Listing Courtesy of RE/MAX REALTY GROUP REHOBOTH
Suppose you are a Sussex County homeowner who intends to move to a different home eventually, but for the moment, you aren’t under any particular deadline pressure that would dictate when you have to put your home on the market. In that case, you’re likely to keep tabs on overall market conditions, awaiting what looks like circumstances favor those with homes for sale.
Twice a year, the National Association of Realtors® issues their economists’ midyear forecast—it appeared last week. For those with homes for sale in Sussex County (or anyone thinking about adding theirs to the homes already for sale), the outlook was heartening.
The forecast was for the greater U.S. economy to improve, bouncing back from the weather-blasted winter stall which made the first quarter a disappointment. Subsequently, consumer spending opened up, causing expectation that the GDP would rise in the remainder of the year. Overall, the forecast for 2015 was positive, though lukewarm. As a whole, the year promises to be “not bad but not great.”
On the other hand, focusing narrowly on the outlook for U.S. housing market activity—homes for sale—the upside momentum was already decidedly more in evidence. The prospects for any single one of the Sussex County homes for sale depend upon a combination of factors, but if national activity is any reflection, the latest numbers packed what you could call a “6-7-8-9 punch”:
· Existing home sales in May notched a high water mark not seen in 6 years (and the 2009 level had been artificially inflated because of an $8,000 homebuyer tax credit).
· New home sales hit the highest level in 7 years.
· Housing permits to build new homes registered an 8 year high.
· Pending contracts to buy existing homes for sale reached a 9 year high.
Examining the demographics behind the figures, it was clear that, for the first time in quite a while, first-time buyers are back. Last year during the same period, only 27% of buyers were first-timers. They now make up a more normal 32%. As prices brought by homes for sale continued to rebound, institutional investors were disappearing from the scene, creating a more typical mix of buyers.
A major part of the reason why homes for sale were fetching “stronger than normal home price growth” had to do with a shortage of inventory—ascribed to the volume of new homes being built (or not being built). The rule of thumb is generally for about 1.5 million new homes to be constructed per year, a mark that’s failed to be realized for a number of years. In 2009, only 550,000 home were built—and the total had barely reached a million through last year. But now, with optimism among homebuilders at newly robust levels, it’s expected that normal output will have fully resumed by 2017.
The other major factor boosting sale prices was the specter of mortgage rate increases. Rising mortgage rates “initially rush buyers to decide”—just the kind of sign that could tip the scales for a homeowner who’s been waiting to add their property to the homes for sale in Sussex County. Should you decide that this summer is shaping up to have just the conditions you’ve been waiting for, I hope you’ll give me a call for a no-obligation consultation! Call/Text me Russell Stucki at (302) 228-7871, email me at firstname.lastname@example.org, visit more listings at www.beachrealestatemarket.com.
When most people picture how they will buy a Delaware house, they imagine visiting properties with their real estate agent, zeroing in on a suitable home in a neighborhood they like; making an offer; purchasing the home.
But there are also less straightforward ways to go about buying a Delaware house. One way people purchase houses today is at a local auction. Homes usually go on auction because they have been foreclosed upon or have unpaid tax liens; but there are any number of possible reasons. For the buyer, a real estate auction presents an opportunity — but also hurdles to clear.
A first possible drawback can be a real showstopper: the relative difficulty of thoroughly checking out the home’s interior. When it proves impossible to inspect inside, some research about the neighborhood, the history of sales in the area, and even visiting other open houses in the neighborhood can give some feel for what comparable neighborhood homes are like.
Too, auctions in Delaware are usually geared toward cash buyers. In many cases, companies require you to register before you may join the bidding. As with car auctions, it’s almost always necessary to come prepared with cash (in the form of certified checks). Most auctions require the entire sum to be paid immediately, while others specify a set portion or amount. In short, Delaware real estate auction buyers need to have done their homework beforehand.
There can also be vagaries in timing. For any homebuyer who needs to move in right away, an auction may not prove to be a feasible option. Especially with foreclosures, if the home is not vacant at the time of auction, the eviction process can turn into a lengthy court battle if the occupants are unwilling to leave.
Buying a home through a Delaware auction can be a great way to nab a home at a bargain basement price, but being aware of the complicating factors is a must. There are many ways to find the perfect home – and I’m here to help guide my clients through the choices that will work best for them. 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.