Delaware Properties and Real Estate

Be your own boss

March 11th, 2011

This is an interesting article about selling your house in a tough real estate market. There is some good advice there. However, I take issue with one of the comments that was made about pricing your new listing. The comment is that basically if you price too high, you won’t sell because the “original price will stick in agents’ heads” preventing them from showing your house in the future even if you drop the price later. That is simply and utterly false. No agent is going to remember your house, let alone what it was listed for last week. Sure, they can check, but it just doesn’t matter. It is true that if you are listed too high, you won’t get showings. However, when it comes to pricing your house, be realistic but be your own boss. Your agent is a valuable tool to help you sell your house, but realize that he or she doesn’t really work for you, agents work for the deal. They want to sell your house quickly to collect a commission, not necessarily for top dollar. Sure, they get a few extra bucks for a good sale price, but a quick sale is more important – for the agent.  You need to make the right pricing decision for yourself – one that balances time and money (they are inversely correlated). But if you do make a mistake and price too high, have no fear, dropping your price is an easy fix. Make your own decisions, ask your agent for advice, but look out for your own interests.

Housing market still rocky…

February 1st, 2011

A few days ago I read this article on Delaware Online.

Thought it would make sense to repost the link here because it has some really interesting data and these articles quickly get buried after a few days.  Newark/Glasgow area has been the hardest hit “post tax credit.”  We have definitely seen that first hand.  Our average time on the market went from about 10 days while the tax credit was still on, to about 45 days after that.  While 45 days might seem great, especially to a private home owner trying to sell a house, our properties are bought with the specific intention to fix and sell, so they’re generally in “like new” condition from the renovation and priced to sell.  Many home owners who have seen their values decline over the last couple years aren’t always able to price aggressively without being a short sale, and you also end up competing with bank owned distressed homes at discount prices along with fully renovated homes like the ones we sell.

Our blog!

January 28th, 2011

As part of our website, we will post periodically to our blog regarding many topics of potential interest to our visitors.  As our name indicates, we focus on Delaware properties, so our website will heavily focus on real estate, homes, properties, and rentals in the Delaware market.  Today we’d like to congratulate the new owners of 69 Leader Dr in Newark, a 302 Properties renovation with pictures available on this website.  To provide a little background on who we are, 302 Properties LLC is based in Newark, Delaware in Pencader Corporate Center off route 896.  The owners are Lou Honick (me) and Doug Bartsch.  Previously I was the owner of, and after selling the company to a private equity firm in June 2008, I briefly retired later that year in November.  Doug and I founded 302 Properties in January of 2009 with the idea of buying one house, renovating it ourselves, and buying a new property once it was sold.  We settled on our first house for renovation, on Olden Avenue in Christiana Village, in February 2009.  After a little more than a week of working on it, and I suggested that we look for additional properties and consider hiring some help to assist us in the renovation process.  Two years later we have purchased over 50 properties with some being re-sold, some being rented, and about 15 in our pipeline for renovation.  We employ a crew of 10 workers, as well as an Operations Manager and an Office Manager.   Doug and I acquire properties through the sheriff’s sale (foreclosures), bank owned properties (REO), and from private owners.  We specialize  in distressed properties and have seen just about everything you can imagine.  I look forward to continuing to share our journey through this website on a regular basis.

For today, I leave you with an interesting story that caught my eye.  While it isn’t about a Delaware property, it certainly is interesting and I would be surprised if we came across a situation like this at some point.

For the right price, you can bet we would buy it!

302 Properties!

January 19th, 2011

Welcome to 302 Properties blog! Here we be able to share work in progress, before and after photos of renovated homes, and more about what’s going here!