Chestnut Ridge Delaware Housing Market Update for August
Source:https://youtu.be/mImxoKAb8tU Greetings to all Chestnut Ridge Homeowners! It is time for the housing market update specifically just for you! The Chestnut Ridge Housing Market is so exciting, and we’re very glad to give you an up to date information about it. So, without further ado, let’s get into the numbers and see what is going on. Running the Numbers In 2022, the homes in Chestnut Ridge sold for around $415,000 each on average. More specifically in the last three months, we’ve seen the average home prices in Chesnut Ridge go up to $447,000. That’s an 8% increase in the total purchase price of homes. Hence, we can see that home prices, on average, continually go up. Another important number is the days on the market or how many days it takes to get your home sold. And that number for 2022 is 18 days. But, in the last three months, that number has gone down to 11 days. Thus, we can see that houses are getting sold faster lately compared to what we had earlier this year. Making Sense of the Numbers With all these numbers, what does this mean for you as a Chestnut Ridge homeowner? So the simple breakdown is the average home price has gone up, while the number of days on market has gone down. This means there’s very high buyer demand in your neighborhood. In other words, a lot of people are buying homes, and there are not enough homes being listed to keep up with the demand. Hence, Chestnut Ridge is now on a Seller’s Market. In this kind of market, houses are being sold more rapidly, signaling a very high buyer demand. The price increase that we see is not because people can’t afford houses. It is because people are buying houses and the available homes are getting fewer and fewer, hence the scarcity, which pumps up the price. If you are buying houses, this could mean you need to put your A-game in your offers, since you know that many people are buying houses as well. This also means that if you need to sell a home, now is also a great time to list it at a good price since so many people are willing to buy it anytime. Either way, this is a great time to buy or sell houses, since you can expect a deal in just under two weeks! Final Thoughts So with all this buyer demand and how quickly these homes are selling, we don’t see these numbers changing anytime soon. And now is the best time to buy those homes. If you don’t take action now, somebody else will take hold of your dream home in Chestnut Ridge. So, if you want to grab this opportunity while we are in a hot seller’s market, contact us today at Loft Realty and together we can strategize and move quickly to grab on to the best deal for your home in Chestnut Ridge. See you in the next market update!
Best Boardwalks in Delaware
When you are hassled with the urban grind, nothing beats the calm and refreshing stroll on a boardwalk. And when it comes to boardwalks, Delaware is king. Check out some of the best boardwalks in Delaware that you shouldn’t miss when you come here and visit! 1. Rehoboth Beach’s Boardwalk Source: 32971117395_fde2350bd2_k-4-700x525.jpg (700×525) (ehowcdn.com) This list will be wrong if we don’t include the most iconic Boardwalk in Delaware: the Rehoboth Beach Boardwalk. It’s widely known as the best Boardwalk in the world! Imagine walking on the beachfront with a lot of seagulls flying freely over your head. It’s like straight from a scene in a movie! Perfect for slow-motion reels that you can share with your friends! And not only that, Rehoboth Beach is filled with local music bars and drinks and the best restaurants you can eat in Delaware, as well as amusement parks that your children will surely love! And oh, don’t you forget to grab that tasty french fries of Thrasher’s, you’ll surely get rid of ketchup forever in your friends! 2. Bethany Beach Boardwalk Source: 3850145133_803f74cec6_b-1-700x466.jpg (700×466) (ehowcdn.com) If you find Rehoboth Beach a little bit too crowded because of its fame, then you can take your family to Bethany Beach Boardwalk, as it's more family-oriented and the kids will enjoy it. Bethany Beach doesn’t have the loud vibrant attitude of the music bars, so it’s more of an introspective walk with your family on the boardwalk. It could still get crowded in the summer, but you can have the beach by yourself during the off-season. Make sure to check out the Cottage Cafe as it's very iconic to the Bethany Beach Boardwalk. 3. Wilmington Riverwalk Source: 10518208643_fd26bafd70_k-700x463.jpg (700×463) (ehowcdn.com) Boardwalks are not limited to beaches. If you don’t want sand in your eyes, check out the Wilmington Riverwalk. It’s not just one of the best boardwalks in Delaware, but it's one of the best riverwalks in the entire country. As you stroll this pretty waterfront walkway, you'll be able to see museums, board a paddleboat, and dine along the waters. When you walk into the quieter sections, you’ll see hidden statues in the trees and cute birdhouses that portray the iconic houses of the First State. If you want a unique experience, make sure to board the Riverboat Queen. It’s quite seasonal though, but it's a dining ship that will cruise across the entire Christina River! 4. Bombay Hook Boardwalk Source: 4351131193_9f59e1786a_o.jpg (700×525) (ehowcdn.com) Now, for the nature lovers out there. If you want a boardwalk that is far away from the urban chaos and closer to nature, the Bombay Hook Boardwalk will never disappoint you. A birder’s dream, you can sit on the wonderful benches as you witness flocks of migratory birds pass through the International Flyway. You’ll see about 250 species of birds in the marsh, in the waters, and see them rest from their Atlantic journey. Make sure to stay on the trails and bring a camera and binoculars to safely witness this natural wonder of Delaware. 5. Gordon’s Pond Breakwater Trail Boardwalk Source: 1359785735_258df5f58e_b-700x525.jpg (700×525) (ehowcdn.com) And finally, for the history lovers out there, make sure to walk on the Breakwater Trail of Gordon’s Pond. The First State is filled with historical monuments and structures, and you can see a lot of those here in Gordon’s Pond. Historic World War II towers will greet you from afar as you walk down the boardwalk over the marsh. Migratory birds, turtles, and other animals thrive here, so make sure you bring binoculars and be amazed at what you can spot! Final Thoughts Boardwalks are an amazing place to stroll, and Delaware has the best boardwalks ever in the United States. Make sure to visit everyone listed above, and you will surely have fun and fall in love further in Delaware. If you want these sights to be a 1-2 hour drive away from your home, it’s time to buy one here. Reach out to us today at Loft Realty and we will help you find the best deal that suits your needs.
7 Benefits to Living in Delaware
Living in Delaware is probably a dream come true for most Americans. From the beaches, the state parks, and the cultural arts, to the taxes, healthcare, and job opportunities, Delaware has everything prepared for you. Read on as we list down seven benefits to living in Delaware that make you want to buy your new home here. 1. No Sales Tax Let’s begin with Delaware’s iconic law: No Sales Tax! It means that you save money on taxes while you shop for your groceries here. In the long run, it will make a difference. There’s one downside though: you might over-indulge in your shopping spree! In addition, Delaware also has no social security tax, inheritance tax, personal property taxes, and generally low property taxes, so you will save a lot of money when you live here until your retirement! 2. You Get Access to Unparalleled Natural Beauty The main reason people choose to live in Delaware is its unparalleled natural beauty. From the beautiful sunset of Cape Henlopen to the lively boardwalk of Rehoboth Beach, there’s nothing like it across the country. Also, wherever you live, you are just 1 hour away from the beaches, state parks, camping and hiking trails, and wildlife refuge parks. Check out our Top 5 Exciting Things to do in Delaware to make sure you don’t miss out! 3. You Get Close to the Major Cities The main drawback of living in major cities like New York, Philadelphia, and Washington is the very high cost of living. But, if you live in Delaware, you are just one train or car ride away from these major cities–but without the high living expenses! Imagine having a weekend at Dewey Beach, then tomorrow you are just a 2-3 hours car ride into a Broadway show in New York. Talk about a life hack–or better, a Delaware hack! 4. Affordable Housing The median home list price for all of America was $226,800 as of April 2019 according to Business Insider. Delaware sits close to that average at $237,300, and that is affordable when you consider the vast employment opportunities and a comfortable salary average in the state (we’ll talk about that more). Plus, you can get a brand new construction home for just a small amount over the state's total average. 5. Huge Employment Opportunities Delaware offers plenty of job opportunities, with major employers like J.P. Morgan Chase & Co., Bank of America Corp., Citibank, Capital One Financial Corp., and E.I. Du Pont De Nemours & Co. Moreover, Delaware jobs pay well compared to other states, with the average salary for the state of Delaware being about $62,000, a notch higher than the average income in the United States for a full-time wage or salary worker is approximately $46,800. 6. Appealing Retirement Benefits Aside from no taxes on social security, retirees can exclude $12,500 from their pension free from tax. Couple that with no sales tax in grocery stores, and surely you’ll save a lot of money during your retirement years. With highly ranked healthcare facilities (5 of the top 20 hospitals in the nation are within a 2.5-hour drive or less), proximity to area shopping and attractions (including a large number of local golf courses), and amazing tax benefits for retirees, it is easy to see why Delaware is a top choice for retirees. In short, Delaware’s affordable housing market and plentiful work opportunities make it easier for you to convince your children and grandchildren to live nearby! 7. Celebrations Abound Of course, to experience the beauty of life, the arts and music culture should be in everyone’s mind. We don’t want to live in a dull and corporate world right? There is a lot to celebrate when you live in Delaware, as displayed through its many festivals throughout the year. Some of Delaware’s more famous events include the Firefly Music Festival in late June, which is recognized as the premier music experience on the East Coast; the Delaware State Fair in mid-July, which was first held in 1920 and today draws over 300,000 people; and the twice-yearly NASCAR races at Dover International Speedway. Whether you are an artist, musician, racer, or shopper, Delaware’s core is to celebrate life, and you will surely be reinvigorated with your dreams and passion. Closing Thoughts Living in Delaware has a lot of benefits, and it’s no wonder why people love Delaware. So, if you are convinced that Delaware could be your next home, we at Loft Realty are here to serve you. Contact us today, and let’s strategize on how to buy your dream home and experience all the benefits Delaware has for you!
