This morning I opened an email from John, a good friend and client, who posed the question
“Soon in Sussex County?”
He attached a link to an article in the New York Times about the housing shortage and its impact on homes sales, and purchases, in many key locations throughout the US including Sillicon Valley, prompting his question, “Could that be next in Sussex County, Delaware?” Basically, the article pointed out that some people are going up to the door on a home in a neighborhood where they want to live, start rapping on the door and making offer for the house by asking the owners “Can I buy your home for $xx?”
Let me rephrase the question, and ask “Where could that be next in Sussex County?”
For those looking to buy a home in Coastal Delaware in walking distance of the beach, I think it could be next or maybe it already is. When I get inquiries from people who say “ I don’t need to be right on the beach, but I would like to be in walking distance.” I know without asking that they are from New Jersey. Compare the coastline of New Jersey to that of Delaware and you’ll see what I mean.
East of Route 1 is one of the selection criteria in the Sussex County MLS. Well, just how much land does that cover? So I went to the map to see just how much land is available for housing in that area…
Not much, check it out!! The first thing you will notice is all of the green area – that is all Delaware State Parkland. Between Prime Hook National Refuge, Cape Henlopen State Park, the Delaware Seashore State Park and the Assawoman Wildlife Area in South Bethany, there is not much acreage left for residential homes or condominiums.
Recently I have been working with a couple that wants a home in the Rehoboth area on some kind of navigable water so they can put in their kayaks or a small fishing boat. The pickings are slim in their budget that could go up to $700,000 more or less. They are not being picky about the age or condition of the home but they want enough space for their family of adult children and grandchildren. The first home they wanted was under contract between the time they drove by and when they called me to make an appointment to see it. Now I just called to tell them the second home they were ready to make an offer on next week just went under contract. They are learning quickly that they will have to act fast and raise their budget to get what they want.
How low is inventory in Sussex County?
That depends! I know you hate it when I say that, but it’s true.
It all depends on what you are looking for, in what price range and in what very specific location.
Many of our clients are start out wanting a new construction home to be built in an active adult community. As new home prices continue to go up however, they become interested in looking at existing homes. A 5 year old home can often be a better value but they are not plentiful and the good ones sell quickly.
So, what I will say is that Sussex County Delaware is not yet selling like Silicon Valley but the pace of sales is strong!
To read the entire article from The New York Times titled, Rap on Door, Then an Offer for the House, click here.