Buying? Selling? Don't undervalue the home

Here are five things you need to know about getting a fair appraisal.

(Money Magazine) -- 1. The new rules don't guarantee accuracy
After the bust, lenders came under fire for pressuring appraisers to inflate property values. Now banks are largely required to work with independent appraisers, which should help fix the problems that may have led buyers to overpay.

If you're the owner and want to sell or refinance, however, it's up to you to make sure your home isn't mistakenly valued below your sale price or loan limit. That's because appraisal-management companies tend to hire workers who can get the job done quickly and cheaply, rather than those who know the area best.

"Appraisers say they're under pressure to crank out reports," says Albuquerque mortgage broker Walt Vieira.

2. Detective work may pay off
If you're selling or refinancing, a key factor in your home's valuation is the recent sales prices for houses that are comparable to yours. But your appraiser may not know if there is some unusual circumstance behind those numbers, such as a divorce or a job relocation.

So ask a real estate agent to help you ID recent comparable sales in your area and try to get the scoop on the circumstances from your neighbors. Most appraisers will appreciate extra information, says Michael H. Evans, a fellow of the American Society of Appraisers.

3. Curb appeal can boost your numbers
Appraisers don't give out grades for stellar housekeeping, but the appearance of your home nevertheless has some influence on their final number. "We're only human," says Evans.
So before the appraiser arrives, prepare your home for the evaluation the same way you would for an open house. At a minimum, mow the yard, shine the windows, tidy the closets, and pick up stray clutter from the floors. "The job of the appraiser is to look at the house through a buyer's eyes," says Leslie Sellers, president-elect of the Appraisal Institute.

4. Point out your home's best features
An appraiser who is under time pressure can't be counted on to notice and research every detail of your house and neighborhood. So before he gives your home a once-over, hand him a typed list of its best attributes. Key things to note: any recent upgrades or improvements in the house itself, such as custom woodwork or new windows, perks of your particular property, such as striking mountain views or mature landscaping, and the benefits of living in your neighborhood, such as access to top schools or public transportation.

5. It's okay to fight back after the fact
Request a copy of the final report when it's done; lenders are required to give it to you. Check for errors in key stats, such as square footage, and make sure that the comments portray your property accurately.

If you find a mistake, call the appraiser directly and ask him to recheck his work. If he's not willing to make changes, take your complaint to your state's real estate appraisal board, says Sellers. It's also worth letting your bank or broker know about your gripe, but remember, under the new rules they can't meddle with the appraisal directly.

By Sarah Max, Money Magazine
July 30, 2009: 4:11 AM ET
http://money.cnn.com/2009/07/29/real_estate/home_appraisals.moneymag/index.htm?postversion=2009073004

Beach to Bay Real Estate Center is a full service real estate brokerage servicing buyers, sellers and renters at the Delaware beach areas. We handle all forms of real estate, including residential, commercial, and lots and land, in addition to bank owned, short sales and auctioned properties and representation; mortgage needs including refinances, new home purchases, second homes, first time homebuyer programs and reverse mortgages; maintain professional relationships with local settlement attorneys, insurance companies, contractors, and inspection companies; and are affiliated with a preservation and restoration company. Beach to Bay services all of Sussex County, and southern Kent County, with a strong focus on the beach resort areas of Rehoboth Beach (19971), Lewes (19958), Bethany Beach (19930), Dewey Beach (19971), Milton (19968), Millsboro (19966) and more.

Home prices up for 1st time in 3 years

Index of 20 major cities rises on a monthly basis for the first time since July 2006, hinting that the worst of the declines may be over.

NEW YORK (CNNMoney.com) -- The value of U.S. homes grew on a monthly basis in May for the first time in nearly three years, according to 20-city index released Tuesday.

The month-over-month increase was 0.5%, according to the report from financial data company Standard & Poor's and economists Case-Shiller. It was the first increase in the monthly index since July 2006.

On an annual basis, home prices in the 20 cities fell 17.1%, but it was the second straight month that the year-over-year decline lessened.

