Dewey Market Watch 9/18/21 thru 10/13/21

     Happy autumn!!! Temperatures have cooled but not the market. Low inventory continues to plague the market. Presently there’s two single family homes and four condos on the market in the town of Dewey. Indian Beach, Chancellery, Dodds Addition, Killens Addition, Silver Lake Manor, Ann Acres and Poynters Addition only have two single family homes and one condo on the market. That’s a total of four single family homes and five condos from Robinson Dr. in Silver Lake Manor to the south end of Dewey in the Chancellery. Not much, not much!!

     Sellers and owners beware!! I’ve come across from very disturbing intel that I think that you should be aware of. I’ve witnessed three transactions that could have ended very differently. All three scenarios were single family home owners that were getting either appraisals or a quote by a local agent. The 1st scenario was an owner who was considering selling so they obtained an appraisal. The appraisal for a fee simple 50 X 100 lot with a tear down was appraised at $450K this past April. I listed and sold the home for $925K. The 2nd scenario an owner received a quote from an inexperienced agent for $700K for a fee simple 50 X 100 lot with another possible tear down. Leased land properties in Reho. By The Sea are selling at a starting price in the low $800’s! The home has a value between $1.2M to $1.3M. My quote was based on recent comparable closings. The third scenario was an appraisal for an estate that came in at $750K for another fee simple 50 X 100 with a home that needed a renovation but surely not a tear down. In today’s market the property would be valued between $1.2M to $1.4M. Both appraisers and the agent used closings that were 2-3 years old or comparables that were not evaluated properly. In all three cases I used at least EIGHT  recent closings within the year to base my evaluation on. My market analysis was actually quite easy with the eight comps that were available. The eight comparables were excellent and should have been used in all three cases, not closings that were 2-3 years old. How can professionals be so far off? I could see $25K to $50K off in this crazy market but these cases were half of their true values. I thought that this information was valuable enough to post to keep home owners in Dewey up to date with all aspects of the market:)

Have a happy autumn! Get outdoors and enjoy Delmarva!!

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