Listing Courtesy of JOE MAGGIO REALTY
This March has been such a busy one on the Sussex County real estate calendar that I thought it would be a good idea to double-check everything just to be certain I wasn’t overlooking any important happenings.
It wasn’t just that the first day of spring on the 20th is the traditional start of what’s regularly the busiest time of year for Dewey Beach real estate activity. This is a reliable phenomenon, further reinforced by the 61 million results you get when you Google “Spring Real Estate Selling Season.” To be accurate, the National Association of Realtors® fudges a little by calling spring and summer the hottest seasons for real estate activity—but it turns out they are pointing to the fact that many sales initiated in spring close during the summer (which is when people prefer to move).
March also has a red-letter day on the 23rd, which is when Freddie Mac, the mortgage reinsurer, is set to kick off their ‘Home Possible’ program. It’s a lowering of their down payment requirements, so mortgage lenders will have more leeway with borrowers. That should provide a further boost for Sussex County real estate activity, which has been laboring for years under tough lending requirements that discouraged some otherwise well-qualified home buyers.
Then there was also St. Patrick’s Day (although that has a less-than-convincing effect on Sussex County real estate activity). There is March Madness, in which basketball plays havoc with more than just television schedules. You could say that it plays hob with appointment times for many Dewey Beach home showings, since the last five minutes of most of the games take at least half an hour.
Just in case the calendar has even more events that might affect Sussex County real estate, we thought we’d better check to be certain we haven’t overlooked any upcoming happenings.
We found out we can relax.
True, this March is Optimism Month, which is certainly thematically in tune with the positive spring real estate outlook (speaking of ‘in tune,’ March is also Music in Our Schools Month and Play the Recorder Month).
It’s International Ideas Month, which, for anyone who’s been following the headlines, is certainly arriving in the nick of time. For those who are, internationally speaking, prone to sticking to their old ideas, March is also International Listening Awareness Month. It’s Mirth Month as well as Humorists are Artists Month. It’s also Noodle Month (does this have a connection with Mirth Month?), Peanut Month, and National Nutrition Month.
In addition to minding nutrition, this is a month for safety: it’s National Collision Awareness Month, as well as National Cheerleading Safety Month. It turns out, there are another couple of dozen other Months that are taking place right now, but most have little to do with buying and selling homes.
What seems better connected to Sussex County real estate is the fact that this is also Umbrella Month, although it’s too early to know the precipitation total for the whole month. It hasn’t prevented many showings or open houses, for sure. In any case, if you are thinking of taking advantage of the Spring Selling Season, it’s also a terrific month to give me a call!
If you’re looking for a superior deal on a new home, you may find that a Sussex County bank-owned home is a serious contender. Today’s real estate market includes a variety of foreclosed homes, some of which can be had at prices well below baseline levels.
Adding to the activity in that sector is the virtual disappearance of any degree of the stigma formerly attached to the bank-owned home market. By May of 2012, Realtor Magazine was already reporting how the rise in distressed inventories had brought about an increased appetite for the sector: “Nearly 65% of buyers say they’re likely to buy a foreclosure today compared to 25% who said that in October 2009.” And 92% of those surveyed were interested in a bank-owned home as their primary residence, rather than as an investment vehicle.
If you think a Sussex County bank-owned home could be a serious contender for your attention, you should be aware of how to best prepare for the opportunities to be had among them.
Pre-qualification not only speeds up the purchase of a Sussex County bank-owned home, it also produces a concrete range for your home-buying budget. Some banks charge a fee for the credit-checking procedure, while others simply build that into the bottom line.
The biggest issue facing the buyer of a foreclosed home is the potential for damage to the property. If it’s been vacant for some time, issues tied to improper weatherization or pest infestation can have resulted. A bank-owned home is typically sold as-is — so ordering a thorough, professional home inspection is an absolute must.
Buying a bank-owned home in Millsboro can precede on a different timetable than does a regular home buy, so be prepared to be patient. It’s also particularly helpful to have a buyer’s agent on your team to help answer questions as they arise.
If you are in the market for a new home in 2015 whether it is a bank-owned home or not — I’m here to advise my clients from beginning to end. Getting started is just a phone call away!