September 2012 – Page 2 – Cooper Realty Associates

How Much Home Can You Really Afford?

When buying a home, many people end their thinking with whether or not they can afford the mortgage payment. Affording the mortgage payment is obviously a critical part of owning a home, but it is not the only part. There are many other costs that need to be factored into the monthly cost of home ownership. The two most commonly thought of our taxes and insurance. Property taxes cannot be avoided. Depending on where you live you may have multiple levels of property tax to pay (such as city AND county taxes). If you’re not sure, you can call the county property assessor’s office in your area. Finding out the final number before agreeing to the home purchase is key, because the number may vary significantly from the tax data on the real estate listing or even any estimate you’ve received. Taxes can add hundreds of dollars a month to your payment, so be sure to get the information before you close settlement.

Another big chunk of your monthly payment goes toward insurance. You can’t own your home without it. If you live in a flood danger zone, you will also have to get flood insurance which will be a second, separate policy. Combined with your mortgage payment and taxes, your monthly payment may be higher than you realize.

In addition to these costs that most people are aware of, beware the hidden costs of home ownership such as Homeowner’s Association fees, utilities, and maintenance costs. These are items you should budget for, but that not everyone thinks of. All together, your monthly home payment is way more than just the cost of the mortgage. Being prepared is about being aware of everything, so just be sure you’ve done your research and really understand what your home will cost each month before you sign on the dotted line.

Thinking of buying or selling a home in Sussex County? Give us a call at Cooper Realty Associates and put us to work for you – 302-629-6693.

Spotlight on Lily Thai Cuisine in Rehoboth Beach

Whether you already love thai food or just like to try new things, you should definitely check out Lily Thai Cuisine in Rehoboth (10 N. First St. in Rehoboth). No matter what you order off the menu, you are guaranteed a delicious meal and if you’re afraid something is too spicy you can ask them to take the heat down a few notches (or up a few notches if you love peppers!). The staff is friendly and accommodating, the atmosphere is pleasant, and the prices are moderate. Although some prices seem a bit high, the portion sizes and deliciousness of the food make it worth it! My personal favorite is Chicken Pad Thai, but I haven’t heard complaints about any of the menu options. There are even vegetarian and vegan options available. Lily Thai is definitely a restaurant to check out!

Thinking of buying or selling a home in Sussex County? Give us a call at Cooper Realty Associates – 302-644-2266.

Five Things To Know About Purchasing a Foreclosure

Buying a foreclosed property can be a great deal, but it can also be confusing and stressful. Here are five things you should know to make the process easier.

Take it or leave it. Foreclosures are sold “as is.” In a normal home sale the sellers are required by law to make all kind of disclosures about issues that the home has had in the past, repairs made to the home, repairs that need to be made to the home, etc. In the foreclosure process the banks make it clear that they don’t live in the home, have never lived in the home, and have no idea about the home’s history, so you won’t be getting disclosures of any kind. The home is yours to take or leave just as it is.

Check out the neighborhood. The neighborhood that the home is in can tell you a lot about the potential value of the home. Are there lots of homes for sale in the neighborhood? Are the homes primarily rental properties or are they owner occupied? Are the homes and yards nicely kept or is the neighborhood falling into disrepair? The answers to all of these questions can give you a good clue about whether or not you will be getting a good deal if you are to purchase the foreclosed property.

Forget contingencies. In a normal sale there are all kinds of contingencies that you can write into your contract without worrying about potentially losing the deal. One of the most common is to make your offer contingent on the sale of your own home, but there are many others as well. In a foreclosure sale no contingencies are the way to go. The less reason you give the bank to reject your offer, the more likely you are to get the home.

Use cash. Or at the very least have all of your financing secured. Pre-approval does not necessarily mean that the financing will come through quickly enough in the foreclosure process. The less hassle you have to go through to get the money, the better it is. Cash is always the best option.

It’s all on you. Depending on the laws in the area of the foreclosure you may have a short window of time to have an inspection done before committing to closing. In this case, everything is riding on you. It is up to you to know what work needs to be done to the home and how much it is going to cost. Again, this goes back to the fact that there are no seller disclosures when dealing with a foreclosure. Hire a trusted inspector (consider having two inspectors look at the property) and follow-up by hiring any necessary specialty inspectors and/or contractors to give you as much information as possible before closing because uncovering potential problems is your responsibility alone when buying a foreclosed property.

