Real Estate Information Archive

Why People Buy in the

Bethany Beach – Fenwick Island Resorts

People buy a beach home for many reasons but here are six of the most prevalent reasons why people have discovered that buying a beach home in the Bethany Beach or Fenwick Island resorts was just right for them;

1.  Improved quality of life.  Having a home at the beach is a great way to escape the hustle and bustle of a busy work schedule.  The home becomes a sanctuary to relax and enjoy life.
2. Aesthetics of the area.  The Bethany Beach and Fenwick Island areas offer some of the best beaches in the country.  Couple that with the bays and creeks the area offer great waterfront living.  Sit back and enjoy the wildlife, the ocean breezes and the sounds of the quiet resorts.
3. Have a history in the area.  Many times we have heard the stories from home buyers about how they have always had the dream of owning a home at the beach to share it with their family just like their grandparents had shared theirs with them.  Or others who have been vacationing in the Bethany Beach and Fenwick Island resorts and now wish to call it their home or second home.
4. Have friends or relatives in the area.  After visiting friends or relatives many people will decide that it is now time for them to own a piece of the beach and get sand in their shoes.
5. Estate planning or investment.  A second home can be a good investment if you do your homework and find the right area for you.  If you are thinking of investing at the beach seek a competent REALTOR® and accountant.
6. Convenient to primary home.  Bethany Beach and Fenwick Island are an easy commute to get to your beach home.  Located only 3 hours from one of the largest populated regions of the US Bethany Beach and Fenwick Island become a good choice for year beach home.

So, If you have been thinking about buying a beach home please give us a call or for your convenience you can visit our website for all the active MLS listings in the Bethany Beach and Fenwick island resort areas.  The search is free just click here.

Audrey & Frank Serio, CRS
REMAX By The Sea
Frank@TheSerios.com
302.537.3171

Every year we try to determine what the real estate market in the Bethany Beach and Fenwick Island DE resort market will look like for the upcoming year.   The number of sales in 2013 where down from the 2012 and inventory was low despite the low interest rates.  Hopefully 2014 will be better.

Are we any closer to recovery?  Well, that is the questions everyone is asking.  While we have seen slight improvement in prices the inventory is still low with homeowner’s holding to see what the market will do.  We do feel the activity growing it is just not translating into sales even with the interest rates still very attractive.

According to the National Association of REALTORS^® home sales are at their fastest pace since February 2007, when they hit 5.79 million, and they have remained above year-ago levels for the past 26 months.  This is a national average with the resort and second home markets still lagging behind.

So, what do we believe will happen this coming year.  We feel that that market will begin to pick up as the economy improves and more owners decide to sell and there are more choices for the potential buyers to buy.  This should cause prices to rise and as they do more sellers will put their homes on the market.  Interest rates will also more than likely rise as the economy improves.

Industry experts are saying that 2014 will be the year that the market recovers.  We are hoping this is true.

Banks should have more money to lend and should begin to free up some of the lending constraints but experts are cautious about the uncertainty of new lending regulations that my go into effect in 2014.

The one question we hear over and over is, will the prices continue to go up?  While parts of the country that saw a rise in prices in 2013 are starting to slowdown we are optimistic that in the Delaware resorts areas we will start to see some momentum in prices.  This too could bring more opportunity to home sellers.

With the lack of inventory we are seeing more multiple offers and this may continue through 2014.  Buyers need to be well informed and able to make quick decisions due to the competition with other buyers.

To wrap it up, we expect 2014 to become more of a balanced market as more sellers enter the market, interest rates will still be affordable for the buyers and the economy slowing grows.

If you would like more information on what is for sale in the Bethany Beach or Fenwick Island communities please feel free to visit our website where all the active listings are available to you 24/7 just click here.

To be updated as soon as new listings come on the market please click here for the free automated service.

Thank you and here’s to a great 2014!

Audrey & Frank Serio, CRS

REMAX By The Sea

frank@theSerios.com

Direct: 302.541.4000

Prior to putting your home on the market it is a recommended that you have your home pre-inspected to avoid any potential problems or delays in the sale of your home and to also save you time and money.  The last thing you need when selling your home is to have negotiated a sale price with a buyer only to have an unexpected home inspection item that needs to be addressed prior to closing and costing you more out of pocket money.

Today’s home buyer’s will seek the services of a licensed home inspector to go through the home to insure that they know the quality of  the home they are buying and to have those items that need repair taken care of prior to closing.  Having a Pre-Listing Home Inspection performed will help solidify your contract and the buyers’ home inspector will confirm that they are buying a good, sound home.

We have had two situations recently where we recommended a pre-listing home inspection on homes we were listing for sale in the Bethany Beach-Fenwick Island resorts areas.  Both of the homes were rather new but still we recommended the pre-listing home inspection just to be proactive and avoid any potential problems when the home would go under contract.  In both cases the owner's felt comfortable with the quality of their homes and refused to have a pre-listing home inspection and in both cases there was a problem.

Now the seller's had negotiated their bottom line and then had to come out of pocket to pay for additional repairs.

