Listing Courtesy of LONG AND FOSTER-BETHANY
Now that we are deep into July, with summer in full swing, there might be vague thoughts running through your mind about some potential real estate moves—but certainly not until the fall. Right now all most of us are thinking about is whether another chilled glass of summer-something-or-other is in order. Ocean View mortgage rates and what the folks in Washington might be doing to affect them are not exactly what occupies an idyllic July afternoon.
But if you’ve been paying attention to any newscasts long enough to reach the dull-as-dishwater economic stories they throw in toward the end of the broadcasts, you may also have an inkling that conditions are about to change. And the evidence does suggest that mortgage rates in our area face a likely increase come fall. If your vague suspicion does come to pass, and if you’re among those considering buying or selling a home in Ocean View this year, now should be the time to stop “thinking” and start “doing”.
Exhibit A for that proposition comes from one Michael C. Fratantoni, who happens to be the Chief Economist of the Mortgage Bankers Association (MBA). When he recently spoke at the National Association of REALTORS® office in Washington, he made no bones about it: mortgage rates will continue upwards, with a first significant Fed hike likely in September. September! The 30-year fixed mortgage, which we all know has lingered at historic lows—below 4%—for several years, is likely to hit 4.4% by the end of 2015 , then move beyond 5% next year.
It’s enough to stifle any thoughts about that frosty beverage.
The good news for Ocean View homeowners planning to list is that Fratantoni doesn’t believe any of these factors will keep the nations’ buyers away. After a pretty lackluster 2014 performance, the MBA forecasts a 14% year-over-year increase in purchase-money mortgage originations in 2015—and nearly 9% in 2016. Nationwide, incomes are also expected to rise, and with new household formations on the rise, the national real estate market looks to remain in fairly good balance.
While it seems there’s no instantaneous need to drop all your summertime activities to rush your home onto the market, with mortgage rates in Ocean View expected to rise sooner rather than later, it’s certainly worth making it a priority to give me a call this week. After that, there will definitely be ample time to finish enjoying that delightful chilled summer beverage. Call/Text me Russell Stucki at (302) 228-7871, email me at email@example.com, visit more listings at www.beachrealestatemarket.com.
The children have grown; home feels…a little empty…
Many people assume that an empty nest means it’s downsizing time—time for a smaller house or condo. In truth, for many a homeowner in Sussex County, downsizing is just one of a number of appealing directions.
It may sound obvious, but it’s your interests and plans that should guide your next step. After a lifetime of deferring to other people’s priorities, many of usage ill-prepared to think creatively about what it is we want. When we do, downsizing might not necessarily be the springboard to life’s next great adventure.
For instance: consider Upsizing. Moving a smaller family into a larger home may sound backwards, but if you have special interests or hobbies that call for a lot of space, now may be the chance to add the workshop, rehearsal space, or studio you’ve always longed for. A larger home can also provide space for guests when the family (and it might be a growing one!) comes to visit.
Have you always wanted to live near water, or be able to step out on the front porch any time of the day to drink in a panoramic view of the mountains?
Or maybe the reverse, and you’d like to sample life in the city—urban living, with its museums, shows and restaurants on every corner. Alternatively, perhaps it’s time to look into one of the increasingly-popular planned communities; one built around a golf course, or one emphasizing social activities, clubs and outings that cater to older adults
The serious point: dream a little! If not now, when? With the children out the door, this could finally be a chance to indulge yourself. Raising a family means putting other people’s needs first. Now it’s your turn. A luxury home or condo could have the amenities you’ve always wanted—a swimming pool or home spa, designer furniture or classic architecture. Your empty nest may give you the chance to own the kind of home you’ve only daydreamed about.
Among the down-to-earth details you’ll want to consider before acting—
Finally, give yourself time…enough time to be sure that the home ownership path you choose is one that’s most likely to prove rewarding. And remember, too, that I (or a qualified Realtor® wherever you land) is your invaluable resource. Do give me a 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.