"This could be an indication that home price declines are finally stabilizing," said David Blitzer, chairman of the index committee S&P, in a prepared statement.

While acknowledging that the report was good news, Mark Zandi, chief economist for Moody's Economy.com, downplayed the importance of a single month's statistics.

"I think it's a temporary respite," he said. "It reflects the recent decline in foreclosure sales, and prices will continue to fall over the next several months."

Robert Shiller, the Yale economist who co-founded the index and who's famous for warning that the housing boom was, in fact, a bubble, said the decrease in foreclosure sales does show up in the index statistics as a plus for home prices. That's one reason he did not want to sound too optimistic; foreclosures could take off again.

"And we could get more economic bad news, but it does look encouraging," he said.

He added that he thought that Washington's efforts have boosted the nation's spirits, an important factor for the housing market.

"The government has done a lot to support the housing market," he said. "Confidence has improved. People are talking about 'green shoots.' People are thinking it's time the recession came to an end. The stock market is up."
Cleveland gains: The improvement in the index was as broad as it was deep, with 13 metro areas showing gains, compared with eight in April. Two, New York and Tampa, Fla., showed no change.

The biggest winner was long-suffering Cleveland, where prices rose 4.1%. The city still falling the most was Las Vegas, where prices declined 2.6%.

The report added to the list of positive housing market indicators. These include rising new home sales, increased home building and increased pending sales.

Paul Bishop, the managing director of research for the National Association of Realtors, was glad to see the upturn but did not want to overemphasize the results of a single month, saying the economy is not out of the woods yet.
"Job losses could continue after the recession ends," he said. "That's where the economy intersects with consumers in the most tangible way. Until consumers have some level of confidence that the economy is improving, many will be reluctant to buy."

Washington's goal: Stabilizing the housing market has been a primary goal of Washington policy makers. Congress has tried to stimulate homebuying by creating a temporary tax credit of $8,000 for people who have not owned a home for at least three years.

The administration has also tried to tackle the foreclosure problem, creating a program to help mortgage borrowers avoid defaulting on their loan payments and losing their homes.

Zandi added that lenders are still figuring out the administration's foreclosure prevention plan, and have suspended the foreclosure process for many borrowers in default. That means fewer distressed properties, which tend to bring in lower prices, than usual.

One of the most positive things the government has done, according to Shiller, was to take control of the failing mortgage companies Fannie Mae and Freddie Mac.

These were government sponsored enterprises that guaranteed a flow of mortgage lending by buying or backing mortgages in the secondary market. Without government backing up these companies, mortgage lending would have dried up, which would have devastated home sales.

Lower prices: Prices have also fallen so far in so many places that it's drawing people back into the market.
In Las Vegas, prices are off about 53% from their peak, set in August 2006. Phoenix prices are down 54%.
Overall, the 20-city index is down more than 32% from its high.

Interest rates were very low in May, which also could have helped the housing market. The rate for a 30-year mortgage was well below 5% during the month, which encouraged buyers and drove up demand.

Zandi is hopeful that the market is stabilizing. "It feels like the cycle is winding down," he said. "I think it depends on how well the mortgage modification plan will work and I'm guessing it will work reasonably well."

One possible scenario, according to Shiller, is that home price declines end and then nothing happens for several years, the "L-shaped" recovery.

"Then, we can stop talking about home prices and get onto more interesting topics," he said.

By Les Christie, CNNMoney.com staff writer
Last Updated: July 28, 2009: 2:42 PM ET
http://money.cnn.com/2009/07/27/real_estate/May_Case_Shiller/index.htm?postversion=2009072814

Beach to Bay Real Estate Center is a full service real estate brokerage servicing buyers, sellers and renters at the Delaware beach areas. We handle all forms of real estate, including residential, commercial, and lots and land, in addition to bank owned, short sales and auctioned properties and representation; mortgage needs including refinances, new home purchases, second homes, first time homebuyer programs and reverse mortgages; maintain professional relationships with local settlement attorneys, insurance companies, contractors, and inspection companies; and are affiliated with a preservation and restoration company. Beach to Bay services all of Sussex County, and southern Kent County, with a strong focus on the beach resort areas of Rehoboth Beach (19971), Lewes (19958), Bethany Beach (19930), Dewey Beach (19971), Milton (19968), Millsboro (19966) and more.