Tax Benefits to Living in Delaware
Taxes plagued every middle-class person since the government created them. While designed to be beneficial to the economy, many people suffer a lot in high-taxing states and economies. Hence, this is where the beauty of Delaware comes in. Not only Delaware is home to many pristine beaches, amazing state parks, and museums, but one thing that Delaware is known for is its tax-friendly laws. So in this guide, we round up the tax benefits that you will get if you decide to live here in Delaware. Because once you know these tax benefits, you will surely be compelled to move in here! 1. No Sales Tax Let’s start with the most important and most obvious. Delaware is famous for being one of the only five states that don’t have sales tax. Hence, if you buy your groceries and essential needs here, you are buying it for the price itself without giving anything to Uncle Sam. In other words, you save a lot of money here in the long run and your income is safe from slipping away due to taxes! 2. Low-Income Taxes Delaware is also known for its lower income tax rates compared to other states. Depending on your income bracket, it usually ranges from 2-6 percent only, whereas in other states like New York and Washington DC, income tax rates reach as high as 8.95%! Hence, Delaware's income tax rates remain one of the lowest in the country and allow residents to keep more of their hard-earned cash for other fulfilling purposes. 3. Tax Exempt Retirement Income Now, let’s shift gears to retirees. If you are aged 60 and above, your social security benefits are not taxed in Delaware. Furthermore, when you have a huge inheritance for your children, there is no inheritance tax in Delaware, so your heirs can keep everything you will leave for them. And lastly, the first $12,500 of your retirement income is tax-exempt every single year. No wonder the American Association of Retired Persons (AARP) chooses Delaware as the most tax-friendly state for retirees! 4. Low Property Taxes For real estate investors out there, this will excite you. As of 2021, Delaware is still among the cheapest states in the country when it comes to property taxes. This is especially true in the southern areas of the states, where property values haven’t been reassessed since the early 1970s. However, all three counties in Delaware are currently undergoing reassessment projects and we’re not entirely sure how it’s going to play out in the end. But, we feel confident the First State will still feature some of the lowest property taxes in the country when all is said and done. In regards to personal property taxes, some states in the mid-Atlantic and around the country impose these taxes – Delaware does not! So you can purchase that boat and not have to shell out extra dollars in personal property taxes every year! 5. The Corporate World’s Tax Shelter Let’s move now to corporations and businesses. Delaware has long been known as a Tax Shelter, meaning that the First State is more tax-friendly to corporations and start-ups by having them save money and reduce tax payments, hence the term Tax Shelters. For example, most states require annual franchise taxes based on earned income. But in Delaware, the franchise tax is an annual flat fee for limited partnerships and limited liability companies. Moreover, a Delaware corporation can base its headquarters in any U.S. state, where they are then exempt from state corporate income tax in many cases. This is the main reason why two-thirds of the Fortune 500 companies are incorporated here! Final Thoughts When it comes to taxes, nothing beats the policies of Delaware. It is friendly to average families, real estate investors, corporations and start-up businesses, and most of all to retirees. If you don’t want taxes to plague your life, Delaware is the place for you. Contact us now at Loft Realty if you want to get away from expensive taxes and live here in Delaware with your wealth intact!
Moving To Delaware? Here are the Pros and Cons
Maybe, you are looking for a fresh start. Perhaps you want to start your own business or relocate somewhere away from the hustle and bustle of the major cities. Or, maybe you want to settle for someplace that fits your retirement lifestyle. Whatever situation you may be in, more or less you’ve considered moving into Delaware. Delaware’s history dates back to the 17th century, and it’s the first official state of the United States under the constitution. So, you’d expect that this is a strong state full of historical facts and importance. Not only that but Delaware is known for its wonderful beaches facing the Atlantic Coast. Sounds good already? But before you jump right in, maybe you're wondering about the actual Pros and Cons before actually moving in. And this guide is here to help you weigh your options and make you an informed buyer. So, let’s jump right in, and let’s start with the Pros of moving into Delaware. The Pros of Living in Delaware 1. Housing Costs and Taxes are reasonable for families. Even though space is at a premium in Delaware, you will see that the housing market prices are reasonable. The average home price in Delaware is below $210,000. If you want to rent a single-family home after moving to Delaware, then you can expect to pay somewhere around $1,400 per month, and for apartments, this will go cheaper. In terms of taxes, you won’t need to worry about the added expense of a sales tax when you go shopping. Also, Delaware has one of the lowest real estate tax rates in the country, and the income tax rate has a maximum of only 6.6%, with Social Security benefits exempted too. Pensioners above the age of 60 can exempt $12,500 of their retirement income or pension from the state taxes as well. 2. Education and Job Opportunities are abundant. Delaware has various choices of high-quality private and public educational institutions from which to choose, like the University of Delaware. You can then look into a job that pays well without leaving the state. Some of the fastest-growing careers, like electricians, business analysts, healthcare workers, HVAC technicians, and carpenters, are currently hiring here! 3. The Location is amazing and strategic. Wherever you choose to live in Delaware, your home location will always be about 30 minutes from the coast most of the time. Its centralized location gives also access to many of the larger major cities of Baltimore, Philadelphia, Washington, and New York. Most of the cities are accessible by train, which means you can commute to work each day even if there is significant mileage that you must cover. That is just another reason why living here is such an affordable experience. 4. When it comes to retirement benefits, nothing beats Delaware. Delaware consistently ranks as one of the best destinations for retirement, and it is easy to see why. Delaware has some of the best healthcare facilities available to you in the United States. It is also very close to famous hospitals, including Johns Hopkins and Jefferson University Hospital. You can live a fairly active outdoor lifestyle if you decide to move here. 5. The Culture is Vibrant and Alive Delaware has a huge community in theater, performing arts, and music. You’ll find countless prospects throughout the year to go on historic state tours. Many of the small neighborhoods provide small art galleries and museums for you to exhibit your work. You can go on horseback rides through the state parks, take advantage of the sophisticated cultural offerings, and enjoy the various music festivals which run each year. If you want fun, Delaware is full of it! The Cons of Living in Delaware 1. International flights are scarce. If you decide to start living in Delaware, then you will need to consider your transportation needs. New Castle Airport is the primary flight provider for the state, but they only provide a few destination choices in the United States. There are no direct international flights that you can take from your local airport. That means you will need to drive to Philadelphia or Baltimore (or take the train or a shuttle) if you want to see the world during your retirement or while you are on vacation. Don’t worry, it’s still just one train ride away. 2. Personal Doctors are quite a few. You may find it a bit challenging to establish a relationship with a primary or personal doctor. Although you will have access to superior healthcare choices when you start living in Delaware, a doctor usually have their schedule full for about six months. The emergency care here is exceptional, but you will need to prepare for more traveling expenses if there are some regular healthcare needs you need if immediate. 3. Be prepared for monsoons and possible hurricanes. Living on the Beaches means all of the rainfalls, monsoons, and hurricanes will probably pass through Delaware first. When you start living in Delaware, then you must pay attention to possible storms, although there hasn’t been a storm that has made landfall in the past 150 years. You will need to speak with your homeowners’ insurance provider to talk about what options are best for you here, especially flood insurance, to ensure that all of your assets are protected. Final Thoughts There is no perfect state to live in, and every place has its pros and cons. But, clearly, in Delaware, the pros outweigh the cons. And here at Loft Realty, we are always with you in choosing the best homes, insurance, and deals which makes the cons a little bit easier to manage. So, feel free to reach out to us today, and together let’s claim that dream home of yours here in Delaware!
