Listing Courtesy of ACTIVE ADULTS REALTY
That Milton real estate prices have been on the rise for a while is certainly one factor that has coaxed some of the more cautious buyers off the sidelines. It’s made the market a much more lively (and happy!) place than it was a few years ago—and forecasters are fairly uniform in predicting continuing growth, though at a less overheated pace.
For those who are even more cautious, the question remains whether property values and the Delaware real estate prices that reflect them are likely to hold up over the long haul. They may know that, historically, homeownership has proven to be one of the most reliable investments, but the memory of that financial meltdown from a few years back can be hard to get over…
They may be taking heart from an article I ran across earlier which is bound to boost confidence in the future of Milton’s real estate prices. It was in a weekday edition (February 4) of The Wall Street Journal. Stretching all the way across the top of the U.S. News page was this headline: “Homeowners Acquire a Taste for Remodeling,” over the subhead “Projects Pick Up, to the Tune of $130 Billion in 2013, as Property Values and Equity Rebound; Sign of Market Confidence.”
The article had the expected chart and graph supporting the Journal’s optimistic takeaway depicting “Building Momentum.” Too, there was an illuminating quote from Moody’s Analytics. Moody’s reported an 18% leap in home equity lending—further evidence of the strong rise in home values (banks lend against equity, after all). That, WSJ pointed out, is the root of the steep increase in remodeling activity, because when people have confidence in underlying values, they decide it is worth investing in upkeep and improvements.
Its cause and effect—sort of like a domino chain, but in reverse. The first domino picks itself up, attracting the second, and suddenly all the dominos are back upright.
The Journal summed it up: “If home prices are going up and people have more equity in their home, things like remodeling and refurbishment will do well, because it’s effectively the way of playing the reinvestment game.”
For Delaware contractors and tradesmen, this is a game they’re happy to see resume. And for cautious prospective homeowners who’ve been watching from the sidelines, it’s a good reason to give me a call. Milton real estate prices look like they still have a way to go: there are some great bargains out there!
Savvy shoppers; don’t sit on the sidelines, call/text 302-228-7871or 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.
You may have seen the reports — and they are correct — that the number of new foreclosures has dropped almost everywhere throughout the country. Although the Mortgage Bankers Association’s report about the drop in non-seasonally adjusted foreclosure starts might indicate otherwise, sharp-eyed buyers can still find any number of foreclosed homes in Delaware.
For those whose goal is to find an appreciably nicer home at a lower-than-average price, a few basics shed light on the process.
Short sales differ from foreclosures. Although the sale price may be a good deal less than what is still owed on a loan, it may be more or less than the actual value of the home. A foreclosed home in Delaware is one that is actually owned by the bank holding the underlying loan — with the previous homeowners already having moved on.
Success in the foreclosure realm means saving money by buying local foreclosed homes — and it means being aware of the motives of the lender. First, any bank will typically offer foreclosed homes on an as-is basis. To keep losses in check, no repairs will have been made on the property. Some homes may be in fine condition, but others will not. That’s why it’s so essential to be willing to pay for an inspection on the property: it’s the only way to know exactly what you are getting into before you sign on the dotted line.
Unless you have prior success in buying Delaware foreclosed homes, it is universally recommended that you enlist a buyers agent to help throughout this process. An agent can advise you whether or not the property value is in line with the market for comparable properties in comparable condition. While you can work with the bank on your own, it is advantageous to have an experience professional to assist at the bargaining table.
If you are interested in buying foreclosed homes in Delaware this fall, why not contact me today to discuss your search parameters? The values really are out there to reward the patient — and anyone willing to put in a dollop of elbow grease! 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.