Listing Courtesy of LONG AND FOSTER-BETHANY
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!
When you go searching for the latest Bethany Beach real estate news online, as likely as not you will find the lion’s share is dominated by advertisements (not to complain: I advertise, too) and the current Bethany Beach listings. There is rarely any true Bethany Beach real estate news as such—since what’s ‘new’ is principally the arrival and departure of the latest batch of Bethany Beach homes for sale.
All the other nuggets of Bethany Beach real estate “news” are actually news’ first cousins: features about real estate—most of which deal with the age-old verities of the field rather than anything that is truly up-to-the-moment new. The other day, while hunting down the latest Bethany Beach real estate goings-on, as usual, our national Realtors’® web site kept coming up. This is not unusual, since our organization is one of the most active trade organizations in the country, quoted often right here. But one of the features stood out, and I clicked on it.
The video in question was brand new last week: “3 of the Dumbest Home Loan Mistakes You Can Make”—a fairly irresistible title. The three were: don’t lie; don’t buy an expensive auto while applying; don’t use an out of town lender who doesn’t know the market, and don’t skip getting a second opinion (I know that’s four, but I threw in ‘don’t lie’ myself, since that’s the dumbest of all).
Once you begin looking around for interesting real estate videos, what really stands out is how many of them are lists. Apparently people (including people like me) find it hard to resist titles that promise to list things. That could be because everyone is curious about other peoples’ opinions of what’s important…and how important (what’s first and what’s last).
At any rate, a quick scan of the titles among the real estate videos revealed something that would be hard to guess. Not only are there a whole lot of lists—there are a whole lot of them whose list stops at three. Top 3. Best 3. Dumbest 3.
There were 3 Secret Tips to Winning a Bidding War; 3 Tough Conversations Sellers Can Avoid Having with their Realtor; 3 Insider Hacks for Staging Your Home; 3 Home Improvement Projects You Shouldn’t Do Yourself; 3 Sneaky Ways to Make Your Kitchen Look Expensive (declutter and clean; replace hardware; and fix fixtures…the only ‘sneaky’ thing about this list was the title).
All of those were on that single Realtors’ web site! And when you start looking around everywhere else, you come up with an avalanche: 3 Things to Consider Before You Pull the Trigger on Real Estate; The 3 Things Real Estate Marketers Can Learn from Black Friday; 3 Things Poker Can Teach You About Real Estate (no surprises there: “weigh risk vs. rewards;” “know the odds;” “pay attention to the human factor”); 3 Things to Know Before You Buy Your First Home (these three weren’t very illuminating: “get preapproved;” “save up”; “consider your lifestyle when house hunting”).
It was tempting to try to see if the Top 5 lists were even more numerous, or the Top 10; but by then the clock had already run out on the Real Estate List Research project. There are more than three items to act on when you decide to sell your Bethany Beach home, or begin looking for your next. For a dependably good start, begin with Item #1: call me! Call/Text me Russell Stucki at (302) 228-7871, email me at firstname.lastname@example.org, visit more listings at www.beachrealestatemarket.com.