Neutralizing Anxiety Over Buying or Selling Georgetown, DE Homes
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- Written by Jimmie Bachand
Georgetown, DE Mortgage Rates Again Sing a Familiar Tune
Last week we learned that The Weeknd just sold his 3-acre Hidden Hills estate to Madonna for $19.3 million. Chart-topping singers do tend to pass mansions back and forth, although their songs seldom mention the subject at all. You have to really stretch a lyric’s meaning to the limit to read in anything having to do with real estate. That’s been true going all the way back to when Frank Sinatra was entertainment’s Chairman of the Board.
Still, come to think of it, he once assured fans that “Love is Lovelier The Second Time Around.” Now that’s a sentiment that’s absolutely relevant for one group of local home buyers—namely, those who failed to take advantage of the very lovely Georgetown, DE mortgage interest rates that had long been available. Recently, that love affair had begun to cool as interest rates began to climb.
For everyone with a firm grasp on historical mortgage interest rates, any loan rate beginning with a “3” is loveworthy—especially when you recall that the average over the past 50 years is 7.9% (and that’s including the past two bargain-basement years).
For would-be home buyers, the future had begun to look less lovely. Starting at the beginning of March, average rates had registered a disturbingly steady drift in the wrong direction. To most observers, it looked as if the tables had turned.
But rates staged an abrupt about-face last week, almost revisiting the record-setting 2%s (Freddie Mac calculated a U.S. average of 3.04%). The Washington Post recalled the previous seven-week upward moves before declaring, “then they started pulling back last week.”
This second-time-around visitation to cellar-level rates will no doubt create a fresh crop of opportunities for buyers and sellers. The arithmetic is convincing. For a $500,000 home loan, the cash difference between last week’s average and Freddie’s figure yields a monthly reduction of $1,515—a cash difference of more than half a million dollars over the 30-year life of the mortgage. The same calculation for Madonna’s $19.3 million acquisition would yield savings that are (as The Weekend might sing) “blinding.”
Once today’s buyer finds the right home, Georgetown, DE’s mortgage interest rates will go far toward making a purchase affordable. Call me to discuss what’s out there in today’s market! Call/Text me Russell Stucki at (302) 228-7871, email me at This email address is being protected from spambots. You need JavaScript enabled to view it., visit more listings at www.beachrealestatemarket.com.
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- Written by Jimmie Bachand
Is a “Renter Nation” America Suddenly Less Likely?
Georgetown, DE readers may have come across a worrisome prospect being suggested by some prominent real estate pundits: the likelihood that the steady rise in residential real estate values will trigger the emergence of a “renter nation.” That could develop if more and more people, priced out of the market, are unable to escape the financial downside of a lifetime of renting rather than owning.
But wait!
Despite steady residential price rises, another group of experts is not so sure about the inevitability of that “renter nation” future. A handful of recently published estimates evidence a countertrend: the emergence of millions of renters now suddenly able to afford starter homes!
This is a consequence of the COVID-19 pandemic: one affecting large swaths of the American labor market. According to the U.S. Bureau of Labor Statistics, one recent estimate shows that “31% of workers who were employed in early March had switched to working at home by the first week of April.” The majority of jobs still require significant onsite presence, yet “…37% can be performed entirely at home.” This teleworking phenomenon means that millions of workers are now newly freed from the need to live within daily commuting distance of their workplaces. It follows that rural and exurban communities, where lower population densities allow starter homes to carry lower price tags, may emerge as practical alternatives for newly empowered home workers. So a “renter nation” America becomes less likely.
But wait!
Last week, the Wall Street Journal confirmed a “new reality” for at least some of the newly homebound workers: pay cuts. Citing the lower cost of living homeworkers encounter in their new exurban and rural communities, some Silicon Valley high tech firms are deciding to lower salaries “related to housing costs and other factors.” It’s an adjustment that would result in less of an exodus from higher-priced areas, bringing back the possibility of the future “renter nation.” TBD.
Lately, keeping track of the waves of projected trends is even more dizzying than ever. What remains is the long-term benefit that those who succeed in buying Georgetown, DE homes can reasonably expect. Call me to explore the latest Georgetown, DE offerings! Call/Text me Russell Stucki at (302) 228-7871, email me at This email address is being protected from spambots. You need JavaScript enabled to view it., visit more listings at www.beachrealestatemarket.com.
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- Written by Jimmie Bachand
To Sell Your Delaware House, Start with Penny-Wise Planning
Once you have decided to sell your Georgetown, DE house, unless it’s already in top-notch shape, you face some meaningful decisions about things that might need to be refreshed, upgraded, or replaced altogether. Some major items are hard to ignore: a roof that’s barely weatherproof, or over-the-hill front door hardware, for instance. But other facets can be a coin-toss: will they be worth the expense?
One area where updating is most likely to pay off is in the kitchen. Kitchens are tied with living rooms as the places where Americans spend the most time (28% put each in first place, according to a recent survey). Even so, the kitchen leads as the room most respondents say is “most valued.” That fits with practical home-selling experience—everyone who shows homes to prospective buyers knows that kitchens often draw the most attention. It’s also the spot where visitors tend to stop to chat.
That’s good to know when you’re setting out to sell your own house; it may tip the scales when you are budgeting where your time and dollars should be directed. Fortunately, there are budget-wise ways to turn an elderly kitchen into more of a young‘un:
· Appliances. When perfectly operational appliances look like they’re over the hill, one approach is to re-face them (especially with stainless steel surfaces that can’t be revived). When that’s not possible, an integrated overlay can sometimes work— but if all else fails, the cost of replacing an old range or dishwasher may be worth the freight.
· Cabinets. Putting a fresh face on ancient cabinetry can sometimes be achieved by re-staining or repainting. Decorators know, too, that simply replacing cabinetry hardware with up-to-date designs (brushed nickel and stainless are popular) can work wonders.
· Sink. Especially today, with more and more buyers favoring the larger single bowl designs, a dated kitchen prep area can be inexpensively rejuvenated by switching out older, unsightly versions and adding spiffy new hardware.
If you’re at the beginning stages of planning to sell your own Georgetown, DE house, starting out from a smart, penny-wise prepping strategy makes for later success. I can help with ideas that are working in today’s market—don’t hesitate to call! Call/Text me Russell Stucki at (302) 228-7871, email me at This email address is being protected from spambots. You need JavaScript enabled to view it., visit more listings at www.beachrealestatemarket.com.
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- Written by Jimmie Bachand
