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Financing Today

Monday, February 25, 2013
by Audrey and Frank Serio, CRS

 

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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Buy Now! You’ll Thank Me Later

Thursday, February 16, 2012
by Audrey and Frank Serio, CRS

Buy Now!  You’ll Thank Me Later

The time to buy is now.  All too often we wait to see what other people are doing before we act.  This is true with buying real estate.  People sit on the fence not knowing if they should buy or not and with all of the negative press real estate is getting in this economy you can’t blame people from holding off buying today.

 

However, there are several reasons why the time to buy is now.  Here are a few;

 

  1.  Great Rates – rates are at a historic low.  Even if there is a slight drop in prices the lower interest rate could level out the price drop and you can enjoy the home now.  A rule of thumb is that a1% in the rise in the interest rate lowers your buying power by 10%.  Therefore if the home you are waiting to buy goes down 10% but the interest rate rises 1% you are still even with buying at today’s low rates.  When the market picks up rates will rise.
  2. Great Inventory – in most markets today the inventory is higher than normal.  This gives a potential buyer more options and opportunities.  As the market picks up the inventory will dwindle and a buyer’s options will be limited.
  3. Seller’s Anxious – when the real estate market is slow seller’s are more anxious to sell and will negotiate more.  This anxiety will go away and the seller’s will become stronger when the market turns for the better.
  4. Less Competition – there are fewer buyer’s in the marketplace creating a stronger negotiating position for those buyer’s that do enter the market.

 

In 1991 I had sent out a post card just like this and those buyers that bought have been good clients ever since and were indeed happy that the did not listen and follow the crowd and made there dreams come true at the right time.

 

The Time To Buy Is Now!

 

Audrey & Frank Serio, CRS

REMAX By The Sea

Frank@TheSerios.com

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or Visit or website www.TheSerios.com

 

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State of the Beach Address 2012

Tuesday, January 10, 2012
by Audrey and Frank Serio, CRS

                

The 2012 outlook for the real estate sector is not significantly different from the previous outlooks.  The term “elusive clarity” was used two years ago when we had no visibility on fundamentals. Fundamentals stabilized and slowly continued to improve, but the view on potential interest rates moves was then murky. Mr. Bernanke came to the rescue, signaling to the market that rates would remain low for an extended period. And yet, we still find ourselves talking about elusive clarity, now on global macro challenges: a highly-charged election year with the backdrop of stable (albeit tepid) economic growth and job creation in the U.S., the European debt crisis (tune in tomorrow for the continuing saga), and of course, sputtering global economic growth.

 

So long as such significant uncertainty continues, we see:

1. Broader market volatility persisting as our “new normal”

2. Investors remaining focused on capital preservation, staying invested in cash (despite barely-there yield) and trading around already-invested positions rather than investing thematically and possibly taking on more risk.

 

The 5 year analysis of the Sussex County beach real estate market shows the number of units sold is down 13.03% or 1334 units sold from the 1534 units sold in 2007.

 

In the Bethany Beach, Ocean View and Fenwick Island west of the canal areas there was a 5% increase of the number of listings put on the market and an increase of 3% in the number of listings sold.  That being said, the average List Price was down 1%, and the average Sale Price was down 10% to an average of $300,766

 

The beach areas of Bethany Beach and Fenwick Island saw a drop in listings put on the market of 8% for a total of 255 and a drop in number of units sold down 4% to 114.  The average List Price of New Listings was down 11% to $973,454 and on the bright side the average Sales Price was up 35% to $984,597.

 

Current inventory is still high in relation to the number of homes being absorbed by the current buyers.

 

For more information please contact Audrey & Frank Serio, CRS at REMAX By The Sea in Bethany Beach Delaware serving the Delaware beaches of Bethany and Fenwick Island for over 25 years.

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Audrey and Frank Serio, CRS
The Serio Team of Monument Sotheby's Realty Coastal Division
26 N. Pennsylvania Ave
Bethany Beach DE 19930
Direct: 302.236.4277
Office: 302-539.1033
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