Selecting a contractor with a proven track record ensures quality expertise, transparent pricing, and a stress-free experience. The same principle applies when selecting a moving company. Lately, we have witnessed some unfortunate situations with untrustworthy movers, which prompted me to write about it!All movers want you to think they are trustworthy, but the statistics say otherwise — in 2022, the Federal Motor Carrier Safety Administration (FMCSA) received almost 5,000 complaints about moving companies.Additionally, the Better Business Bureau (BBB) averages about 13,000 complaints or negative reviews annually in referance to the policies or practices of moving companies.Clearly, the moving industry has its share of dubious or fraudulent companies.What can you do to protect yourself?Here are 6 steps to take before you allow a mover to drive off with your belongings:1. Verify that the company is properly licensed. If you’re moving to another state, ask for their U.S. DOT (Department of Transportation) number so you can find them in the FMCSA system. If you’re hiring a local mover, verify the company is registered with the Secretary of State’s office or similar licensing agency for your state.2. Make sure they carry liability insurance for your items. Federal law dictates that most moving companies carry “basic insurance” for your items. This guarantees you receive a portion of the value for anything that is damaged or lost. For an extra charge, many companies offer “full value protection.” Verifying the options beforehand can prevent headaches or the need for you to purchase full-value insurance from a third party.3. Verify they provide workers’ compensation for their employees. The “material movers” and “light truck drivers” categories consistently rank among the top 5 categories of the U.S. Bureau of Labor Statistics (BLS) list of workplace injuries. To protect yourself and the moving crew, make sure the moving company provides workers’ compensation insurance.4. Carefully check for reviews. Check the FMCSA and BBB sites for obvious difficulties. Then look at other places online. Check for reviews on their website, or on Google, Yahoo, or another search engine. Moving.com’s Moving Company Directory also provides reviews for hundreds of moving companies. Reviews are so critical today that reputable companies will work hard to make sure they get good ones.5. Check their pricing policies. You’ll need several answers here. What’s the basic fee? Do they charge extra for heavy or bulky items? Are their price quotes firm? Prices that seem too good to be true usually are.6. Review their shipping policies. What exact services does the contract with this company cover? Do they handle all your move details in-house, or do they contract parts — like packing or loading — to other companies? Are there any items — like pianos, firearms, or expensive heirlooms — they won’t ship?If you know you’re going to need a moving company, reach out to us for referrals. We can provide you with names of companies we trust to move the things that matter. -Henry

As part of a partnership that began last fall, we are proud to announce that we have taken the next step in our collaboration by unifying our identities under the Monument Sotheby's International Realty name. This change allows us to provide an elevated client experience to our buyers and sellers on either side of the Bay Bridge. We now have 12 offices and over 300 sales associates serving the Mid-Atlantic region. Our listings will still carry that beautiful blue sign and clients will receive all the benefits of the Sotheby’s International Realty brand, the global leader in luxury real estate and most recognized real estate brand in the world, now backed by the enhanced marketing support of our larger organization. I’d like to bring your attention this month to a May 2023 ruling by the Supreme Court of the United States (SCOTUS) that could affect you and your property. In Sackett v. EPA, SCOTUS favored an Idaho couple who wanted to build a house on their lake-front property. The EPA objected to the Sacketts’ plans to fill a section of their property that had been qualified as wetlands. But in its recent ruling, SCOTUS greatly narrowed the definition of what constitutes protected wetlands. Previously, properties that contained a “significant nexus” to larger bodies of water, such as rivers or oceans, were protected under the EPA’s Clean Water Act. The nexus — or connection — did not have to be “continuous,” just “significant.” Critics of the act had long opposed the vagaries of its wording and conflicting interpretations in courtrooms, but EPA officials and other groups had maintained that waterways are connected in ways that are not always visible. The new ruling requires that to receive protection, a wetland must have a “continuous surface connection” with larger “commercially navigable” bodies of water. By this reclassification, wetlands without a continuous connection to these larger traversable waters are no longer under EPA jurisdiction. EPA officials, nonprofits, and private watchdogs are understandably concerned. They estimate that the latest judgment