General Area News

Found 41 blog entries about General Area News.

After the strongest start to the year in more than a decade, real estate activity slowed early this summer and the trend carried through August. Sales last month of both single-family homes and condo/townhomes were down considerably compared to August of 2017. Inventory is now on the rise in several areas and we will be monitoring closely to see if this brings more buyers to the area this fall.

 Bethany Beach to Fenwick Island Real Estate Summer 2018 Market Update

On a personal note, September is always a special time for me. It was 29 years ago this month that I started a career in real estate at the beach. I cannot begin to express how fortunate I feel to have earned the trust of so many of you over the years and today, my group is stronger than ever. We continue to work with far more buyers and sellers than any

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Bethany Beach-based team earns 141st spot on REAL Trends’ The Thousand list

 CHANTILLY, Va., July 9, 2018 – The Leslie Kopp Group of Long & Foster Real Estate has been named as one of the top real estate teams in the nation. The Bethany Beach, Delaware-based team ranked 141st nationwide based on its 2017 sales volume, according to the annual REAL Trends’ The Thousand list.

Kopp, who has specialized in the sale of coastal properties since 1989, attributes her team’s success to always putting her clients’ interests first, which results in many referrals from previous transactions. “Our team is honored to be recognized as one of the top real estate groups in the country, and we’ve worked hard to achieve this level of success,” said Kopp. “This ranking

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/Delaware Beach Property Values on the Rise

One year ago, we communicated to you that after nearly 5 years of price stability, we were beginning to see property values on the rise. As the graph illustrates, there is no question that prices continue to climb. The median sale price of single family homes and condo/townhomes sold through May of this year is up a significant 8% when compared to 2017. 

While values as a whole are still more than 20% lower than 2006 when prices peaked, the appreciation that the market has experienced over the last 12 months is significant! Please let us know if you are considering buying or selling at the beach.  We would love the opportunity to speak with you. 

Leslie  

 

*Data was derived from the Sussex County MLS. Includes new contracts on properties

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bethany beach real estate absorption rates

 

We are often asked whether it is a buyer’s market or a seller’s market at the beach. Knowing the Months of Inventory available helps to determine the type of market. Absorption rates tell us how many months it will take to sell all existing homes for sale at the current pace of sales. Generally, 7 months of inventory is a neutral market, more is a buyer’s market, less is a seller’s market.

The areas of South Bethany (4 months) and Bethany Beach (6 months) are both a seller’s market for single family homes. North Bethany and Fenwick Island are technically in a buyer’s market with 12 months of inventory. However, several properties recently listed for sale went under contract within a few days and some homes received multiple offers very

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There is no question that the pending tax reform bill has weighed heavily on the minds of buyers and sellers over the previous few weeks and although the final tax reform bill is certainly not perfect, we are pleased that it is significantly better for homeowners than previous versions.

Mortgage interest deductions have been reduced to a combined $750,000 of loan debt for primary residences and second/vacation homes. New homebuyers can deduct interest on up to $750,000 of combined mortgage debt. Current homeowners are grandfathered into the previous deduction to a combined debt limit up to $1 million. Proposals to eliminate the mortgage interest deduction on second and vacation homes were not passed with the new laws.

Interest

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Holiday Happenings in Bethany Beach

The first three Saturdays in December will bring the Bandstand back to life!  Gather with friends and family to spread some holiday cheer around the tree with performances by a different group each week.  We encourage you to bring hats, gloves, scarves, and canned goods to be donated to local charities. 

     December 2:  The Christmas Carolers

     December 9th:  The Mariner's Bethel Praise Band

     December 16th:  The Southern Delaware School of the Arts Show Choir

 

Tree Lighting in Bethany Beach

 

Visit the town's website for additional details: https://www.townofbethanybeach.com/367/Holiday-Happenings

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The Federal Housing Finance Agency (FHFA) has announced the 2018 Conventional Loan limits.

 For Sussex County, DE, the new loan limit is going from $ 424,100 to $ 453,100. 

 Loans with the new limits may close on or after 12/11/17. 

Search for your new home in Delaware:  http://www.bestofbethany.com/idx/search_form.html

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Long & Foster’s Leslie Kopp Group Ranked Top in Nation
Bethany Beach-based team earns 159th spot on REAL Trends’ The Thousand list

 The Lesie Kopp Group Bethany Beach

CHANTILLY, Va. – The Leslie Kopp Group of Long & Foster Real Estate, based in Bethany Beach, Delaware, ranked 159th among real estate teams nationwide based on sales volume in 2016 on REAL Trends’ annual The Thousand list.

Kopp, who has specialized in the sale of coastal properties since 1989, says she attributes her group’s success to always putting her clients’ interests first, which results in many referrals from previous transactions.

“Our group is honored to be ranked as one of the top real estate groups in the country, and we’ve worked hard to achieve this level of success,” said Kopp. “This ranking shows

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Courtesy of the Bethany-Fenwick Area Chamber of Commmerce

WHATS HAPPENING ON 404?!

 Delays are expected as the 404 widening project continues throughout the summer. Progress can be a tricky thing - to go forward it is often necessary to forge new roads, which has certainly been the case in the process of creating a dual highway between U.S. Route 50 and the Maryland/Delaware line. It has been the summer of slowdowns on Maryland 404, but the good news, according to State Highway Administration spokesman Robert Rager, is construction is on schedule. The timeline set forth by Gov. Larry Hogan for SHA to have four lanes open to traffic - two west bound and two east bound - by the end of November 2017 is approaching quickly. Learn more and stay up to

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Earlier this month, the Delaware General Assembly voted in favor of House Bill 279 which increased the Realty Transfer Tax by 1%. The increased tax will apply to contracts dated on or after August 1, 2017.

The current total transfer tax is 3% and it is typically split equally between the buyer and seller at the time of settlement. Half of this goes to Sussex County and half to the State of Delaware. The new bill increases only the state’s portion which means the county will receive 1.5% and the state 2.5% for a total 4% tax at settlement.

Delaware Transfer Tax


While this is important information especially if you are preparing for a future purchase or a sale, we do not believe the net tax increase of .5% for each party at settlement will have an effect on demand for

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