Cooper Realty Associates are REO specialists in Sussex County. If you’re thinking of buying a foreclosed property, give us a call and put our expertise to work for you – 302-856-6434.

Polkamotion By The Ocean

We’re taking a break from the Thursday Three this week to highlight a unique event happening at the Rehoboth Beach Convention Center starting today and running through Sunday. Head down at some point to check out the 33^rd Annual Polkamotion By The Ocean! The last surviving “Beach” Polka Festival in the U.S.! Admission ranges from $10-$17 depending on your age and the day. Children 16 and under are always free! In addition to a line-up of “polka hall of famers” they will be serving a menu of delicious Polish foods and $1 beers all weekend. Each day of the festival has a theme, including Polka T-Shirt Night and Polka Dot Night. Festival hours are Thursday-6pm-12am, Friday-4pm-1am, Saturday-4pm-1am, and Sunday-11am-6:30pm. If you’ve never experienced polka before, this sounds like a fun event and the perfect opportunity to do so! You can always count on Rehoboth for something fun!

Thinking of buying or selling a home in Sussex County? Give us a call at Cooper Realty Associates – 302-644-2266.

Weekend Update: September 14th-16th

Here are some fun events happening in and around our area this weekend:

Friday, 9/14 – Lightship Overfalls FallFest
The Overfalls Foundation will host its 4^th annual FallFest on the lightship grounds from 5pm-7pm Friday evening. The Overfalls is one of only 17 remaining lightships out of the 179 original ships built between 1820 and 1952. It was designated as a National Historic Landmark last year and is one of only seven in the country still open to the public. This event celebrates the history of our very own landmark and is free to the public. Everyone is asked to bring an appetizer to share.

Saturday, 9/15 – Arts & Jazz Festival
The Freeman Stage at Bayside (31750 Lake View Drive in Selbyville) hosts this awesome event from 10am-6pm on Saturday. Some of Delmarva’s finest artists will have work displayed and talented jazz artists such as Joe Baione, Grace Kelly, Ron Carter and more will perform. For more information call 302-436-3015.

Saturday, 9/15 — Fenwick Flicks
The Bethany-Fenwick Chamber of Commerce hosts this final free family movie of the season at dusk on Saturday (approx. 8:30ish). The film this week is The Zookeeper and it will be played on the beach at Bayard Street in Fenwick Island. In case of inclement weather, the movie will be on Sunday evening. For more information call 302-539-2100.

Enjoy this last weekend of summer!

Thinking of buying or selling a home in Sussex County? Give us a call at Cooper Realty Associates – 302-644-2266.

September 12, 2012

Today’s food for thought is from Calvin Coolidge: “If you don’t say anything, you won’t be called on to repeat it.” “Did you ever notice that politicians talk their heads off and never answer a question or say anything?” Fred

Fred’s pick of the day is MLS # 597832. This in-town (Greenwood, DE) bungalow is only $141,600. The home has 1800 sq. ft., 3BR, 3BA, a pantry, intercom, a formal Dining Room, and a renovated eat-in kitchen. Call me @ 302 258-6983 to see this home.

Refinancing Your Mortgage

With the current low interest rates, there hasn’t been a time in recent history that’s been better for refinancing a mortgage. If you’re thinking of refinancing, consider these tips to help you.

First, determine why you want to refinance. Is your goal to lower your monthly payment by extending your loan back out to thirty years or are you looking to reduce the total amount of interest you will pay over the life of your loan? Are you looking to consolidate debt, or hoping to get in or out of an adjustable-rate mortgage? Whatever your reasons, be sure to pinpoint your goals of refinancing. It’s never a good idea to refinance just because it “seems like a great deal!” After you know why you want to refinance, figure out how many months of paying your new monthly payment it will take before you’ve covered the closing costs of refinancing. If you don’t plan to be in your house long-term, refinancing probably isn’t the right choice. Likewise, if you’ve only been in your house a short time before refinancing, that might not make sense either. One thing to keep in mind, is that even if your interest rate is significantly lower, if you extend the loan terms back out to thirty years you are paying over a longer period of time and therefore it might not save you money in interest over the long run. If you are considering refinancing, the best advice is to understand the terms of your current loan and any refinancing terms you are considering, crunch the numbers, and speak to a trusted advisor about your options. Remember, refinancing can be a great deal, but it isn’t for everyone.

