BUY NOW
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....!!!"