A 84 - unit senior citizen housing complex was approved by the City of Dover Planning Commission on November12, 2009. There will be 30 townhomes and a 18-unit condominium buildings built. Maple Dale Club owners felt this was a necessary project to save the struggling establishment.
The housing project, will be known as The Villages of Maple Dale. It will be located on the southwest corner of the property, the condos will be built near to the club house on Maple Dale Road. The townhomes will be built along Kenton Road and part of the ninth fairway will have to be re-directed.

Homes on the Market
Between, January 2000 to December 2005 the lowest number of homes on the market was in March 2004 for a total of 622 and it’s highest of 851 in November 2005. That’s an average of 675 homes on the market monthly, over a 5 year span.

In January of 2006 homes begin to climb from 916 to its all time high in August 2009 to 1883. That’s an average of 1567 homes on the market monthly, in a 46 month span. That’s a 232% average increase of homes on the market.

Homes Pending
January 2000 to December 2005 the lowest number of homes pending was in Dec 2000 for a total of 81, to a high of 262 in April 2005. That’s an average of 163 homes pending monthly and a 24% average of listings pending monthly over a 5 year span.

January 2006 to present, lowest number of homes pending was in Dec 2008 for a total of 51, to a high of 230 in March 2006. That’s an average of 139 homes pending monthly and a 13% average of listings pending monthly over a 46 month span.

Homes Sold
January 2000 to December 2005 the lowest number of homes sold was in Jan 2000 for a total of 56, to a high of 268 in August 2008. That’s an average of 158 homes sold monthly and a 23% average of listings sold monthly over a 5 year span.

January 2006 to present, lowest number of homes sold was in Jan 2009 for a total of 58, to a high of 234 in June 2006. That’s an average of 135 homes sold monthly and a 9% average of listings sold monthly over a 46 month span.

Helping Families Save Their Homes Act and the Fraud Enforcement and Recovery Act was signed by President Obama on May 20, 2009. This will make it easier and more affordable for homeowners to refinance. These loans are available on your primary residence with a loan-to-value ratio of 70% and a FICO score above 720. President Obama encourages homeowners to refiance to a more affordable mortgage. To learn more click on this website http://makinghomeaffordable.gov/about.html

One way to determine if prices are headed up or down is to watch the supply of inventory.  A balance market has five to six months of supply.  Monthly supply is determined by the number of homes sold in a given month divided by the number of homes on the market.  For example, if there are 1000 homes on the market in your area and 200 sold in a month there would be 5 months of inventory.  Based on this finding, prices would be holding steady. 

If there was less then 5-6 months of inventory you would be in a seller’s market and prices would climb.  With a low supply of available homes, buyers would have to outbid each other to get the home.  This is what drives inflation.

It there was more then 6 months of inventory you would be in a buyer’s market and prices would drop.  With an abundance of homes available, seller’s would have to compete with each other causing prices to fall.

Economical factors can also play into which direction home prices go.  According to Realtor.org, ”Traditionally, the national average sales price of a home is two-and-a-half times the average household income.”  During the boom in the real estate market this reached four times the average income.  With unemployment rising, prices may drop more to get us closer to the traditional average.  But the good news is we are getting closer to the two-and-a-half time average.

Delaware Association of Realtors announced that; HB 70 Deed Restrictions and Wind Energy: HB 70, legislation that would prohibit deed restrictions from limiting the use of wind energy systems, was tabled during consideration by the House Energy Committee. DAR told the Committee that while we support the use of alternative energy systems, we are opposed to governmental efforts to override private deed restrictions. DAR believes that the government should not interfere with the rights of property owners to privately regulate the use of their properties. DAR also expressed concern about other technical aspects of the bill and on the noise provisions. Several members of the Committee also expressed concern about the retroactivity of HB 70. The bill’s sponsor, Representative Oberle, agreed to revisit the issue during subsequent revision of the legislation.

Homes built before 1978 may have traces of lead base paint in the homes.  High levels of lead was used in paint before 1978.  That’s why most people do not worry about lead in homes built after 1978.  However, you never know if a homeowner had old paint laying around and used it after 1978.  Lead also comes from toys, drinking water, furniture, crystal, pottery and you could be bringing it home from your job.  To learn more, click here.

Click on this link for all the detail on the stimulus housing credit being offered for first time home buyers.   http://www.irs.gov/pub/irs-pdf/f5405.pdf

On March 4, 2009 Keller Williams announced that they surpassed RE/MAX to become the third largest real estate franchise in the United States. With 72,794 associates at the end of 2008. Mark Willis the CEO of Keller Williams Realty stated, “The success of Keller Williams Realty can be directly attributed to the hard work and perseverance of our associates and the soundness of our economic and organizational models. While others may be looking at this market and seeing fear and uncertainty, we have always approached it as our opportunity to shine and grow. And that mindset has paid off. We are so grateful for all the leadership and commitment our associates have shown to power through this shift.”

The company has been outpacing downward trends over the past three years. Between 2006 and 2008 Keller Williams increased the number of associates by 52%, market share by 83% and it shared over $30 million dollars in profits with its associates. Learn more go to http://www.kw.com/kw/