Listing Courtesy of LEWES REALTY INC
When companies need to move employees who are also homeowners, they have to make the transition as painless as possible (or risk losing a valued asset). UrbanBound is a Chicago-based professional relocation group who know the landscape. “Even the most hands-on HR departments in the world can have too much on their plates to give relocation the attention it needs,” they point out. Thus the $16 billion relocation industry!
If you’re contemplating a relocation to Lewes any time soon, even without the services of a specialist, there’s much we can learn from the do’s and don’ts they offer. Here are some key don’ts:
If relocation to Delaware or Sussex County will find you entering unfamiliar territory, don’t rely on MapQuest to tell you how long you drive to work will be. Take a serious look at public transportation, too, as you choose where you want to live in relation to your new job.
When you are relocating, the difference between a $30,000 and $45,000 salary (or even $70,000 and $100,000) might actually amount to a decrease in real earnings. When you’re considering cost of living differences for relocation to or from Lewes, don’t be tempted to stop at the obvious living expenses, like housing and food. Will you be doing more holidays traveling to visit those you left behind? Will the kids wind up in private schools if available public schools aren’t up to snuff? You’re looking for all cost differences…which can go the other way, too!
The experts mention (politely) that not only do you have to do the research; you also have to accept the results. School quality really can vary. Even noise quality can be a factor that drives location. Best practice? Find out what people have to say about where they live, good and bad. When you plan Lewes relocation carefully, you’ll take advantage of your new opportunity while avoiding common oversights. And if relocation is in your future, I’m here to help you find the right — and practical — new place to call home. Call/text 302-228-7871 or email me, Russell Stucki, REALTOR® of Beach Real Estate Market to provide detailed information on Delaware homes for sale, investment and commercial properties, luxury and waterfront homes, condos/townhomes, new construction, lots and land, farms and equestrian properties located in but not limited to Bethany, Bethel, Bridgeville, Dagsboro, Delmar, Ellendale, Fenwick Island, Frankford, Georgetown, Greenwood, Harbeson, Laurel, Lewes, Lincoln, Milford, Millsboro, Millville, Milton, Ocean View, Rehoboth Beach, Seaford, Selbyville, Delaware.
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!