We're looking to buy a condo/TH in Bear Trap Dunes for family use and as a vacation rental. We've

Mhiggins21
Home Buyer
Bethany Beach, DE

seen asking prices drop noticeably in recent months (lowest asking has gone from 320 to 279K in six months for a 3/2), and there seem to be tons of properties on the market (more than 40, from a quick count). What's the average d.o.m? Have any gone condos recently gone for 20% less than asking, or even less than that? How are economic conditions affecting the community? Basically, we can afford to wait and let prices drop even more but are starting to pay more attention now that it's squarely a buyer's market.

Answers (2)
Adam Roop / The...
Agent
Salisbury, MD

You better be buying in this market. Its going to be a long winter and buyers want to get the inventory off their backs. What else is there to say? Regardless of DOM, % drops, and economic conditions have you ever seen prices this low in Bethany? Prices will be begin to rise...just dont wait for the interest rates too...get on the ban wagon and get going...you cannot afford to wait until properties go back up...once they start to you wont have as much negotiation room as you do now! Lets make an offer...

Adam Roop
Realtor/Owner
EXIT Shore Realty
410-603-9600
410-912-0310

Fri Aug 28 2009, 16:24
Kathy Sperl-Bell
Agent
Lewes, DE
FIRST ANSWER

We have been in a Buyer's Market here for the past two years or more. It took some Sellers a while to realize that their asking prices were too high and finally many adjusted them to more accurately reflect the market. I am working with Buyers this weekend and we are looking at condos and townhouses in the Bethany/Ocean View areas. As a friend of mine said the other day, in a market like this there are opportunities and then there are deals. There is no better time to take advantage of the deals than right now. By next year interest rates will have gone up and prices will not be significantly different than what you could negotiate right now if you are qualified buyers. The pace of sales has dramatically increased this summer. I have 8 settlements between yesterday and the first week of October. If I can be of help, please get in touch. You can search all listings, regardless with whom the property is listed at our web site. My cell is 302-542-1203.

Fri Aug 28 2009, 13:23

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