News
FOR IMMEDIATE RELEASE
Recent sales data continues upward trend in local real estate
Data released last week by the Sussex County Association of Realtors (SCAOR) continues to indicate a strong local real estate market in southern Delaware. These positive sales figures, compiled by the trade association for the first half of 2017 show sustained growth across all segments of the market in the state’s southernmost and largest geographic county.
The data is the latest in a string of positive reports for SCAOR, which has now reported years of strong data pertaining to Sussex County’s real estate industry.
“This quarter was especially positive, as Sussex County is buoyed by a large number of summertime visitors and buying activity in the second homeowner market,” says Brigit Taylor, 2017 SCAOR President. “But this month over month increase is important to note as it indicates a continuing interest in our area as a resort destination. Our proximity to the coast is definitely one of our strongest selling points, and one that has served us very well for many years.”
Residental* home sales for the months of April, May, and June rose in 2017, with 1,473 properties being sold during the quarter. This brings the yearly number of property sales this calendar year to 2,510, which represents more than $841 million in year-to-date sales.
With a 42% increase in total units sold over last quarter, home sales continue to rise. The average home in Sussex County in 2017 is selling for more than $335,000.
Also, Sussex County’s commercial real estate market continues to thrive in 2017, with a 19% increase in total units sold in this quarter over the first quarter of 2017, and a 40% increase in average price over the same quarter last year. That’s over 10 million in commercial sales volume in this quarter alone.
“Our proximity to the coastline and our lower tax rates continue to draw people here to Sussex County, and I believe that will continue,” says Brigit. “Our numbers are up, and I think a big reason for that is because residents of other states continue to see Delaware real estate as a strong investment.”
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.
*Note: language corrected from “Single-Family”.
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SCAOR offers a variety of annual Association memberships.
As a REALTOR – you join as a Primary Member, Secondary Member or MLS Only Member (Click here to figure out which type of member you should become).
If you interested in joining SCAOR or discussing your membership level, please contact Mary Hanley, Membership Coordinator. Membership dues are paid in October with the SCAOR fiscal year running from January 1 through December 31. Current Primary and Secondary Member dues are $260.
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| Shirlene Mann | ||
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| Christopher Roark | ||
| Brian ONeill | ||
| Sergei Kaganzev | ||
| Deloris Cauley | ||
| Keith Herrington | ||
| Robin T Jones | ||
| John Cusato Sr | ||
| Dana Wells | ||
| Donald E Schlater Jr | ||
| Patrice Bentz | ||
| Samantha Taraila | ||
| Nicholas David Smith | ||
| Heidi M Penuel |
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Continue ReadingAgendas for the upcoming Planning and Zoning Commission Workshops have yet to be posted, however, below is the list of the upcoming workshops.These are open to the public and we greatly encourage all to come and participate. Now is the time for the REALTOR® voice to be strong.
SCHEDULE
UPCOMING
Planning and Zoning Commission Workshop – July 14 @ 10:00 am view agenda
Planning and Zoning Commission Workshop – July 21 @ 9:00 am view agenda
Planning and Zoning Commission Workshop – July 28 @ 9:00 am view agenda
At the last workshop, they discussed a 300-page document that covered the conservation element of the Comprehensive Plan. To date they have had a discussion on two sets of data regarding population and population growth over the next 25+ years, they have discussed alternative housing options and community designs. They have discussed agriculture and agricultural land preservation and future growth. Discussions have also included TIDs (Transportation Improvement Districts) and the State’s push for Sussex County to establish a fixed zoning for these TIDs. The workshops have also included discussions on the history and historical preservation in Sussex County among other elements.
All workshops are held in the Sussex County Council Chambers and are broadcast live. The follow the development of the Comprehensive Plan you can click on the link below. A link to the life broadcast site is provided below the Comp. Plan link. You can listen to any, and all, previous workshops as they are archived on the site listed below.
SCAOR Public Policy Committee (PPC) has approved talking points that will be presented to SCAOR Executive Board for final approval so they can be read into the record at the next workshop. Stay tuned to see the position of SCAOR and the developing Sussex County Comprehensive Plan.
https://mediasite.sussexcountyde.gov/mediasite/Catalog/catalogs/public
As you may be aware, Sussex County Council approved an ordinance to amend Chapter 103, Article IV, Section 103-19D of the Sussex County Code to limit the “First Time Home Buyer” Transfer Tax Exemption, with a vote of 4-0-1 (4 yes, 0 no, and 1 absent).
