Record Refi Rates Tempt Rehoboth Beach Homeowners

Getting a mortgage refinance has seldom looked more attractive than it does this October. Ads for seemingly ridiculously low teaser rates are popping up all over the place -- and even if the closing costs are hefty (many aren’t), the underlying rates make them all but irresistible.

But do you qualify?  Some folks don’t realize that a refi can be just as tough as getting a mortgage in Rehoboth Beach in the first place. Or tougher. One client has a stunning property, top credit, and a guaranteed income stream that was more than adequate to fund the refi. She put together all the required paperwork, hosted an inspection (the inspector told her, ‘this is the finest property in the area’), and then waited a week before being told she had failed to qualify.…

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Predicting Future Rehoboth Beach Property Listings

How about this for a stunner: each and every day for the next 17 years, more than 10,000 American "baby boomers" will hit retirement age. That is based on 65 being considered retirement age (although many 65-year-olds I know haven’t the slightest intention of abandoning their careers anytime soon). Nevertheless, the impact that this demographic wave will have on everybody is bound to be substantial.

In the housing industry, even seniors who are anything but retired will be gravitating toward newer, smaller homes that better fit the lifestyle of adults whose children are now out on their own. So some fine-tuning of property listings will be in order. I expect more Rehoboth Beach property listings to start emphasizing smaller footprints and some other…

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Foreclosure Price Rise Signals Market Move

In August, the number of new foreclosures listed nationally barely crept upward -- even as average sale prices leapt dramatically. Realtytrac compiles the numbers, and they show a sizeable 10%+ jump in foreclosure sales prices from July to August. Of course, homes listed as foreclosures and short sales still close at prices markedly lower than homes sold in traditional transactions, but that rise in price seems to say that more buyers are feeling confident that a home purchased now will look like a wise move in the future.

If you have been looking at the distressed property market in the Delaware Resort area, these numbers suggest that the short sale and foreclosure possibilities are still being created -- and that the value they represent is getting a…

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Home Sales: The New Normal is…Normal!

September is a transition time for almost everybody. Here in Rehoboth Beach, the kids have shifted into school gear, adults have moved out of vacation mode, and businesses are already sprucing up for the (believe it or not) Holiday Season.

In real estate, we are looking with more than casual interest at what’s going on nationally. Especially those measures that tend to affect Rehoboth Beach home sales. The largest professional association in the country is our own National Association of Realtors®.  At the beginning of September, they broke another piece of welcome news. This one looks like the difference between ‘indicators’ of a strengthening home sales market -- and signs that it’s already fact.

The NAR release was about TOM. No, as you have…

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Buying homes Feels Right Again

The other day I read an opinion piece that I really couldn’t agree with. The writer expected a pause in the pace of the residential market upturn now that many of the most obvious bargains have been snapped up. He thought that was to be expected, and that a further rebound would be likely to follow. His idea was based on the notion that many otherwise well-qualified prospects – buyers who may have narrowly missed the bottom of the market -- would now be waiting for prices to fall again. They would only reappear once they realize that those super bargains were a once-in-a-lifetime affair.

In my experience, individuals who are even half-serious about buying homes in Rehoboth Beach are usually not motivated by squeezing every cent from the bottom line.…

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Hard Look at Rehoboth Beach Bank Owned Properties

Nationally, the supply of the bank-owned properties for sale has been trending down -- potentially good news for anyone and everyone with an interest in Rehoboth Beach real estate. Competition from the glut of foreclosed properties has had the effect of driving down home sale prices, so any drop in the number of Rehoboth Beach short sales and REO (bank-owned) properties will remove that downward pressure.

If the trend continues, it should also affect even the bank owned properties themselves. A drop in supply will increase competition for the bargains they represent. But this is why alert bargain hunters should keep their pencils sharpened. As retail merchants understand, just slapping a ‘SALE!’ sign on an item may help it sell -- even if it isn’t…

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Lewes ‘For Sale by Owner Signs’ Aren’t Enough

The For Sale by Owner (FSBO) method of selling a home has remained at pretty much the same level of popularity. According the NAR’s most recent survey, just 10% of sales came directly from a previous owner. Since that very includes a bunch of transactions between family members, it looks as if the population of Lewes For Sale by Owner signs continues to be in something of a slump (down from the cyclical peak of 18% back in 1997).

Still, if you are a Lewes homeowner who wants to buck the trend and head down the FSBO route, you will need to do more than just stick a For Sale by Owner sign in the lawn. Of key importance is the newspaper and Internet advertising you will need to create. Here are some ‘how to’ elements that can help in that effort:

1.…

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Curb Appeal Fetches Rehoboth Beach Home Sales Action

Success in Rehoboth Beach home sales depends on many factors -- and when your own home is the one that is being offered, you want to do the most you can with any factor you control Your home’s interior condition and design are likely to be the key considerations after a buyer has decided to make an offer. However, it’s the exterior – the view that initially catches potential buyers’ eyes – that can have a disproportionate impact on whether they get to that stage.  Much of how they perceive the entire property will be influenced by that first impression. It’s the home sales industry’s well known ‘curb appeal.’

Any home’s appeal will, of course, benefit from fresh, clean looking surfaces overall. Scrubbing and painting may the first order of the day, but…

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Buying vs. Renting

Study Yields Change in Buying vs. Renting

Rehoboth Beach Rental Homes & the Rent vs. Buy Metric
New Rental Homes Metric: Both Clever and Hilarious

For everyone who rents (or leases) Rehoboth Beach rental homes, it’s a choice that comes up every year: rent or buy. In addition to the common sense considerations everyone brings to that important decision, some financial measurements have been developed through the years that attempt to bring an element of rationality to a largely subjective decision.

Actually penciling out an answer isn’t always satisfactory because it is literally impossible to quantify elements like peace of mind. To some who own their Rehoboth Beach homes, there is great peace of mind in controlling their own destiny. To others, the…

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Plan a Budget Before You Purchase

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,…

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