Real Estate Information

Everybody want to know how is the real estate market.  There are a lot of real estate agents (or ex real estate agents) that will tell you flat out "The Market Sucks!"  Others will say: "well, that really depends on how you fit into the market.  Are you a buyer, seller or investor?  In most cases, that is a correct way to respond to the "so, how is the market" question.

I think the real answer to that question is "How Motivated are YOU Right NOW, to either buy, sell, invest or rent?"

You see, not everyone will be able to buy right now.  The mortgage markets have taken a strict stance on who can qualify for a mortgage.  For the sake of this article, lets say you can get approved.  If you need help buying or want to see what homes are for sale right now: www.mydelawarehomesearch.com

When it comes to sellers, not everyone can sell their home for what the market is saying it is worth.  Basically, they owe more than the home is worth.  The (not so) SHORT sale is another topic.  There is help out there for those that just can not keep up with their mortgage, anymore.  If you are wondering if you can sell right now: www.sellmydelwarehome.com or if you just want to see the most recent market data on your specific area, we can create a FREE custom report and email it to you, it is called a market snapshot: http://www.teamsordelet.com/Market-Snapshot

The investor: Cash is King.  If you own more than four properties and you do not have a commercial line: forget about it!

This article is focused more on those that can get approved for a mortgage and those that really want to sell -or- really have to sell.  There are also some aggressive, outside the box, approaches to investors right now as well.

Take a look at this chart.  I have used the first edition of this chart since the end of 2006.  Robert J. Shiller has studied the real estate market in this county as far back as 1890.  He demonstrates in this chart the "ups & downs" of our countries real estate market.  The chart is broken down into today's dollars and since the 50's shows us about where our values have been.  The exploding real estate market of 2000 to 2006 is demonstrated on this chart.  It is a wonder why no one in our government, the banks or somebody did not stand up and yell(or scream) that we were about to be driven into some terrible times.

http://i672.photobucket.com/albums/vv84/dsordelet/case-shiller%20report/saupload_case_shiller_chart_updated.png

THE BOTTOM LINE IS THIS:

BUYERS:  Interest rates are low.  Interest rates will soon rise because the government is about to stop buying down the interest rate with mortgage backed securities.  Even though home prices may still fall, rising interest rates will off set any monthly savings that you would have realized with falling home prices.  On top of that, FHA is working on tougher qualification standards.  There is even talk that they will want a full 5% down. (the buyer will need 5% of their own money in the mix) and reduce the amount of seller help that a seller can give to a buyer.  On top of that, why would any first time home buyer not take advantage of the $8,000 first time home buyer tax credit and any repeat/move-up buyer not take their share of the $6,500 credit.  YOU HAVE TO BE UNDE CONTRACT BY APRIL 30, 2010 and you have to close (completed the purchase) by June 30, 2010.  Need to buy in the next 24 months?  NOW IS THE TIME!

SELLERS:  The low interest rates are keeping your home values from falling even quicker.  The government has slowed down the natural progression of the market to correct itself, by buying down the interest rates and offering the first time and repeat buyer tax credit.  Your homes value will continue to decrease.  How much is unknown by this writer.  (IF I Only Had A Crystal Ball)  If Shiller is correct, we will see declining home values into 2013.  Many experts also predict that the days of 10%, 15% & 18% appreciation are long gone.  We will be back to a modest 1% to 2% (across the country).  I believe that here in New Castle County Delaware, we will start off with slow or low appreciation on home values and will increase to a modest 4% - 5%.  What does all that mean?  If you are sitting there thinking that you are going to wait until next year to sell your home, YOU ARE WRONG!!!! if you think the values of 2006 are going to return or even the values of 2008.  If that is what you are waiting for, you may just be sitting there with your calculator on December 31, 2018 thinking, I should have listened to The Team Sordelet Realty Group.  I should have given them a call at 302-476-2057 or checked out their web site www.teamsordelet.com

We can help you get the job done and done right!