puts hundreds of thousands of acres of wetlands at risk of water pollution by developers or individuals who are no longer obligated to comply with EPA water pollution standards. Conversely, private wetland owners see the court’s decision as a win. Now, they have much greater discretion over how to use their property. Still, the ramifications of finding in favor of the Sacketts will be felt differently across the country. For instance, Delaware has more vested interest in this ruling than most states do. While wetlands cover 5.5% of the 48 contiguous states, almost 25% of the land in Delaware is wetlands. Additionally, 80% of Delaware’s wetlands are owned privately. If you’re considering developing part of your property that may be in question, or are evaluating the potential of a future investment, I’m here to help work through the decision and ramifications. -Henry

The summer season is just about in full swing but sales are still down significantly. When compared to pre-pandemic times, it was common to have about 4x the number of homes on the market this time of the year. The year-over-year median purchase prices have increased by 17% but sales would certainly be higher if our market had more inventory. This month's article might interest you if you're considering subdividing your current property, evaluating lots to subdivide, or just curious about how developers in our market subdivide land for new developments. Since there's a lot of new construction in our market, buyers often ask how the subdivision process works. Why would someone want to subdivide land? Breaking up a parcel is a practical way to create value. Provided there's a market, you can make a worthwhile return. You also may want to develop the land, e.g., build homes or commercial space, to generate a short-term return or passive cashflow. Here's a quick overview of the flow of events and things to watch for: • Outline your objective and plan — get started early and plan accordingly, as the process can take as much as a year. • Conduct a feasibility study: - Ensure there is a market or demand for the location and type of lot you're offering.- Determine how much the lots will sell for, likely time on the market, and approximate costs of subdividing in your town.- Evaluate development costs and timeline.- Check the availability of utilities — present, planned, proposed, and possible.- See what improvements will be required by planning authorities.- Consult an attorney to discuss any legal implications.- Work with a title company to research the deed and tax records; ensure there are no easements or encumbrances that could adversely affect the marketability of the title. • Hire a surveyor to mark the property's boundaries and prepare a plat map. • Submit application and plan, attend the open or closed hearing, and get approval or denial. • If denied, determine the cause and then reapply. Most issues are simple to resolve when you conduct due diligence in advance. That's the high-level view. If you have land or are considering purchasing land as an investment, connect with me to learn more about the process. -Henry

My wife and I recently took our children to the Caribbeans and our fantastic tour guide said something that I hope our kids never forget: "We have no problems, mon. Just situations, and we take care of them before they become problems." In 2002, I started my real estate career in the commercial office brokerage sector. The terms of each transaction were unique and often complex. Each deal required a high level of sophistication and typically involved separate attorneys negotiating each aspect of an agreement before terms were finalized. Comparatively, residential real estate transactions are straightforward, and our state contracts are usually negotiated without an attorney. We strive to create a smooth process throughout, but situations inevitably arise. Navigating and providing creative solutions is essential to achieve a successful outcome. Here are some of the top situations we see: Hidden/Latent Defects After the close of the transaction, buyers may find damage that wasn't previously visible: mold, foundation issues, termites, plumbing — the list goes on… Who's responsible? It can be tough to determine and costly to remediate. Tips: • Sellers: Get your own appraisal and inspection (including for pests) to know the property's condition and minimize your liability. Always disclose known defects — no matter how minor. • Buyers: Before submitting the offer or reaching the closing table (prior to the contingency period expires), hire an appraiser and/or inspector you trust. Breach of Contract Sometimes it's inevitable that one of the parties in the purchase agreement will need to breach the contract. Though it's generally done so with careful consideration and good intentions, both parties need to be prepared for the consequences and take steps to avoid the situation in the first place. Tips: • Ensure the agreement includes everything you want and contingencies to protect your interests (your Realtor will guide you here). • Be prepared to lose your deposit if you're the buyer or to return the deposit as a