38339 Old Mill Lane, Ocean View

To learn more about this property, please visit http://www.beachtobayrec.com/sales/propertydetail.php?mls=570954

To learn more about Anthony Kulp, please visit http://www.beachtobayrec.com/agents/agentdetail.php?agent=9

1 Sherbourne Lane, Rehoboth Beach

To learn more about this property, please visit http://www.beachtobayrec.com/sales/propertydetail.php?mls=569073

To learn more about Anthony Kulp, please visit http://www.beachtobayrec.com/agents/agentdetail.php?agent=9

To learn more about Rehoboth Beach, please visit http://www.beachtobayrec.com/community/rehoboth_beach_delaware.php

27189 Martin Farm Road, Millsboro

To learn more about this property, please visit http://www.beachtobayrec.com/sales/propertydetail.php?mls=570140

To learn more about Ron Massengill, please visit http://www.beachtobayrec.com/agents/agentdetail.php?agent=22

2 Pleasant Drive, Rehoboth Beach

To learn more about this property, please visit http://www.beachtobayrec.com/sales/propertydetail.php?mls=569346

To learn more about Anthony Kulp, please visit http://www.beachtobayrec.com/agents/agentdetail.php?agent=9

To learn more about Rehoboth Beach, please visit http://www.beachtobayrec.com/community/rehoboth_beach_delaware.php

15 Dartmouth Dr, Lewes

To learn more about this property, please visit http://www.beachtobayrec.com/sales/propertydetail.php?mls=570537

The learn more about Anthony Kulp, please visit http://www.beachtobayrec.com/agents/agentdetail.php?agent=9

To learn more about Lewes, please visit http://www.beachtobayrec.com/community/lewes_delaware.php

21025 Crazy Lane, Rehoboth Beach

For more information about this property, please visit http://www.beachtobayrec.com/sales/propertydetail.php?mls=570883

For more information about the agent, please visit http://www.beachtobayrec.com/agents/agentdetail.php?agent=10

For more informati0n about Rehoboth Beach, please visit http://www.beachtobayrec.com/community/rehoboth_beach_delaware.php

Sussex County, Delaware Home Sales - as of July 24, 2009

THe National Association of Realtors reports that existing home sales is up for the third month in a row. So, for our local market, things are looking up! The real estate market, albeit sluggish, is still continuing to surprise us with sales! Below is a breakdown of what has sold this year.

Single Family - 763
Condos / Town Homes - 267
Mobile - 115
Multi Family - 3
Lots / Land - 162
Farms - 6
Commercial - 22

The total closed real estate transactions for this year thus far is 1,338. The average list price, as of June 30, 2009, was $321,130, and the average sales price was $298,522. Homes are selling at 93% of list price, and averaging 201 days on the market.

Beach to Bay Real Estate Center is a full service real estate brokerage servicing buyers, sellers and renters at the Delaware beach areas. We handle all forms of real estate, including residential, commercial, and lots and land, in addition to bank owned, short sales and auctioned properties and representation; mortgage needs including refinances, new home purchases, second homes, first time homebuyer programs and reverse mortgages; maintain professional relationships with local settlement attorneys, insurance companies, contractors, and inspection companies; and are affiliated with a preservation and restoration company. Beach to Bay services all of Sussex County, and southern Kent County, with a strong focus on the beach resort areas of Rehoboth Beach (19971), Lewes (19958), Bethany Beach (19930), Dewey Beach (19971), Milton (19968), Millsboro (19966) and more.

$6 billion available to buy foreclosed homes

The government wants lenders to sell off repossessed homes quickly and it's lowering buying costs to get the deals done.

NEW YORK (CNNMoney.com) -- Home prices are at their most affordable in many years, which has opened up homeownership to many who had been locked out during the housing boom. And now, the federal government -- and many states - are launching plans to hook up buyers of repossessed properties with very attractive terms.

