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 email@example.com, visit more listings at www.beachrealestatemarket.com.
It’s the kind of “problem” many would like to have: a buyer has just made an offer on your home — and you hadn’t even listed it for sale!
Turns out, it’s not all that uncommon for “house-stalkers” (or their determined agents) to slip notes into owner’s mailboxes or just knock on the door and ask to buy the house. It’s a house-hunting strategy that has worked for all kinds of buyers who are unimpressed by the homes they find on the market.
For anyone up in the air about selling your home in Delaware, here are some questions that can lead to a rational decision:
Were you planning to sell in the future?
If so, how far into the future? 20 years? If that’s the case, unless it’s an astounding offer, better stay put. But if you were considering selling your area Delaware home within the coming 5 years, seriously entertain the offer! Making the most of unexpected happenstances is a calling card of successful people from time immemorial.
Is the return on your investment substantial?
Except in a financial emergencies, selling your home in Delaware is never a good idea unless you are getting a solid return on your initial investment. (Not just the initial price: include renovations, additions and your own sweat equity). If the offer qualifies on this dimension, it’s time to engage a professional home appraiser to give you an expert view of what your property is really worth in the current market.
Are you ready to move?
We all have emotional connections to our homes, especially after we’ve invested much effort into shaping its look and feel. Part of your decision that’s as important as the financial side comes with considering where you would live after the sale. Gauge whether your excitement over a new house, neighborhood and even a new city outweigh the feelings you have for your current home.
If opportunity comes knocking at your door, it never hurts to consider! And if you are thinking of selling your home in town in any case, give me a call to go over the numbers!
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.