What a great time to buy Real Estate:
Retail sales actually went up.
Real Estate affordability index is the highest it has been in 30 years.
Inventory is beginning to drop.
Rates are at historic lows.
Sidelined capital.
Investor opportunities.
Where else to put your money?
Gold?
Stocks?
T-Bills?
Real Estate?
Buy low, Sell high...!!
Go back to my website and take the poll and see what others are saying.
Also take the time to review the Market Update video on my Home Page by Chris Schell who explains in detail 'How we got here' and 'Where we're going'. The most compelling statement and graph have to do with the housing stocks themselves, you will find a graphic display of a sharp turn around in housing stocks. Most economists agree that the Housing Market is the leading indicator of the Busniess Cycle. The Housing Market falls first before the Recession - Housing has been in a slump since the 4th Quarter 2005 and we just recently heard that we've been in a Recession for almost a year..!! The pending Housing Recovery will lead the ecomony out of the Recession through the Trough, which I believe we're in now, and into the Expansion Phase.
As a piece of history, the Stock Market crashed on October 19, 1987 and the funds moved into the Houseing Sector creating a serious Expansion Phase for about 3 years. The Housing Expansion peaked in the 1st Quarter of 1990 which lead into the Recession for about 3 years until the Trough Phase occurred during the Summer of 1993. The Expansion Phase begain in the 3rd Quarter of 1993 and the 1990 levels were not reached again until 1997 - the rest is history.
Conventional Residential Mortgage Rates are falling as I write this and we expect them to drop into the high 4% range over the next 3 - 7 days. The Fed is considering dropping their rate in half from 1% to .5%. Many homeowners are preparing to refinance their existing mortgages, however, buyers are still looking for a 'deep discount' on purchases. Sellers seem to be holding on to 2004 prices and the Buyer/Seller price gap is widening. Buy Low, Sell High - now is the time to buy, but not all sellers are ready to sell....??
Model Perfect
• 2,800 sq. ft., 3 bath, 5 bdrm 2 story "Guest House" - 
MLS® $649,900 - 1.39 Acres
Lewes, Sussex County - Expand your horizons on this 1.39 acre parcel within the Estates At Bridle Ridge, about 1.5 miles West of Route One in the Cape Henlopen School District with a Lewes Address. Extremely well cared for home with formal dining and living rooms, large kitchen, family room with gas fireplace, 4 bedrooms upstairs including the bonus room above the garage. Detached guest house with living room, full bath and bedroom. 5-car garage including large door and space for a boat or motoer home.
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We have experienced a serious increase in prospective buyers searching the interent and actually viewing properties in the Lewes area, however, there seems to be a 'lack of motivation' and no true 'sense of urgency'....?? Many of these prospective buyers want to come to Delaware and are disillusioned by their home state's financial condition and increased taxes, such as the 1% increase in MD sales tax and NJ's exorbitant property tax. Something is preventing the buyers from saying - 'let's go ahead and write the contract'....??? What's holding these qualified and eager buyers back....??? They can't sell their home in NJ, MD, VA, PA or NY - so they need to take a reality pill and drop their price to Fair Market Value or lower, sell their home and move on. A loss at one end 'could' generate a bargain on the other. Buyers are waiting because they don't want to sell their home below what they could have sold it for 2 years ago and they don't want to buy a property and then have the market fall further, however, the inventory is still abundant, prices are dropping, mortgage rates are VERY attractive and sellers are willing to negotiate. There is something to be said for 'quality of life' so bite the bullet and just do it. Many buyers are waiting for Matt Lauer or Newsweek or the New York Times to say/publish "The Bottom of the Real Estate Market Occured on Apirl 1, 2008." (no pun intended)
Word of advice for Sellers: If you can't sell your NJ home, put it up for auction or create a 'Chinese Auction' by lowering the price on a regular basis in an effort to seek Fair Market Value and draw out the bargain buyer.
Word of caution for Buyers: Don't be enticed or fooled by the foreclosure headlines, auctions are not what they're made out to be - most cases the properties are in disrepair and bidders tend to drive the prices above Fair Market Value and then the buyer discovers excessive repair work, afterwhich the property has now cost the bargain seeker more than Fair Market Value.
So what do we do...?? We have to encourage buyer's to act now before it's too late and say "Don't Wait - BUY NOW...!!! You'll thank me later....!!!"
First Floor Living
• 2,600 sq. ft., 2 bath, 3 bdrm 2 story "First Floor" - MLS® $479,900 - To Be Built
Holland Glade, Rehoboth Beach - The Savannah Model to be built by Anderson Homes with 2600 square feet, 3 bedrooms, 2.5 baths, 2-car garage, 1st floor master suite, library/den, full unfinished basement. Options include: sunroom, deck or screened porch. Community clubhouse, swimming pool and tennis courts.