The feds made nearly $6 billion available for the Neighborhood Stabilization Program, which intends to combat blight by reducing the number of foreclosed homes on the market.

The money, which has only started to flow during the past few weeks despite much of it being authorized last summer, will go to state and local housing authorities and non-profit organizations involved in providing housing for middle- and low-income families.

"The NSP was designed to help deal with all the properties in foreclosure around the nation," said Antonio Reilly, executive director of the Wisconsin Housing and Economic Development Authority (WHEDA), which will administrate the program in several counties in the state.

The bulk of the NSP funds will come from the $3.92 billion that was approved as part of the Housing and Economic Recovery Act of 2008 passed in August.

By regulation, these funds must be spent in communities with the highest incidences of foreclosures and subprime loans. They'll go to helping households earning no more than 120% of the median income of the local area, with 25% of the money going to families earning less than half the median.All the home sales using these funds must be for primary residences.

Different plans
Much of the $121 million of the NSP funds allocated for Arizona will be used to purchase and rehabilitate foreclosed homes. The agencies involved will then sell the properties at discounts from their market values to middle- and low-income buyers.

In Wisconsin, WHEDA will use the money to subsidize mortgage loans for people buying foreclosures. They can either use it to buy down interest rates, for downpayments or to pay closing costs. Reilly said there could also be grants to homebuyers to make needed repairs.

In the Charleston, S.C., area, the Lowcountry Housing Trust, a non-profit organization, has $7.4 million to acquire and redevelop about 70 properties with 10 for quick resale. The others will be used for rentals.

In Las Vegas, the Department of Neighborhood Services will split the initial NSP funds three ways. About half of the $14 million it receives will go to a homebuyer assistance plan that will provide downpayment and closing costs assistance, and pay for some repairs. All told, a buyer may receive as much as $50,000 in assistance, according to its director, Stephen Harsin, though he expects the average to be about $30,000.

There will also be a lease-to-own program. And there'll be a program in which the department will buy and rehab housing, mostly single-family homes and condos, to rent out to low-income families. All told, about 300 homes will be put back on the market in Las Vegas.

In some hard-hit towns, such as Cleveland and Detroit, where many of the vacant foreclosed houses have already be so damaged by vandalism and nearby home values are extremely low, authorities want to use the money to demolish derelict houses. The lots will go into a land bank for later development when neighborhoods recover.

Little movement yet
Nationwide, the program has gotten off to a slow start and money is only now beginning to be spent.
Part of the lack of speed is conforming to all the rules and regulations governing the use of funds, according to Las Vegas' program manager Tim Whitright. Following federal guidelines, like filing RSPs (request for proposals), which draw ideas from community groups and other interested parties, have "slowed down the time line," he said.

He said it's now taking staff approximately four to five months to get the systems in place to implement the plan. Now, the first phase is ready to be launched.

One issue that slowed the implementation process for the Lowcountry Housing Trust were environmental regulations, according to Tammie Hoy, its executive director Before the group could use the NSP funds to buy up and rehab properties, it had to have studies performed outlining any environmental impact the deals might have.

It has completed that phase and now expects to begin buying properties by July 30.

More funds coming
Even before the first round of spending has filtered down to help many families buy homes, a second round of NSP funding is is poised to enter the pipeline. This money was approved as part of the Recovery and Reinvestment Act of 2009 (stimulus plan) that was signed into law in February.

It provides $1.93 billion to be allocated on a competitive basis. Potential grantees will be non-profits like community development organization certified by the U.S. Treasury Department.

They'll be judged on, among other things, their abilities to execute projects, how well they can leverage the money and how well the plans they offer can work to stabilize neighborhoods.

A third allocation, called NSP-TA, of $50 million provides cash to pay for technical assistance in running programs funded by the first two rounds of cash.