Why Delaware is Better Than Maryland
Delaware is such a wonderful place to live in and consistently tops the list of the best places to retire. But Maryland, being a larger state and part of the five major cities in Northeastern US, you are now torn choosing between the two. So, which state is better to move into, Delaware or Maryland?Thankfully, you’re in the right place. Because we know that Delaware is a much better state to live in than Maryland. Here’s why. 1. Delaware has fewer people than Maryland In this crowded world, sometimes the fewer people around, the better right? Delaware is the second smallest state and the sixth least populated state according to the U.S. Census. Also, the most current data has gauged Delaware’s population to be around 900,000 people. Maryland’s population, on the other hand, is more than 6 times that of Delaware. The most recent data from the U.S. Census Bureau estimates that approximately 6 million people are living in Maryland. So, if you want to escape the urban grind and enjoy a less dense state, there’s more wiggle room here in Delaware! 2. Delaware is more tax-friendly than Maryland Delaware is known to have fantastic financial benefits, such as lower taxes and a cheaper cost of living. It’s all because Delaware is one of the tax-friendliest states as there are no local or state taxes, and no taxes on Social Security benefits. Also, there is a $12,500 exclusion on pensions or other eligible retirement income for anyone over the age of 60. Not only that, but homeowners aged 65 or older may qualify for a tax credit of $400 for property taxes. And depending on income, the state income tax rates can range from 2.2 percent to 5.5 percent if your income is less than $60,000 and 6.6 percent for incomes higher than $60,000. While Maryland also doesn’t tax the Social Security Benefits and shows a $29,000 exclusion on their pension, not all retirees are eligible. Also, Maryland has still been rated as one of the worst states in the U.S. to retire since it ranks low in affordability rates, making living expenses more expensive. 3. Delaware has a better climate than Maryland One great thing about Delaware is the pleasant, mild temperature throughout the year. In general, Maryland has hotter, sticky summers and more frigid winters. Average temperatures in July can range from 65℉ to 87℉, depending on the region, and January temperatures can reach as low as 20℉ to 40℉. On the other hand, Delaware's temperature typically ranges from 32℉ to 76℉ monthly, and the average temperature in the summer is 74.3℉. Not too hot, not too cold; just right. Isn’t that awesome? 4. Delaware’s proximity is more appealing than Maryland The main drawback of living in major cities like Baltimore, Boston, Philadelphia, Washington, and New York, is the high cost of living and expenses. Yet, Delaware is just 1-2 hours away from all of these major cities via car with much lower living expenses. And still, you get the peaceful borders of the Atlantic Coast and the world-famous Delaware Beaches like Rehoboth and Dewey Beach. Two birds in one stone, indeed! Final Thoughts Delaware and Maryland are great places to visit, live in, and retire, but if we were to pick one, we’ll definitely go with Delaware. Delaware is super tax-friendly, has a smaller and comfortable population, offers more suitable temperatures year-round, is near to all the major cities, has a lavish deal of history, and, well, has a 28-mile stretch of beaches facing the Atlantic Coast. If Delaware is not on your list, you’ll be missing out on a lot. Let’s get your dream home in Delaware by reaching out to us at Loft Realty and we’ll definitely get you a home here now!
Best Golf Courses in Delaware
Are you looking for a great golf course here in Delaware? Indeed, golf has become the favorite pastime of America. And you know that having a well-maintained golf course is a must if you love to play golf a lot. Perhaps you are just planning to move to Delaware, and you are wondering if there could be any good golf courses fit for you and your family and friends. Well, good for you, because Delaware is home to the best golf courses that are famous across the country. Continue reading as we list down the best golf courses in Delaware available for the public! Let’s dive in. Bayside Resort Golf Club, Selbyville Source: Bayside-hole-1aerial.jpg (2400×1600) (newgolftrips.com) Let’s begin with one of the most epic golf courses ever to exist in Delaware: the Bayside Resort Golf Club. Located in Selbyville, this golf course is adorned with dramatic views and designs that will surely give you an unforgettable play. Make sure to check out the Jack Nicklaus Signature Golf Course as it features incredible views along the coastline and breezes through glorious pine forests. Baywood Greens, Long Neck Source:Hole-18-IMG_3748_1.jpg (1920×1080) (pamsgolfoc.com) The Baywood Greens Golf Course in Long Neck is undoubtedly one of the best visually magnificent golf courses to ever exist in Delaware. It’s so beautiful that is described as the “Augusta of the North” and honored by Golf’s Digest as the Number 1 Golf Course in the USA in 2012. They have around 300,000 flowers, shrubs, and trees embellished throughout the course that will surely leave a lasting impression. White Clay Creek Country Club, Wilmington Source:home-billboard-1495x725.jpg (1495×725) (whiteclaycreekcountryclub.com) The next stop is the local favorite of Wilmington locals: the White Clay Creek Country Club. The White Clay Creek golf course sits at just over 7,000 yards and is very challenging but still playable. White Clay’s reputation lies in its abundance of amenities which makes you feel you’re in a private club. And the terrain is mostly flat so it's very suitable for beginners and pro golfers alike. Deerfield Golf & Tennis Club, Newark Source:938be923-22f3-5d7f-9715-57d36d8b8de7 (1400×921) (bazaarvoice.com) Another beginner-friendly course and still challenging enough for the pros is the Deerfield Gold & Tennis Club. Located in Newark, Deerfield boasts a 145-acre land with an 18-hole course for the public. And not only that, the land is so picturesque that they even allow you to have weddings, proms, gala dinners, and anniversaries here! Bear Trap Dunes Golf Club, Ocean View Source:B_Bear-Trap-Dunes_9x6.jpg (1300×900) (llnwd.net) And finally, you should check out the Bear Trap Dunes Golf Course in Ocean View. Bear Trap is included in the top 5 best golf courses you can play in Delaware for three years, so definitely this one is well-maintained with top-notch quality. What’s exciting is that it boasts 27 holes that are situated on a scenic stretch of coastline west of Bethany Beach. And you should check out their Black Bear/Grizzly combination hole, as it is the longest of the three golf courses filled with oversized greens that will surely leave you coming back again for sure. So there you have it! Our roundup of the best golf courses here in Delaware. If you love golf, you will never go wrong with either of our picks and what’s better than playing golf is by joining a community of golf enthusiasts here in Delaware! So, if you want to buy your home here and enjoy playing golf every month, then we at Loft Realty are here to assist you. Reach out to us today at Hello@LoftRealtyDe.com and who knows, maybe we can talk about it as we play golf!