Better late than never.  Attached you will find the 3rd quarter market stats for the New Castle County, Delaware market.  At The Team Sordelet Realty Group, we understand that everyone is hearing different data reports.

For the most part, we are in a buyers market, but I guess that you were kind of thinking that.  That is not all doom and gloom for sellers!  If you are a seller or are thinking of selling your home, LETS GET GOING!  Interest rates are low, the tax credit has been extended, buyers are looking.  Not that every house is going to sell.  You are not going to get 2006 prices for your home.  (Average Sales Price Has Even Declined From The Second Quarter of 2009 to the Close of Quarter 3). 

Things could be worse.....There could be no tax credit for first time and move up buyers!  Interest rates could be at 6.5%, FHA could make it harder to qualify for financing!  Oh, WAIT A MINUTE.  The tax credit expires at the end of April 2010. (you have to be under contract by April 30, 2010 and closed by June 30, 2010).  There are many experts predicting that interest rates will top or exceed 6.5% by the third quarter of 2010, some are saying higher.  FHA is in the process of imposing stricter guidelines on mortgages and the government is posed to stop purchasing mortgage backed securities.

So, IF you are a buyer or seller!!! now is the time.  Take a look at our web site www.teamsordelet.com if you have any questions, you can email us at WeSell@teamsordelet.com or you can call our office 302-476-2057.

We covered that the average sales price has decreased and it was also expected to decrease in the 4th quarter.  The number of homes increased in the third quarter of 2009 and the number of homes sold rose but that number is forecast to have decreased the fourth quarter as the average days on market.

Take a look at the charts below.  It is broken down by zip code.

So, you have been thinking about buying a home.  You have looked on line and probably stopped by new construction-most home buyers have.

Have you noticed any changes?  What is on your must have list?

Well, according to the NAHB, National Association of Home Builders, the average size of new construction homes have decreased for the first time since 1982.

The Wall Street Journal www.wsj.com has just published an article that addresses these very same issues.  Check out the link: http://online.wsj.com/article/SB10001424052748704509704575019462787197650.html?mod=WSJ_hpp_sections_realestate

It seems that the leaner and meaner buyer of today is interested in a slightly smaller home that offers more energy efficiency as well as Nine foot ceiling on the first floor and a nice walk in closet in the master bedroom.

Of course, the builders, may also be downsizing to save on cost.  I have notices that some of the builders in the Delaware Real Estate Market have stopped using the fancy crown moldings and even wood trim around the windows.

So, if you were going to buy today, what would you be looking for in a home.  We always welcome your comments and would appreciate for you to visit our web site.  www.teamsordelet.com  You can also email David Sordelet or Iris Sordelet at any time.  Our phone number is 302-476-2057

what homes are selling for in your immediate area.exactly Realty Group offers a free Market Snapshot.  Yours for the asking.  It is a custom prepared report that will outline and show you SordeletIf you are thinking of selling, this may help you better understand what today's buyers are looking for.  Of course you are not going to turn an 8 foot ceiling into a 9 foot ceiling.  On the flip side, maybe the builders are dictating what they are willing to sell, so they can save construction costs and make more profit.  Need help deciding what your home may be worth.  The Team

So, you’re ready to sell your home.  In fact, mentally you have already moved out and are enjoying your new place.

Wait just a minute….You Have A Lot of Work to Do!

We are in a challenging market, but homes are selling every day!  There are buyers out there, ON THE HUNT, ready to make that purchase.

What are today’s buyers looking for?  How can we get them to like your home enough to make an offer?