Beach to Bay Real Estate Center is a full service real estate brokerage servicing buyers, sellers and renters at the Delaware beach areas. We handle all forms of real estate, including residential, commercial, and lots and land, in addition to bank owned, short sales and auctioned properties and representation; mortgage needs including refinances, new home purchases, second homes, first time homebuyer programs and reverse mortgages; maintain professional relationships with local settlement attorneys, insurance companies, contractors, and inspection companies; and are affiliated with a preservation and restoration company. Beach to Bay services all of Sussex County, and southern Kent County, with a strong focus on the beach resort areas of Rehoboth Beach (19971), Lewes (19958), Bethany Beach (19930), Dewey Beach (19971), Milton (19968), Millsboro (19966) and more.

Best way to find a home loan

Mortgage shopping has never been more confusing. The secret is knowing whom to talk to, and when.

(Money Magazine) -- When the easy money was flowing, you could get a great deal on a mortgage from just about anyone. But in today's credit-challenged world, all the avenues for finding a mortgage come with their own set of problems.

Many banks have tightened lending standards and scaled back offerings. Some banks are no longer working with mortgage brokers, who are under fire for pushing bad loans during the boom.
And while online lending sites hold the promise of one-stop shopping, some have developed a reputation for playing bait-and-switch on rates and not fully disclosing fees.
All this adds up to a major shopping hassle. If you want to get the best rate, you'll need to tap at least two of the sources below.

Scour the Web
Shopping for a mortgage online has come a long way from the days of one-size-fits-all rate listings. At some sites, including Bankrate.com, MortgageMarvel.com, and Zillow.com, you can now shop anonymously and get accurate rates. Keep in mind that all these sites act as referral services, so eventually you'll have to close the deal with a bank or mortgage broker.

Best for: If you know what kind of loan you're looking for, the Web should be your starting point; getting a handle on the current rates and fees will help you know whether you're getting a good rate when you sit down with a broker or bank officer later on.

If you're not sure what kind of mortgage you need, however, you'll want to seek counsel from a real person right away.

What to watch out for: Sites that ask for your Social Security number and address upfront. They might pull your credit report, which could hurt your score if you don't end up getting a mortgage.
Also make sure that all the fees are clearly disclosed on a site's rate quote. Otherwise you may get a sorry surprise when you receive the paperwork from a lender.

How to get the best deal: When inputting data into the online mortgage tool, don't guesstimate your income, your credit score, or other key stats. If you submit incorrect information, you probably won't get the rate that you've been quoted.

Go directly to a bank
At the height of the credit crisis, there seemed to be little point in asking a bank for a mortgage. But banks are lending these days, albeit with some caution.

Best for: Borrowers who are looking for a conforming loan (less than $417,000 in most areas), since some lenders have stopped underwriting jumbos. Also, if you're refinancing, call your current lender first: To keep you as a customer, it may be willing to undercut the competition.

What to watch out for: Novice loan officers. "In the heyday, underwriting was a matter of pushing a button," says Steve Curnutte, a former mortgage broker. "Now you have to know what you're doing." To prevent your financing plan from fizzling out midway, ask to work with a loan officer who has been in the business for five-plus years, or since before the credit boom took off.

How to get the best deal: Shop locally. A loan officer who's familiar with the housing stock and the players in your area may have greater latitude to offer you a lower rate than one based elsewhere. Try the local branches of big-name banks as well as community banks and credit unions, which may be using the crisis as an opportunity to snag business from their larger brethren.

Call on a broker
Mortgage brokers doled out plenty of bad loans during the boom. But a good broker can give you more hand-holding than you'll get online and will scour the market more thoroughly than you're likely to do on your own.

When it makes sense: If you're in the market for a jumbo mortgage or financing for investment property, or you just don't fit the conforming mold, a broker will identify lenders who underwrite unconventional loans. "The more exotic your needs, the harder it is to find a loan right now," says Keith Gumbinger, vice president of mortgage information site HSH. "Finding that little niche is what a broker does best."

What to watch out for: Fees. Most brokers make money on the difference between the rate you could get and the rate you actually pay, and they aren't required to disclose their cut. One way around it: Work with a fee-only broker (you can find one in your area at upfrontmortgagebrokers.org).

