Listing Courtesy of ReMax Coastal
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 area 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 Bethany 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 Bethany 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 Bethany 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 Bethany Beach home on the market—it’s also a good time to give me a call!
More than one Bethany Beach home sale has resulted from a couple’s chance encounter with a Bethany Beach open house. It still happens that they just drop in on the spur of the moment.
“Oh look! They’re having an open house down the street!” turns into curiosity, then interest, excitement—and ultimately, a life-altering change in where they call home.
Today that still happens, but a good deal less frequently than in the past. Part of the reason is the demotion of the open house in the pecking order of Bethany Beach real estate strategies. At this point, an area open house is simply never the central element in a home’s marketing blitz. The web has seen to that.
Let’s face it: if you can visit any listed home via its online virtual tour, the whole idea is that it requires a fraction of the time and effort an in-person visit takes. A home’s virtual tour is where you’ll head first. If you are aware of a Bethany Beach open house scheduled for the weekend, chances are you may also check it out online first. If you like what you see there, you might even be tempted to call your agent or email the selling agent to schedule a private showing. Getting there ahead of the masses can give you an edge if the property draws a crowd.
If the online media (including the rapidly-expanding mobile universe) weren’t so ubiquitous, it’s a cinch we’d be seeing a whole lot more ‘Open House’ signs just driving around Bethany Beach. But it’s not a completely extinct phenomenon.
For the house hunter who is just initiating the effort—anyone who suspects that a less virtual, more three-dimensional excursion is the best way to get a feel for what’s out there—look for notices in the newspaper classifieds, and even check the old-fashioned places—like grocery store bulletin boards. And Sunday is still the day you’ll find the most “Open House” signs in Bethany Beach front yards—as well as their cooperative neighbors’ corner lot lawns.
Open houses can offer a leisurely weekend way to wade into this fall’s residential offerings, but for those who have advanced to a stage where a more concentrated and efficient effort is called for, there’s no substitute for the assistance of an experienced town real estate agent. And there is also no need for such a substitute—I’m right here, ready for your call! Call/Text me Russell Stucki at (302) 228-7871, email me at email@example.com, visit more listings at www.beachrealestatemarket.com.