Listing Courtesy of LONG AND FOSTER-REHOBOTH
This is actually a situation that’s very common, but not much remarked upon: you know you are going to be selling your Lewes home—only not for a while…and perhaps not for a very long while! Is there anything you should be doing now, long before actual preparations are called for?
There sure is! Let’s call these low-intensity preparations. They may be low-intensity in the immediacy department, but when the distant day arrives when you are selling your home, they can be very fortuitous. Here are some of the elements you can benefit from putting into action long before you expect to need them—
Number One (the most obvious and perhaps most important) is landscaping. Trees and bushes are part of the backdrop of our everyday living, and something many people—even gardeners—may tend to accept without envisioning large-scale changes. That’s because they grow so slowly it doesn’t seem realistic to worry about what might be possible. But when you think long-range, landscaping should be at the forefront. When the time comes for selling your home, a vision first initiated five or 10 years earlier can become a colorful and shady reality, worth a very great deal in terms of the overall impression your Lewes property makes.
It’s human nature to just put up with heating, plumbing, air conditioning and other systems that could operate much more conveniently and economically, but which are expensive to overhaul. But think realistically: if you know that later on you will be selling your Lewes home—and realistically will certainly have to upgrade those vexing mechanicals when that happens—give serious thought to taking action earlier…even NOW! Not only will you be able to enjoy the improvement, it’s entirely possible that savings realized from the gains in efficiency will materially offset your initial outlay. Why let the future owners get all the benefit?
When you are selling a home, photography is one of the most impactful marketing tools you’ll have at your disposal. A couple of years before you plan to join the Lewes listings, keep a camera ready to snap those fleeting moments when the season and light combine to make some detail of garden or home magically illuminated. Even a professional photographer can’t ‘make’ such moments happen. As Ansel Adams’ outdoor masterpieces confirmed: the perfect light at the perfect season is worth more than money can buy.
It doesn’t hurt to keep abreast of happenings in the national and Lewes real estate market, so that you’re informed about what to expect when you ultimately join the fray. One of the best ways to do that (other than to keep reading my blog) is to check out the neighborhood listings from time to time: they’re here on my site. And one of the best ways to proceed when the moment does arrive when you will be selling your home in Lewes is (of course) to give me a call! Call/Text me Russell Stucki at (302) 228-7871, email me at email@example.com, visit more listings at www.beachrealestate.com.
When Lewes, DE homeowners sit down to plot out their household’s long-range financial plan, the value they ascribe to their Lewes, DE home usually deserves a leading role. As research firm Pulsenomics puts it, “changes in single-family home values can have profound impacts on consumer balance sheets.” Yet it’s often the case that homeowners assume that their home’s value is its apparent equity—the home price they paid less their mortgage’s remaining principal.
Lewes, DE homeowners will be pleased to find that using that measure is almost certain to result in a substantial underestimate. Since the historical norm is for residential home prices to rise, if you are trying to plot a realistic long-term picture of your family’s financial future, a middle-of-the-road estimate would take those likely price rises into account.
The problem is: who knows how much those values will actually rise? For instance, what if there were another international financial meltdown—with a real estate slump like the last one? Wouldn’t it be safer just to assume the worst—static Lewes, DE home prices? Safer, perhaps—but not likely more accurate.
For the most sophisticated projections, a better look at the direction of home prices is published quarterly in Pulsenomics’ “U.S. Home Price Expectations Survey.” The Survey represents the combined opinions of more than 100 economists, investment strategists, and market analysts. They have been publishing those projections for five years now—which is noteworthy since we can now check back to see if they were overly optimistic (or the opposite).
In January of 2013, the mean expectation of the Pulsenomics experts was for a 5-year increase in home prices of a whopping 22.0%. That number seems pretty optimistic, and sure enough, a year later, in 2014 the experts dropped it to a more realistic 19.7%. The following years showed similar moderation, until by this January, their median prediction was for U.S. home prices to rise by 18.2% by 2023.
Of course, nobody can know exactly what the future will bring, so holding their feet to the fire and expecting exactitude would be unrealistic. But how did they do? drumroll, please:
As for that first 2013 seemingly over-optimistic expectation of 22%: the actual rise in home prices has been 37% (the Case-Shiller national average)! We’ll have to wait a bit to see how the next year turns out…but I think we’ll have more terrific news.
The long and the short of it is that for practical planning purposes, don’t assume your Lewes, DE home investment will be wind up being worth what you paid (or will pay) for it. Realistic expectations can be quite a bit sunnier—and definitely, a solid reason to make Lewes, DE homeownership a cornerstone of your family’s long-term financial future. To get started turning that goal into reality, please don’t put off giving me a call! Call/Text me Russell Stucki at (302) 228-7871, email me at firstname.lastname@example.org, visit more listings at www.beachrealestatemarket.com.