The sky is falling the sky is falling! Real estate doom and gloom is everywhere on the national news.
So what’s the truth? All Real Estate is local.
Just as the weather climate in Rehoboth Beach is different than it is in Alaska and Hawaii the same is true of the Real Estate Climate.
Our Southern Delaware Beach market has been relatively insulated from the rest of the country. While it is true that homes are staying on the market significantly longer than they have in the past we have not seen the huge price reductions and foreclosures that are occurring around the rest of the country. The predatory lending that was so prevalent in other states was significantly lower in Delaware. How many Foreclosures did we experience in Sussex County in the month of January 2008? There were only 29, the majority of which were in the working class towns outside of the beach resort area.
There were zero foreclosures in Rehoboth Beach, one foreclosure in Lewes, one foreclosure in Bethany Beach, zero foreclosures in Fenwick Island, zero in Dewey Beach, zero in Broadkill Beach, zero in Primehook Beach and zero in Slaughter Beach.
Please forget the doom and gloom portrayed by our national media. Interest rates are at an all time low hovering in the low 5% (you already missed the 5% rates in early February 2008) 6% - Feb 28 2008, there are a plethora of homes on the market to choose from and prices are the lowest they have been in years, Just don’t expect to find any 1/2 price give-a-ways, Delaware beach homes have held their value pretty well over the last two years. If you want half price homes this is not the market but I’ve heard they are giving them away in Detroit!
