Listing Courtesy of LONG AND FOSTER-BETHANY
A few weeks ago, an eye-catching article surfaced on the Investopedia web site—one with the arresting title of “When is the Right Time to Buy a Home?” I have always assumed that for prospective area home buyer, the answer to that question varies by the individual circumstances. But if there is a more cut-and-dried universal answer, it would certainly be good to know it. Definitely worth reading.
Despite its name, Investopedia is not an encyclopedic history of investing. Its own history is interesting, though—it started in Canada, was acquired by Forbes, then sold a short while later to ValueClick for $42,000,000 (talk about good investments)!
The article that was to supply the answer to “When is the Right Time to Buy a Home?” did turn out to have the right answer, though it’s a little less definitive that you would hope—prospective Bethany Beach home buyers don’t get the simple “NOW” or “LATER,” which would be most useful. However, before the final answer is presented, scattered between the many ads and other clickbait that apparently pay for Investopedia are some interesting current facts and observations, and several cop-outs.
When it comes to the big question, “When is the Right Time to Buy a Home?” by halfway through the article, it’s looking a bit more like “now” than “later.” It cites The National Association of Home Builders’ Housing Opportunity Index, which now finds that nationally, the majority of homes are affordable for families earning a median income of $63,900. True, most Bethany Beach families don’t earn exactly $63,900, but still, it’s good to know. Reading on, we learn that this level of affordability has been better in the past, and might be better later “unless mortgage rates move higher in the future.” Since elsewhere on the site we find that “the consensus is that interest rates will rise,” it doesn’t take Sherlock Holmes to deduce where “When is the Right Time to Buy a Home?” is leading.
Or so you might assume, before the article quotes a saying on Wall Street: Don’t try to time the market, which Investopedia advises also applies to real estate. Oddly enough, it also says, “If you’re looking for an edge, interest rates are near historic lows so now appears to be a better time than most for purchasing a home.”
That’s a pretty strong hint, but the answer isn’t spelled out. Yet. There follow some bits of good advice (hire an inspector prior to purchasing a home; don’t buy a car while your credit is being checked; inquire about taxes) before we get to the ultimate heading, “THE BOTTOM LINE.” It took a while, but here is the advice Bethany Beach readers would have been looking for all along, bottom-linewise.
Investopedia’s answer for “When is the Right Time to Buy a Home?” is a lot more sensible than most: “When you can afford it.”
I couldn’t agree more. Even if all the other factors weren’t as positive as they are today, being able to make a good fit financially is at the top of the list. If now is that time for you—or if it’s time for you to put your own Bethany Beach home on the market—it’s also a good time to give me a call!
Micro apartments, once considered a momentary fad, are become an increasingly popular choice for city residents across the nation. It's a trend that might signal the beginnings of a shift in Delaware apartment living as well.
The tiny apartments known as “micro apartments” generally feature a small bedroom, private sitting area, bathroom...but not much more. In a typical floor plan, a living unit has 200 square feet or less -a far cry from American norms for the better part of a century. It is true, though, that there is nothing new about cramped apartments and shared living spaces. What sets today’s micro apartments apart is their success in combining comfort and livability with the affordability that is their main appeal. Design features such as folding bed alcoves, high ceilings and raised closets help to create an illusion of space when the actual living area is tinier than even the smallest traditional apartment.
Smaller apartments share micro apartments' standout characteristic: micro rental prices. It's an attracting that has always proved popular among younger Delaware apartment dwellers with entry level jobs, service industry employees who want to live closer to work, older single adults, students, and retirees who want to shed their empty nests and settle in convenience-packed urban areas. With reduced square space, micro apartments are not only cheaper to buy or rent, but usually significantly easier to clean and maintain. Many of the new micro apartment units also feature nearly as much storage space as much larger apartments.
The newest wave of micro apartments does have their share of detractors. Some have expressed concern that encouraging landlords to increase their ability to collect rent from more tenants in a smaller space will likely invite rent increases for standard-sized apartments.
Urban living remains desirable for many—but affordability remains a limiting factor. Micro apartments raise a new possibility for providing a cost-effective option that wasn't on the horizon even a few years ago. Whether or not the “thinking smaller” approach of micro apartments affects local scene, keeping track of its popularity on the national front is a good idea for area real estate watchers. There's no denying it could point to a changing environment for our own Delaware market for tenants, landlords and real estate investors.
If you have been surveying the current crop of investment properties, you don't have to be planning your own Delaware micro apartments to make forward-thinking decisions. 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.