September 11, 2012

Today’s food for thought is from Buddha: “An idea that is developed and put into action is more important than an idea that exists only as an idea.” “Great thinkers need great doers.” Fred

Today we all should remember those events of 11 years ago. That idea of using civilian aircraft as weapons was developed and put into action, and that idea changed our lives. Most of the changes to our life style are negative. The good old days are not always good but I long for the days when we did not have to be stripped naked by an x-ray machine to take an airline flight.

If you live in Delaware, today is Primary Voting Day—PLEASE VOTE—DON’T SIT ON THE SIDELINES.

September 10, 2012

Today’s food for thought is from Bishop Robert Smith: “Passion is the drunkenness of the mind.” “Passion for cause can change history; passion for the opposite sex can cause all manner of difficulties.” Fred

Fred’s pick of the day is MLS # 594901. A very large 11 room Victorian Home in need of restoration in the quaint town of Bethel, DE has been reduced to $97,900. Call me at 302 258-6983 to see this home.

Be A Successful Home Buyer

The process of buying a home can be overwhelming, frustrating, stressful, and exhausting, but in the end having a place you love to call home is usually worth any hassle. If you’re looking to make the home buying process less stressful having a good agent that you trust is important, but there are also some steps you can take as a buyer to pave a smooth path for yourself. Before you even begin the process of looking at homes you should take a close look at your financial situation. To avoid overextending yourself you should get preapproved for a loan, have a realistic understanding of the monthly payment you can afford, and agree that you are not going to look at homes above your price range. After determining your affordable price range you should consider the goals you have for your home. It can be tempting to get caught up in the details of how many bedrooms and bathrooms you want, but considering the goals you have for your home will help you determine what is truly important and what you can compromise on. Being proactive will also help to smooth the process. As a buyer you can be proactive about securing financing, viewing only those homes that fall within your reasonable price range, viewing homes carefully and critically, reading inspection reports and following up, and negotiating the contract among other things. It is important as a buyer to be as proactive as possible throughout the entire transaction because when all is said and done nobody is going to care more about your new home than you are.

Thinking of buying or selling a home in Sussex County? Give us a call at Cooper Realty Associates and put us to work for you – 302-644-2266.

Spotlight on Henlopen City Oyster House in Rehoboth

With delicious seafood and an extensive raw bar menu, it’s easy to see why Henlopen City Oyster House (50 Wilmington Ave. in Rehoboth Beach) is one of the most highly rated restaurants in Rehoboth Beach. Henlopen City sources regional seafood markets, relies on locally grown fruits and vegetables, and only serves meats that have been raised locally. This ensures freshness and deliciousness! The only downside is that depending on when you go you might have to wait a bit to get a table since they don’t take reservations, but it is worth the wait. The food is worth raving about, prices are reasonable, and the service is great. Henlopen City Oyster House is a great choice for any occasion. The restaurant opens at 3pm daily and begins serving dinner at 5pm. You should definitely check it out.

Thinking of buying or selling a home in Sussex County? Give us a call at Cooper Realty Associates and put us to work for you – 302-644-2266.

September 7, 2012

Today’s food for thought is from Benjamin Franklin: “Well done is better than well said.” “Deeds trump talk.” Fred

Fred’s pick of the day is MLS # 596383. Here is a Farmhouse with 3 BR, 1 BA on .75 acre with many updates and is in move-in condition. The home is in Greenwood, DE and is only $95K. Call me to see this home at 302 258-6983.

5 Quick Fixes For Your Kitchen

Yesterday we looked at some quick fixes to update your bathroom, and today we tackle the kitchen!