7 Fun Restaurants in Delaware
Delaware may be a tiny state, but you’ll never run out of fun restaurants to dine in here. Most of the time, restaurants are not just merely about the food but also about the dining experience. And here, we have compiled the top seven fun restaurants to dine in Delaware that you and your family will surely enjoy! 1. Crooked Hammock Brewery Source: f1be9355f89333f1b9b58810a454b38b.png (1000×998) (maysportsplex.com) Let’s begin this list by checking out one of the famous restaurants with a very family-friendly backyard: the Crooked Hammock Brewery in Lewes, Delaware. If you are looking for a restaurant where you can take your kids, your family, and your pet, along with the goodness of beer and great music, this is the place for you. Their main attraction is their backyard outdoor restaurant setting filled with–you guessed it, hammocks. You can sit back and relax in their hammocks with a locally brewed beer in your hands. Also, there are mini-playgrounds and other outdoor games available for your young kids and those young-at-heart. With an ambiance like this, you might as well spend the rest of your day here! 2. St. George Country Store Source: 12795069_10153394053741088_5357447052921008433_o-700x525.jpg (700×525) (ehowcdn.com) The St. George Country Store is one of the hidden gems of Delaware when it comes to great restaurants with music. It may look like an old general’s house outside, but at night, it comes alive. This is a live Blues Music haven goodness every night as they serve delicious Cajun Food and top-notch wine and beer. This is a restaurant you won’t want to miss if you want to have fun, enjoy blues music, and indulge in great Cajun food. 3. Ali Baba Restaurant Source: ali-baba-middle-eastern-newark-de-interior-5-768x512.jpg (768×512) (vrconcierge.com) You might think you entered a Sultan’s home when you step inside this restaurant. Make no mistake; this is the iconic Ali Baba restaurant in Newark, Delaware. Only a handful of restaurants in Delaware serve Mediterranean food, and Ali Baba’s menu is the best among all of them. The ambiance is so good and will make you think you traveled to the Middle East. And one of their main fun features is the Hookah Lounge, where you can smoke flavored molasses called hookah in water pipes along with your friends–the Middle East version of vapes! 4. The Melting Pot Source:slider-locations.jpg (1600×864) (meltingpot.com) If you love fondue, this is the place for you. The Melting Pot in Wilmington offers the best fondue experience with state of an art indoor dining experience. The restaurant is so clean you might think you booked yourself a five-star hotel restaurant. Dip your favorite food in hot chocolate or boiling broth and the kids will surely love it! And, if you are a couple, you’re in it for a treat. The Melting Pot offers a Big Night for Two: a private table adorned with red petals that will surely set the tone for romance! 5. Boondocks Restaurant Source:11401099_977560965617762_4193349646362833674_n-700x394.jpg (700×394) (onlyinyourstate.com) The truck says it all, “Crabs Laid To Rest Here.” In the middle of fields east of Smyrna, you will see the Boon Docks Restaurant, and they serve only the fresh and best crabs in Delaware. Boon Docks is filled with fun decorations and art installations that will surely smile at you. Its backyard ambiance will surely make you and your family feel at home. And don’t forget to order their iconic Swamp Water cocktail, but make sure first that you have a designated driver! 6. Blue Moon Dining & Entertainment Source: 12366334_10153714032383290_2768221407186975050_n-700x384.jpg (700×384) (onlyinyourstate.com) If theatrics and comedy entertainment is what you’re looking for, you have to go to Blue Moon Fine Dining & Entertainment. This is the quirkiest restaurant in Rehoboth Beach, Delaware. When you enter this restaurant by day, you will be greeted by a fine-dining restaurant vibe. Make sure to taste their Fried Green Tomatoes and their Moon Pie, and you’ll realize that this is one of the best fine dining restaurants here in Delaware. But, when nighttime comes, Blue Moon starts to transform. Performers and comedians will take center stage and give their guests a really fun night with stories and quirkiness! You will surely leave this place full and smiling. 7. Back Porch Cafe Source: 259775_220065638025393_4605173_o-1-700x525.jpg (700×525) (ehowcdn.com) And the best way to round up our 7 Fun Restaurants in Delaware is none other than the quiet and cozy Back Porch Cafe in Rehoboth Beach. This gives you truly home vibes as you sit back and enjoy exquisite French cuisine and tasty American food. But, the real fun is when you walk up the steps. Back Porch Cafe has one of the coziest and most relaxing rooftop dining experiences you’ll ever have in Delaware. Here, you can have a sincere talk with your friend, or a soothing place for you and your family to unwind. Or, you can just bring your book and have your own quiet time here as you de-stress from the daily grind. And there you have it! Our 7 Fun Restaurants here in Delaware. If you are new here in Delaware or just visiting for fun, you will never go wrong with these restaurants. So, reserve your slots, pack those bags and get ready to enjoy and have fun with these restaurants!
If The Housing Market Crashed, What Would You Do Next?
Source:https://www.youtube.com/shorts/1SgePY9vfXs What if the housing market crashed? And if the Delaware home that you own worth $500,000 is now all of a sudden worth just $350,000, what are you going to do? This scenario terrifies a lot of people. Most people do not even want to talk about it. Hence, not everyone is prepared for it. But, this lack of engagement in the topic is the very reason why people always respond in panic. As a result, people become highly emotional with their decisions and quickly sell their homes at a loss. Thus, knowing what to do in the event of a market crash is a very wise thing to do as a homeowner. So, what if the market indeed crashed? Well, believe it or not, the best thing to do when the market crashes is… to do nothing. Here’s why. The Difference Between Today vs 2008 In 2008, a lot of people had what was called adjustable-rate mortgages (ARM). An ARM is a home loan with an interest rate that regularly changes for a specified period. This means that monthly payments can fluctuate up or down according to its certain financial benchmark, which is highly dependent on the direction of the US economy. Most of the time, the initial interest rate of an ARM is lower than that of a comparable fixed-rate mortgage. This is what makes it so attractive to first-time home buyers. However, ARMs are highly dependent on the interest rates that the Federal Reserve gives to the banks, which in turn adjusts their interest rates for the consumers and homeowners. In short, adjustable-rate mortgages are good for short-term loans, but for long-term? It could be a bad idea because no one can predict what will happen in the market. And the 2008 Market Crash proved it. How It All Went Downhill Now, these mortgage companies were giving people loans that they could hardly afford to pay as it was. And they kept saying that ARMs will continue to adjust favorably for them every year and they can pay it as long as they can since they believed that the housing market was rock-solid and would never crash. But, when the Federal Reserve raised the interest rates, banks needed to follow through. And when the banks raised their interest rates, people suddenly couldn’t afford their monthly payments. In other words, with an adjustable-rate mortgage, the bank could come in at any moment and just say that their mortgage payments are now bigger. That is not quite fair, right? Hence, homeowners began to default, and it’s like they are being forced to sell their property for a lower price. This cycle of homeowners defaulting and selling at lower prices and no one buying new homes caused the deep dive of the Market Crash of 2008. It’s Much More Regulated Now Now, the mortgage companies are highly regulated, and the people who have mortgages have better and stricter proof that they can afford them. People learned how adjustable-rate mortgages can be a source of disaster if not regulated properly. So, we don’t have a lot of adjustable-rate mortgages today compared to a decade ago. Hence, if you own a house, and the market crashes, the best thing to do is do nothing, be patient that things will get better, and just weather it out. We could only have a crash if we had a huge spike in supply or homes available to buy and a giant drop-off in demand for people who want to buy a home right now. And both scenarios are very unlikely to happen as we discussed in full here. Closing Thoughts Now, you know what you would do next if the market crashed. You can avoid rash decisions and keep your emotions in check, knowing that there is no market crash in sight. But no one knows the future, and being prepared is always better. Feel free to contact us at Loft Realty if you want to strategize and have a game plan for securing your Delaware home through these turbulent times.