To read Ordinance 2500, please click on the link below and then open the PDF file.
https://www.sussexcountyde.gov/first-time-home-buyer-transfer-tax-exception-ordinance
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Kindest Regards,
Patricia L. Anderson
SCAOR
23407 Park Avenue
Georgetown, DE 19947
302-855-2300
patricia@scaor.com
www.scaor.com
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Continue ReadingAs you enjoy the second half of the Summer season please remember that the end of the licensing cycle is creeping upon us. There is still plenty of time to fulfill your education requirements before the April 30 deadline.
Do you have an idea for a class? The Professional Development Committee would love to hear it. Please shoot me an email to share with the committee.
Attention New Agents:
- You receive New Salesperson Module 1 with New Member Orientation.
- Knock out New Licensee Modules 2& 3 on August 3 and
- New Salesperson Module 4 on August 9.
Puerto Rico – Education Adventure:
The week of October 15 SCAOR will be visiting Puerto Rico for the low price of $197 per person per night. This is an ALL INCLUSIVE opportunity. We will be offering NAR’s Resort, Second Home Property Specialist (RSPS) certification along with DE, MD and PA credits! Bonus tax write off! We only have a few rooms left, so give Dena a call at 302-678-5050 and book today.
Online Education:
Yes, we do offer online education! Click here for more information and to receive a discount.
Brokers Course:
Are you interested in becoming a Broker? Class begins August 29. Register today using “BROKER20” coupon code and receive 20% off until July 4. Did you know that taking the Brokers course satisfies ALL 7 MODULES?
Thanks, and as always, it’s a pleasure to serve,
Angela Emerson
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Angela Emerson, RCE
Sussex County Association of REALTORS®
23407 Park Avenue
Georgetown, DE 19947
(302) 855-2300
angela@scaor.com
https://www.scaor.com
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Continue ReadingChief Executive Officer
ADDENDUMS
Each year contracts fall apart because either a listing agent or a selling agent failed to keep a contract in full force and effect by failing to get an appropriate addendum signed. There are a number of situations where a timely addendum can make the difference between a transaction going to settlement or falling apart. Let’s look at some examples:
Mortgage Commitment – A mortgage commitment is due by a certain date. You call the mortgage company and they assure you the commitment will be in your hands by the due date. So you tend to forget about it until the listing agent calls a day or so after the commitment date and asks, “where’s the commitment?” You have just put your buyer at risk because in Sussex County our contracts have a Time-Is-Of-The-Essence clause which means all dates MUST be met unless a written addendum has been signed by all parties.
Home Inspection Dates – As a result of a home inspection being done, both buyer and seller have options open to them, and dates are attached to each one of these options. For instance, a home inspection might state that a buyer must notify the seller within 3 days of the home inspection what repairs he wants to the seller to make. A seller may take a position that if he doesn’t receive this request for repairs or an addendum extending the date for the request for repairs that he is no longer responsible for making said repairs.
Review of HOA or Condominium Documents – When a contract is contingent upon review of HOA or Condo documents within a specified date, or contains a DUCIOA Addendum, it would be wise to prepare an addendum in which the buyer acknowledges that he has received and read the documents, that he approves of same, and that he removes that contingency from the contract. If a DUCIOA Addendum is part of your contract, then the buyer should sign the Resale Certificate to indicate acceptance of all the documents within the required time.
Settlement Date – You may have an occasion where the buyer finds it impossible to get to settlement as per the contract date. Prepare an addendum asking for an extension of time for settlement.
Other Addendums
- Possession Before Settlement
- Possession After Settlement
- 1031 Exchange
- Rezoning
- Special Financing
- Clauses of the original contract that need to be changed
- Must Sell
- Property Must Appraise
The most important thing to remember on addendums is to get them signed in a timely manner. Mark your calendar a couple of days in advance of the required date; don’t wait until the actual date something is due to get an addendum signed. Failure to adhere to the dates specified in a contract puts your client at risk. Doing a good job and paying attention to our ratified contract will get us all to the settlement table. And that’s the ultimate goal!
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