19879 Church Street, Rehoboth Beach, De 19971 | $550,000

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Property Details

Elegant, upscale home in gated community featuring 4 master suites, one-car garage, custom paint, recessed lighting, gourmet kitchen w/ center island and wine cooler, upgraded fixtures, custom tile shower in master bath, private sun deck for all-day
  • MLS Number: 723318
  • Status: Active
  • Price: $550,000
  • Property Type:
  • Area: Lewes And Rehoboth Hundred
  • Community: Edgewater Park
  • School District: Cape Henlopen
  • Square Footage: 3,200
  • Year Built: 2004
  • Bedrooms: 4
  • Full Bathrooms: 4
  • Half Bathrooms: 1
  • Number of Stories: 4
  • Unit Floor Number: 1
  • New Construction: No
  • County Taxes: $1,445
  • Association Fee: $4,300
  • Pool: Inground
  • Furnished: No
  • Lot Size Acres: 0.00
  • Water: Public Central Water
  • Sewer: Public Central Sewer
  • Community Amenities: Gated Community, Pool-Indoor

Interior Features

  • Kitchen: Eat In, Island, Kitchen/Dining Room Combo, Pantry
  • Fireplace: Gas
  • Heating: Forced Air, Gas - Propane, Heat Pump(s)
  • Cooling: Central A/C, Zoned A/C
  • Flooring: Carpet, Hardwood, Tile
  • Attic: Access Only
  • Security: Gated Community, Security System
  • Appliances: Dishwasher, Disposal, Dryer-Electric, Garage Door Opener, Microwave, Oven/Range Electric, Oven-Self Cleaning, Refrigerator, Washer, Water Heater Gas
  • Interior Features: Bedroom-Entry Level, Cable TV Prewired, Ceiling Fan(s), Fireplace-Gas, Insulated Door(s), Insulated Window(s), MBED-Full Bath, Screen(s), Walk-In Closets

Exterior Features

  • Style: Townhouse
  • Construction Type: Stick/Frame
  • Exterior Type: Vinyl Siding
  • Roofing: Architectural Shingle
  • Foundation: Concrete Slab
  • Garage: Attached
  • Garage Size: 1
  • Parking: Garage, Garage Door Opener
  • Porch/Deck/Patio: Deck - Rear, Patio - Rear

Listing Courtesy of RE/MAX HORIZONS INC

Now or Later: When Is the Right Time to Buy a Rehoboth Beach Hom

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 Rehoboth Beach 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 Rehoboth Beach 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 Rehoboth Beach 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 Rehoboth Beach 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 Rehoboth Beach home on the market—it’s also a good time to give me a call!

“Squeeze” on Buying a Home is Loosening its Grip

Because buying a home has long been a hallmark of success in America, whenever that possibility seems to weaken for the average Joe (or Josette), it comes as sobering news. Back in June, CNN Money ran a downbeat story focused on how the rising cost of housing had been “putting a major squeeze” on some Americans. For Delaware readers who took it to heart, that kind of grim analysis could have been enough to cause them to reassess their own prospects.

But now there is evidence that the “squeeze” may be losing its grip.

The CNN story focused on what most experts agree is the maximum of monthly income that should be allotted toward buying a home. That number is 30%. The authors found that rising real estate prices had made that goal unattainable “for millions of Americans.” It pointed to nearly 19 million who were then devoting more than 50% of their income to housing costs.

In truth, no financial advisor worth listening to would recommend such a budget allocation. In reality, no prospect intent on buying a home in Delaware under such a scenario would be likely to find a mortgage lender, either.

Back in June, it did seem as if the nation’s economic prospects were showing signs of better news—and since then, the consensus has brightened steadily. As one consequence, Delaware home buyers are now likely to experience the affordability prospects that look a good deal different.

Last week, CNBC reported Fed data showing that household wealth rose a healthy 2% in the third quarter alone. That made it “near double the level it was during the financial crisis.” Particularly if wage growth continues to quicken, it’s a trend that, combined with continued historically low mortgage interest rates, should support a rosier affordability picture.

In fact, the National Association of Realtors® composite Housing Affordability Index has been on the rise in every month since CNN’s June feature. If the NAR’s latest estimate of median mortgage payments for existing American homes is accurate (they have it at only 15 ½% of family income), that early summer housing “squeeze” may have already lost its grip on many families.

 

Buying a home in Delaware should result in a more stable, predictable family housing budget—and a bottom line that’s headed in the right direction. It’s one of the reasons it’s a pleasure for me to guide buyers through the home buying process. Call me! Call/Text me Russell Stucki at (302) 228-7871, email me at russellstucki@remax.net, visit more listings at www.beachrealestatemarket.com