Listing Courtesy of OCEAN ATLANTIC SOTHEBY'S INTL REALTY
Suppose you are a Rehoboth Beach 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 Rehoboth Beach (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 Rehoboth Beach 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 Rehoboth Beach. 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.
When it comes to making the most of Delaware real estate, knowledge is power. The schools didn’t teach us anything about selling a home or how to decide which home to buy, yet those are subjects that have lasting impacts on our lives. When such key decisions are in our immediate future, we come face-to-face with the importance of making the right choices, asking the right questions—and engineering the best deal.
Whether or not you’re about to head a foray into Delaware real estate, here are a number of excellent recent books that will help arm you with actionable knowledge:
100 Questions Every First Time Home Buyer Should Ask
This book is a general go-to reference for buyers (and I think for sellers as well: being able to put yourself in the shoes of potential buyers is essential for intelligent marketing). Answers to the “100 Questions” are provided by top brokers from around the country, so every detail won’t necessarily answer our Delaware real estate specifics; but on the whole, this book is concise and informative. The questions are arranged in an easy-to-read format, separated into chapters like “Putting Together the Deal” and “How Do I Know What I Can Afford to Spend.” Readers rate it very highly.
Smart Essentials for Selling Your Home
Solid, practical information that can be invaluable for homeowners about to enter the Delaware real estate market. In the same way that 100 Questions book is also useful to sellers, this one would make excellent reading for itinerant home buyers who’d like to know what’s important to sellers…thus being one step ahead when it comes to striking a win/win deal. Smart Essentials is mercifully short: just under 100 pages.
Buying a Home: Don’t Let Them Make a Monkey Out of You
Newly updated and with the highest reader reviews, this one is most appropriate for potential buyers with little or no previous real estate experience. As author Musgrave puts it, the object here is “to convey to the reader only the necessary information—and not one word more.” The extremely easy-to-read, informal approach is a welcome departure for first-timers: no wonder readers are almost unanimous in agreeing that if first-time home buyers read just one book, this is a worthy choice.
Investing in Real Estate
A newly written follow-up to the 2008 best seller, this is an accessible starter book that addresses most of the key issues that successful real estate investors learn to evaluate. The index is especially useful for locating individual topics quickly (something eBook readers don’t need to worry about: they just highlight a search term).
Thinking of buying or selling real estate in Delaware? Knowledge truly is power—and I’m here to share what I know and to bring it all to bear on your behalf!
Savvy shoppers; don’t sit on the sidelines, 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.