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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Vacationing Renters Take Heed

Last week a family came into our Rehoboth Beach office thinking they had booked a rental through our office. Apparently, they found a vacation rental listed on Craigslist for a very reasonable price.

The family received a leased, spoke with a "rental agent" on several occassions and paid for the “rental” using PayPal. The day before their scheduled arrival, the "rental agent" confirmed that keys would be waiting at the property.Unfortunately, after driving 9 hours, when they arrived at the propoerty, they found another family already in the home.

So seeing our agency sign, they called and were told that the property owner has agreement with our brokerage and no one us. This being during the height of rental season, there was not a very good chance of…

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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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Competitive Edge In Selling Your Home

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 & 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…

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Helpful Tips for New Buyers

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…

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To Buy Or Not To Buy?

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…

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Low Prices, Strong Rental Demand Attract More Investors

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…

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Why Own a Home

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…

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Rise in October Existing-Home Sales

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.

For the…

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