Listing Courtesy of COLDWELL BANKER RESORT REALTY - L
As soon as you decide that you will be putting your Lewes property up for sale—whether soon or at some point in the foreseeable future—it’s also time to get strategic about growing your property's value—starting with a generous dollop of objectivity.
The difficulty stems from a truth about how everybody perceives much of their property’s value. We escape from hurly-burly of daily living by retreating to the comfortable confines of our home—our place. A good part of its value to us and to our family is its sheer familiarity—the “hominess” that makes it our personal haven. But some of the very things that make it so comfortable to us will be off-putting to outsiders—and they are the prospective buyers.
Our great leather easy chair (the dark brown one that’s gotten a few shades lighter where we sit, and a little off-color where the spills happened) may look a bit peaked to the untrained eye, but it’s been that way for years: who cares? The back door needs to be bolted to stay shut…we do that without even thinking about it—hardly an issue! The sofa may sag, but it sags exactly right (for us)! The bathroom window that’s sort of stuck (okay, maybe it’s painted shut)…etc. etc. etc.
Professionals are of one voice about the real value you add to a property when you go to the trouble of systematically depersonalizing it. It helps to approach doing that seriously and deliberately—to tackle it in an organized manner. There are any number of ways to go about that, but here is one way that will pay off:
Make a list. Starting from one end of your Lewes property, note with pencil and paper every nit-picky detail that is other than what you would expect to find if it were a brand new home. This is not as easy as most people assume, because there will be such a great number of details, that
a) it will be very tempting to start skipping some of the minor ones, and
b) you will find it hard to resist the urge to start fixing the easy ones as you go along (don’t do it: you’ll derail the list-making!)
After a decent interval, sit down with the list and re-classify each item into an Easy Self-Fix List and a Professional-Attention-Needed List.
Step 3 Get bids from the appropriate Lewes professional tradespeople, calculate which fit your budget, then schedule the work.
Step 4 Get started on your own endeavors to address the Easy Self-Fix List. You’ll be able to organize your own efforts to finish up about two weeks after the last of the tradespeople are scheduled to finish their projects (a two week grace period is realistic: you are aiming to finish everything about the same time).
Following these four steps will put you well on your way to increasing the value of your Lewes property. And at any point in the process—from before Step 1 to the satisfying moment that closes Step 4—give me a call to discuss how to convert all that increased value into a profitable home sale! Call/Text me Russell Stucki at (302) 228-7871, email me at firstname.lastname@example.org, visit more listings at www.beachrealestatemarket.com.
While much attention is directed at the phalanx of youthful first-time homebuyers, the Millennials and GenXers aren’t the only groups who are having a substantial influence on the direction of Delaware’s real estate market. Whether they are tagged “mature,” “aging,” or downright “elderly,” the over 55-crowd comprise an increasingly influential part of the marketplace. They are also facing some challenges when it comes to housing—and where there are challenges, people with solutions stand to profit.
Last month, Freddie Mac—the quasi-governmental entity that studies changing directions in the nation’s real estate market—published an eye-opening look at what’s been going on with our older homeowners. They conducted a survey that queried a representative sample of 4,886 homeowners aged 55 and older.
One finding that everyone in Delaware would probably expect was that the majority (about 2/3) of respondents hope to stay in their current homes. That proportion of the population hasn’t changed much over time. Another finding that no one in Delaware would be awfully surprised to hear was that a similar number—the same two-thirds—admitted that their present residences aren’t accessible to anyone with arthritis or limited mobility (not to mention the wheelchair-bound).
In other words, the wish and the reality are, at least for the moment, not entirely in sync. The real estate solution boils down to the issue of retrofitting. Eighteen percent said they had never given retrofitting a thought, but most of the others who have considered it are weighing how they will finance what can cost thousands of dollars. A third said they will rely on savings to create a home where they will be able to “age in place;” 26% plan to use HELOCs or bank loans; and a smaller percentages will rely on cash-out refi's, reverse mortgages, or family loans.
Freddie Mac didn’t provide a prescriptive commentary on the likely real estate repercussions of this aging in place phenomenon, but it seems as if Delaware contractors and sub-contractors will find themselves with a developing remodel category as the ranks of Delaware’s retirement-aged continue to grow. As far as Delaware’s real estate market is concerned, homes that are easily retrofitted should attract more of the 55+ crowd—as will single-level and ranch-style residences. Styles like multi-story Victorians which are generally associated with Gramma and Grandpop…well, perhaps not so much.
Aging in place is something to which even youthful homeowners should give some thought—particularly if the greater plan is to live and work in Delaware for the long haul. Whenever real estate plans are under consideration, I hope you’ll give me a call to discuss how I can help! Call/Text me Russell Stucki at (302) 228-7871, email me at email@example.com, visit more listings at www.beachrealestatemarket.com.