Wednesday, October 21, 2020 / by Jay Lesko
WTF!!!!!! Yes, I said it! 2020 is officially the most bizarre year on record. And when it comes to the real estate market there are no exceptions. Low inventory remains the biggest challenge for buyers looking to get into the Delaware and Maryland Beach markets, which has created one of the best sellers markets since 2001.
Our overall inventory is down 52% year-over-year and frustrated buyers are opting for new construction only to find that builders are short on materials leading to longer delivery timeframes. A majority of builders are delivering 12-18 months from time of contract, which does pose market risk for buyers. Interest fluctuations, economic factors, and market values are risks that buyers must take to stay in the game. Oh, and did I mention there is a Presidential Election this year?
It's not all doom and gloom for buyers. Many buyers, especially new construction, are finding their appraised values coming ...
Saturday, July 4, 2020 / by Jay Lesko
I know what you are thinking; when will 2020 be over? Who's ready for 2021? If there is any saving grace for this year it's that our real estate market across Coastal Delaware and Maryland is hot! We are seeing a high velocity of buyers entering the market. As the modern real estate market experienced its first pandemic, many of us questioned how the housing market would fair during uncertainty. Personally, I was concerned as well. Uncertainty equates to instability, which results in panic. Luckily, the residential real estate market has been the key to our economic recovery.
We are seeing a surge of buyers from highly populated areas like New York and New Jersey. COVID-19 has come up in quite a few of our initial buyer consultations. Add this to pent up demand when Delaware had a 14-day out of state quarantine requirement along with a short-term rental ban that deterred not only visitors to the state, but active buyers as well.& ...
Wednesday, May 13, 2020 / by Jay Lesko
As COVID-19 has enveloped our nation, our real estate market is still going strong at the Delaware and Maryland Beaches. Our year-over-year inventory remains down with 26.3% less listings on the market from this time last year. As stay at home orders swept across the nation, Delaware and Maryland Real Estate remained essential. Some sellers decided to temporarily take their homes off the market, which resulted in another drop in inventory. The two hottest markets are Lewes and Millsboro, which account for 31.7% of all closed sales year-over-year.
As real estate remained essential for Delaware and Maryland, there are some requirements that prospective buyers must follow with visiting. Buyers in Delaware must return to their primary residence upon completion of their visit to tour properties. Social distancing requirements remain in effect and masks must be wore during appointments within any property.
We have experie ...
Thursday, March 14, 2019 / by Jay Lesko
Let's be honest, listing your home for sale is stressful. Home sellers are in a constant state of reactiveness once they list their home for sale. From the time you sign a listing agreement with an agent, it' a whirlwind of activity in your home. Photographers, Videographers, and Home Staging Experts are positioning and moving household furnishings. In some cases you may have movers assisting you to place items in storage.
Once you finally have your home ready for market, you wait! You wait for showing requests, home showing feedback forms, an offer, a ratified contract, a clean home inspection, and finally if the deal is financed, a mortgage commitment letter. And from time to time, issues could arise at the closing table.
If you as seller are going to undergo all the mental and physical stresses involved in listing your home, doesn't it make sense to hire the right Realtor to get you through the process? Would yo ...
Thursday, February 21, 2019 / by Jay Lesko
So you've begun your Delaware Beaches home search and have been in contact with a local expert on our team. You find yourself looking at resales in the market and then stumble across numerous new construction communities. Tempted by the idea, you enter a new construction sales center unrepresented.
STOP RIGHT THERE! Did you know that new construction sales reps only represent the builder? You may hear some enticing phrases like "If you don't use a Realtor I can get you a better deal" or "I can offer you more incentives without a Realtor." THIS COULDN'T BE MORE FALSE!
The truth is builders account for commissions paid to Realtors out of a separate budget. Each home has a Realtor commission factored into the home price. Since Realtors are there to protect their clients interests, builders that view a Realtors representation as a check and balance are more inclined to try to get the buyer to come unrepresented.&n ...