• You need to achieve a sense of order by packing up photos to eliminate clutter and minimize the amount of furniture in each room.
• Keep in mind that most buyers can not see beyond the clutter.  So, even if you think it is not cluttered or looks great to you, get a second opinion.
• There are many ways to get an honest opinion about what needs changing in your home.  You can invite straightforward, (straight talk, don’t care if you hurt your feelings) friends-your real agent (most may have a hard time being honest)-hire a professional stager.
• If you are on a limited budget, you can concentrate on: Cleaning up!  A spotless, odorless, light-filled home sells faster and doesn’t cost much to create.  Changing hardware-is another inexpensive way to update.
• You should paint!  What color(s) should you use:  Soft, neutral colors create a sense of warmth.  White evokes coldness.  Many people usually like earth tones.  Just don’t use a different color in every room.
• A stage home COULD get you tens of thousands of dollars more from your buyers.  Even if staging a home does not get you an extra 10 or 20 thousand dollars, It will help you sell it faster.  There are so many homes that have not properly been cared for, in our current market.  Agents love to show staged homes, this increases your chance of a sale.
• Show off that fireplace and those wood floors.  Both are very desirable and should be highlighted.  Put a nice stack of logs inside the fireplace and candles on the mantel.  Show off those wood floors by picking up rugs, which can also make a space feel cluttered and small.
• When it comes to furniture as few pieces as necessary goes a long way.  Do not push all the furniture against the walls.  In larger spaces, floating the furniture in the center, makes a space look larger.
• One of the most important, if not the MOST IMPORTANT is curb appeal.  I have pulled up to many a listing with a buyer and because it has looked so bad (not appealing) the buyer just said, “Lets Go”.  From a well manicured lawn, nice landscaping, no stray bicycles or lawn tools-this is very important, because it’s the first thing people see.  A clean kitchen and clean bathrooms go a long way.  Many buyers will judge the house on how clean the floors are.  We want the buyer to enjoy their experience in your home.
• After curb appeal, the first room that the buyers walk into, when entering your home, is probably the most important.  Make sure it’s an attractive, clean, clutter-free space, even if its just a hallway!

Now that you have all of that down, the next most important thing is to hire a real estate professional.  That is right, a professional.  Not a weekend warrior!  Not someone who dabbles in the business.  A professional is one who works in the business full time, takes time to stay educated on the hottest trends.  One who is up on the latest and greatest technology.  One that understands and uses multiple internet marketing portals.  Maxes the web sites out with pictures, pictures and more pictures.  Buyers are spending more time on the internet than ever before.  We need to capture them and keep them interested enough to schedule an appointment.

For more information on how to get your home sold:  www.teamsordelet.com  302-476-2057, ask for David or Iris Sordelet. 

So, you are thinking about buying a home?  The home buying process should be a very fun and exciting time.  Of course, it is an emotional time as well.  In Delaware, we require the sellers to provide a Property Disclosure, or a Disclosure of Real Property.

There are very few exemptions to this requirement.  (estate sale & bank owned are two examples) 

When you finally decide to look at homes, the listing agent should have a disclosure in the home, many times the potential buyer can take a copy, or if you have further interest in the property your agent should be able to pull one from the MLS (multi list).

Remember, once the seller has disclosed a defect, the disclosed item may not be brought back up for further consideration based on the home inspection.  The bottom line:  If you see something disclosed that you want repaired or addressed prior to you taking ownership - ask for it to be fixed when presenting an offer to purchase.  The seller is not obligated to do anything if it was disclosed and you did not care at time of contract but your home inspector made an issue and now you want it fixed.....SORRY!

Delaware real estate laws are different from many other states and each state may or may not have its own laws regarding disclosure. 

As a home seller, it is always better to disclose than not to disclose.  Sellers should disclose and leave it up to the home buyer to decided if it is something that they would like addressed.

For more information on property disclosure and Delaware real estate, contact the Team Sordelet Realty Group.  Visit us online at www.teamsordelet.com

Attached, you will find an article that can be found in the Wall Street Journal. http://online.wsj.com/article/SB10001424052748703535104574646600132632292.html?mod=WSJ_hpp_sections_realestate

Let us know what you think!