If you are thinking of selling your home consider having your home pre-inspected.  you need to ask yourself a couple of questions;  Am I confident in the quality of my home that a buyer's home inspector will not find anything wrong with our home? and, Will I be able to pay for additional repairs after the contract has been negotiated?

We have prepared a checklist that can help get you get started with your own evaluation of your home and prepare you for the pre-inspection.  It is important to note that this is not a home inspection and should not be considered as an official home inspection but merely to be used as a reference sheet.

We will be happy to provide you with a list of licensed home inspector that will inspector your home and give you a full report.

Audrey & Frank Serio, CRS

REMAX By The Sea

Bethany Beach DE 19930

Frank@TheSerios.com

www.TheSerios.com

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Taxpayers are allowed to decide each year whether to take the standard deduction or to itemize their deduction when filing their personal income tax returns.  Roughly, 75% of households with more than $75,000 income and most homeowners itemize their deductions.

The 2012 standard deduction, available to all taxpayers, regardless of whether they own a home, is $11,900 for married filing jointly and $5,950 for single taxpayers.

Let's look at an example of a homeowner couple with a $150,000 mortgage at 3.5%.  The standard deduction would give them $2,650 more than the total of their interest paid and property taxes of approximately $9,250.  If they were in the 28% tax bracket, the actual tax savings would be $742.00.

When mortgage rates were considerably higher, many people expected the interest and property taxes to easily exceed the standard deduction but with today's low rates, a comparison is certainly justified.

There are other things that could come into consideration like charitable contributions, medical expenses and casualty losses.  Tax professionals will compare available alternatives to find the one that will benefit the taxpayer most.

For more information, see www.IRS.gov and consult a competent tax advisor.

Audrey & Frank Serio, CRS

REMAX By The Sea

Frank@TheSerios.com

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We're constantly bombarded by lenders to refinance our mortgage under a variety of programs. The volume of offers can almost make you numb to the rational consideration.

There are common rules of thumbs that homeowners and agents use such as not refinancing more often than every two years or there must be at least 2% savings from your previous mortgage rate may not always be accurate.

The reality is that if you can refinance for a lower rate and you'll be in the home long enough to recapture the cost of refinancing, it should be considered. The costs of previous refinancing that haven't been recaptured by monthly savings may need to be added to the costs of the new refinance.

Take a look at the chart that shows the average rates according to Freddie Mac for 2012. They are lower today than they were in January of 2012 and for the ten years before that.

Refinancing may save you a substantial amount of money, especially if you're going to be in your home for a long time. It is definitely worth investigating. To get a quick idea of what your savings could be, use this refinancing calculator.

If you have any additional questions about financing and rates here in the Bethany Beach or Fenwick Island area please feel free to contact us, we will be happy to assist you in your search for the perfect beach home.

Audrey & Frank Serio, CRS

REMAX By The Sea

Frank@TheSerios.com

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Are you thinking of selling your beach home?  Well, if it shows better, it will probably sell faster and maybe for more money. Once your home is on the market, it's time to look at it like a commodity and through the eyes of potential buyers. In all likelihood, you'll need to take care of these items eventually, so do them now to help it sell sooner.

1. Make repairs - it doesn't matter if it's been that way since you bought it. You need to fix it so that the buyer doesn't think that the rest of the house is about to fall apart.
2. Not too personal - you may have bought your home to express yourself but if the buyer can't see themselves in the home for all of your things, it's going to take longer to sell than you want.
3. Drive-up appeal - the old saying "you never get a second chance at a first impression" applies to your home too. They may never even get out of the car to come inside.
4. The nose knows - it may not smell like home but it shouldn't smell like a place they would never consider living.
5. Neutral colors, decor, etc. - these are not decorating tips you'll see in magazines but the truth is that bold colors and designs are difficult for most people to see beyond. They'll imagine their things better in neutral surroundings.
6. Less looks like more - removing some of the non-essential things from your home will eliminate clutter and make the home feel larger. The same suggestion applies to cabinets and closets.

A confused mind will not make a decision. Identify and eliminate items that could derail a potential sale. The preparation you make in the beginning will help the presentation to your buyers.

Audrey & Frank Serio will be happy to visit with you and give you an idea of how to make your home show better and sell faster.  They have been serving the Bethany Beach/Fenwick Island beaches for over 29 years.

Audrey & Frank Serio, CRS

REMAX by the Sea

Frank@TheSerios.com

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Have you ever picked a color from the myriad of paint samples available, put it on the wall and decided that it was all wrong? It shouldn't have to be that difficult but trying to pick the perfect color from those little swatches is just not that easy.

Painters and decorators suggest you buy a small amount of the colors you're considering. Your paint store should be able to mix them in any brand and any color. Once it's on the wall, it will be easy to determine if it needs to be lighter or darker or if it's completely wrong.

Take them home and paint a 2' x 2' area on the wall. If you're concerned about testing the colors on your wall, you can paint some sample boards that can be easily moved around to see how they'll look with the furniture, floors and other items in the room.

