Is Spring Really the Best Time to List a Home in Fenwick Island, DE?
For those who’ve been waiting to list their Fenwick Island, DE home until this year’s spring selling season, the waiting is over. Not only is spring busting out all over, but there is a claim that we are fast approaching the absolute best moment to list a home!
The desire to list your house at the best possible time is a logical enough ambition, but one that runs into a practical snag. The “best” time would be the moment when the most motivated buyers happen to be actively looking for a home like yours. But for any given property, there’s no practical way to identify whether it already passed before you listed or will happen after you’ve sold. Since springtime’s peak real estate season usually brings out the greatest number of buyers, that makes it the conventional best guess.
But last month, Fenwick Island, DE readers of Propertywire (“the premier global news service”) might have been persuaded to hold off for a while. If they read the article entitled “Homes sell fastest and with the biggest premium in May in the US,” they learned about the Zillow research showing that on average, the best time to list a home in the United States is during the first two weeks in May. It alleged that sellers may be able to earn “an extra boost” if they list at just the right time—and in many parts of the country, homes “sell for a premium of $1,600 and six days faster” if they list in the first half of May.
On the other hand, according to last week’s Realtor Magazine article “The Best Week to List a Home is Quickly Approaching,” the single best week to list is only a few days off! The week cited will kick off this coming Sunday. Researchers analyzing the 50 largest markets in the nation found that during the week of March 31-April 6, “homes are listed…for 6% more than at the beginning of the year…[and] sell about six days faster.”
What are Fenwick Island, DE homeowners to make of the contradiction? A safe bet would be to take seriously the acknowledgments in both articles that these are only average calculations. They can’t take into account local market conditions, which vary considerably. They also change from year to year.
- Written by Jimmie Bachand
This Wireless Fenwick Island, DE Household System Sends You an SOS
Some new electronic gadgets have been gaining steam—some of which might be of interest to Fenwick Island, DE homeowners who find the strain of maintaining constant vigilance over all areas of the property can take a toll.
For any homeowner who has ever dealt with an all-but-unnoticed plumbing drip that suddenly turned into a flood, there is a new breed of wireless monitoring products that are easy to install and relatively inexpensive—especially when compared with wired security systems which require a subscription to an offsite monitoring center. These new wireless systems can also be unexpectedly versatile—capable of performing more than one monitoring task simultaneously.
One example is the Notion system. The basics are simple. A starter kit contains a central “bridge,” an inconspicuous box which is plugged into a centrally located wall outlet, the bridge connects into the household’s existing Wifi network. The kit includes three multi-purpose sensors—round, inch-high, 2-inch diameter plastic wafers that adhere to doors, windows, walls or the floor. Each one can sense water, temperature, the sound of an alarm, movement—or a combination. Powered by two AA batteries, they send wireless signals of what they sense to the bridge.
The homeowner programs each sensor with limits which, if exceeded, cause the bridge to send alerts the owner’s smartphone and/or email account. For instance, if a door or window is opened at a time of day that’s not allowed—or a safe or liquor cabinet door is opened—the homeowner will be notified. If water is sensed under a distrusted water heater, or the temperature in a seldom-visited part of the house exceeds a set high or low limit, the alert goes out. The included smartphone app beams the current status of each sensor to anywhere a cell signal can reach. Since as many as a dozen additional sensors can be added, the result can be a flexible remote monitoring solution comprehensive enough to put the most anxiety-prone worrywart’s mind at ease.
- Written by Jimmie Bachand
6 Question Quiz Tests Your Fenwick Island, DE Real Estate Vocabulary
Although the typical adult spends at least a fourth of his or her income on Fenwick Island, DE real estate-related matters, many basic real estate terms—even basic ones—aren’t widely understood. We probably accept that fact because that is just the way it’s always been—but it really is astonishing that many of the material terms Fenwick Island, DE real estate professionals use remain unfamiliar to most everybody else.
If there were an introductory freshman class called “Real Estate 101,” I think a good first week would be spent on getting the vocabulary straight. That knowledge really would help clarify how we think about this most important purchase and holding.
To illustrate in a light-hearted way, here’s a short quiz on terms any Fenwick Island, DE real estate professional might use:
1. Best answer to the difference between real property and personal property is—
a) You can touch real property, unlike personal property
b) Personal property can be moved; real property is immovable
c) People have a right not to disclose their personal property
2. Best answer to the difference between a freehold estate and non-freehold estate:
a) A freehold estate is one which can be purchased for no down payment
b) A freehold estate gives its owner ownership rights
c) A non-freehold estate is one which is heavily taxed
3. The Right to Encumber Property is
a) The right to build something weighty (like a building) on a property
b) The right to transfer interest in a property
c) The right to add another property into a single deed
4. Riparian Rights refers to
a) Ripening fruit tree ordinances
b) The bundle of rights connected to land that abuts flowing water
c) Clothing repair ordinances
5. Littoral Rights refers to
a) The right to fine strangers who leave waste on your land
b) Same as 4 b) (except that the water isn’t flowing)
c) The ability to copyright stories or books about your land
6. The word estate in real estate means
a) A mansion or large ranch
b) The accumulation of assets or wealth
c) A dead person’s land
- Written by Jimmie Bachand
In a Buyer’s Market, an Age-Old Truism Still Rules
Fenwick Island, DE ears that were attuned to some of the nation’s commentators might have heard that last year’s gradual slowdown in residential sales might signal a dawning “buyer’s market.” That may be true or not, but as for its impact on your own home-buying plans, there are a couple of realities to bear in mind.
First is that any shift from seller’s to buyer’s market is at best barely discernable. Its basis would be determined by national averages, where a slowdown in residential closings is usually taken to mean that sellers are having a hard time finding customers. That wouldn’t fully take into account the effect that tight inventories might have. When fewer sellers are willing to put their own Fenwick Island, DE homes on the market for whatever reason, the result on bottom line sales volume is the same as when buyers think homes are overpriced. When there simply aren’t enough properties available for any given price range, the number of closings falls.
The second reality is that since buying or selling a home is such a major economic decision, it is your own particular situation that matters most. Forbes.com had this in mind in a recent article when they pointed out that what “third-party indicators say” should have little bearing on the course of action either buyers or sellers follow.
For buyers, when the time is right—that is, when you have put yourself in the financial position to be able to buy comfortably—that’s usually the time when it makes sense to buy. The term “buyer’s market” too easily conveys an image of actively falling prices. If that’s true, it would seem to make the most sense to wait for those prices to fall further. Yet the latest numbers available (NAR® existing-home sales through November) show median home values have continued to rise. And just about all observers expect them to rise further in 2019. As Forbes put it, buyers who wait on the sidelines “may be in for a rude awakening if they are waiting for the bottom to drop out.”
The age-old truism holds the answer. When you can afford to buy, that’s usually the right time to buy—or at least to start looking at the offerings that fit your budget. When you find the Fenwick Island, DE property that fits your needs, waiting for more of a buyer’s market could mean your best long-term interests aren’t being served. Buying or selling winds up being first and foremost all about you—your current and future plans, prospects and resources.
- Written by Jimmie Bachand