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1st Floor Master
• 3,100 sq. ft., 4 bath, 5 bdrm 2 story "Furnished" - MLS® $654,000 - Model Perfect
Rehoboth Beach Yacht and Country Club, Rehoboth Beach - Excellent value and model perfect home in Rehoboth Beach Yacht and Country Club with 5 bedrooms, 4 baths, 1st floor master suite and 2nd bedroom and bath on the 1st floor, formal dining room, great room with gas fireplace, hardwood, tile and carpet flooring, rear deck wooded back yard, security system, landscaped, irrigation, zoned air conditioning and heat and more.
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WATERFRONT LOT
• lot / land "300' on the Water" - 
MLS® $575,000 - WATERFRONT LOT
Herring Creek Estates, Millsboro - RARE - WATERFRONT LOT in beautiful Herring Creek Estates with 300 feet of waterfront on Hopkins Prong which leads into Herring Creek and then into Rehoboth Bay. Build your dream waterfront home on this unique lot. Community pavillion and playground. Directions: Take 24 West past Peddlers Village, turn left into Herring Creek Estates, lot is on the right.
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1st Floor Master Suite
• 5,400 sq. ft., 4 bath, 4 bdrm 2 story "1st Floor Master" - MLS® #543442 $1,799,000 - New Construction by Klabe
The Peninsula, Millsboro - Direct pond front overlooking the 11th Fairway in The Peninsula, home is a unique Australian Design with white marble floors throughout, viking range with stainless appliances, offered completely furnished. Championship Jack Nicklaus Golf Course with private Clubhouse, indoor and outdoor swimming pools, 6 tennis courts, fitness center, water taxi to Dewey Beach from community beach/pier.
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This classic beach home is situated driectly on Lewes Beach with a large wrap-around screened porch overlooking the Delaware Bay. Formal living room, formal dining room, large family room, 2 fireplaces, 3 bedrooms, 2 baths, 2nd floor sun room, walk-up attic, full basement and outside shower, Partially fenced on a 75' x 100' corner lot with direct access to the beach from private stairs. Asking $3,495,000.
Attachment(s): MaullBeachSide (Large).JPG
Fireplace and Hardwood Floors
• 1,400 sq. ft., 2 bath, 3 bdrm single story "New Deck in 2006" - #554717 SOLD $299,000 - First Floor Living
Sandy Brae, Lewes - Recently remodeled in with new heat pump in 2005, new deck in 2006, new appliances in 2001, first floor living with 3 bedrooms, 2 baths, hardwood floors, great room with wood burning fireplace, open kitcen to dining area, one car attached garage, new paint, landscaped, large 110' x 165' lot with mature trees, great location between Lewes and Rehoboth with easy access from Route One or Plantations Road, close to the beaches, shopping, restaurants and Lewes/Cape May Ferry Terminal.
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Another 2 hour OPEN HOUSE today in Cape Shores - several 'serious' buyers appeared and expressed sincere interest in my listing and another property that will be coming on the market soon. These out of town buyers were visiting parents or friends for Mother's Day and decided that they too would like to OWN property in Lewes and in Cape Shores. Why - because of the proximity to Cape Henlopen State Park, potential rental income, community ammenities, including swimming pool, 2 tennis courts, great sandy beach and the fishing pier. Some of the 'potential buyers' have been renting for several years and are now seriously considering owning and collecting rent. May is Hot...!!
As of today, the Lewes market seems to have picked up with numerous buyers surfacing from out of the area looking for mostly primary homes, however the investor and second home buyers are slowly coming back into Sussex County knowing that the inventory has reached new heights and prices have softened. It is an excellent time to buy...!!
Marina & Slips Available
• 3,100 sq. ft., 2 bath, 4 bdrm 2 story "1st Floor Living" - MLS® #547438 $695,000 - Water Front
Millsboro, Sussex County - Waterfront Custom Home in Creeks End overlooking a pond with fountain and Guinea Creek which is navigatable to Herring Creek, Rehoboth Bay and Indian River Inlet. Mostly first floor living with 4 bedrooms and 2.5 baths, open floor plan with great room, gas fireplace, granite kitchen countertops, Florida Room, patio, screened porch, outside kitchen area, storage shed, community marina and boat ramp.
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Great Rental Income
• 3,000 sq. ft., 3 bath, 4 bdrm 3 story "Across From Pool" - MLS® #547440 $1,195,000 - Pond Front
Cape Shores, Lewes - Almost New Cape Shores Reverse Living overlooking a large Pond, property is directly across the street from the Community Pool and close to the beach, tennis courts and pier. Short bike ride to the Atlantic Ocean through Cape Henlopen State Park. This home is rented for over 15 weeks during the summer with peak weeks at $2600 per week, offering a great investment for property owners. Four Bedrooms, 3.5 baths, gas fireplace, screened porch, decks galore with top deck offering a bay view.
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