12 Reasons Why People Love Delaware
Ask anyone in the United States about their dream vacation or retirement place. Chances are you will hear one state that always comes on top of their heads: the beautiful state of Delaware! Living in Delaware is a dream come true for others. Most Delawareans, a fancy name for the people of Delaware, never regretted moving in here and most of them stay here until they retire. And that is because people love it here so much! So, do you want to know why people love Delaware? Continue reading as we are going to list the top 12 reasons why people love Delaware, and surely you will love it here too! Let’s jump right in. 1. Nothing Beats Being The First Of course, there is a certain feeling of pride when you live in the “first official state” of the United States dating back to 1787. And the seaside town of Lewes is the “first official town” declared under the US Constitution. Thus, you can see a lot of historical places and museums across the state, and some preserved their antique look that all adds up to the prestige of being “the first!” 2. Super Tax-Friendly! Yep, you read that right. Delaware is one of the only five states that has no sales tax. This makes Delaware a shopper’s haven and you can save up taxes on your groceries! Not only that, but personal property taxes here are one of the lowest rates across the nation. There is also no state tax for your Social Security benefits for retirees. And as a bonus, for first-time home buyers, you are eligible for a federal income tax credit of up to $2,000 per year! Now you know why Delaware is the dream spot for retirement and why many people are moving here! 3. The Breath-taking Beaches of Delaware No place in the United States ever comes close to the beauty of Delaware beaches. And not only that, whatever type of person you are, Delaware has a perfect beach for you. Wherever you live in Delaware, you are always just 1-2 hours away from a pristine beach (Delaware has that many!). And not only the Rehoboth Beach and Dewey Beach are famous for their fun activities and music, but they are also consistently rated as the cleanest beaches you can ever set foot on in the United States, and truly, no other place comes close. 4. Outdoor Recreation Spots In Every Corner Delaware may be a small state, but in terms of outdoor recreation spots, you’ll never run out for sure. Delaware has over 16 state parks with 150 miles of biking and hiking trails across 10,000 acres of natural parkland. Whether you love outdoor kayaking fun on the beaches, biking under a huge canopy of trees and untouched nature bliss, or go sightseeing some birds in wildlife refuge spots, or go climbing trees and hanging obstacles, Delaware will surely satisfy the outdoor fix you are looking for! 5. Lots of Colorful Festivals. Delaware sure knows how to provide fun for everyone the whole year round. The sheer amount of festivals here is unbelievable and all of them keep the Delaware spirit alive. The most famous of them all is the Delaware State Fair, an all-out festivity that goes on for nine whole days! 6. Vibrant Arts Culture If you are an artist, Delaware will need to be your home. From the historical museums of Winterthur to the Art Loop of Wilmington every week, the Delaware community wholeheartedly supports the Arts in the same regard as businesses. You will have a constant stream of inspiration to do what you love and have a vibrant and loving community that you can hang out with to grow your craft even more! 7. Music Community for All Kinds Of People Ah, the Delaware Music scene. It’s like Delawareans live and breathe all kinds of music here. Name any genre you listen to pop, rock, acoustic, alternative, bluegrass, jazz, blues, reggae, and all things between, and you will see a restaurant playing that music for you! And do not forget to attend the biggest festival in Delaware, the Firefly Music Festival. All the top artists and musicians across the United States headlines here! 8. Booming Corporate Scene Delaware is not just about festivals and parklands, but more and more businesses choose to incorporate here. After all, about two-thirds of the Fortune 500 companies are incorporated here! Thanks to Delaware’s Global Innovation Program, business owners consistently rank Delaware as one of the most business-friendly states in the whole world. 9. The Sensational Blue Crabs With over 60 miles of “beach”, no wonder Delaware is the king when it comes to seafood goodness. And no one can top their amazing Blue Crabs! The Blue Crabs of Delaware is one of the best crabs you can taste across the United States. Just hop into any restaurant that serves it, and you will surely be amazed at how tasty and big these crabs are! 10. …And A Whole Lot Of Chickens! Not just seafood goodness, but there’s a reason why Delaware is nicknamed “The Blue Hen State”. Delawareans are so proud of our chickens that the Blue Hen is our official state bird! And, fun fact, chickens outnumber the people living here, as there are 200 chickens for every one person living here! 11. Don’t Forget The Drinks Delaware is home to a lot of amazing and iconic drinks, from the iconic Orange Crushes of Dewey Beach to the locally brewed beers of Crooked Hammock in Lewes. If you are looking for some adventure in your weekend drinks and beer, Delaware will always have something new for you! 12. A Giving State And finally, Delaware is known for giving and offering help with a huge volunteer base. And because it is a small state, Delawareans are always ready to help in floods, hurricanes, fighting fires, and everything in between whatever community you are in. Are You Ready for Delaware? Delaware is a state that can heal your soul. From the vibrant culture of arts and music to the outdoor parks and beaches, Delaware has everything for everybody, and these are the reasons why so many people love Delaware. So, if you are looking to move in here now, we at Loft Realty are ready to help you! Reach out now to us and together we can help you take hold of your dream home!
The Housing Market Crashes Tomorrow. Now What!?
Source:https://youtube.com/shorts/jpOyoKzEZjk Your worst nightmare happened. The housing market crashed. And the worst part about it is just a day before, you just bought your dream home. A lot of questions will start running into your head. Will your parents be disappointed in you? Will your friends laugh at you? For sure, your dog will not be looking at you the same way anymore. Or will he? Imagine you have the worst luck in the world. Imagine yourself buying a home, and the next day the market comes crashing down. Just the thought of it will probably make your stomach turn upside down. Or probably, you will hide and curl up in your bed in shame. But, do not fret. Three things are for sure in today’s context of the housing market. And yes, it is nowhere near what we have experienced in the global market housing crash that happened a decade ago. Let’s dive in. No Change in Mortgage Payment First, unlike in 2008, your mortgage payment is not going to change. That mortgage payment you got from your lender is locked in. And the only way that your mortgage payment will change is only if you had an adjustable-rate mortgage. Adjustable-rate mortgages were super popular back in the mid-2000s. Almost all homebuyers have it, even if they can’t afford it. Couple that with a lack of lending regulation, and that is the recipe for disaster of the 2008 Housing Market Crash. Today, adjustable-rate mortgages are not so popular anymore. Many people stay away from it, remembering its damage to the world economy. And the government has stricter regulations now on bank lending. So you can be assured that your mortgage payment is intact and there will be no surprise hikes either. Prices Will Go Back Up Again The second thing that we want to assure you is that the price is going to start going back up immediately. Many people sometimes do not have the slightest idea how many people out there are looking for a deal right now. And let us tell you: there are a lot. Some out-of-state buyers grab this season to buy and make deals for their dream home. Even If the price wouldn’t fall by twenty or thirty thousand dollars, people will still be right there to buy it up immediately. And mind you, they pay them in cash. People are more informed now, and a lot of people are retiring. Hence, these people have acquired more than enough money to buy their retirement homes. Sure, prices are slowing down a bit, but that doesn’t mean that the buyers are also slowing down. They are doubling down on grabbing the best deals of their lives. Your Home Is Still The Same And the third thing that’s for sure is that block, that neighborhood, that school district, that restaurant, that home you fell in love with that you just bought yesterday is still the same. What you could resell it for has nothing to do with the problems it solved for you. Final Thoughts The market is more protected and regulated now compared to a decade ago. So, rest assured that even if the market crashes tomorrow, your Delaware home that you bought is still worth it. And, prices will surely go back up. Hence, if you want to secure your dream home now before anyone else, reach out to us at Loft Realty and together we can make a game plan on how you can secure your dream Delaware home.
Is the Delaware Housing Market Going to Crash?
