If you followed the herd in 2004/2005 you helped to fuel the market crash. As backward as it may seem, I had hundreds of clients looking to purchase at the top of the market. From 2004 – 2006 my phones rang every 15 minutes with people willing to spend top dollar for Rehoboth Beach condos. Now that area homes are priced a good 15% – 30% lower than they were at the peak of the market my phones are dead. While it’s true prices may go a little lower before the market picks up again, if you purchase a property at the beach now you are already doing 15% – 30% better that those who purchased at the peak. If you wait much longer interest rates may increase and at this time they are already so low that they are not likely to go much lower.
Don’t believe everything you see on TV. Loans are still easy to get if you have good credit and are willing to put 10% down.
Buck the trend and get away from herd mentality. There are currently some great deals on the Rehoboth Beach Real Estate market.
