In a buyer's market or a seller's market - the best property in the best location at the best price will always sell. Only the actual price at which the home sells is different.
When prices peaked in 2005, some buyers were priced right out of their neighborhoods of choice and had to compromise on location. New communities sprung up and for a while they outsold more established neighborhoods on the outskirts of town. Buyers were wowed by the model homes with open floor plans and gourmet kitchens and made do with the location a little further out than they hoped.
Were noticing a renewed interest in the established neighborhoods closer to or right in the heart of in town. The combination of low interest rates and lower prices has helped buyers rediscover some of our favorite communities in Coastal Sussex. Would you rather buy an older home within blocks of the canal and the town restaurants and shops or a new home in a new subdivision 30 minutes away? Do you want to be East of Route 1 so you can hop on your bike and ride to the beach or out in the county on your 5 acre lot spending time on your riding mower?
Theres a segment that Barbara Corcoran does periodically on the Today Show called What can you get for $400K - $500K (or $200K - $400K)? She looks at a particular price range and then compares what you can get in Boise to what you can buy in Los Angeles or Boston. As you can imagine, its all over the place.
Well if you look in Sussex County at what you can buy between $400,000 and $600,000 for example, you can find a choice of homes in Rehoboth Beach Yacht and Country Club or The Glade as well as Pilottown Village or Pilottown Park. You can find properties in that same price range in Retreat at Love Creek or perhaps Winding Creek Village or you can also go to Seaford and buy an elegant home in Rivers End.
At least for now, price might not be the biggest factor when you begin your search for that dream home at the beach. Whether its a vacation home or a retirement home, start with your preferred location and then choose the best home you can afford. It may not be the biggest home you can buy and it might not have as much storage space, but youll be happier living where you want to be. When it comes to real estate, it really is all about location, location, location!