Listing Courtesy of RE/MAX REALTY GROUP REHOBOTH
Now that we are deep into July, with summer in full swing, there might be vague thoughts running through your mind about some potential real estate moves—but certainly not until the fall. Right now all most of us are thinking about is whether another chilled glass of summer-something-or-other is in order. Rehoboth Beach mortgage rates and what the folks in Washington might be doing to affect them are not exactly what occupies an idyllic July afternoon.
But if you’ve been paying attention to any newscasts long enough to reach the dull-as-dishwater economic stories they throw in toward the end of the broadcasts, you may also have an inkling that conditions are about to change. And the evidence does suggest that mortgage rates in our area face a likely increase come fall. If your vague suspicion does come to pass, and if you’re among those considering buying or selling a home in Rehoboth Beach this year, now should be the time to stop “thinking” and start “doing”.
Exhibit A for that proposition comes from one Michael C. Fratantoni, who happens to be the Chief Economist of the Mortgage Bankers Association (MBA). When he recently spoke at the National Association of REALTORS® office in Washington, he made no bones about it: mortgage rates will continue upwards, with a first significant Fed hike likely in September. September! The 30-year fixed mortgage, which we all know has lingered at historic lows—below 4%—for several years, is likely to hit 4.4% by the end of 2015 , then move beyond 5% next year.
It’s enough to stifle any thoughts about that frosty beverage.
The good news for Rehoboth Beach homeowners planning to list is that Fratantoni doesn’t believe any of these factors will keep the nations’ buyers away. After a pretty lackluster 2014 performance, the MBA forecasts a 14% year-over-year increase in purchase-money mortgage originations in 2015—and nearly 9% in 2016. Nationwide, incomes are also expected to rise, and with new household formations on the rise, the national real estate market looks to remain in fairly good balance.
While it seems there’s no instantaneous need to drop all your summertime activities to rush your home onto the market, with mortgage rates in Rehoboth Beach expected to rise sooner rather than later, it’s certainly worth making it a priority to give me a call this week. After that, there will definitely be ample time to finish enjoying that delightful chilled summer beverage. Call/Text me Russell Stucki at (302) 228-7871, email me at firstname.lastname@example.org, visit more listings at www.beachrealestatemarket.com.
Delaware real estate—like all real estate—is a supremely local activity. Area homeowners who like to keep an eye on Delaware and national trends do so because some of them may surface in future buyer preferences. For Delaware homeowners in a remodeling frame of mind, it doesn’t hurt to be aware of “what’s hot.”
When it comes to nailing down the latest home design trends, there’s no shortage of commercial firms whose publicity departments are determined to make convincing arguments that their products are in the vanguard. Since the National Association of Realtors® isn’t selling anything, that’s one good reason to give special attention when Realtor Magazine puts out its annual “Home Design Trends” roundup.
This year, though, much of what they reported had more to do with American community and social environments than with the kind of details Delaware homeowners will find very useful. Those wider trends included a continuation of consumer preferences for “walkability”—in suburbs as well as in urban areas. Homes “far from everything” lose out in the “walk scoring” calculation. In a similar vein, as more and more people spend more and more time on social media and in front of computer screens at work, there is growing awareness that typical Americans crave more actual live human interaction: hence, proximity to social gathering places (clubs and clubhouses; community centers) is being newly emphasized in real estate sales materials.
But some more traditional kinds of home design trends were mentioned, as well, such as the finding that “taupe is the new gray” and a movement toward “naturally renewable, warmer surfaces.” Taupe’s slightly rosier tone conveys a friendlier feel than plain gray, which fits in with the turn away from colder black, white, and metallic palettes. Natural cork is one low-maintenance material offered as an example: it adds aesthetic appeal to walls and flooring. (Besides, it bounces back when dented)!
Other specifics include a shift toward away from traditional log-burning hearths to natural gas and even alcohol-burning fireplaces. Delaware homeowners who have done without fireplaces entirely may take note: since they don’t require vents, alcohol burning hearths can be installed just about anywhere with minimal construction expense.
One home design trend that is definitely applicable in Delaware is a consequence of the ever-diminishing size of today’s electronic technology tools. For those whose careers make working from home at least part of their professional work week, it means that the necessity for a full-room home office is gradually waning. Now almost any corner of the home can suffice. When designers speak of “dual-purpose areas” with “dual-purpose furnishings,” they probably have this trend in mind. A further step into the future is the “movable wall concept.” That’s not here yet: it’s projected for the futuristic Home of 2050. (I, for one, am willing to wait).
One trend that’s unlikely to change is the advantage to both buyers and sellers of being able to count on the services of an experienced Delaware Realtor. I’m always just a phone call away! Call/Text me Russell Stucki at (302) 228-7871, email me at email@example.com, visit more listings at www.beachrealestatemarket.com.