Happy New Year!

Have you been thinking about buying or selling a home in 2010?  If you are a seller, are you concerned that your home's value has fallen?  Thinking of buying?  Are you trying to time the market, in order to get the best deal?

Well we are glad you asked.

If you are a buyer or seller, there has never been a better time to get your home on the market or get yourself out there looking and planning to make that purchase.

As a home seller, we do not know how long the interest rates will be this low.  They are low, buyers are spoiled with this.  Any increase in rate, as little as 1%, may shut down this buyers market-until prices fall again!  OUCH!  So if you have been thinking about selling, you should consider getting your home on the market now.

Buying a home, pretty much of the same advice as we just gave to the sellers.  As soon as interest rates increase, your buying power will decrease!  On top of that, you need to be under contract by April 30 to take advantage of the "HOME BUYER TAX CREDIT"

So if you find yourself with the thought of buying or selling a home in 2010, you need to get on board right now!

For more information about buying or selling a home in Delaware, contact the Team Sordelet Realty Group.  www.teamsordelet.com or 302-476-2057.

We don't know what 2010 will bring us.  What we can say is that all the signs are pointing to an increase in mortgage rates!  An increase in mortgage rates will do no favors for either the buyer or the seller. 

Don't wait until it is too late!  Act today!  Get in touch with David Sordelet or Iris Sordelet today!

WE WISH YOU A MERRY CHRISTMAS AND A HAPPY NEW YEAR!

http://www.teamsordelet.com/

WE NOW OFFER A FREE i-pod/i-phone app.  FREE APP ALLOWS YOU TO SEARCH THE MLS... when you want and wherever you are!

click on the link and follow the instructions http://www.teamsordelet.com/

Santa coming to town tonight and New Years Eve a week away, did you accomplish everything that you wanted to accomplish in 2009.

Did you set a goal to buy or sell a home in 2009 and decided against it for some reason or other?

Here are some reasons on why it is a great time to buy or sell a home:

• Buyers: Interest rates are at an all time low!
• Sellers: The tax credit has been expanded and you may also qualify for a refund/credit on a new purchase for yourself!
• Buyers: Must be under contract by April 30, 2010 and closed by June 30, 2010!
• Sellers: The low interest rates are keeping the current value of your home stable!
• Buyers: Within reason, there are great deals to be had when deciding on a home to purchase.

What will higher interest rates do to the home seller and the home buyer?  First of all, the low interest rates are providing buyers with great buying power.  At today's rates you may be a $300,000 buyer.  If the rate increases by 2 points, your payment will increase by $336.00.  For most buyers, that is a substantial increase in payment and will stop you from purchasing that great $300,000 home.  In fact, at today's prices and keeping the same payment, you will be forced to purchase a home priced at $250,000 and still have a payment that is $21.00 higher than the lower rate of 5% and a purchase price of $300,000.  The next drop in housing prices will not gain you a thing.  You will have the same or higher payment and you will miss out on the Federal Tax Credit of $8,000.  What is out there right now that meets your needs?  By clicking on the following link, you will be provided with access to every listing, everything that is for sale, just like what the real estate agents have access to.....IT IS FREE!  http://www.teamsordelet.idxco.com/idx/4618/basicSearch.php

Sellers be aware!  Higher interest rates are going to knock out many more buyers from this already fragile market.  When this happens, you will be in a situation where the saleable home market will shrink!  What does that mean?  Well, being in a buyers market means that we have shifted into a market that will only allow homes that are the best priced and in the best condition to sell, unless you are selling well below market value.  A decrease in buyers will make the "buyers market" even more powerful.  If you really need to sell in this market you will most definitely have to be THE BEST PRICED HOME out of ALL your Competition and THE BEST OF THE BEST!  So you think the market is tough now, wait and see.  Thinking of selling, now is the time!  Find out what homes in your area are selling for.  Here is a gift for you.  It is FREEand by clicking on this link you will be provided with a free report that will outline to you, your local market activity, Active Listings, Pending Listings and Sold Listings! http://www.teamsordelet.com/Market-Snapshot 

We hope that you had a great 2009 and are planning on an AWESOME 2010!

