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MOMENTUM EASES
The number of new single family home contracts in April were one less than a year earlier, and new contracts for condo/townhomes were substantially fewer (9 vs 14). In dollar terms, however, it was still a good month for larger single family contracts with 7 of 13 exceeding $1 million compared to only one in April 2010. The higher end market of $900,000 to $1,500,000 remains firm and well above 2010. The market just saw the first new contract over $5 million since 2007. I was fortunate to be on both sides of the transaction.
One of the more common questions I get relates to the difference between asking prices for properties and the amount for which they finally sell. Buyers want to know what percent below the asking price they can expect to pay and what their first offer should be. Sellers want to know how much ‘negotiating room’ they should have (the ‘gap’ between what they ask and what they hope to get). My answer to both buyers and sellers is the same: If the house is properly priced in the first place, there does not need to be much of a gap at all.
Earlier in this recent down-cycle, buyers made very low offers and many were eventually negotiated at large discounts from initial listing prices. In recent months that has changed and gaps are much narrower. My own strategy has always been to price realistically in the beginning knowing that 1) doing so attracts interest quickly and 2) in a buyers’ market like today a seller is able to hold tighter to their price if buyers are attracted early. So far this year, my listings have settled at an average of 5.8% below listing price compared to 10.7% for other listings.
-Written May 4, 2011
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948 Lake View Drive
Bethany Beach
$430,000
This Adorable Home With Large Windows, Vaulted Ceilings, And Sizeable Loft Is A Wow The Moment You Walk Through The Door. With The Backdrop Of Pine Trees, The Deck And Porch Are As Enjoyable As The Bright And Cheerful Interior.
Click to view: Fact Sheet | Virtual Tour
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212 Belle Road
Bethany Beach
$765,000
Short Sale! Enjoy The Fabulous Views Of Jefferson Creek From This Bright & Whimsical Canal Front Home. With Cheerful Decor And An Ideal Location, This Residence Offers Boating And Easy Access To The State Park Beach.
Click to view: Fact Sheet | Virtual Tour
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129 New Castle Drive
South Bethany
$775,000
Vintage cottage located on two prime canal front lots. Just a short walk to the Beach, this is a great waterfront investment or the perfect site for your new beach home.
Click to view: Fact Sheet
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39915 Assawoman Street
Bethany Beach
$1,600,000
Stunning Waterfront With Endless Views To The South & Impressive Views To The West Where The Sunsets Will Awe You. Relax & Unwind To The Gentle Sound Of Water Lapping Just Outside Your Living Room. Only A Few Short Blocks To The Beach, This Property Is About As Impressive As You Will Find.
Click to view: Fact Sheet | Virtual Tour
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523C Spinnaker Court
Bethany Beach
$389,900
Simply Stunning! This Townhome Is Like No Other, With It's Tile Floors, Unique Kitchen, And Custom Design. Located In A Quiet Community, Close To The Beach, With A Pool, Tennis, And Kayak Access.
Click to view: Fact Sheet | Virtual Tour
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43 Kings Grant
Fenwick Island
$669,000
This Sun Filled South End Bayfront Home Offers Splendid Views From Its Spacious Interior And Porches. In Impeccable Condition, A Community Pool, Breathtaking Sunsets And Just Across The Street From The Beach, This Is A Great Buy.
Click to view: Fact Sheet | Virtual Tour
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223 Wellington Parkway
Bethany Beach
$675,000
This Oceanside Lot Is Situated On One Of The Prettiest Streets In Bethany. With It's Ideal Location And A New Home Next Door, This Lot Is One To See.
Click to view: Fact Sheet
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401 Tamarack Drive
South Bethany
Was $479,000 NOW $445,000
This Exceptional Beach Home Has Been Lovingly Cared For And Is In Excellent Condition. With An Expansive Screen Porch And Deck Nestled Amongst Trees, This Picturesque Setting Is Only A Short Distance To The Beach.
Click to view: Fact Sheet | Virtual Tour
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2 Queens Quest
Fenwick Island
Was $1,195,000 NOW $1,089,000
Ocean Views From Decks On Every Floor Of This Spacious Oceanfront Townhome Where A Master Suite Which Occupies The Entire 3rd Floor & 2 En-Suite Bedrooms Share The 2nd Floor! With New Doors & Shutters And A Private Walkway To Beach,come Enjoy The Ocean Sounds,unspoiled Beach & Panoramic Views!
Click to view: Fact Sheet | Virtual Tour
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1100 S. Ocean Drive
South Bethany
Was $1,325,000 NOW $1,275,000
One Of The Lowest Priced Oceanfront Cottages For Sale On The Delaware Coast. With 3 Bedrooms And 2 Baths, This Is An Opportunity You Won't Want To Miss.
Click to view: Fact Sheet | Virtual Tour
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200 W. 10th Street
South Bethany
Was $989,900 NOW $895,000
A Great Waterfront Find! This Sprawling Home With Vaulted Ceilings And An Open Floor Plan Has Many Recent Updates Including A New Kitchen And Baths. On A Double Lot With Boat Dockage,this Property Is Full Of Character And Should Not Be Missed.
Click to view: Fact Sheet | Virtual Tour
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