Source: https://youtube.com/shorts/FjHTZU6kyAw In the past few weeks, Delaware home prices have been rising. Mortgage prices continue to be unaffordable. What’s next? People may be unable to afford homes, and the housing market activity will halt. There will be an oversupply of homes with no one buying them, and it’s just a matter of time before the housing market prices will dive. Isn’t this the picture we had during the Great Recession of 2008? People are anxious that we will witness the same situation during the Housing Market Crash just over a decade ago. You can see people posting these sentiments in the news and on social media to stir up conversations. And you’re reading these because maybe you’re feeling the same urge to know the answer: Is the Delaware housing market going to crash? We’re glad you are here. There’s no need to worry since this is nothing like the 2008 Housing Market Crash. And here’s why. The Real Issue of the 2008 Market Crash In 2008, what we had was not a home price issue. What we had back then was unregulated lending issues. Here’s the story. We had people having home deals without verification or home inspections. People got approved with ninja loans even if they had 480 credit scores, and they got adjustable rate mortgages thinking the US economy would always go up and they would never lose their jobs. In other words, people not qualified for even one mortgage ended up closing home deals for not just two but three or more. At this point, the market and banks started to notice that things were going awry. So, when these unregulated lending practices went way out of control, banks raised the interest rates on the people actively paying their adjustable mortgages. And that event began the downward spiral of the housing market of 2008. Hence, the people who shouldn’t have a mortgage no longer afford their new mortgages. So, they tried to sell. However, they could not sell because no one could buy due to increased interest rates. Hence, the housing market prices went into a deep dive. And since there are way too many mortgages in effect that are way beyond the means of the homeowners, people continued to default in paying, and the housing prices continued to plummet. More people defaulted, housing prices continued to go down, and it happened week after week. And it popped. The housing market of 2008 just crashed rock bottom. Today, The Exact Opposite On the other hand, we have the exact opposite issue right now. We have a home supply issue. Yes, the interest rates make mortgages expensive mainly to slow down the demand for home buying to rebalance the supply of homes. But also, due to high inflation, home builders have not overbuilt homes either. In other words, not enough homes have been built, and not enough is up for sale. Not enough homes are being listed in neighborhoods. The supply did not outpace the slowing of buying demand. So, the market did not go out of control. In addition, lenders have strict lending standards today and are heavily regulated, which is a lesson they learned from the 2008 Housing Market Crash. So, for the past decade, the people with a mortgage can afford it and are qualified and verified. So, no more ninja loans! And, we have so many buyers via cash on the equity they’ve gained over the last few years, and people are just retiring. Just because you can’t afford it now in your situation doesn’t mean other people can’t afford it. In short, people have money! Closing Thoughts A lot of people are buying Delaware homes today, and the market is not going to crash. Houses haven’t been overbuilt, and lenders have strict lending standards. Put those two trends together, and you have a housing market unlikely to crash soon. So, if you are convinced and ready to put your fear aside and get your hands on buying a Delaware home, now is the best time. Reach us today at Loft Realty, and together, let’s buy you your next dream home here in Delaware.
Delaware Home Buying Guide | 3 Initial Steps to Buying a Delaware Home
Source: https://youtu.be/7ehaT5TqHI4 Are you looking to buy a Delaware home and don’t know where to start? I got you. In this Delaware home buying guide, let me walk you through the initial steps you need to buy a home here in Delaware. Are you ready? Let’s jump right in! Step No. 1: Find a Realtor The first step is finding a trustworthy realtor with whom you enjoy hanging out. On top of that, you want to make sure that they know the area, see the school districts, understand your wants and needs and have them at heart first. And of course, what better way to look for trustworthy realtors than here at Loft Realty! Here at Loft, we know Delaware homes inside and out, and we always consider your needs first and make recommendations suitable for you. And the most important part; you’ll surely enjoy working and hanging out with us! Step No. 2: Contacting A Lender The second step for most people will be contacting a local lender that knows the market. After all, you need a reasonable lender to provide you with capital to pay for your home more effectively. But, you may wonder, what kind of questions do lenders ask, and how does it affect your approval process? You might be anxious about them discovering you order Taco Bell every night. Or, you might be embarrassed that you don’t have $100,000 in the bank to make a down payment. Is the lender going to disapprove of you if you don’t have an 800 credit score like your parents? Calm down your worries. Yes, these lenders will look for your bank account activity, but don’t fret. All these lenders simply want to know the answer to this question: “do you make more than you spend?” Their findings will let them know if you can afford the new mortgage that you’re looking at and if you can sustain the monthly payments afterward. And when it comes to your credit score, you only need a 620 minimum credit score to be able to qualify for most government programs. Knowing these numbers will help your mind be at ease as you prepare your cash flow and credit scores before contacting a lender. Step No. 3: House-Hunting! Once we get your financial situation sorted out with your lender, we now go to the fun and exciting part! Step three is to get to look at some Delaware houses. You and I, your realtor, will work together, strategize your wants and needs and find what listing is available in the different school districts, neighborhoods, counties, or cities that best fits your situation. Once we find a home that suits you, we can start the transaction process, and that’s another set of steps for a different time. Delaware Home Buying Guide So, that’s it! You already know the first three steps in buying your Delaware home. And to further guide you, we put together a one-page, easy-to-read, simple document that outlines every step from just getting started to claiming the keys to your new home. Suppose you own a home and want to strategize how to time the current housing market. Or, maybe this is your first time buying a home. Either way, our Delaware Home Buyer’s guide is for you. To access this exclusive guide, simply click here or email us at Hello@LoftTeamDe.com because here at Loft Realty, we continue to be the difference you deserve.
Top 5 Exciting Things To Do In Delaware
Are you looking for exciting things and activities to do in Delaware? Maybe you're planning to buy a home here, and you're checking out what Delaware has to offer before moving in. Or, perhaps you're just visiting with your family and wonder where's the best place to have a good time for a vacation. Gladly, this blog is the right place to start, as we share the top 5 exciting things to do here in Delaware. If you try to do one of these, we guarantee you and your family will have a great time! Without further ado, let's jump right in. Rent a Kayak and Tour the Rehoboth Beach Source: https://www.delmarvaboardsportadventures.com/images/fl_items/80/original/386_img-1604-gallery-size.jpg If it's your first time in Delaware, check out Rehoboth Beach. Walk on the iconic boardwalk, smelling the ocean breeze, with many seagulls flying around to greet you--and we mean a LOT. You will see them as soon as you set foot on Rehoboth Beach. One of the most enjoyable things to do here is to rent a kayak and paddle around the beauty of Rehoboth Bay. You can also join kayak tours and excursions for 1-2 hours for a more guided and enjoyable ride. And, don't forget to check out the ketchup-free French fries at Thrasher's; those crispy treats are delicious. Treetop Adventure at Lums Pond State Park Source: https://i.pinimg.com/originals/bf/76/80/bf7680550c4027335f91b6ea85562f0f.jpg What if you and your family are more inclined to audacious and challenging nature activities? Delaware also has it for you, and you should check out Lums Pond State Park and try their Go Ape Treetop Adventure. The Go Ape Treetop Adventure Park greets you with around 60 treetop obstacles, hanging bridges, rope climbs, and long and exciting zip lines! They also have the Tree Top Junior version that's very safe for kids but still gets your children on an adventure! For those scared of heights, don't worry; adults and kids say playing around this park helped them eliminate the phobia. Here, you'll experience walking on hanging ropes and ladders, crawling on treetops, and at the end of it, there's an epic Tarzan swing waiting for you! If that doesn't sound like a real jungle adventure, I don't know what else will! Enjoy Rides at Funland Amusement Park Source:https://i1.wp.com/www.familyvacationcritic.com/wp-content/uploads/sites/19/2017/05/delaware-.jpg?resize=1920%2C1280&ssl=1 Do you love the classic rides instead and the vibrant atmosphere of an amusement park? Then definitely take your family to the Funland Amusement Park in Delaware. And yes, it's a land of fun! At Funland, your kids can enjoy engaging arcade games, various colorful rides, bump cars, a carousel, a haunted mansion, and their famous Sea Dragon pirate ship ride! This place is clean and designed for kids to be safe and have fun. Watch Birds at Bombay Hook National Wildlife Refuge Source: http://e360.yale.edu/assets/site/_1500x1500_fit_center-center_80/BombayHook_DelawareBay2_2000.jpg Want a mix of educational, wildlife, and environmental escapade? Look no further than the Bombay Hook National Wildlife Refuge. Bring your binoculars, cameras, long sleeves, and bug lotions because this is nature bliss at its finest. Bombay Hook is a bird lover's dream. Here, you can see different species of migratory birds in different seasons whenever you visit! It's as if all the beautiful birds that sailed through the Pacific Ocean make their first stop here to rest. You can also walk through hiking trails and bask in the natural sounds away from the cities. After visiting this place, you will have a deeper appreciation of life through the beauty of nature. Bike and Camp at Cape Henlopen State Park Source:http://cdn.onlyinyourstate.com/wp-content/uploads/2017/02/13668926_1078562838845883_581841856959255640_o.jpg And, of course, for the bikers and campers out there, Cape Henlopen State Park is the perfect spot for you. Here, you can "borrow a bike" and loop the park for 2 hours and see the richness of the forests, beaches, and dunes. You can also spend time with the community of bikers and campers here and spend the night! But, the best part of this state park is the Point Overlook, and here, you can see one of the best sunset views in the entire USA. You can witness dolphins, seals, and birds co-existing in the sea. Cape Henlopen is both a historical site and an excellent beach that will give you a relaxing and peaceful kind of fun. And that's it! If you are looking for exciting things to do here in Delaware, you will not run out of it. You will crave more of it and keep coming back! So, if you want to buy a home in Delaware, now's the best time! Once you're here, your weekends will turn into vacations every time!
