14503 William Dorsey Street, Lewes, De 19958 | $385,000

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Property Details

Why wait for new construction! Freshly painted with upgrades galore include Hardwood Floors, Upgraded Kitchen/granite and appliances, ceramic tile in bathrooms, finished basement with full bath, Irrigation system, irrigation well, and more. Perfectly
  • MLS Number: 725829
  • Status: Active
  • Price: $385,000
  • Property Type:
  • Area: Lewes And Rehoboth Hundred
  • Community: Lewes Crossing
  • School District: Cape Henlopen
  • Square Footage: 2,613
  • Year Built: 2015
  • Bedrooms: 3
  • Full Bathrooms: 3
  • Number of Stories: 1
  • New Construction: No
  • County Taxes: $1,278
  • Association Fee: $2,000
  • Furnished: No
  • Lot Square Feet: 12,197
  • Lot Size Acres: 0.28
  • Water: Private Central Water
  • Sewer: Sewer-Public Central
  • Community Amenities: Community Center, Fitness Center, Game Room, Jog/Walk Path, Lawn Care, Pool-Inground, Sidewalks

Interior Features

  • Kitchen: Countertops - Granite, Eat In, Island, Kitchen/Dining Room Combo, Kitchen/Family Room Combo, Pantry
  • Heating: Forced Air, Gas - Natural
  • Cooling: Central A/C
  • Flooring: Carpet, Hardwood
  • Basement: Basement - Full Finished,Partially Finished
  • Attic: Access Only
  • Appliances: Cable TV Pre Wired, Dishwasher, Disposal, Oven/Range Gas, Washer, Water Heater Gas
  • Interior Features: Bedroom-Entry Level, Ceiling Fan(s), MBED-Full Bath, Walk-In Closets, Window Treatments

Exterior Features

  • Style: Coastal,Rancher/Rambler
  • Construction Type: Stick/Frame
  • Exterior Type: Stone, Vinyl Siding
  • Roofing: Architectural Shingle, Asphalt Shingle
  • Foundation: Poured Concrete
  • Garage: Attached
  • Garage Size: 2
  • Parking: Driveway/Off Street, Garage
  • Exterior Features: Irrigation System

Listing Courtesy of RE/MAX REALTY GROUP REHOBOTH

Lewes Multi-Family Housing: Investment and Residence Choice

Lewes multi-family housing is the umbrella term covering all the various kinds of residences that shelter more than one family. Everything from duplexes and homes with guest cottages to apartment complexes fall into the category, which is most often thought of in terms of the solid investment potential it represents.
While Lewes multi-family housing offers all of the same investment potential and more (the economies of scale can give an apartment building listing, for instance, many times the profit potential of a single family rental), a multi-family residence can also be the pathway to homeownership for a first-time home buyer. You might not think so, but when a prospective buyer will also be resident, standard financing guidelines—even for FHA loans—may apply. The lending particulars vary by a given Lewes property’s specifics—among other factors, whether or not cash flow-producing tenants are already in place. But the assumption that the higher mortgage amounts associated with multi-family housing opportunities automatically puts them out of reach ain’t (as the song says) necessarily so!
The NAR® finds that some 38% of residences are purchased by first-time buyers—yet it’s a safe bet that most of them would never consider that purchasing multi-family homes could be a great way to own their first home (and even generate some extra income at the same time). To begin to examine this as a possibility, some basic research into some of the key elements of multi-family financing is a logical preliminary step.
· Down Payment Options
Today’s loan requirements may be seeing some degree of easing, but most Lewes multi-family homes listings carry bigger down payments than single residences. Even so, some FHA loans for a one- to four-unit home require just a 3.5% down payment. A variety of other loan programs emphasizing affordable down payment options may also apply.
· Cash Reserves Requirements
Some traditional lenders have no specific cash reserve requirements, while the FHA has defined guidelines. For one- or two-unit properties, buyers must have one month’s worth of reserves (cash left after closing). For three- to four-unit homes, the requirement is for three months of reserves.
· Debt-to-Income Ratio
Lenders evaluate debt-to-income ratios to include other monthly debt payments as well as the anticipated mortgage payment. They weigh that against gross monthly income…and, needless to say, lenders who include a high percentage of projected rental income will be more likely to find a loan viable.
Whether you are a first-time or veteran home buyer, considering Lewes's multi-family housing listings is an idea that may be worth pursuing. Give me a call to discuss how one of today’s prime offerings might fit into your future! Call/Text me Russell Stucki at (302) 228-7871, email me at russellstucki@remax.net, visit more listings at www.beachrealestate.com.

Top 5 Reasons Lewes Homeowners Should Avoid Going FSBO

There are Top 10 Lists aplenty that detail just why any Lewes homeowner should think twice before planting one of those For Sale by Owner signs in their front yard. One of them is that when you sell your home all by yourself, the sheer amount of time you’ll have to devote to mastering processes that are already fully handled by full-time real estate professionals is a true waste of time. It’s one wheel that doesn’t need reinventing.

If you are among those considering how you will sell your own Lewes property this spring, since your time is important, let’s start saving it now by cutting those top 10 lists down to the Top 5 Reasons to Avoid FSBOs:

  1. You’re involved. It may sound like a good idea to be your own salesperson since you are the most intimately acquainted with the product—your Leweshouse—but logic rules against it if for no better reason that buyers will be automatically skeptical of your impartiality. Why? Because you aren’t! You also don’t get the benefit of a professionally trained pair of eyes helping prepare your property to appeal to today’s buyers, nor the benefit of honest feedback that buyers won’t share with a FSBO seller.
  2. Legal peril. Throughout this year’s political debate, a frequent refrain from candidates (both local and national) has been the need to cut down on over regulation. Without getting into those weeds, it is certainly the case that federal and state laws require a number of very specific disclosures. If you aren’t a real estate attorney, that lack of familiarity could make a FSBO sale an open door to after-sale litigation. When that happens, there goes any commission dollars saved (and maybe a lot more!).
  3. Expense. That’s right, one of the Top 5 Reasons to Avoid FSBOs is that a FSBO can actually amount to an extravagance. It’s logical, too—because most buyers take one look at your asking price, mentally subtract the commission, and proceed from there (wouldn’t you?). The most recent studies bear out the bottom line: only 8% of successful sales were made via FSBO, and on average, they sold for 15% less than the agent-assisted sales.
  4. Marketing Oomph. We professionals market Leweshomes all year long, 24/7. As a result, we know which marketing approaches are currently bringing in results, and which are wasting time and money. We also have open channels with the media companies we deal with regularly—an advantage that FSBO sellers can’t hope to match.
  5. Expert Opinion. The open secret is that those who know the most about how to get the best results from a house sale tend to rely on expert help. A good example came in 2014, when Al Bennati, the CEO of the “BuyOwner” dot-com (“the strongest For Sale by Owner marketplace”) decided to sell his own St. Petersburg home. He listed it with a Realtor®.

            There! Time saved already—who needed a Top 10 list when you have these? I bet you agree: these “Top 5 Reasons to Avoid FSBOs” are more than sufficient reason to avoid the FSBO route…and to give me a call instead! Call/Text me Russell Stucki at (302) 228-7871, email me at russellstucki@remax.net, visit more listings at www.beachrealestatemarket.com