How to get the best deal: Obtain rate and fee info from banks and Web sites before you talk to a broker. After all, a good broker can more than make up for his cost if he finds you a better rate than you'd get on your own. But if he can't, there are plenty of others who would love to have your business.


Beach to Bay Real Estate Center is a full service real estate brokerage servicing buyers, sellers and renters at the Delaware beach areas. We handle all forms of real estate, including residential, commercial, and lots and land, in addition to bank owned, short sales and auctioned properties and representation; mortgage needs including refinances, new home purchases, second homes, first time homebuyer programs and reverse mortgages; maintain professional relationships with local settlement attorneys, insurance companies, contractors, and inspection companies; and are affiliated with a preservation and restoration company. Beach to Bay services all of Sussex County, and southern Kent County, with a strong focus on the beach resort areas of Rehoboth Beach (19971), Lewes (19958), Bethany Beach (19930), Dewey Beach (19971), Milton (19968), Millsboro (19966) and more.

Home prices drop, but at a slower rate

S&P/Case-Shiller index down 18.1% year over year, but monthly drop narrows to 0.6% in April.

NEW YORK (CNNMoney.com) -- Home prices continued to tumble in April, falling 18.1% from a year earlier -- but the change from March narrowed sharply, indicating that housing markets may be starting to turn.

The 20-city slice of the S&P/Case-Shiller Home Price index recorded a drop of 0.6% from March to April, compared with a 2.2% drop in the prior month. The index has declined every month since July 2006.

"The pace of decline in residential real estate slowed in April," says David Blitzer, Chairman of the Index Committee at Standard & Poor's. "Thirteen of the 20 metro areas also saw improvement in their annual return compared to that of March."

Not only that but every metro area save one -- Charlotte, N.C. -- reported improvement in their monthly return compared with March.

"While one month's data cannot determine if a turnaround has begun, it seems that some stabilization may be appearing in some of the regions," said Blitzer. "We are entering the seasonally strong period in the housing market, so it will take some time to determine if a recovery is really here."
Blitzer pointed to some factors that may be lifting the housing markets. For one thing, the stock market bottomed out in March and started a strong recovery. The S&P 500 has gained about 37% since then. Consumer confidence has also improved, making house hunters more likely to pull the trigger on deals.

Not all optimistic: The housing market picture is still very murky, according to Pat Newport, a real estate analyst with IHS Global Insight. He's not convinced that the improved April report means much more than a seasonal variation in housing markets. Spring is, historically, a strong time of year for housing markets.

He said that not only are home prices still falling but other metrics, such as unemployment and foreclosure rates, are worsening as well.

"Foreclosures are still driving markets, and the rate of foreclosure is still going up," Newport said. "I think that's going to continue"

Job losses will all but guarantee that will happen, according to Newport, especially since price declines have put so many homeowners underwater, owing more on their mortgages than their homes are worth. By some calculations as many as 20% of homeowners are underwater.

When people are underwater and they're losing their jobs or some of their income, that's bound to result in more foreclosures, more vacant homes for sale and more downward pressure on prices.
Huge declines from peaks: Phoenix, where homes have lost 35.3% of their value over the past 12 months, was the worst performing market over that period. Las Vegas prices plunged 32.2% and San Francisco dropped 28%.

Denver prices fell the least over the last 12 months, down 4.9%, followed by Dallas at 5% and Boston at 7.7%.

Prices in Dallas rose 1.7% between March and April, the largest increase among the 20 cities. Las Vegas prices dropped 3.5%, the biggest decline -- which was still narrower than the month before.
Dallas also has suffered the smallest decline from the top of its market, off just 9.6% from its peak in June 2007. The rest of the cities have all suffered double-digit percentage drops from their peaks, with the worst being Phoenix, down 54.1% from June 2006.