Instead of guessing what it's going to look like, you'll actually see how it looks during different times of the day, in natural and artificial light.

While $30 to $40 a gallon for paint may seem like a lot of money, the cost in time and labor to put it on the wall is even more. It's worth taking the time to test the color on the wall before you buy all the paint needed.

If you are thinking of upgrading or renovating your Bethany Beach home feel free to give us a call or email us.  We will be happy to assist you in finding the right people for the job.

Audrey & Frank Serio, CRS

REMAX By The Sea

Direct: 302.537.3171

eMail:  Frank@TheSerios.com

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After most families essential expenses are met there is usually very little discretionary cash remaining for those special items people want to save for.

A relatively small investment in a rental home can control a good home that will easily rent, generate positive cash flows and pay for itself. The borrowed funds create leverage that earn a return on the total value of the home and not just the amount of cash you have invested.

The strategy is simple. Find a slightly below average priced home that will rent well. It will appeal to a larger group of people while it's rented and when it's ready to be sold.

Rent the home and maintain its condition over the years. As the loan amortizes and the value increases, the equity will grow. When your student is ready to start college, you'll actually have several options.

You can sell the property; pay the tax on the gain at the reduced capital gains rate and fund the education. Another option would be to refinance and take the proceeds to pay for the tuition. This would allow you to continue to own the asset but would free your equity and under current tax laws is a non-taxable event.

Regardless of whether you're trying to plan for your children's education or your own retirement, rental property offers many solid investment opportunities. Contact me if you want more information on homes in the Bethany Beach or Fenwick Island resort area or sign up to receive free, no obligation updates as new listings hit the market at www.ListingUpdate365.com.

Audrey & Frank Serio, CRS

REMAX By the Sea

Bethany Beach DE

www.TheSerios.com

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The Case-Shiller Home Price Indexes fell for the fifth straight month in January with the 10- and 20-city composites each dropping 0.8 percent from December, Standard & Poor’s, which compiles the indices, reported Tuesday morning. The 10-city index slid to its lowest level since May 2003 and the 20-city index dropped to its lowest level since December 2002.

Fenwick Island and Bethany real estate was down 4% in total units sold but on the good side the average sales price was up from $728,444 to $984,597 which could be attributed to several higher end homes that had settled.  The average list price of new listings was down 11% from 2010.

Across the country home prices fell in 16 of the 19 cities studied with Phoenix, Washington DC and Miami the only that showed improvement.  Since January of 2011 the 10 city S & P index fell 3.9% and the 20 city S & P index fell 3.8%.  Denver, Phoenix and Detroit saw and increase.

Real estate prices have also increased in Washington D.C. for seven of the last 10 months.  Hopefully, some of that momentum will help us here in Bethany Beach and Fenwick Island.

However, home prices have fallen month after month in Las Vegas for seven straight months and for 15 of the last 16 months. Real estate prices have also dropped for six straight months in Seattle, San Francisco, Los Angeles, Boston, San Diego, and Atlanta.  San Francisco has seen the sharpest decline of 2.5% then followed by Atlanta at a 2.1% drop in real estate prices.

Atlanta had the overall greatest yearly drop in home prices where home prices were off 14.8% followed by Las Vegas which had a drop of 9% in real estate prices.

Since peaking in June 2006, the 10-city S & P index is down 49.1 percent and the 20-city index which peaked one month later is off 48.6 percent.  Bethany real estate did show improvement west of the canal which was up 3% but the average price fell 10% to $300,766.

Audrey & Frank Serio, CRS

REMAX By The Sea

Frank@TheSerios.com

"Like" us at www.Facebook.com/TheSerios

For free, no obligation updated information on new listings in the Bethany Beach and Fenwick Island area go to www.ListingUpdate365.com. 

Travel & Leisure magazine has named “The Quiet Resorts” of Bethany Beach and Fenwick Island Delaware as one of the Top 15 beaches on Earth.  Yes, that is right, Bethany Beach has been named one of the Top 15 beaches on Earth but it is the only one on the east coast and one of four in the continental US.

David Keeps called Bethany Beach one of the magazines “Favorite Family Beaches.”  David remarked about the nice boardwalk, bandstand, and family atmosphere. 

Bethany Beach and Fenwick Island offer seven miles of beautiful beach for swimming, fishing and relaxing by the Atlantic Ocean.  Nestled between Rehoboth Beach Delaware and Ocean City Maryland Bethany/Fenwick are a perfect getaway.

If you are looking to experience what Travel & Leisure have proclaimed as one the “Best Secret Beaches” on Earth call Audrey & Frank Serio, CRS for all of your Bethany real estate needs.  Audrey & Frank can help you find just the right beach home for your needs.  Visit www.ListingUpdate365.com for a no obligation update of all the active homes for sale in the Bethany Beach Fenwick Island area.

Audrey & Frank Serio, CRS

REMAX By The Sea

Frank@TheSerios.com

www.TheSerios.com

“Like” us at www.Facebook.com/TheSerios