33283 W Edgemoor Street, Lewes, De 19958 | $499,900

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Property Details

Offering 4 bedrooms, 3 Full baths, 2 1/2 baths, 2 car garage, upgraded kitchen with a owners 1st floor suite, full basement, and located east of Coastal Highway. This homes is asking for you to entertain in the kitchen with quatrz counter tops and l
  • MLS Number: 727648
  • Status: Active
  • Price: $499,900
  • Property Type:
  • Area: Lewes And Rehoboth Hundred
  • Community: Villages Of Five Points-West
  • School District: Cape Henlopen
  • Square Footage: 3,115
  • Year Built: 2004
  • Bedrooms: 4
  • Full Bathrooms: 3
  • Half Bathrooms: 2
  • Number of Stories: 2
  • New Construction: No
  • County Taxes: $1,676
  • Association Fee: $1,368
  • Furnished: No
  • Lot Dimensions: 74x114x74x114
  • Lot Square Feet: 8,625
  • Lot Size Acres: 0.20
  • Lot Description: Cleared
  • Water: Water-Public Central
  • Sewer: Public Central Sewer
  • Community Amenities: Community Center, Jog/Walk Path, Playground, Pool-Inground, Pool-Outdoor, Sidewalks, Tennis - Outdoor

Interior Features

  • Kitchen: Countertops - Solid Surface
  • Fireplace: Gas
  • Heating: Gas - Propane, Heat Pump(s)
  • Cooling: Central A/C, Heat Pump(s)
  • Flooring: Carpet, Hardwood, Tile
  • Basement: Basement - Full Finished
  • Attic: Access Only
  • Appliances: Cable TV Pre Wired, Dishwasher, Dryer-Gas, Exhaust Fan, Fridge w/Ice Maker, Garage Door Opener, Microwave, Oven/Range Gas, Range Hood, Washer, Water Heater Electric
  • Interior Features: Bedroom-Entry Level, Cable TV Prewired, Ceiling Fan(s), Fireplace-Gas, Insulated Door(s), Insulation, MBED-Separate Shower and Tub, Screen(s), Storm Door(s), Walk-In Closets, Window Treatments

Exterior Features

  • Style: Contemporary
  • Construction Type: Stick/Frame
  • Exterior Type: Vinyl Siding
  • Roofing: Architectural Shingle
  • Foundation: Poured Concrete
  • Garage: Attached
  • Garage Size: 2
  • Parking: Garage, Garage Door Opener
  • Porch/Deck/Patio: Deck - Rear, Patio - Rear, Porch - Front

Listing Courtesy of PATTERSON-SCHWARTZ REAL ESTATE

Lewes Readers find Real Estate Opinions Unanimous Almost Real

 

Lewes’s real estate picture usually differs little from that of the nation as a whole. The latest rumblings from the mass media and web continue to bolster the picture of rising values and quickening activity—a sweet story with nary a sour note. In fact the unanimity of voices from almost every corner of the country is a story in itself. There was just one exception.

Some samplings Lewes readers would have found in the past week’s real estate news and opinion—

  • From the Associated Press, we learned that “prices are soaring” in some cities, and that they rose in all 20 cities polled. The pace of existing home sales rose to the “fastest pace since February 2007.”—roughly what might be expected in a healthy housing market. The AP attributed at least some of the reason for the real estate price rises to widespread predictions that the Federal Reserve may start raising short-term interests rates sooner rather than later.
  • From Dan Green’s Mortgage Reports, the home value increase was illustrated in a multi-colored chart, which showed sample cities’ rises at anywhere from 1%-11%—with most clumped between the 4%-6% lines. Freddie Mac was quoted as pegging the average 30-year mortgage rate at below 4%, with VA and FHA mortgage rates even lower. Their opinion was straightforward: “It’s an inexpensive time to finance a home.” Since historically “mortgage rates average nearer to 8:25%,” that opinion is hardly a stretch!
  • Headlines from CoreLogic’s latest Home Price Index Report were “Home Prices Rose by 6.5% Year Over in June 2015” and “HPI Forecast Projects 4.5%” rise for the coming 12 months. CoreLogic’s nationwide real estate numbers are among the most reliable—whereas some of the government numbers sometimes have to admit regular later revisions, it’s not usually the case for them.
  • Surprisingly, town observers would have had to go to the National Association of Realtors® site to find what at first sounded like the only sour note to be heard—yet it, too, had a sweet finish. “Pending Home Sales Dip in June” headed the last week’s news release. You had to read the fine print to learn that the pending sales were 8.2% higher than a year before, and that although they dipped slightly from May’s number, they were still the third highest reading in 2015…and marked the tenth consecutive monthly year-over-year increase!

Strengthening real estate prices have continued to bolster a solid summer selling season. If you are interested in exploring the Lewes market as a prospective buyer (or as a seller), the climate continues to be inviting. Good reason 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.

Financing Alternatives may Attract Lewes Mortgage Applicants

Whenever an unplanned and unwelcome financial situation develops, a Lewes mortgage-holder can find himself or herself in the onerous position of being unable to keep up with the monthly home loan payments. If the unhappy situation continues long enough, the likely result is a foreclosure or short sale. In addition to losing the property, the impact on personal credit then takes years to undo. That means it takes that much longer for a consumer to acquire a new home and start to build equity again.

Here as elsewhere, there were a raft of such Lewes mortgage defaults following the global financial meltdown. Even those who had no trouble servicing their area mortgages could have suffered when they found that falling property values prevented them from refinancing—even when the purpose was to improve their property. Although those events happened years ago, it’s only now that their aftereffects are finally working their way out of the system.

A recent article in NMP—the national Mortgage Professional’s magazine—delved into the changing status of those who lost homes in the turndown. The details they researched are interesting in themselves—details that are bound to have an impact on Lewes residential sales.

First off is the fact that enough time has elapsed for those who weathered a short sale or foreclosure to begin to return to eligibility. They’re called “Boomerang Buyers”—and nationwide, there are estimated to be 7,300,000 of them! In 2016 alone, more than a million will become eligible to return to the home-buying market. According to NMP, “they’re returning to the market in droves.” The hardest-hit states were Nevada, Florida and Illinois—but there are plenty of Boomerang Buyers scattered across the rest of the nation.

The improving mortgage eligibility landscape extends beyond those who suffered the actual loss of their homes. To the more than 7 million “distressed” homeowners whose properties are still underwater (those who owe more than market value), the government’s HARP 2 program is one possible remedy. Its guidelines encourage lenders to relax the loan-to-value caps that had prevented refinancing for many of those homeowners. Reports are that it has already resulted in an increase in such refinances.

Other program combinations are helping loan originators and Realtors® get more bank-owned homes back into homeowners’ hands. These are properties that make up the ‘shadow inventory’ of unsold homes, many of which have fallen into disrepair. Because of that, they’ve been difficult to finance—and therefore difficult to sell. Through FHA 203K and Fannie Mae’s Homestyle® renovation mortgages, more ambitious prospective owners—including investors—are discovering they now have mortgage options that can put those fixer-uppers within reach.

For those who have previously found it problematic to secure a Lewes mortgage with acceptable terms, it may be worth looking into today’s improved financing alternatives. Especially with mortgage interest rates at the levels we’re seeing this fall, what you find may be a pleasant surprise—one that puts you into the house of your dreams. Call me to discuss first steps!    Call/Text me Russell Stucki at (302) 228-7871, email me at russellstucki@remax.net, visit more listings at www.beachrealestatemarket.com