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The summer season is just about in full swing but sales are still down significantly. When compared to pre-pandemic times, it was common to have about 4x the number of homes on the market this time of the year. The year-over-year median purchase prices have increased by 17% but sales would certainly be higher if our market had more inventory. This month's article might interest you if you're considering subdividing your current property, evaluating lots to subdivide, or just curious about how developers in our market subdivide land for new developments. Since there's a lot of new constructio ..read more

Knowing how the real estate market has performed over time can be a valuable tool in making informed decisions. The complete Q1 market reports for Coastal Delaware are now available for more insight into the factors driving current sales trends throughout our region. Our has remained firm despite softening in other parts of the nation. We experienced a decrease in total properties sold year-over-year, while the benchmark median price and average price continued to increase, primarily due to limited inventory. The stats from the first quarter of 2023 indicate a slight decline in the overall n ..read more

My wife and I recently took our children to the Caribbeans and our fantastic tour guide said something that I hope our kids never forget: "We have no problems, mon. Just situations, and we take care of them before they become problems." In 2002, I started my real estate career in the commercial office brokerage sector. The terms of each transaction were unique and often complex. Each deal required a high level of sophistication and typically involved separate attorneys negotiating each aspect of an agreement before terms were finalized. Comparatively, residential real estate transactions are ..read more

If you're evaluating real estate in a trust, refinancing, considering a sale, or need to know the value of your home for other purposes, an appraisal is in your future. To ensure the appraisal goes smoothly and your property is valued fairly, you'll want to do a bit of preparation. Depending on the situation and your level of motivation, the amount of work it will take to get ready for the valuation will vary, but it's better to exercise what control you can over the process to obtain the best outcome. Here are a few strategies to consider: • Provide the appraiser with comps but be respect ..read more

With high inflation (though it's cooled a bit) and rising interest rates, the cost to buy or build a home is an issue of concern. Let's explore the comparative cost and advantages of building a custom home vs. buying a pre-built, conventional or modular build. A study by NAHB (National Association of Home Builders) found the cost to build a home in the median-value range is $34K greater than buying a pre-built home (Houzeo). However, a recent StorageCafe (Yardi) study reported that the cost to build a new single-family, median-value home in Delaware is on average, $96K less than to buy, maki ..read more

A growing issue in our market that owners and buyers should be aware of is title fraud (also called title/deed theft). It's not extremely common, but it does happen and can be devastating when it does. The crime occurs when a fraudster steals your personal information and uses it to file a fraudulent/forged purchase agreement and deed, transferring your property into their name. They may then resell the property, rent it out, or take out financing against it. Who's most at risk? Owners that have non-owner occupied residences, such as long-vacant homes or vacation rentals, with low or no deb ..read more

For a detailed review of the luxury market, we are pleased to introduce the Sotheby's International Realty 2023 Luxury Outlook report, which outlines the industry trends and happenings across high-end residential markets around the world. In this report, we highlight the trends that you can expect in the year ahead, from the projected flow of global wealth into the real estate market to luxury real estate in the metaverse: Read The Report Link ..read more

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The housing market, like the weather, is cooling. However, regardless of the rising interest rate environment and uncertainty in the financial markets, we continue to see strength in our real estate market. Several of our recent listings sold over list price within days. Contact me directly for an updated market analysis. At times like these, a successful home sale requires that we pull out all the stops and leverage the highest-performance marketing tools available. Video is essential among these resources. We've discovered this in our experience producing high-quality videos for our client ..read more