Top Real Estate Broker Gives Insight into Delaware Beaches Market

Caroline Allison sat down with Bruce Plummer, the Chief Operating Officer of Coldwell Banker Resort Realty in Rehoboth, Delaware, to talk about trends he has seen in the local real estate market. After talking a little about Viscape, Plummer said he thinks Viscape’s decision to showcase the Delaware Beaches area and its property listing feature could definitely boost a somewhat strained housing market.

With that said, he answered some of Caroline’s real estate questions and shared valuable insights into the Delaware Beach real estate market.

Can you share your insights into the market?

Right now, asking prices are much lower than a year ago. A lot of people bought properties based on future appreciation. Home prices are down 10-30% in the Dewey Beach area since the high. Buyers are offering between 7-10% below the sellers’ asking price.

Is now a good time to buy?

Inventory is the largest we’ve seen in years. For buyers, it is a great market because there is a lot of selection. But if you are dependent on selling another home somewhere else in order to buy one here, it gets tricky. Buyers are able to get great deals as long as they make reasonable offers on property.

Sellers are finding that they are having to dig their heels in if they want to sell.

How is the market for beach front property?

Beach front properties are still holding value! Beach front property has seen less of a drop than other areas and is only down 18-20%. They’re not making any more beach front property.

With so much selection, where do you see the most buying activity?

Builders are offering deep discounts on new construction in suburban areas, which is where we are seeing probably the most transactions occurring. A good price point for a single family detached home is between $300-$500K.

Favorite Area?

In terms of up and coming hot locations, Bruce is all about Lewes, Delaware, where he was born and raised. Lewes is like a small Williamsburg and has not seen the drop in prices as in other communities. Lewes offers home owners great weather, beautiful beaches, great schools, low taxes and is rated one of the best places in the country to raise a family!

Now is a great time to plan a vacation to the Delaware Beaches and maybe even search for that perfect vacation home that you have always dreamed of!

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