seller. • Communicate openly with the other party and your Realtor and address issues as soon as they arise. Title Issues It can happen that the seller isn't aware of encumbrances (loans, liens, or other deed claims) against the property, throwing a sizeable wrench into the gears at or after closing. These can be discovered before closing (preferred) or after (the buyer and lender could be liable). Tips: • Sellers: Pay for a comprehensive title search before listing the property. • Buyers: Conduct a title search with a reputable company. Get title insurance to protect yourself from third-party claims that may arise in the future. Lenders generally require this. Make sure to get coverage if you're paying all cash or buying a property out of probate or that's been inherited. Financing Challenges What if the buyer can't qualify? The situation can become tenuous and the transaction may fall through if it's close to closing. This is a common situation and best addressed in advance: Tip: • Sellers and buyers: Require or obtain a pre-qualification and proof of funds before accepting/submitting an offer. Ensure the buyer is aware of how interest rate increases may affect affordability and approval potential. There are plenty more situations that would take too long to delve into here. If you're considering buying or selling, reach out to me to discuss potential issues that might come up in the transaction. After working through hundreds of successful closings, my team knows what warning signs to watch for before and during escrow. -Henry

With high inflation (though it's cooled a bit) and rising interest rates, the cost to buy or build a home is an issue of concern. Let's explore the comparative cost and advantages of building a custom home vs. buying a pre-built, conventional or modular build. A study by NAHB (National Association of Home Builders) found the cost to build a home in the median-value range is $34K greater than buying a pre-built home (Houzeo). However, a recent StorageCafe (Yardi) study reported that the cost to build a new single-family, median-value home in Delaware is on average, $96K less than to buy, making it the 6th most cost-effective state for homebuilding. Generally, developers have a cost efficiency due to the scale of their operations. Though this isn't always the case, as the research above suggests. Developers have the leverage to buy everything involved in large quantities or at wholesale value. Whereas, if you're building a house, you may have to pay more for many aspects of the project, including: • Architectural and engineering fees.• Land acquisition.• Permitting and surveying.• Construction labor and management.• Materials. Luxury home construction typically ranges between $400 to $600 per square foot. Of the total development costs, you can generally expect to pay about 30-60% for labor, 40-50% for materials, and ~10% for design, permitting, and other soft costs. On top of that, it's a good idea to reserve a 20% cushion to cover unexpected expenses. Another thing to consider is time. If you're looking for a first-time or replacement primary residence or moving from out of state, time may be of the essence. Depending on the size of the home and labor availability, it could take 6-12 months or more to complete the build. If you need to move quickly, buying a pre-built home is likely the best option, costs aside. For time- and cost-efficiency, modular homes are a viable option to look at. As the components of the structure are already pre-designed and factory built, the manufacturer can pass on the savings afforded by the scale/volume of their operations. Once the foundation is laid, the home can be assembled in a short amount of time. Yet another alternative is buying an existing home that needs improvements and renovating it. While your design options might be a little more limited than spec (custom) building, renovating can take less time, consume fewer materials (supporting sustainability), and cost less to finish. Additionally, some loan programs allow you to roll these costs into the purchase with favorable terms and interest rates compared to construction financing. Another benefit is that local and federal tax incentives could be available for green renovations and historic reuse. There are advantages of buying pre-built or customized homes from a new home builder. If the house isn't already in existing inventory, new home builders can typically put together your house with your preferred options in less time than it takes to spec build a home. Builders often offer price breaks, financing incentives, and free upgrades depending on demand factors. With interest rates on the rise, there may be opportunity to negotiate favorable terms and pricing. All these strategies are feasible, and the best approach is unique to the home buyer's needs, preferences, and goals. My team and I have experience with each option and will guide you toward the right fit and give you an idea of relative cost and time requirements. Reach out to me for an informal consultation. View our active listings below. I'm available if you have any questions or wish to schedule a meeting. -Henry