Listing Courtesy of LIGHTHOUSE REALTY GROUP INC
When you are selling your Bethany Beach luxury home, you are marketing to a narrow niche of the home-buying public. They’re high-end customers, certain to be very smart, business-savvy—and they will know their own mind. They will be hunting for value, of course, because the asking price warrants it. But they will also be looking for a property that has elements that are unique—that appeal to buyers who hope to find a residence not duplicated elsewhere.
Because of that characteristic of the market, there can be no one-size-fits-all, cookie-cutter approach that will be uniformly effective as a sales approach. There are, however, a few hallmarks that the most successful Realtors® have discovered are shared by the most appealing luxury homes. They boil down to value, exclusivity…and to story-telling.
The exposure element is the more straightforward. It used to be that the only important element was to be had in print media: magazine, newspaper, brochure and flyer. Still important, today the much wider reach is had through internet and social media. Like all Bethany Beach real estate prospects, buyers interested in the current crop of luxury homes are most likely to investigate using at least some online research before scheduling an in-person visit. And what they experience on the web will be influential in how eager they will be to make time for that visit.
It goes without saying that for every Bethany Beach luxury home web presentation, the quality of the imagery has to be first-rate—Professional real estate photographers do more than highlight key room features shot from eye-pleasing angles. The best know how to paint with light—to shape viewer experience by selecting the time of day and color of light and shadow that will convey mood. Sometimes a true online video tour, complete with well-produced music and narration tracks, can also be the most effective tool—as long as the online viewing experience is brief, intuitive and easy to navigate. But no matter which medium and format is pressed into service, the goal is always to create a viewer experience that is unique and memorable.
And it should have a story.
That ‘story’ could be anything from an interesting history to a setting or view that is, literally, unique. It can be an overpowering constellation of luxury home features, or a history of owners that includes prominent community or cultural luminaries. It can be standout architectural innovations, landscaping worthy of a Homes and Gardens centerfold, or a layout that just happens to be perfectly well-matched to a particular client’s family—any and all can qualify. The single indispensable part of the mix is that the property’s unique character comprises a story worth retelling. It’s human nature, after all every Bethany Beach luxury home buyer, whether they realize it or not, would like to be able to tell friends and colleagues about their new luxury home!
If you have an Bethany Beach home with its own luxury story waiting to be told—or if you’re in the hunt for one—I hope you will give me a call!
There is a seven-year window for some past Sussex County homeowners—and it’s one that’s opening, not closing. The ‘window’ in question is the one that could activate Frankford "Boomerang Buyers"—which would come as good news for the local home sales.
Some background about Boomerang Buyers. It’s a term coined in the wake of the subprime mortgage fiasco, describing those burned by the housing crisis. They were, on the whole, Baby Boomers and GenXers who were caught up in the Great Recession. For many who became enmeshed in the effects of the nasty confluence of the cliff-dive of the subprime mortgage bond market and collapse of residential valuations that swept the nation, foreclosures or short sales became, literally, offers they couldn’t refuse. Not only did the bitter aftertaste leave many with a spoiled appetite for homeownership, but the damage done to the credit ratings of millions made that a moot point: they had fallen off the scale when it came to qualifying for a new mortgage.
But that was then; this is now. It’s a now that, in RealtyTrac Newsroom’s breathless phraseology, "the first wave of…homeowners who lost their home to foreclosure or short sale during the foreclosure crisis are now past the seven year window they conservatively need to repair their credit and qualify to buy a new home."
Soon, more and more Boomerang Buyers in Frankford will be in the clear, if they choose to be; and they are only the first wave. "Nearly 7.3 million potential boomerang buyers nationwide will be in a position to buy again from a credit repair perspective over the next eight years," says Newsroom. Bankrate, the mortgage and financial advice website, sees the group as particularly well-qualified. They quote a broker in North Carolina to that effect: "If you’ve been through a foreclosure, you’ve already been a homeowner…you know the process. You’ve been through hell sometime in the last seven years…"
That word ‘sometime’ is apt, because the seven year period has been anything but uniform. Guidelines for that "waiting period" have sometimes been three years for FHA qualifiers, or even shorter for portfolio loans that lenders keep on their own books. But whether it’s three or seven years, the clock usually starts ticking only when a foreclosure has been completed. But according to FICO, although a foreclosure remains on a credit report for seven years, "the negative impact will fade as time passes."
For potential Sussex County Boomerang Buyers still waiting for a foreclosure to disappear altogether from their credit reports, there are other routes that can lead to a homeownership reboot. For more on buying or selling, I’m always pleased to sit down and discuss some of the great opportunities in our current market!