Sussex in the News
Celebrating Home Ownership Month In Sussex County
James Diehl | Jun 23, 2011
A couple of weeks ago, Delaware Gov. Jack Markell became the latest in a string of state leaders across the country to declare the month of June as “Home Ownership Month,” illustrating the importance of real estate to grow and sustain the nation’s fragile economic recovery.
Despite its struggles in recent years, real estate continues to be one of the best long-term investments “from sea to shining sea.” Disregarding the appreciation that inevitably occurs over the years, other benefits to owning and maintaining your own home include tax advantages, long-term financial security and the freedom that comes with owning your own little piece of the American Dream.
“While it may be hard for people who have bought their homes in the last five years to see it right now, owning your own home is one of the best long-term decisions anyone can possibly make,” says Sandy Greene, 2011 president of the Sussex County Association of Realtors. “We’ve definitely hit a pretty big speed bump since 2006, but things will eventually work themselves out. And if you haven’t yet bought a house, right now is perhaps the greatest time in history to do so.”
Despite the current economy, home values in Sussex County have remained relatively strong compared to the rest of the country, where layoffs, plant closings and plummeting real estate values have hit residents especially hard.
Partly because of the area’s strong resort and second homeowner communities, real estate values have not been hit nearly as hard in southern Delaware, especially east of Route 113.
“We have had to weather the storm, to be sure, but I think we have effectively done so and are optimistic in the months and years ahead,” says Greene. “As long as we have the Atlantic Ocean close by and a low tax rate, people are still going to want to buy homes here. And that will keep us stronger than most areas moving forward.”
Even with the recent turmoil in the nation’s real estate and banking markets, the majority of Americans still believe in the value of owning their own homes, according to a survey released recently by the National Association of Home Builders (NAHB).
The survey of 2,000 likely voters in next year’s presidential election, which was released by NAHB on June 7, found that 75 percent of respondents felt that owning a home was worth the risk and fluctuations of the market. Additionally, an overwhelming 95 percent of homeowners said that they were happy with their decision to buy a home.
For good or for bad, there is no questioning the impact an area’s housing market has on the economy. According to the National Association of Realtors, the sale of a home priced at $173,000 generates $58,529 in economic activity, including fees for real estate agents and title companies. But that figure also includes components like furniture, services like landscaping and countless other items.
New home sales contribute even more to the local economy, including construction materials and jobs.
“There’s no question that owning your own home, whether new or existing, is a sound financial decision over the long term,” says Greene. “All of us at SCAOR applaud Gov. Markell and his colleagues around the country for recognizing this essential part of the American economy. Owning your own home is, and will continue to be, the American Dream, something that people all around the world aspire to.”
The Sussex County Association of Realtors was chartered in 1949 and has steadily grown in size, scope and mission during its more than six decades in Sussex County. It is a professional trade association with goals of carrying out a program of education and advocacy for real estate in the county.
SCAOR is a resource for the public, as well as a recognized advocate for property rights and property owners in Sussex County. The association also monitors legislative issues on the local, state and national levels that may impact home ownership in the area.
To read more about issues related to Sussex County’s real estate industry, visit SCAOR’s website at www.scaor.com.
