Listing Courtesy of CONTINENTAL REAL ESTATE GROUP
There are many generalizations that can be truly instructive for homeowners with Rehoboth Beach homes for sale. The undeniable importance of “location, location, location!” is a good one; de-clutter! as a main order of business is another…as is the wisdom of researching neighborhood comparables.
Anybody with homes for sale in Rehoboth Beach can usually visit the National Association of Realtors® website for useful nuggets of that kind of information. However, one article that appeared there last week seemed to me to be less than real estate gospel—although it was thought-provoking. It dealt with features that might make some homes for sale harder to sell; features that most people might assume would improve rather than curtail a home’s appeal.
The article named seven otherwise “awesome” features that the author, Jamie Wiebe, thought belonged in that category.
First was a school next door, for the main reason that traffic tie-ups deter many buyers. That’s a pretty common complaint, yet even the author had to admit that younger buyers might see the advantage of having school within walking distance. This one is a tossup—but having school a block or two away would have to be a plus!
Next came middle-of-the-action location, meaning homes for sale on busy streets, because while “you might be intrigued by the activity,” future buyers might not. That’s true of any home for sale and any feature, of course; but it’s probably true that there is some degree of risk that the current popularity of being able to walk to frequent destinations (rather than drive or use public transportation) might fade over time.
More possible minuses were assigned to multistory homes for sale (which might be avoided by older prospects shunning stairs); big backyards and small backyards (fear of yardwork for the former, lack of privacy for the latter); a swimming pool (admittedly, a must in warm climates); and tile flooring (difficult to remove). That last one is where local readers with Rehoboth Beach homes for sale might realize that citing these ‘drawbacks’ is not a uniformly useful exercise, since potential buyers who appreciate the beauty and easy maintenance of tile flooring might not be giving much weight to how difficult it is to remove. And come to think of it, people who garden might actually be willing to pay more for homes with big backyards! Just as people who hate mowing might…etc.
But we shouldn’t be too critical of the author’s approach. It’s always a good idea to consider the pros and cons of how a property will be greeted by the public. And the seventh feature is one I think every Rehoboth Beach real estate professional will agree is questionable: over-the-top renovations. The risk of striking some prospective buyers as ostentatious is possible, but the higher probability is of pricing yourself out of the market.
Part of what I offer is marketing that emphasizes a property’s most marketable features in an unarguably positive light. Give me a call if you are interested in going over how your own home is likely to fare in today’s fall market! Call/Text me Russell Stucki at (302) 228-7871, email me at firstname.lastname@example.org, visit more listings at www.beachrealestatemarket.com.
If anyone involved in Sussex County real estate were to try to pick a word to characterize the mortgage industry as a whole, “sentimental” wouldn’t be among them. Especially over the past several years, “frustrated” might be apt, or “hog-tied.” Mortgage issuers been hampered by tough rules developed in reaction to the sub-prime mortgage mess. They certainly wanted to issue more mortgages, if only for their own profitability, but until recently, the lending guidelines made that difficult.
In any case, this is an industry that relies on hard facts and statistics to govern lending decisions. Mortgage industry leaders are therefore not inclined to be overly optimistic, overly pessimistic—nor are they prone to exaggeration in their public pronouncements.
So when the powers-that-be at Fannie Mae come out each quarter with their Mortgage Lender Sentiment Survey, the “sentiment” is not the Cry Me a River or You Are the Sunshine of My Life variety. This “sentiment” describes how real estate lenders (presumably including some Sussex County mortgage companies) feel about mortgage business prospects in the coming months. The actual report has a remarkable record of a lack of sentiment: it’s usually pretty much on target.
So it is that when the 2015 first quarter Survey appeared last month (this is one real estate report whose ‘first quarter’ paper actually appears in the first quarter), it sounded another positive note in the assemblage of springtime real estate projections. The summary talked about “an improving outlook among mortgage lenders” because those surveyed “expect mortgage demand…to grow over the next three months.” The hard number was 71% having that expectation, which wouldn’t be surprising, given our entry into the busy spring selling season. The optimism drew more from the fact that this is a substantial improvement compared with the same quarter 2014 (71% vs. the previous 59%).
If the growth they anticipate holds true for our own market, it wouldn’t just indicate improving activity for Sussex County home buyers and sellers. After what they viewed as an “uneven” 2014, Fannie Mae’s Chief Economist Doug Duncan said the results were “consistent with our view that an improving economy, strengthening employment, and increasing consumer confidence” pointed to the more cheerful outlook.
Also cheerful was the picture mortgage issuers expected for their own well-being. A year ago, lenders who thought their profitability would increase were in the extreme minority: 21%. This year, the size of the optimistic group doubled.
Local mortgage applicants could find good news in one more of the reasons for the expectation for mortgage demand to grow over the next three months. The report talked about how last year’s credit tightening was continuing to “trend down.” And there at the top was the headline which mentioned “Gradual Credit Easing.” For anyone who had found it hard to qualify under last year’s rules, that’s very welcome news.
If you will be buying or selling anytime soon, I hope you’ll give me a call: the sentiment here is also the green light kind!