288 New Road, Lewes, De 19958 | $484,000

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Property Details

A chance to own in City of Lewes steps away from the Lewes-Rehoboth Canal just off Pilottown Road. Home has been vacant for 22 years and is massive disrepair. The year built and square footage is unknown.
  • MLS Number: 725747
  • Status: Active
  • Price: $484,000
  • Property Type:
  • Area: Lewes And Rehoboth Hundred
  • School District: Cape Henlopen
  • Square Footage: 1
  • Year Built: 1945
  • Bedrooms: 4
  • Full Bathrooms: 1
  • Number of Stories: 2
  • New Construction: No
  • County Taxes: $313
  • Furnished: No
  • Lot Square Feet: 6,970
  • Lot Size Acres: 0.16
  • Water: Public Central Water
  • Sewer: Public Central Sewer

Interior Features

  • Heating: None
  • Cooling: None
  • Flooring: Hardwood
  • Attic: Access Only
  • Appliances: NONE

Exterior Features

  • Style: Farm House
  • Construction Type: None
  • Exterior Type: Wood
  • Roofing: Asphalt Shingle
  • Foundation: Concrete Block

Listing Courtesy of OCEAN ATLANTIC SOTHEBY'S INTL REALTY

Lewes Residents Get Vital Info from Realtor© Interviews

Everyone agrees that getting the right Lewes Realtor® for your team is vital when you’re buying or selling a home­­. Defining ‘right’ isn’t hard, either: for some of us, that will be a Realtor with the kind of dynamic sales personality that seems to make obstacles just disappear; for others, the ‘right’ Realtor® is the one we just ‘clicked’ with instantly­­—somebody who speaks the same language—is on the same wavelength—who we sense immediately will be someone with whom we can work seamlessly.
Sometimes even veteran homeowners who have bought and sold residences over the years have never had to develop a penetrating interview plan. Their trusted circle of friends may have included a real estate professional, or they may have had a good experience with the Realtor who introduced them to the community. But if that individual is no longer available, it’s going to be necessary to find a suitable replacement.
It all comes down to interviews—and why it’s important to get the most out of them. Personality is a perfectly valid basis for weighing candidates who will be performing the kind of vital­­ service your Lewes Realtor will be called upon to do, but what if there is no single standout candidate in that department? If, after interviewing a host of equally sympathetic candidates, you can’t pare down the field with any degree of confidence­—what then?
You won’t have to flip a coin (or consult a fortune teller!) if you’ve asked each candidate the same group of relevant questions. Some of them will differ depending on whether you are choosing a Realtor to help you buy or sell a property, but these are universally relevant:
· How long have you been working as a real estate professional? How long here in Lewes ?
· How do you keep your clients informed of progress?
· What if I need to get in touch with you?
· What kind of Lewes service providers can you connect your clients with?
· Will you represent me only, or will you represent both buyer and seller?
· What kind of team do you work with?
· What is the proposed fee arrangement?
If you make note of the answers to these and other similar questions, you should emerge with a feeling that you’ve gotten the most from the interview process. Along with the ‘track record’ materials every candidate Realtor will be sure to volunteer, at the end of the day, you’ll have with a solid basis for comparison. I hope you won’t hesitate to include me in your group of candidates! Call/Text me Russell Stucki at (302) 228-7871, email me at russellstucki@remax.net, visit more listings at www.beachrealestate.com.

Again, Robotic Real Estate Estimates Run into Trouble

There’s news on the real estate value estimating front (robotic version).

For any kind of Delaware real estate activity—whether you are buying or selling; financing or refinancing; whether for your family residence or as an investment—there are at least two value estimation figures that determine how the Delaware transaction is likely to fare.

The first is a value estimate that you come up with: a dollar amount that reflects what the subject property is worth to you. That’s a calculation likely to be based on some mix of the property’s features, your own personal tastes, and your financial profile and outlook. If I’m your Realtor®, it will also be greatly influenced by the research I prepare for you: the real-world values of all the latest comparable transactions that have been taking place locally—along with the asking prices of similar properties.

That figure is one thing, but the second kind is an actual appraisal—the estimate that lenders use as the collateral value for the Delaware property. That estimate is the one a professional appraiser calculates using guidelines and formulas that have been painstakingly developed over time. It’s fortuitous when the first number comes close to the professional estimate—and I’m happy to say that it’s often the case.

But since 2006 there has been a third kind of Delaware real estate value estimate—one that’s increasingly mentioned in news of real estate controversies. This is the “Zestimate” offered by the website data company Zillow: a number that is arrived at via an automated system that assembles publicly available data. It’s stated purpose is “to aid potential buyers in assessing market value of a given property.” Unlike the painstaking reports that certified assessors create for a fee, Zestimates are widely disseminated to everyone for free. There is one problem, which I’ve mentioned before: the figures may be misleading.

Although Zillow claims an “incredibly low” national median error rate of 5%, last June they hailed a new improved algorithm that dropped the rate to 6.1%” [that’s not a typo: 6.1% is indeed a larger error rate than the still-claimed 5%]. Worse yet, research shows that in 10% of the cases examined, the error was 20% plus or minus…so a home with an actual fair market value of $300,000 could show a Zestimate of anywhere from $240,000 to $360,000!

Given that possibility, it’s probably no wonder that Zillow has announced a $1 million prize “to the person or team who can most improve the Zestimate” formula. MarketWatch points out that the contest was announced “just a week after a class action suit was filed against them” for offering unlicensed appraisals that hurt business—but the company claims the timing is just a coincidence.

Delaware real estate buyers and sellers will undoubtedly continue to be amused by those Zestimates when they see them, but the more knowledgeable keep in mind that they can constitute eye-rolling mistakes. When your own Delaware real world real estate affairs are in the offing, better to give me a call for information that won’t include any misleading automated miscalculations. Call/Text me Russell Stucki at (302) 228-7871, email me at russellstucki@remax.net, visit more listings at www.beachrealestatemarket.com