Listing Courtesy of OCEAN ATLANTIC SOTHEBY'S INTL REALTY
With summer drawing to a close (say it isn’t so!), it’s time to cast an eye towards the prospects for this year’s fall home sales market. Fall can be a great time to list a home, but it can be especially opportune for luxury home sales in Delaware. It’s a season that traditionally brings out serious buyers—those looking to find a home and complete the move before the holidays. If you are selling a property that falls into the luxury home category, before you roll up your sleeves and get to work in earnest, here are some broad-brush pointers real estate writers cite most often:
Make Sure You Work With the Right Agent
Before you even begin other preparations, you can make the most efficient use of your time by first being sure you have recruited the right agent. Aim for a professional who has earned a reputation for successful luxury home sales in Delaware. A solid portfolio is the best demonstration that you’ve identified someone with the know-how (and the right contacts) that so often make the difference in luxury home sales.
Even more than with an average listing, Delaware luxury home sales depend on every detail being well handled. Don’t just have the windows cleaned—scour the screens, too. Don’t just put out a vase of flowers in the dining room—where tasteful, think about placing them by the beds; in the bathrooms, too. Make sure the entryway is always clear at every showing. In short, sell the dream of the picture-perfect luxury home. By treating every detail with care, you validate your luxury-level asking price!
You know your property best—which gives you valuable insight into the features that make your home a standout. Make a list of additions, enhancements and luxury touches you have added, and other elements that would make any new owner proud. Where is the light most magical? When do the gardens burst with color? Your agent can determine which details will have the most impact in the each of the marketing media.
Know What to Expect
With luxury home sales, it’s a good idea to always keep the nature of the market in mind. Luxury home sales in Delaware can happen quickly, but more often than with an average property, success can take a little longer. A good agent will let you know how long similar homes have taken to sell in your price range—it’s useful background knowledge. Most often, the key to luxury home sales is the quality of showings rather than the quantity.
If you’d care to hear more about what we can expect for this fall’s luxury home sales in Delaware, contact me today. I’ll be happy to share an up-to-the-minute market analysis—the best way to project the outlook for the upcoming market.
People approach the whole idea of owning a second home from a hundred different perspectives simply because a second home can answer so many different purposes. If you are an Rehoboth Beach homeowner at the stage in life where making retirement plans is becoming a more immediate imperative, you might want to buy a second home as a vacation destination—but one which is also a tryout for your family’s future center of operations. Those who have spent a good part of their lives in cities sometimes seek a second home in the mountains or at the shore as a restorative refuge. People living in less crowded environs might crave a pied-à-terrefor proximity to a city’s cultural riches. There really can be a hundred different reasons (and that’s not even counting all the financial ones)!
Once you begin to seriously entertain the notion, it becomes evident that deciding on which of many possible directions to pursue will involve weighing the tradeoffs each presents. In addition to an opening a conversation with the Rehoboth Beach real estate professional whose advice you’ve come to trust the most, some of the main points you will want to consider—
· If the second home is going to serve even temporarily as a weekend getaway spot, then buying within reasonable driving distance may be more important than you might assume. Keep in mind that the drive (or flight) will grow steadily less interesting as time passes.
· In most instances, a second home will be occupied by members of your family only on a part-time basis. This brings up a number of issues—among them, insurance. Vacant properties present a different profile to insurers than do homes that are occupied most of the time. Hazard insurance tariffs could also differ from what you are used to (especially in flood-prone areas). Investigating insurance coverage and costs early on in your search will help you to avoid surprises.
· You should consult your tax expert for details, but as a general rule, if the home is not rented out as a business proposition, you’ll likely find that you are able to deduct mortgage interest and property taxes on your Federal tax return. Then again, if you are thinking of renting the house out for more than 14 days per year, rental income is taxable. In that case, though, you’ll be able to use deductions for expenses, such as insurance, maintenance, professional fees, and sometimes even depreciation. Each situation will be different—again, your tax professional will have the relevant answers.
· Financing a second home is similar to financing your main residence. You are likely to need a down payment of 10% to as much as 30% in some cases. If you will be drawing on the equity in your current home, it’s only prudent to be able to retain a reasonable amount of reserves for unforeseen emergencies.
Many people buy a second home in anticipation of retirement. If that is the case, think of factoring in the availability of quality medical and support services in your search areas. A remote cabin in the woods may seem appealing now, but as a retirement venue, maybe not so much! Thinking about the long range is never more important than when you are entertaining the purchase of a second home. I’m here to help clarify those issues, as with all your other Rehoboth Beach real estate need.