Phillip, Home Buyer in York, PA

How have homes in rehoboth beach increased or decreased in value over the past several years (ive heard a drop in 35%). Good time to by a condo?

Asked by Phillip, York, PA Sat Jan 29, 2011

Is this a good time to buy a condo in rehoboth beach??

Thanks!

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Answers

5
Kathy Sperl-Bell’s answer
Prices are excellent and selection good. Issue could be financing depending on number units still to be built and/or % owner occupied vs investor owned. Also good values on single family homes with lower monthly fees! Depends on where you want to be.
1 vote Thank Flag Link Sat Jan 29, 2011
Hi this is an excellent time to buy a condo at the beach . Depending on the condo development you are interested in . There are variables with each development for financing purposes . I would suggest that you have your financing in order . Condo prices have adjusted to make home ownership more affordable .
1 vote Thank Flag Link Sat Jan 29, 2011
Here is a quick update as of 12/14/12 for Homes in the 19971 (Rehoboth Beach/Dewey) Zip Code. Although the averages are down for single family homes overall that is a little misleading as many homes in the luxury market have skewed the numbers. Homes and condos that are turn key are selling with multiple offers and are not staying on the market long. As you can see, the condo market is vastly improved with lender guidelines becoming easier to navigate. Still a great time to buy as there is some shadow inventory expected in the first half of this year, but if you find something pull the trigger. Hope this helps!

Warm Regards,

Dustin & Mariya

AVERAGE SOLD PRICE

Single Family Homes
2009 $644,120
2010 $698,135
2011 $641,001
2012 $614,379

Condos
2009 $354,117
2010 $380,540
2011 $338,361
2012 $347,693
0 votes Thank Flag Link Sun Dec 30, 2012
Phillip - did you buy a condo in DE?

Condo guidelines from Fannie and Freddie differ than buying a single family home. The Fed's like to see 25% down to get the best rate in the market place. I work with one of the best agents in Rehoboth that understand how to write the offer so you never pay closing cost and get a below market rate.

Steve Morgan
Fairfax Mortgage Investments
http://www.bethanybeachlender.com
0 votes Thank Flag Link Tue Mar 1, 2011
Hi Phillip,

Very astute observation. It is a great time to buy, mortgage interest rates are below 5% and abundant inventory of homes for sale in all price ranges. This week a 2 bedroom, 1 1/2 bath town-home in the Bethany area was listed for $129,000 and is under contract.
Chris Kavanagh
Coldwell Banker Residential Brokerage
Bethany Beach, De 19930
302-829-9068
chris@5starbeachhomes.com
0 votes Thank Flag Link Sat Jan 29, 2011
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