If you ever have any questions about buying or selling real estate, we would appreciate the opportunity to help you!  You can always reach us by email: wesell@teamsordelet.com or by phone: 302-476-2057

Buyers and Sellers, DO NOT WAIT UNTIL IT IS TOO LATE!  The first quarter of 2010 may be the best quarter of the entire 2010 to buy or sell a home.  Don't get left in the cold, dark corner. 

CHECK OUT OUR WEB SITE! www.teamsordelet.com

The very first recorded celebration of "Columbus Day" was in New York City on October 12, 1792.  In 1937 Roosevelt proclaimed October 12 as "Columbus Day" and President Nixon declared the 2nd Monday in October as a National Holiday.

Even though Columbus' original goal was to discover a westward route to Asia, he ended up making 4 voyages to the West Indies and opening up the "Americas" to many explorers.

Click on the link to see one or more short videos on Christopher Columbus and his explorations.  http://www.history.com/video.do?name=culture&bcpid=1681694254&bclid=1675979280&bctid=1577897715

For more information on Colubus Day or any other history related items, please visit http://www.history.com

When you are ready to purchase a home or sell your existing home, give The Team Sordelet Realty Group a call.  We will be more than happy to share with you, (and put to work for you), all of our knowledge and expertise of our local real estate market. 

If you are thinking of purchasing a home and you are a first time home buyer, there is still time to take advantage of that November 30 deadline for the $8,000 first time home buyer tax credit.  IF YOU HAVE NOT OWNED A HOME IN 3 YEARS- - - - -YOU TO CAN TAKE ADVANTAGE OF THE TAX CREDIT!!!   Home Buyers check out www.mydelawarehomesearch.com  this is a free service offered by the Team Sordelet Realty Group.

If you are interested in finding out more about selling a home, WE CAN HELP!  Check out this great link- - - www.sellmydelawarehome.com  or get a free report that will show you exactly what homes in your area are listed for, selling for and what is for sale! RIGHT NOW!!  This report will be put together -JUST FOR YOU! http://www.teamsordelet.com/Market-Snapshot 

For all of your real estate needs, we are just a phone call or email away.  302.476.2057 or WeSell@TeamSordelet.com

WHAT ARE YOU WAITING FOR?

The sun, moon and stars are lining up for all of you buyers or want-to-be buyers. 

The numbers for New Castle County Delaware are showing that days on market (DOM) has dropped.  That means that homes are starting to sell a little bit quicker.  Why?  The sellers are finally getting it!  If they want to sell and sell now, they are being more price realistic, with the times.  Also, buyers are seeing that todays prices are more realistic and the homes that are listed are looking like a great buy.  (At least some of them) www.mydelawarehomesearch.com

What does that mean for all of you Want-to-be home buyers?  Prices are low, at least they are looking like a great deal for most buyers in todays market.  Interest rates are low, at least for now.  For you FIRST timers out there, we still have that tax rebate, ($8,000).  This ends on November 20, 2009.

Check out the Market Watch video below.  It will shed some lite on why it is a great time to purchase a home.

http://online.wsj.com/video/buying-real-estate-at-the-bottom/3888988F-8F10-4E9B-8F12-73D29CChttp://online.wsj.com/video/buying-real-estate-at-the-bottom/3888988F-8F10-4E9B-8F12-73D29CC6E3FE.html6E3FE.html

Thanks again for letting me take up some of your time.  If you would like to search for homes, try our free no obligation search site, www.mydelawarehomesearch.com

Interested in seeing how much your home is worth? www.sellmydelawarehome.com

We would love to hear any comments that you may have.  You can also check us out at www.teamsordelet.com