Beach to Bay Real Estate Center is a full service real estate brokerage servicing buyers, sellers and renters at the Delaware beach areas. We handle all forms of real estate, including residential, commercial, and lots and land, in addition to bank owned, short sales and auctioned properties and representation; mortgage needs including refinances, new home purchases, second homes, first time homebuyer programs and reverse mortgages; maintain professional relationships with local settlement attorneys, insurance companies, contractors, and inspection companies; and are affiliated with a preservation and restoration company. Beach to Bay services all of Sussex County, and southern Kent County, with a strong focus on the beach resort areas of Rehoboth Beach (19971), Lewes (19958), Bethany Beach (19930), Dewey Beach (19971), Milton (19968), Millsboro (19966) and more.

Mortgage applications rebound

Requests for home loans and refinancing activity increased last week after falling to 7-month lows the week before.

NEW YORK (Reuters) -- Demand for mortgages to buy homes and refinance loans bounced from seven-month lows last week, with average 30-year borrowing rates unchanged, the Mortgage Bankers Association said on Wednesday.

The industry group's total loan applications index rose a seasonally adjusted 10.9% to 493.1 in the week ended July 3, after slumping the prior week to the lowest level since November.

Last week's report was adjusted to account for the Independence Day holiday on Friday.

A sudden spike in home loan rates from record lows in the spring had derailed a race by homeowners to cut monthly costs by refinancing.

The group's seasonally adjusted refinancing index rose 15.2% last week to 1,707.7, after a 30% plunge in the prior week.

Purchase applications, which lagged refinancing demand all through the spring home sales season, rose 6.7% last week to 285.6.

The average 30-year mortgage rate stayed at 5.34% last week. That was up from the record low 4.61% in late March, based on MBA data, but sharply below 7.04% in the same week a year ago.

On a four-week moving average, which smooths out volatility, the purchase index rose 1.4% and the refinance index fell 10.9%.

Beach to Bay Real Estate Center is a full service real estate brokerage servicing buyers, sellers and renters at the Delaware beach areas. We handle all forms of real estate, including residential, commercial, and lots and land, in addition to bank owned, short sales and auctioned properties and representation; mortgage needs including refinances, new home purchases, second homes, first time homebuyer programs and reverse mortgages; maintain professional relationships with local settlement attorneys, insurance companies, contractors, and inspection companies; and are affiliated with a preservation and restoration company. Beach to Bay services all of Sussex County, and southern Kent County, with a strong focus on the beach resort areas of Rehoboth Beach (19971), Lewes (19958), Bethany Beach (19930), Dewey Beach (19971), Milton (19968), Millsboro (19966) and more.

Sussex County, Delaware Home Sales - as of July 15, 2009

Times are changing, and with that brings a busy real estate market. Summer has been good for the county so far, and we hope it will continue. Our website, www.beachtobayrec.com, is the only one in the county to offer an exclusive FORECLOSURE/BANK OWNED page, and in the past 2 weeks, I have noticed very few new ones come on the market, and quite a few that have sold or under contract. This is encouraging news when you look at the big picture. This is an indication that the economy is turning slightly. Let's jsut keep our fingers crossed!

Here is a breakdown of what has sold this year thus far.

Single Family - 708
Condo / Town Home - 238
Mobile - 107
Multi Family - 3
Lots / Land - 156
Commercial - 22
Farms - 6

The total closed real estate transactions for 2009 is 1,240. The average list price as of June 30, 2009, was $321,130, with an average sales price of $298,522. Listings sold at 93% of list price and average 201 days on the market.

Beach to Bay Real Estate Center is a full service real estate brokerage servicing buyers, sellers and renters at the Delaware beach areas. We handle all forms of real estate, including residential, commercial, and lots and land, in addition to bank owned, short sales and auctioned properties and representation; mortgage needs including refinances, new home purchases, second homes, first time homebuyer programs and reverse mortgages; maintain professional relationships with local settlement attorneys, insurance companies, contractors, and inspection companies; and are affiliated with a preservation and restoration company. Beach to Bay services all of Sussex County, and southern Kent County, with a strong focus on the beach resort areas of Rehoboth Beach (19971), Lewes (19958), Bethany Beach (19930), Dewey Beach (19971), Milton (19968), Millsboro (19966) and more.