of emergency fund do you have? Illness, injury, or loss of your job could all mean disaster without an emergency fund of at least 8 months to help prop you up. A loss of your home could leave a bad mark on your credit for 7 years. 


A Wealth Builder – Building equity in your real estate purchase will not happen overnight; however, long term it can become one of your largest assets. What if housing prices continue in a downward trend, it could be years to even begin building equity. Sometimes it is 3-5 years just to break even. Be prepared to stay settled for years to achieve this. 


Tax Advantages – Home ownership provides a variety of tax advantages. To date there is favorable treatment of home ownership by the Internal Revenue Service. Your home sweet home can become a shelter from taxes. 


In general, home ownership is a wiser choice when there is stability in your life and purchasing a home is another step of many you have already taken on a decisive life path. Purchasing a home that you can afford and not overextending yourself for reasons of status will allow you to continue to enjoy more of the other things you like to do. An accumulation of savings is necessary to weather any unexpected circumstances and a secure income will allow you to continually meet your monthly obligation. There is nothing like pride of ownership and owning your own home provides a sense of community and stability.
 ]]> </description>
            <pubDate>Tue, 06 Dec 2011 13:15:48 -0500</pubDate>
                    </item>
        <item>
            <guid>http://www.mannandsons.com/blog/home-energy-tax-credits-still-available-for-2011.html</guid>
            <link>http://www.mannandsons.com/blog/home-energy-tax-credits-still-available-for-2011.html</link>
            <author>SGiove@MannAndSons.com (Susan Giove)</author>
            <title>Home Energy Tax Credits Still Available for 2011</title>
            <description> <![CDATA[ 
Homeowners still have time to make energy-saving and green-energy home improvements this year and qualify for one of two home energy tax credits:1) The Nonbusiness Energy Property Credit is aimed at homeowners installing energy efficient improvements such as insulation, new windows and furnaces.   • The 2011 credit rate is 10% of the cost of qualified      energy efficiency improvements.   • The credit has a lifetime limit of $500, of which only     $200 may be used for windows.   • Qualifying improvements must be placed into     service before January 1, 2012.


2) Homeowners going green should also check out the Residential Energy Efficient Property Credit, designed to spur investment in alternative energy equipment.   • The credit equals 30% of what a homeowner spends     on qualifying property such as solar electric systems,     solar hot water heaters, geothermal heat pumps,     wind turbines, and fuel cell property. Generally, labor     costs are included in this credit.NOTE: Consult your tax advisor for complete details and information regarding these tax credits.
 ]]> </description>
            <pubDate>Thu, 01 Dec 2011 15:17:34 -0500</pubDate>
                    </item>
        <item>
            <guid>http://www.mannandsons.com/blog/low-prices-strong-rental-demand-attract-more-investors.html</guid>
            <link>http://www.mannandsons.com/blog/low-prices-strong-rental-demand-attract-more-investors.html</link>
            <author>SGiove@MannAndSons.com (Susan Giove)</author>
            <title>Low Prices, Strong Rental Demand Attract More Investors</title>
            <description> <![CDATA[ 
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 October.


One factor pushing down average home prices overall is the high proportion of distressed properties found in today’s housing market. The total proportion of distressed home sales, as represented by the


HousingPulse Distressed Property Index (DPI), rose a full 4 percentage points to 48.4% in October, up from to 44.4% in September. 


Meanwhile, the gap between the supply of distressed properties and their absorption by first-time homebuyers widened to 13.7 percentage points in October, from a reading of 8.8 percentage points in September. This shows that first-time homebuyers have become less active in the distressed property housing market.


Housing Trends Update


Housing Trends Update is published monthly and is available only to real estate agents who are


part of the Campbell/Inside Mortgage Finance HousingPulse survey panel 
 ]]> </description>
            <pubDate>Thu, 01 Dec 2011 15:08:45 -0500</pubDate>
                    </item>
        <item>
            <guid>http://www.mannandsons.com/blog/why-own-a-home.html</guid>
            <link>http://www.mannandsons.com/blog/why-own-a-home.html</link>
            <author>Realtor@MannAndSons.com (Mann &amp; Sons, Inc REALTORS)</author>
            <title>Why Own a Home</title>
            <description> <![CDATA[ 
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 a mortgage you are gaining ownership of something. You may still owe money on it but the home may very well be worth more than you owe. This translates to building equity.


Budgeting: Most leases are not rent-controlled resulting in a chance of a jump in prices at each lease renewal time.  With a fixed rate mortgage your monthly payment is the same amount throughout the life of the loan.


Cheap Mortgages: We are currently experiencing the lowest rates on record. What’s not to love about a 30 year home loan for about 4%?  We have too soon forgotten that just a short two years ago they hovered around 6.3%. These rates will not last forever, if inflation increases these rates will rise again but if we get deflation the rates will drop further, providing an opportunity to refinance at even a lower rate.


A Great Deal: This is a buyer’s market. Most other buyers have disappeared since the tax credits on home purchases expired. Prices have come down as much as 30% since their peak depending on which part of the country you are looking in.


Large Inventory: Even though the glut of homes on the market has decreased over last year’s peak there are still more than plenty from which to choose. The National Association of Realtors puts the current inventory at around 4 million. There are more homes that continue to come on to the market too as banks slowly unload their inventory of properties providing more choices and great prices.