Closing Costs: How Much Cash You Need To Prepare In Buying A Home
Source:https://youtube.com/shorts/FgbK44NXId4 You are finally ready to purchase your Delaware home and have reasonable cash prepared in the bank. But, you started to think about hidden costs or fees, and you don’t want these fees to catch you by surprise. Now, you’re wondering, “is my cash on hand enough to close a deal?” You came to the right place because this is usually the first thing we discuss during the initial buyer consultation. Surprisingly, many buyers often overlook one of the most crucial things in closing a deal for your home. More than the downpayment, equally important is the so-called closing cost. If this is the first time you have heard the term, don’t worry. This guide will tell you precisely the closing cost and why you should prepare for it. And no, it is not the same thing as your down payment. Let’s dive in. Closing Costs Defined Most people think the cash needed in closing is only the down payment. After all, it’s true that down payments are paid during closing. Hence, people get confident that they can close a deal for that home as long as they have money ready for 20%, 3%, or 5% of the listing price. But, closing costs and down payments are not the same things. In reality, you must set aside cash for the closing cost apart from the down payment. Simply put, Closing Costs are the fees associated with buying your home. These costs include your attorney, lender, recording, mortgage, and appraisal fees. It also consists of the Delaware transfer tax. Be mindful of it, though, as Delaware is the second highest state with the highest transfer tax. Do You Need to Pay Both? Yes, the buyers are responsible for paying both the down payment and the closing costs. Uninformed buyers are usually caught off guard and frustrated since they spend more than they have saved from the bank. Hence, these buyers have no choice but to settle on lower down payments to cover closing costs, leading to higher monthly premiums later. However, knowing the closing costs, you can prepare for it in advance. Assistance programs are available to help you cover the down payment and the closing price. So, How Much Cash Should You Prepare? So, when trying to budget how much you should save from purchasing a home, always consider closing costs. Here in Loft Realty, we usually advise buyers like you to estimate probably between 3-4% of the purchase price just in closing cost. Then, prepare a minimum of 3.5% for your down payment on top of your closing costs. This way, you will have a realistic headroom for closing costs, and they won’t surprise you when the final computation arrives. However, when it comes to real estate or realtor commissions, that is not paid by you as the buyer here in Delaware. That could be different in other states. So, clarify those with your realtor during the closing process. Final Thoughts Closing costs are not apparent since listings only emphasize the down payment. But, knowing what these closing costs are and how they differ from down payment makes you an informed buyer. Hence, you can come up with a realistic budget on hand before you close a deal with your Delaware home. If you have more questions, need assistance estimating and planning your down payment and closing costs, or want to inquire about realtor commissions, we at Loft Realty are always here for you. Feel free to reach us at Hello@LoftTeamDE.com; we are always happy to help.
New Castle County Delaware Housing Market UPDATE (August 2022 Edition)
Source: https://youtu.be/3rLhz8zTGHE Hello, New Castle County! It is time for our New Castle County Housing Market Update for August. Let's jump right in. Last year (2021), New Castle homes were selling for an average of $330,000. But this year (2022), average home prices increased to $360,000. Interestingly, this average sold price stayed the same from May to August this year (2022). With the average house price seemingly stuck at $360,000 for four months now, everyone is asking the dreaded question: is there a market crash in sight? Running the Numbers Before we answer that question, let's run some numbers first. The average price of homes continuously rose from January to May of 2022 before it evens out. So we can safely say that even though prices did not rise, they clearly do not show a downward path. The figures just evened out. The Days on Market (DOM) has also remained ten days per home from May to August 2022. In other words, every house listed is usually bought or moved under contract within ten days during the said period. Hence, the rate at which the home is purchased from the day it is listed did not decrease either and didn't show any sign of a downward turn. It's normal for people to fear that the housing market will crash and prices will decrease significantly. But, in reality, we are not seeing that happen. We are witnessing that the prices have gone to a plateau, which is telling us that the market is starting to stabilize. So what does this mean for you as a home buyer or a home seller? 1. No Market Crash in Sight There is no impending market crash in sight in New Castle County. We may not see an increase in home prices, but we do not see a decrease in prices either. 2. Home Price Normalization Home prices are beginning to stabilize after the steady growth we experienced from last year until May. Listing prices are now at a plateau, which means it will be much smoother for you to purchase a new home compared to the beginning of this year. 3. Accurate Expectations For home sellers, this is the time for you to have accurate expectations when planning to put your home for sale in the current New Castle market. Prepare yourself as there may not be as much buyer demand, especially if you list your home above the comparable sale values. Closing Thoughts Just keep in mind that fewer buyers enter the market due to the current rise of interest rates and inflation at an all-time high. This situation creates a less competitive environment than we saw at the beginning of 2022. But, you can be assured that a market crash is out of sight, and since the market shows signs of stabilizing, this is the best time for you to have a home in New Castle County! We understand that the state of the current housing market in New Castle County can seem a little bit confusing. So, if you have any further questions, feel free to contact us at Loft Realty by calling 302-753-5025 or emailing us at Hello@LoftTeamDe.com. See you at our New Castle County housing market update next month!
