73 Lake Avenue, Rehoboth Beach, De 19971 | $1,730,000

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Property Details

Classic North Rehoboth home completely rebuilt and expanded in 2015. 5 bedrooms, 4 1/2 baths. Large open living spaces, great natural light, entertainer's kitchen and a beautiful pool are perfect for hosting family and friends or just relaxing. Steps
  • MLS Number: 727995
  • Status: Active
  • Price: $1,730,000
  • Property Type:
  • Area: Dewey To Lewes East Of Canal
  • Community: North Rehoboth
  • School District: Cape Henlopen
  • Square Footage: 2,850
  • Year Built: 1900
  • Bedrooms: 5
  • Full Bathrooms: 4
  • Half Bathrooms: 1
  • Number of Stories: 2
  • New Construction: No
  • County Taxes: $1,453
  • City Taxes: $350
  • Water Fee: $150
  • Sewer Fee: $150
  • Trash Fee: $300
  • Pool: Inground
  • Furnished: Partial
  • Lot Dimensions: 50x100
  • Lot Square Feet: 5,000
  • Lot Size Acres: 0.11
  • Lot Description: Landscaped
  • Water: Public Central Water
  • Sewer: Public Central Sewer
  • Community Amenities: Sidewalks

Interior Features

  • Kitchen: Countertops - Solid Surface, Pantry
  • Fireplace: Gas
  • Heating: Forced Air, Heat Pump(s), Multi Zone
  • Cooling: Central A/C, Heat Pump(s), Zoned A/C
  • Flooring: Hardwood
  • Basement: Crawl Space
  • Attic: Floored
  • Security: Fencing
  • Appliances: Cable TV Pre Wired, Dishwasher, Disposal, Dryer-Electric, Exhaust Fan, Fridge w/Ice Maker, Garage Door Opener, Icemaker (Separate), Microwave, Oven-Convection, Range Hood, Refrigerator, Washer/Dryer Stack, Water Heater Electric
  • Interior Features: Bedroom-Entry Level, Cable TV Prewired, Ceiling Fan(s), Fireplace-Gas, Insulated Door(s), Insulated Window(s), Insulation, MBED-Full Bath, MBED-Separate Shower and Tub, Pull-Down Attic Stairs, Screen(s), Tub-Soaking/Whirlpool, Two Master Bedrooms, Vaulted Ceiling

Exterior Features

  • Style: Victorian
  • Construction Type: Stick/Frame
  • Exterior Type: Cedar Siding, Concrete Plank, Shake
  • Roofing: Architectural Shingle
  • Foundation: Concrete Block
  • Garage: Attached
  • Garage Size: 1
  • Parking: Driveway/Off Street, Garage
  • Porch/Deck/Patio: Balcony(s), Patio - Rear, Porch - Screened
  • Exterior Features: Fencing-Partial, Irrigation System, Outside Shower, Pool-In Ground

Listing Courtesy of RE/MAX REALTY GROUP REHOBOTH

Mortgage Rate News Prompts ‘Bird in the Hand’ Thoughts

If you’ve ever had the kind of neighbor who is apt to borrow something (like your hedge trimmer), only to later complain about how it performed, you know how much patience it takes to hold your tongue. The Mortgage Bankers Association would be justified if they felt that way about me: I read their website, and sometimes quote it in posts about current Rehoboth Beach mortgage rates—but it sure makes for dull reading!
Anyway, with apologies to their (undoubtedly hard-working) writing staff, last week’s blog about national mortgage rates was as numbers-heavy as usual, yet still held a contradiction…but one that actually makes perfect sense. It also flags what could be seen as a bellwether that Rehoboth Beach home buyers and sellers would be hard-pressed to ignore.
The apparent contradiction was that mortgage rates were on the increase: national mortgage rates for 30-year fixed loans rose to 4.17%, which is the highest they’ve been since November. This is for conforming loans; the jumbos (greater than $417,000) went north as well, up to 4.15%.
As everyone knows, low mortgage interest rates are terrific for our Rehoboth Beach residential home sales. The low monthly payments that they create make homeownership more affordable for a greater number of buyers. So when rates increase and monthly payments go up, it should create a drag on the market. The apparent contradiction in the MBA release was that the increase in rates was accompanied by an increase in mortgage applications. And it was a big one: up 8.4% from the week before.
Most commentators were united about the phenomenon, and it’s hard to disagree. In addition to the natural surge that comes with the season (spring and summer are always expected to be quite active), consumers are seeing the uptick in mortgage rates and suspecting that rates will head higher. That’s nudging them to action, causing them to jump in now, while rates are still attractive—especially compared with historical averages.
CNBC’s Diana Olick agreed that such sharp increases actually help the home-buying market. She quotes one lender’s take about the buyers: “They understand that ‘wait a minute, rates are at an all-time low, let’s react now, let’s react before they go higher.’”
It’s far from a certainty that rates will continue to take off. Lots of us remember last year, when almost all the experts predicted a rise, yet mortgage interest rates headed in the opposite direction…and stayed there! But you can hardly blame area buyers if they go with the national trend and decide that locking in today’s rates is a prudent move: it’s a bird in the hand.
If you have been thinking along the same lines, I hope you will 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.

Financial Guru’s Advice Yields 4 Delaware Home Buying Steps

What a simpler world it would be if Delaware home buying could be reduced to anything like a simple 4-Step process. Even better if those were four easy steps. Actually, without actually coming out and saying so, that’s the tantalizing prospect hinted at on radio financial guru Dave Ramsey’s web site’s “Home Buying Process Made Easy.

Ramsey is the likable media expert in household budgeting and financial planning. A good deal of his guidance could be summed up in just 2 steps:

1) get out of debt (except for mortgage debt) as soon as humanly possible; then,

2) stay out.

Since that’s not bad advice, the promise of home buying in 4 steps seems almost reasonable. After all, his millions of listeners have undoubtedly benefitted greatly through the years (once they’ve figured out a way to act on the advice).

And in fact, his 4 easy home buying steps are actually not far off-target—although I think they’re out of order:

  1. Put your finances in order before home buying; IOW, know what you can afford.
  2. Do the cash flow math. Ramsey thinks your Delaware home’s monthly mortgage payments should be no more than a quarter of your net income.
  3. Get a home loan. Make this a 15-year fixed rate mortgage to minimize total interest paid.
  4. Find a good real estate agent to “help make sure you don’t pay too much” and deal with any “unexpected home buying hurdles.”

Realistically, Delaware home buying involves a bit more involvement than that. Also, Step 4 should actually come after Step 2, and Step 3 (getting a mortgage) should come after that—and after you and your good real estate agent have zeroed in on your target Delaware  home.

One more practical alteration: the 15-year mortgage structure automatically results in a higher monthly payment that, when combined with a 25% of net income budget cap, could yield an unrealistically limited budget target.. Being financially conservative also means being realistic. A growing family, for instance, might find that they have wasted money if they have to move to a larger home after only a few years.

That’s where your good real estate agent can save the day. Call me at any step in the process: I’ll be your sounding board on today’s practical short and long term Delaware home buying trade-offs! Call/Text me Russell Stucki at (302) 228-7871, email me at russellstucki@remax.net, visit more listings at www.beachrealestatemarket.com