Tax Breaks: Not yet on the chopping block, you can deduct mortgage interest from your income taxes. Also you can deduct your real estate taxes and you may get a tax break on capital gains, if any, when you sell.


Experts have recommended that if you are staying for 5 or more years, buying becomes an increasingly better deal.  This allows you the time to recover any extra expenses incurred in closing costs and allows you time to benefit from price appreciation. If you are still questioning whether you should rent or buy check out The New York Time’s interactive calculator to crunch the numbers. This advanced calculator takes many factors into account from yearly costs to selling costs and broker’s fees.
 ]]> </description>
            <pubDate>Thu, 01 Dec 2011 07:52:48 -0500</pubDate>
                    </item>
        <item>
            <guid>http://www.mannandsons.com/blog/easy-steps-to-lower-energy-bills.html</guid>
            <link>http://www.mannandsons.com/blog/easy-steps-to-lower-energy-bills.html</link>
            <author>Bill@MannAndSons.com (Bill Mann)</author>
            <title>Easy Steps to Lower Energy Bills</title>
            <description> <![CDATA[ 
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 &amp; Windows – Gaps are not your friend and can be eliminated with a bead of clear or paintable acrylic later caulk. The larger ones may need to be filled with foam back rod first and then the caulk application. Those interior doors that lead to unheated areas such as garages, basements, etc. should be weatherstipped and consider replacing older, hollow core doors with solid core or if possible, insulated metal doors.


Exterior Breakthroughs – Not so obvious in your search, some of these breakthrough areas where leaks occur are exterior faucets, dryer vents, exterior light fixtures and electrical outlets, and holes that have been drilled for phone and television cables, any type of conduit penetrations, including air conditioning lines, and exit points for plumbing drains. Depending on the area and size of the breakthrough a variety of techniques may be required including the use of caulk, expanding spray foam and in the case of electrical boxes and fixtures; specific gaskets designed for this purpose may be required.


Exhaust and interior vents – Most vents including dryer, range hood, bath fans and other ventilation equipments terminate outside the house in a plastic or metal cover that has one or more louvers on it. Make a visual inspection to ensure that the louvers are in a closed position when the fan is not on and that no air leaks are present. If the louver does not close properly, the spring tension used to hold them closed can be adjusted. Also the addition of foam weatherstripping tape can improve the security of the seal. Inside your home, this very same ventilation equipment can be a source of leakage of heated air along with recessed light fixtures. Seal any gaps around recessed light cans with caulking. Remove the covers of recessed lights and vents, then adjust the springs and/or add foam weather-stripping tape creating a secure seal between the ceiling and the cover itself.


Gaps in Heat-duct – Heated air could be escaping into the attic or crawl space through the gaps around heating-duct cans where they pass through the wall or floor. These drafts can be closed by removal of the register and using a combination of caulking and/or metallic duct sealant tape to close the gaps between the cans and the wall, ceiling, or floor surface.


Woodstoves and fireplaces – Make a visual inspection of flue pipes of woodstove and gas fireplace flues looking for gaps and check for air leaks around masonry chimneys. Seal gaps with heat-resistant sealant formulated for this purpose and if necessary, install a metal collar around flue pipes to stop the leakage in that area. Keep the damper closed on conventional fireplaces except when burning a fire. This will prevent heated air from escaping up the chimney. Air tight doors which can close off the air leaks and make your fires more efficient are a wise investment.


Crawl space and attic hatches – Simple weather-stripping of these areas can take care of real air loss. Sealing with foam tape will ensure these hatches are well insulated.


Sill plates – These areas can be a bit tougher to tackle but well worth your efforts. Where the sill plate meets the foundation or siding air leaks into and out of the house through any gaps. Gaps can also exist between your siding and the bottom of the exterior wall, especially in older homes. This big air gap can be closed with a bead of caulking or expanding foam. Take it a step further in accessible areas in the basement, crawl space, and attic and seal any visible gaps from pipes and wires that pass through wall plates. 


 ]]> </description>
            <pubDate>Fri, 25 Nov 2011 12:45:07 -0500</pubDate>
                    </item>
        <item>
            <guid>http://www.mannandsons.com/blog/rise-in-october-existing-home-sales.html</guid>
            <link>http://www.mannandsons.com/blog/rise-in-october-existing-home-sales.html</link>
            <author>Bill@MannAndSons.com (Bill Mann)</author>
            <title>Rise in October Existing-Home Sales</title>
            <description> <![CDATA[ 
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 &amp; 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 &amp; condos were hit particularly hard with a median sales price of $265,778 -- an 11.7% decline from a year ago.


For the Northeast region, October existing-home sales fell 5.1% to 750,000 (annualized) but are 1.4% above October 2010. The median price was $224,400 -- a decline of 5.5% from a year ago.


On a nation level, the median existing-home price in October was $162,500...4.7% lower than in October 2010. Distressed home sales comprised of 28% total sales in October, down from 30% in September and from 34% in October 2010.
 ]]> </description>
            <pubDate>Tue, 22 Nov 2011 13:27:07 -0500</pubDate>
                    </item>
    </channel>
</rss>
