22334 Lewes Georgetown, Georgetown, De 19947 | $95,000

I like it!

Email me 22334 Lewes Georgetown, Georgetown, De

*



* Required Fields

  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
  • Image Loading. Refresh your browser.
View Map
If this text does not disappear quickly, then your browser does not support Google Maps

Property Details

  • MLS Number: 713270
  • Status: Active
  • Price: $95,000
  • Property Type:
  • Area: Georgetown Hundred
  • School District: Indian River
  • Square Footage: 1,000
  • Year Built: 1962
  • Bedrooms: 2
  • Full Bathrooms: 1
  • Number of Stories: 1
  • New Construction: No
  • County Taxes: $183
  • Furnished: No
  • Lot Dimensions: 103x221x107x219
  • Lot Square Feet: 21,700
  • Lot Size Acres: 0.50
  • Lot Description: Landscaped
  • Water: Well
  • Sewer: Cesspool

Interior Features

  • Kitchen: Eat In
  • Heating: Floor Furnace, Gas - Propane
  • Cooling: Central A/C
  • Flooring: Carpet, Vinyl
  • Basement: Crawl Space
  • Attic: Access Only
  • Appliances: Dishwasher, Dryer-Electric, Oven/Range Electric, Range Hood, Refrigerator, Washer, Water Heater Gas
  • Interior Features: Bedroom-Entry Level, Pull-Down Attic Stairs, Storm Door(s), Storm Window(s), Window Treatments

Exterior Features

  • Style: A Frame,Rancher/Rambler
  • Construction Type: Stick/Frame
  • Exterior Type: Aluminum Siding
  • Roofing: Asphalt Shingle
  • Foundation: Concrete Block
  • Garage: Detached
  • Parking: Driveway/Off Street, Garage
  • Exterior Features: Storage Shed/Outbuilding

Listing Courtesy of LESTER REALTY INC.

The Right Answer to When It’s Time to Buy a Home in Georgetown

A few weeks ago, an eye-catching article surfaced on the Investopedia web site—one with the arresting title of “When is the Right Time to Buy a Home?” I have always assumed that for prospective Georgetown home buyer, the answer to that question varies by the individual circumstances. But if there is a more cut-and-dried universal answer, it would certainly be good to know it. Definitely worth reading.

Despite its name, Investopedia is not an encyclopedic history of investing. Its own history is interesting, though—it started in Canada, was acquired by Forbes, then sold a short while later to ValueClick for $42,000,000 (talk about good investments)!

The article that was to supply the answer to “When is the Right Time to Buy a Home?” did turn out to have the right answer, though it’s a little less definitive that you would hope—prospective Georgetown home buyers don’t get the simple “NOW” or “LATER,” which would be most useful. However, before the final answer is presented, scattered between the many ads and other clickbait that apparently pay for Investopedia are some interesting current facts and observations, and several cop-outs.

When it comes to the big question, “When is the Right Time to Buy a Home?” by halfway through the article, it’s looking a bit more like “now” than “later.” It cites The National Association of Home Builders’ Housing Opportunity Index, which now finds that nationally, the majority of homes are affordable for families earning a median income of $63,900. True, most Georgetown families don’t earn exactly $63,900, but still, it’s good to know. Reading on, we learn that this level of affordability has been better in the past, and might be better later “unless mortgage rates move higher in the future.” Since elsewhere on the site we find that “the consensus is that interest rates will rise,” it doesn’t take Sherlock Holmes to deduce where “When is the Right Time to Buy a Home?” is leading.

Or so you might assume, before the article quotes a saying on Wall Street: Don’t try to time the market, which Investopedia advises also applies to real estate. Oddly enough, it also says, “If you’re looking for an edge, interest rates are near historic lows so now appears to be a better time than most for purchasing a home.”

That’s a pretty strong hint, but the answer isn’t spelled out. Yet. There follow some bits of good advice (hire an inspector prior to purchasing a home; don’t buy a car while your credit is being checked; inquire about taxes) before we get to the ultimate heading, “THE BOTTOM LINE.” It took a while, but here is the advice Georgetown readers would have been looking for all along, bottom-linewise.

Investopedia’s answer for “When is the Right Time to Buy a Home?” is a lot more sensible than most: “When you can afford it.

I couldn’t agree more. Even if all the other factors weren’t as positive as they are today, being able to make a good fit financially is at the top of the list. If now is that time for you—or if it’s time for you to put your own Georgetown home on the market—it’s also a good time to give me a call! 

Buying a Home: What About Flood Insurance?

It can be perplexing—and not least because it’s one of the least-discussed details you run into when buying a home. The issue is flood insurance, and it’s sometimes first brought to the fore when you are buying a home in Sussex County that you would not have thought was on a “flood plain.” If it is, it’s going to require flood insurance before the bank will sign off on a loan.

As we only see from time to time, devastating floods can strike when and where least expected: sometimes, in areas where that ruinous flooding is unprecedented. In 2005, when FEMA paid out over $17 billion in flood claims, it once again became clear why flood insurance is absolutely necessary. Here’s what you need to know about flood insurance if the home you are looking at is in a flood plain.

The Zone Matters

FEMA assigns different zones within a single flood plain. For example, homes that are located on the bank of a creek may be assigned to Zone A, (floods highly likely). Homes that are further away from a water source may be assigned to Zone Z, (lower risk). Naturally, Zone Z premiums are a good deal more affordable than premiums for Zone A. In fact, if your home is in a Z zone, you may even qualify for a special price break for two years before full premium goes into effect.

Figuring Out the Cost

Unlike car or home insurance, you won’t find a better rate on flood insurance by shopping around. The federal government sets flood premium rates based on factors like the zone, the home’s value, and the value of its contents. You may choose to insure the home only, but it’s seldom a good idea to leave contents without coverage. Any Sussex County insurance agent specializing in flood insurance will be able to assist you in determining the cost of the policy; they will also answer any questions you may have about the process.

Making Your Decision

Buying a Sussex County home that turns out to be on considered within a flood plain means factoring in some added insurance expense, and possibly even potential risk to your personal items. But when the house is right, and your heart is absolutely set on the property, it’s a dollars-and-cents calculation. I’m always at the ready to help my clients clarify this and all other the other details that go into buying a home in Sussex County.

Call/text 302-228-7871 or email me, Russell Stucki, REALTOR ® of Beach Real Estate Market to provide detailed information on Delaware homes for sale, investment and commercial properties, luxury and  waterfront homes, condos/townhomes, new construction, lots and land, farms and equestrian properties located in but not limited to Bethany, Bethel, Bridgeville, Dagsboro, Delmar, Ellendale, Fenwick Island, Frankford, Georgetown, Greenwood, Harbeson, Laurel, Lewes, Lincoln, Milford, Millsboro, Millville, Milton, Ocean View, Rehoboth Beach, Seaford, Selbyville, Delaware.