Boomers and Beyond at the Beach...in Delaware. by Active Adults Realty

Jan 16

Look back at 2010 real estate in Coastal Delaware

By Kathy Sperl-Bell

It’s a chilly day in January, a good time to take a look back at 2010 and see what it tells us about the real estate market in Coastal Delaware. Bill and I moved here in 2003 and have specialized and focused on Baby Boomers who either live here or want to live here at some point. What kind of home are Boomers buying in what kind of community? How many bought homes in 55+ communities? Is the average sales price going up or down?
The real estate market was hot in the early 2000s. By the time I got established, the seller’s market had hit the skids, but 2007 was my very best year.

How did 2010 compare to 2007?

For transactions in which we have represented the buyer or the seller, the average sales price has risen every year from 2007 through 2010. (more…)

Jan 10

About Kathy Sperl-Bell

By Kathy Sperl-Bell

Check out my about.me profile!

Jan 10

What not to do and retire

By Kathy Sperl-Bell

I was working with a wonderful couple that was looking for a retirement home here in Coastal Delaware. They had just retired, their family home was for sale, and Kathy was working with them to find a new home. Well, they found the perfect home and applied for a mortgage. Everything had been planned out very carefully and they had no doubt their small loan would be approved. They had perfect credit, their credit scores were excellent but their loan was denied! What went wrong? Before they retired, they had co-signed for car loans for each of their three children. That made it impossible for them to obtain mortgage financing. The banks treated the guarantee of their childrens’ auto loans as if they were actual debt.

Don’t co-sign a loan if you will soon need to go out and borrow money for yourself. If your co-borrower misses payments or defaults, the loan will negatively impact your credit rating by showing up on your credit record as an unpaid debt just as you’re trying to negotiate your own loan. This according to Lending Tree.

But today, even though their children were not delinquent on payments, the banks still considered their retirement income insufficient to cover those debts and their new mortgage. So, plan ahead and consider the impact of any financial decisions on your own future.

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