22865 Cypress, Lewes, De 19958 | $109,900

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Property Details

You own the land!! Beautifully landscaped corner lot and well kept singlewide mobile home in one of the oldest communities in Lewes. Rustic, treed, quiet community that is off the beaten path, but close to shopping and beaches. Not too many homes in
  • MLS Number: 725047
  • Status: Active
  • Price: $109,900
  • Property Type:
  • Area: Indian River Hundred
  • Community: Angola Neck Park
  • School District: Cape Henlopen
  • Square Footage: 980
  • Year Built: 1982
  • Bedrooms: 3
  • Full Bathrooms: 1
  • Half Bathrooms: 1
  • Number of Stories: 1
  • New Construction: No
  • County Taxes: $334
  • Sewer Fee: $944
  • Furnished: No
  • Lot Size Acres: 0.00
  • Water: Well
  • Sewer: Public Central Sewer

Interior Features

  • Heating: Forced Air, Oil
  • Cooling: Central A/C
  • Flooring: Carpet, Hardwood-Synthetic, Vinyl
  • Appliances: Cable TV Pre Wired, Dishwasher, Dryer-Electric, Exhaust Fan, Microwave, Oven/Range Electric, Refrigerator, Washer, Water Heater Electric

Exterior Features

  • Style: Single Wide
  • Construction Type: Mobile (Prior 1993)
  • Exterior Type: Aluminum Siding
  • Roofing: Flat, Metal
  • Foundation: Concrete Block
  • Exterior Features: Fencing-Partial, Storage Shed/Outbuilding

Listing Courtesy of REHOBOTH BAY REALTY, CO.

Is that Sound You Hear the Lewes Mortgage Rate Alarm Bell?

In case you set your alarm clock to go off when it was time to buy a home, that clang you may be hearing from somewhere in the distance could be it (figuratively speaking, of course). The reason has to do with the direction of Lewes mortgage rates (among others).
Now, I realize this could come across a little bit like Aesop’s boy who cried ‘Wolf’ since a year and a half ago the experts were unanimous in predicting that mortgage rates would rise throughout 2014 (to at least 5%, if I remember correctly). And not only did they not jump—after a short rise, they actually fell!
The experts were wrong. To the extent I agreed with their call, I was, too—but at least I wasn’t lonely. And I also try to be clear that predicting the future of any financial movement is never a sure thing. The same is true today…but…
Last week, less than a week after the Federal Reserve monetary policymakers emerged from their meeting, Bankrate web commentator Janna Herron published a view that sent alarm bells ringing in my head. It makes so much sense, I feel compelled to share it. Already publicized in the rest of the media was the announcement that 15 of the 17 Fed officials now agree that they expect to raise the federal funds rate at some point within the next 6 months (and one expert was quoted as expecting that as early as September or October). Fifteen out of 17 is a 88% majority, so it couldn’t get much clearer. The funds rate has been cemented to the ground at precisely zero for almost seven years. Since 2008.
Lewes mortgage rates are based upon that Fed funds rate. When it rises, mortgage rates have to rise, or lenders would have to be reclassified as charitable enterprises (not likely). The reasons given for the Fed governors’ near-unanimous prediction are both the rise in the pace of job gains and, as was reported, “The Fed also noted improvement in housing.”
Now, that news may have prompted Lewes mortgage-rate watchers to sit up and take notice—but not necessarily have them hearing alarm bells going off. But there were two other pieces of information:
· First, the current national mortgage rates reported last week rose. They were pegged at just over the 52-week average for 30-year fixed loans, but at 4.13% it remained below the 4.33% of a year before. In other words, still (perhaps momentarily) in the historically basement-level range.
· Second, new mortgage activity began to rise, moving 1.6% up from a week before. Applications had been dropping, but now they were on the move. This while home builder confidence levels soared, with expectations hitting the highest levels in nearly a decade.
As with any batch of economic numbers, the signs can be interpreted in multiple ways, but one way sure does seem to stand out: mortgage rates are attractive now, housing activity is almost certainly on the rise, and mortgage rates and monthly payments are very likely to become more expensive. The same thought may be occurring to more and more people as we enter the summer home-buying season: “What if I could pay less every month for the same home…for the next 30 years…”
Note to Lewes home-buyers. Listen carefully: that could be the sound of your own alarm bell going off! If you think you hear it, now would be a great time to give me a Call/Text me Russell Stucki at (302) 228-7871, email me at russellstucki@remax.net, visit more listings at www.beachrealestatemarket.com

Delaware First-Time Home Buyers Have a Familiar Question

Delaware first-time home buyers in 2014 are faced with a question that hasn’t changed for generations: is it more practical to buy right now, or to continue to rent?

Over the past few years, buying has been the easy choice. Nationally, in 2013 it cost 35% less to own a home than to rent according to that year’s study by real estate website Trulia. That despite rising house prices and mortgage rates. But that was last year, and the experts have been pretty unanimous in predicting that interest rates will continue to rise—ending up somewhere near 5.5% by 2014’s end (per the National Association of REALTORS®).

In the face of higher interest rates and house price tags, will 2014 be the year when renting becomes more affordable than buying?

While first-time home buyers in Delaware are faced with increasing house prices and mortgage rates, renters also find another national trend: higher rents. Rents have been on the rise for the past few years, with continued increases expected throughout 2014. According to Axiometrics, the folks with the latest data, apartment rents are on course to rise by 3.04% in 2014. Research firm Reis puts the expected rise at 3.15%— and both say the causes are the potent combination of tight supply and rising demand. Whenever the economy improves, each incremental gain puts even more pressure on rents—which acts as an offset to any financial benefits of renting versus owning.

Where does that leave our typical Delaware first-time home buyers? Most recently, national averages show it is still about 21% cheaper to own rather than rent. According to the Trulia study, by fall of last year, the earliest tipping point at which it would have become more expensive to own rather than rent would have been expected to occur if interest rates hit 5.2%—but only in San Jose, California—and only if rents had remained fixed (which didn’t happen, even in San Jose). Nationally, out here in the real world, Tulia admitted “mortgage rates will not tip the housing market in favor of renting over buying until rates hit 10.5%...”

Delaware first-time home buyers can be a bit more confident as they take in one more piece of information from the real world of April 2014 (no matter what the experts predicted): over the past few weeks, national mortgage interest rates have been edging down instead of rising! That may well change direction again (probably will), but for now at least, I have to say that it’s a pretty clear call in the spring of 2014: time to get pre-qualified!

That’s the first-time home buyers’ Step One…it also happens to be an ideal time to give me a call!