Listing Courtesy of LINDA VISTA REAL ESTATE
Suppose you are a Sussex County homeowner who intends to move to a different home eventually, but for the moment, you aren’t under any particular deadline pressure that would dictate when you have to put your home on the market. In that case, you’re likely to keep tabs on overall market conditions, awaiting what looks like circumstances favor those with homes for sale.
Twice a year, the National Association of Realtors® issues their economists’ midyear forecast—it appeared last week. For those with homes for sale in Sussex County (or anyone thinking about adding theirs to the homes already for sale), the outlook was heartening.
The forecast was for the greater U.S. economy to improve, bouncing back from the weather-blasted winter stall which made the first quarter a disappointment. Subsequently, consumer spending opened up, causing expectation that the GDP would rise in the remainder of the year. Overall, the forecast for 2015 was positive, though lukewarm. As a whole, the year promises to be “not bad but not great.”
On the other hand, focusing narrowly on the outlook for U.S. housing market activity—homes for sale—the upside momentum was already decidedly more in evidence. The prospects for any single one of the Sussex County homes for sale depend upon a combination of factors, but if national activity is any reflection, the latest numbers packed what you could call a “6-7-8-9 punch”:
· Existing home sales in May notched a high water mark not seen in 6 years (and the 2009 level had been artificially inflated because of an $8,000 homebuyer tax credit).
· New home sales hit the highest level in 7 years.
· Housing permits to build new homes registered an 8 year high.
· Pending contracts to buy existing homes for sale reached a 9 year high.
Examining the demographics behind the figures, it was clear that, for the first time in quite a while, first-time buyers are back. Last year during the same period, only 27% of buyers were first-timers. They now make up a more normal 32%. As prices brought by homes for sale continued to rebound, institutional investors were disappearing from the scene, creating a more typical mix of buyers.
A major part of the reason why homes for sale were fetching “stronger than normal home price growth” had to do with a shortage of inventory—ascribed to the volume of new homes being built (or not being built). The rule of thumb is generally for about 1.5 million new homes to be constructed per year, a mark that’s failed to be realized for a number of years. In 2009, only 550,000 home were built—and the total had barely reached a million through last year. But now, with optimism among homebuilders at newly robust levels, it’s expected that normal output will have fully resumed by 2017.
The other major factor boosting sale prices was the specter of mortgage rate increases. Rising mortgage rates “initially rush buyers to decide”—just the kind of sign that could tip the scales for a homeowner who’s been waiting to add their property to the homes for sale in Sussex County. Should you decide that this summer is shaping up to have just the conditions you’ve been waiting for, I hope you’ll give me a call for a no-obligation consultation! Call/Text me Russell Stucki at (302) 228-7871, email me at firstname.lastname@example.org, visit more listings at www.beachrealestatemarket.com.
Spring is Rehoboth Beach, DE’s prime selling season, which means that, in addition to the welcome appearance of springtime flowers, we can look forward to the seasonal crop of Rehoboth Beach, DE “Open House” signs that will be sprouting up around town. The Open House events they announce will draw a wide audience of visitors, from the inevitable looky-loos to the serious house hunters who are the target audience.
If you are among the latter group, you should know that the casual attitude most open house attendees adopt isn’t for you. As in all other life pursuits, the choicest rewards tend to end up with those who come prepared. Believe it or not, there are some best practices that experienced open house attendees follow:
· Show up early. An open house your opportunity to inspect a listed home without going through the formalities involved in a prearranged showing, but you want to learn as much about the property as possible. Later in the day, you’re likely to be part of a mob, so the agent-host won’t have time to show you around and answer your questions. The first visitors to any Rehoboth Beach, DE open house usually get the most attention.
· Don’t be shy about asking questions. The agent won’t be put off—intelligent questioning is the hallmark of serious prospects. See if you can find out how motivated the owner is (determine if there have been asking price changes, days on market, etc.) and why the property is being sold.
· Do be shy about answering questions. Be courteous—but don’t volunteer any more information about yourself and your house hunting than the minimum. The agent may well become someone you will be negotiating with: if so, there will be time enough to establish your bona fides.
You never know; any Rehoboth Beach, DE Open House can turn out to have been the introduction to your next home. Knowing that the potential is there will make you an “ace” Open House visitor who makes the most of every opportunity. You can also call me to notify you about upcoming open houses that match up well with your ‘must have’ list! Call/Text me Russell Stucki at (302) 228-7871, email me at email@example.com, visit more listings at www.beachrealestatemarket.com.