Listing Courtesy of JACK LINGO REHOBOTH
Before April 15th came and went, perhaps you and your accountant had one of those occasional chats about your assets and liabilities. If owning your vacation home in Sussex Countyhas resulted in more taxes or less financial gain than you’d planned for—or if you and your family just don’t use the place as often as you used to–this spring or summer is a good time to consider selling. If you have lost some love for your extra house, but don’t want to go through the rigmarole of renting it out season-to-season, the selling alternative could be at hand.
USA Today recently featured an article headlined, “How to Sell Vacation Property.” In it, author Jennifer Eblin pointed out, “Your real estate agent should understand that selling a vacation property is different from selling any other piece of property…and have intimate knowledge of the surrounding area.”
That kind of experience is doubly helpful when it comes from dealing with vacation homes similar to your own. If your home-away-from-home is in a condominium community, a Realtor® who is familiar with the community is most likely to have intimate knowledge of price points, selling points—and deal breakers that can sometimes make all the difference for your own sale.
Just as important as teaming with the right real estate agent is making sure the property is in top condition. Few Sussex County vacation home buyers will be looking for a “fixer-upper”—so plan to spruce up the house before it goes on the market. Make small repairs, repaint dull or off-color walls, and depersonalize as much as possible. Picture what drew you to the property back when you bought it: present that same space and feeling to the new owners.
In almost every case, right about now is a highly favorable time to list a Sussex County vacation home. This is the season when people are looking forward to the warmer months and wishing they had a great place of their own in which to enjoy them. With winter still fresh in people’s minds, a well-priced Sussex County vacation home listing stands the best chance of drawing a crowd.
The bottom line is that selling a vacation home in Sussex County is about selling an idea—whether it’s a rustic escape or a luxurious retreat from the daily grind. Make sure your property speaks that language, and I’ll be standing by--ready to do the rest!
Delaware property owners, whether they are single homeowners or large institutions holding multiple rental properties, are members of the same club—at least by one definition. They are all real estate investors, even though not all of them are the kind of Delaware property owners who keep an eagle eye trained on the value of their real estate investment portfolio (most of us think of it more as just “home”). Unless they plan to sell sometime soon, today’s asset value, book value, or whatever financial term you are looking at, is pretty much an abstract notion. It only becomes significant in the real world if you set your sights on selling.
Even so, Delaware property owners may be interested to learn that the past few years’ steady rise in property values nationwide has created the kind of investment opportunity that even Wall Street hasn’t been able to ignore.
Recently there was a conference in ritzy Scottsdale, Arizona, that illustrated the point. It was called the 2013 REO-to-Rental Forum. In their final MarketPulse newsletter of the year, trend-watcher Corelogic observed, “The fact that there are now conferences for single-family residential institutional investors speaks volumes about the increasing maturity of this new investment asset class.”
If you are a Delaware property holder, that’s welcome news. It indicates a number of positive things about the current state of the overall market, and the value of your own property. As CoreLogic points out, although investing in residential real estate is nothing new, what is new is the aggregation of large portfolios of properties under professional management —as well as “the availability of institutional investor capital to fund their acquisition.”
English translation: the smart money thinks single-family residences are a good investment.
Toward the end of the CoreLogic report was the latest year-over-year comparison: 12 ½% growths in home prices— even including distressed sales. It doesn’t take a Wall St. wizard to appreciate that kind of growth!
If the coming months will see you looking to sell (or buy) a Delaware property, give me a 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.