Listing Courtesy of JACK LINGO REHOBOTH
Suppose you are a Rehoboth Beach 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 Rehoboth Beach (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 Rehoboth Beach 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 Rehoboth Beach. 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.
As summer approaches, Delaware homeowners may also recall the challenge of retaining a reasonably comfortable home environment during the inevitable spells of hot weather. Everyone has a different relationship to heat and its evil twin, humidity, which dictates how much attention and budget needs to be dedicated to house cooling.
One old-fashioned solution is out there that many Delawareites may not have considered.
For most heat-sensitive Delaware residents, house cooling is synonymous with some form of air conditioning—if not central, then some assemblage of window A/C units. Evaporative coolers have economic and environmental advantages, but are really most effective in dry conditions: in other words, when the air gets soupy, their effectiveness fades. These were the “swamp coolers” of yesteryear—and they do have plusses that keep them around today. They allow open windows, so unlike air conditioners, fresh air is part of the house cooling action. They also use relatively little energy.
Swamp coolers used to be more popular in pre-air conditioner days—but there’s another cooling solution that is sometimes overlooked today. It’s the “Whole House Fan” system.
The basic idea is to fight the buildup of heat inside the home by pulling air up and out of the structure, expelling heat and allowing cooler breezes to enter. The house cooling is forced by a powerful fan in the attic combined with appropriately installed ventilation ports. It’s the fan that was the culprit behind the unpopularity of yesteryear’s versions. They were called “attic fans,” and they earned an unfortunate reputation for being extremely noisy. Sounded like a helicopter was taking off on the roof. Not okay.
Today’s whole house fans are the exact opposite: engineering advances make them whisper quiet, yet powerful and effective. Because they are quiet, homeowners don’t mind leaving them on for extended periods, which maximizes their effectiveness in ridding homes of summer heat buildup. It is true that on really hot days—when the outside air, even in shaded areas, can become oppressive—air conditioning is simply more effective. But for Delaware residents who don’t mind an occasional heat spell, the savings in electricity consumption can make whole house fans a modern strategy worth considering.
Summer is also the second half of Delaware’s busiest home shopping season. Kids are out of school, and summer vacations give more families a chance to do some serious house hunting. If you have been considering a real estate move of your own, it’s not too late to join in: give me a call! Call/Text me Russell Stucki at (302) 228-7871, email me at email@example.com, visit more listings at www.beachrealestatemarket.com.