1. Switch your faucet. There are many styles of faucet on the market, so replacing your old one can quickly up the style factor in your kitchen. Choose a faucet with the personality you want, but be sure that it will run well with your existing sink so you don’t have to change everything!

2. Replace an appliance. If it’s in your budget, replacing an old refrigerator or dishwasher can instantly update your kitchen. And, replacing an old appliance with a new energy efficient model can save you quite a bit on your utilities, almost paying for itself.

3. Replace your hardware. If your cabinets are in good condition, you can give them a whole new look by replacing the handles and pulls. Hardware stores, home improvement stores, and even antique shops have an unlimited variety to choose from, so you can pick the style that fits with your vision for the room. Depending on how many cabinets and drawer you have, replacing everything should only take a couple of hours, if that.

4. Add lighting. Replacing existing light fixtures with a more sophisticated model can quickly give your room new life.

5. Dress it up. For a more time extensive project, consider replacing your backsplash. Many companies make tiles that come in sheets but look like individual glass tiles. With unlimited style and color options, the sky is the limit!

Thinking of buying or selling a home in Sussex County? Give us a call at Cooper Realty Associates and put us to work for you – 302-644-2266.

Thursday Three: 3 Quick Fixes For Your Bathroom

If you’re looking to give your bathroom a quick face lift, try these three relatively inexpensive updates

If you’re looking to give your bathroom a quick face lift, try these three relatively inexpensive updates:

1. Hang a medicine cabinet. If you choose a cabinet that can mount directly on a wall, this project should take less than an hour! You can choose a cabinet that suits your style, use a stud finder and a drill to hang it and voila, your bathroom has some new personality.

2. Replace your showerhead. A new showerhead can make your existing shower feel like a spa. There are many models on the market. A low flow model can save you money on your water bill, and as far as style, water flow, and price range, the choices are virtually endless, so you can pick the one that’s perfect for you.

3. Change the sink. Changing your sink is a bit more time consuming, but if done correctly can be relatively painless. Choose a model that gives your bathroom the look you’re going for, but be sure it fits your needs as far as storage, rim room, and practicality as well as style.

Thinking of buying or selling a home in Sussex County? Give us a call at Cooper Realty Associates and put us to work for you – 302-856-6434.

September 5, 2012

Today’s food for thought is from Aristotle: “Those that know, do. Those that understand, teach.” “The plumber knows how to do his job, a teacher can either teach the facts or try to alter them for an addenda known only by the teacher.” Fred

Fred’s pick of the day is MLS # 595854. This home is on almost 2 acres, has an in-ground pool, 3 BR, 2.5 BA in 2400 sq. ft.; Updates include new paint, granite, and flooring all for only $259,900, in Seaford, DE. Call me to see this home at 302 258-6983.

Weekend Update: September 7th-9th

If you’re looking for something fun to do this weekend, check out these local events:

Thursday, September 6^th-Saturday, September 8^th: Riverwalk Freedom Festival in Milford
This annual event in Milford begins with a 5K run/walk on Thursday, and continues from 4pm-9pm on Friday with a “Park Party” at Bicentennial Park. The “Park Party” is free and includes food, vendors, live entertainment, a boat parade, and fireworks at dusk. The festival concludes on Saturday with events from 10am-4pm including a vendors, food, live entertainment, a car show, and more. The annual Duck Dash will take place on Saturday with $350 in prizes up for grabs including $200 to the first place winner! There will also be a Kids Korner with pony rides, inflatables, games, a petting zoo and more! For more information check out this link.

Saturday, September 8^th: 34^th Annual Bethany Beach Boardwalk Arts Festival
Head down to the boardwalk in Bethany for a premier fine arts festival this weekend. Featuring over 100 skilled artisans, this juried show attracts more than 7,500 visitors yearly. The festival takes place from 10am-5pm on the boardwalk and surrounding streets, with a silent auction to benefit the art programs at four local elementary schools from 10am-4pm. Participating artisans work in basketry, clay, drawing, fiber, glass, jewelry, metal, mixed media, painting, photography, wood, and more.

Saturday, September 8^th – 7^th Annual Chocolate Tasting in the Park
Head into Cape Henlopen State Park to sample all kinds of tasty chocolate treats! The $5 admission includes 6 samples. All the chocolate is homemade! This delicious festival runs from 1pm-4pm.