Sussex County Delaware Housing Market Update (August 2022 Edition)
Source:https://youtu.be/ZPrEcFOYo3Q Hello Sussex homeowners and homebuyers! Here is the Sussex County Housing Market Update for August 2022. Let’s dive right in. Last year, the average home prices in Sussex County were around $375,000. As opposed to this year, 2022, that number went up to $420,000 on average. We can observe that this is a slight pullback from last month (July 2022) because we saw the average price around that time reach $430,000. In other words, we have higher average home prices this year than last year, but compared to the previous month, the prices have started to decrease. When there are reduced prices, people begin to ask the question: is the market showing signs of crashing? Is the Market Crashing? So, even though we saw a 2% decrease in price, the state of the market still stayed the same. In other words, we still have tons of buyer demand. What’s the reason behind this? Well, it turns out there are buyers outside the state that keep the buying demand flowing. These buyers come from nearby states like New York, New Jersey, and Pennsylvania and buy homes in cash. You may find it controversial, but all these out-of-state cash buyers will keep that demand high for a long time. So what does this mean for you as a homeowner? 1. There is NO crash in sight. Yes, you can rest assured that there is no market crash in sight, at least the data and projections show. These are just minor swings in prices on both sides, but the difference is still too low to signal a market crash. 2. Home Price Normalization. After these small fluctuations, home prices are starting to stabilize. This means it's easier now for you to purchase your home this month than two or three months ago. 3. Healthy Economic Growth And this is the main advantage of the presence of these out-of-state buyers in our market. The main pro is that more people are coming into the state than people leaving. This influx of people buying homes in Delaware from other states leads to healthy growth in our market. The projection shows that we will have stable and healthy growth as the years go by in the city of Delaware. Hence, don’t fret. Instead, you can be confident that this month is a better and more stable time to buy your home than months ago! We understand this is a lot of information to take in. But the bottom line is if you are planning to buy a home, now is the best time to do it! And here at Loft Realty, we are always ready to serve you. So if you have any questions about the housing market in Sussex County in Delaware, please call us at 302-359-0500 or email us at Hello@LoftTeamDE.com. Stay updated on our next Sussex County Market Update!
How To Make Sure You Get The Delaware Home You Love
Source:https://youtu.be/SYmbP7LcaEY Have you ever fallen in love with a Delaware home at first sight? You already fixed your eyes on it but realized you’re not the only one eyeing the same house. Now, you are wondering how to ensure you will get it, among others. What kind of offer will stand out above other bids? Getting your offer accepted in today's market can be very challenging. You will have to do a few things that may or may not make you comfortable. But, if you want to make sure to take hold of your dream home, you have to fight for it and make an outstanding offer. And the best way to do that is to place a bid over asking. Offer Over Asking Almost every buyer will be putting in an offer over asking. This offer means you will submit a request above the seller's listing (or asking) price. Other first-time buyers often cringe when they hear this, but it's just reality! Why would you do that? Here are some strong reasons: 1. When we are in a Seller's Market It's called a Seller's Market because the buyer demand for homes rises faster than the supply of homes on sale. In other words, there are more buyers than sellers. Hence, there is more competition in your home. Since you are going up against other offers, placing a bid over asking will surely make the seller notice you. 2. When your home is underpriced Maybe the home you are eyeing is more affordable than others, which makes you ask, "What's beneath this listing?" You might think it's slightly shady, but don't fret. In reality, most sellers intentionally underprice their homes to start a so-called bidding war. Since the price is lower than others, people will likely place many bids over that beautiful home, hence the name bidding wars. So, the sellers can choose to look at a better deal for them. In this case, making your bid stand out by offering over asking makes sense. 3. When the all-cash buyers are around All-Cash buyers are ready to put all-in on the listing price, money down. And home sellers swoon over them, maybe because they need the cash sooner when they posted the listing. Whatever the case, these all-cash buyers are going for the home you love. Hence, placing an offer over the asking price might be more pleasing for your seller and likely lean towards you. 4. You adore the home and can't afford to lose it And finally, seeing your dream home in front of your eyes is a rare opportunity. And, you don't want money to be a hindrance between you and your future home. You want to fight for it. So, if you adore the house, placing an offer over asking will most likely seal the deal for you! Some Aggressive Tactics Now, we professionally do not like to recommend these aggressive tactics as the first option to first-time buyers. However, someone will inevitably come in with a better offer and waive inspections. So, if you're trying to be aggressive, that might be how we need to go. Some other aggressive tactics might include covering the appraisal gap or paying for the seller's transfer tax. But you have to do what's going to make you feel the most comfortable when you're putting in an offer. The Bottom Line On a scale of one to ten, how aggressive would you like to be with your offer for the home that you love? If it's only about two or three, checking with the listing agent to see what the other suggestions might be enough. But if you want to come in on a 10, we're going in strong for you! And you bet we'll get your future Delaware home under contract. Email us at Hello@LoftTeamDE.com, and together let's strategize and take hold of your dream home!
Why Telling The Truth To Your Realtor is Vital
Source:https://youtu.be/pPed4GMQs8Q We are all strangers to each other, whether you are buying a home or selling one. As a realtor, I meet people searching for Delaware homes (like you), and most of them have been great! But I’ve had a few experiences that are kind of… unique but very insightful for me and, possibly, for you as a buyer. My name's Amanda, and let me share one of my unforgettable encounters when I first started as a realtor. The Meeting So this client that I met was a nice guy when he came in here at Loft. He said he was a Zillow lead and a doctor and refused to elaborate. I don’t remember exactly the details of the doctor part, but one thing I do know is that he was flashy. Like, he had a beautiful car and all of this stuff. Then, he expressed that he wanted to see many beautiful homes in North Wilmington. Of course, he was one of my first clients when I started at Loft. And so, I went in and hopped on that train to go and see these gorgeous homes for him to see. A Personal... Proposal? However, the events did take a turn when we went to one home. As I showed him the unit, he told me a little bit about himself. And what I mean is, a bit more. He started sharing personal details you don't usually need to tell your realtor. He even proposed to me. Yes, you heard that right. He proposed. Here’s his story. He told me that he was divorcing his wife. Now, he had already bought another ring and was willing to give it to whoever would date him for the next month. And he asked me if I would be that person. To keep things professional, I did politely decline. Behind the Act And so, we got him and his desired home under contract. You know the process; we checked his credit scores and financial situation in detail to find the best solution that fits his needs. But we found out a staggering truth. All the flashiness I saw when he pulled up to that first showing was a lie. He was a compulsive liar! So, the moral of this story is, “Don't judge a book by its flashy cover, or accept a proposal from a random stranger at the showing." And here at Loft, rest assured that we keep things professional and confidential. Contact us today at Hello@LoftRealtyDE.com, and we’ll gladly guide you in buying your next home here in Delaware—no proposals needed!
The Give and Take Process to Enjoy Life as a Realtor
Source:https://youtube.com/shorts/76Yk49UOPBc So one of the best things about being a Realtor is that I have the freedom to create my schedule. Nothing beats being the master of my own time. I don't need to adhere to strict 9-5 schedules or have that strict time-in and time-out in a specific office. I can do my work anytime and place and reach out to my clients whenever they need me. And most people see it this way. If I don't want to work on a Saturday, I can say, "You know what, I'm going to write this day off and enjoy my Saturday!" But, that's not entirely true. Most of the time. Here's what I mean. Give and Take Much of my schedule is worked around my client's schedule. As a Realtor, one of my main jobs is always beingavailable for my clients and serving their needs. And that means I have to create and move my schedule so that my time and clients' time will carefully fit. In other words, the freedom to create my schedule doesn't mean more free time for me. So, suppose my clients are coming from Timbuktu and want to see five homes on that same Saturday. Well, I'm going to clear up my schedule so I can see those homes with them. Another thing is that I also have to be constantly looking for clients myself if things are a little bit slower. Closing a deal is a long and arduous process. And as a Realtor, I must be proactive and careful with my resources. I may have completed a sale this month, but my following income will probably take another three to four months. A Realtor's Calendar is of utmost importance and should always be flexible enough to accommodate my clients'time first. So, when it comes to my job, it is a constant give-and-take process. I have to both prioritize my schedule and, at the same time, prioritize the needs of my clients. The Delicate Balance I'll be honest. Balancing the things I want to do and working and being available for my clients all the time is hard. Sometimes, I find my calendar jam-packed, which could be overwhelming at some point. It’s not all rainbows and butterflies; it entails a lot of work and patience. But, it's those things that I've had to personally look inside, take careful steps, and create some boundariesbetween my work and my life to make everything work. This way, I'll still be able to have a life I enjoy while giving my clients the best parts of myself. And that sense of deep fulfillment is why I love to be a Realtor here at Loft Realty. If you want the best experience in buying or selling a home in Delaware, the Loft Team is always here for you. We always focus on serving and prioritizing your needs and making you feel like our top client. Email us atHello@LoftTeamDe.com today!
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