Saturday, September 8^th – Town-Wide Yard Sale in Milton
If you like to score deals then check out the annual town-wide yard sale in Milton beginning at 9am.

Sunday, September 9^th: Concert in Cupola Park
This concert at Cupola Park is Millsboro features Jr. Wilson with special guiest Kathie Martin. The show begins at 6pm and is free for everyone. Don’t forget to bring a lawn chair!

Sunday, September 9^th: Chicken Plunge and Beach Party
This all day beach party takes place in Rehoboth at Grenoble Place and the Boardwalk. Games, food, face painting, and more are part of the fun! Tickets are $1 each or 12 for $10. The Chicken Plunge takes place at 1pm and you must be registered. For more information check out this link.

Thinking of buying or selling a home in Sussex County? Give us a call at Cooper Realty Associates and put us to work for you – 302-644-2266.

September 4, 2012

Today’s food for thought is from Aristotle: “We are what we repeatedly do. Excellence, then, is not an act, but a habit.” “Excellence learned as a habit must not fall victim to corner cutting, which is an act of haste.” Fred

Fred’s pick of the day is MLS # 586894. This in town Colonial in one of Seaford, DE best neighborhoods is now only 197,000. This home has 5BR, 2BA, in 3300 sq. ft. and a beautifully landscaped yard. Call me to see this large home at 302 258-6983.

Around the World Film Series in Rehoboth Beach

This week the Rehoboth Beach Film Society and Lewes Public Library kick off the 2012-2013 season of their critically acclaimed international independent film series. This season’s theme is Around the World, and it begins tomorrow night, September 5^th in the upstairs screening room at Movies at Midway (Route 1 in Rehoboth). The film kicking off this series is Hospitalite, a comedic film that won the Best Independent Debut Award at the Tokyo International Film Festival. The film description states: “This raucous comedy follows Mikio Kobayashi, who lives quietly with his wife, daughter, and divorced sister in downtown Tokyo, where the only recent excitement is the disappearance of a pet parrot. But a stranger appears and stirs up the monotony of Mikio’s former life with affairs, blackmail, and rampant youthful partying.

The movie begins at 7pm and admission is free. This film is in Japanese with English subtitles. For more information or a more in-depth summary of the film, check out the Rehoboth Beach Film Society website.

Thinking of buying or selling a home in Sussex County? Give us a call at Cooper Realty Associates and put us to work for you – 302-644-2266.

Pricing For Multiple Offers

A seller’s dream is to have multiple offers come in on their home. One way of driving multiple offers is to list your home at a lower price than it might be worth.

A seller’s dream is to have multiple offers come in on their home. One way of driving multiple offers is to list your home at a lower price than it might be worth. When this happens, competing offers can drive the price up and often result in a higher selling price than if you just listed your home at the right price to begin with. However, this pricing strategy is inherently risky. There is always a chance that you could end up with a single offer at or below the already low (in your opinion) asking price. If this is a strategy you are considering I encourage you to be smart about it. To make it work you should consider pricing your home at the low end of the range your comparables uncover. The risk of pricing your home 2 or 3 or 4 percent below estimated market value may seem like a risk worth taking, but listing 20 or 30 percent below market value probably isn’t. If you think this is something you may be interested in your agent should definitely be able to talk you through other pros and cons of this pricing strategy and let you know if they feel it is right for you and your home. Just remember, the bottom line is that you should never agree to list your home at a price you’d be upset to accept.

Thinking of buying or selling a home in Sussex County? Give us a call at Cooper Realty Associates and put us to work for you – 302-629-6693.

September 1, 2012

Today’s food for thought is from Meister Eckhart: “When you are thwarted, it is your attitude that is out of order.” “Defeats or lost opportunities are often caused by attitudes.” Fred

Fred’s pick of the day is MLS # 598210. There are amazing panoramic views of Blackwater Creek from this 4 BR, 3.5 BA home with a large sunny great room/kitchen combo, a 4 season room, and a 2 car garage in Dagsboro, DE for only $325,000. Call me at 302 258-6983 to see this home.