Background on the Moratorium: For over a year, Ocean City has grappled with the regulation of short-term rentals, particularly affecting the R1 residential district and mobile home district. These areas, which encompass single-family homes and communities like Montego Bay, faced a ban on short-term rentals that was previously put to a referendum and ultimately overturned. In December, the council extended a moratorium on issuing new rental licenses, creating uncertainty for property owners.The Recent Council Vote: On February 17th, during a meeting that coincided with Fat Tuesday celebrations, the Ocean City Council made a unanimous decision to repeal the moratorium on short-term rental licenses. This pivotal vote means that property owners in the R1 and mobile home districts can now apply for rental licenses, a significant shift in policy that reflects the council's response to local demand and public sentiment.What This Means for Property Owners: With the repeal, property owners who wish to rent their homes on a short-term basis can now obtain the necessary licenses. The cost for a rental license is $196, and it is advisable for owners to secure this license even if they are not planning to rent their property immediately. This move not only legitimizes short-term rentals but also provides property owners with more options for generating income, especially during peak tourist seasons.Importance of Compliance: Along with the rental license, property owners must also acquire a noise ordinance permit to ensure they comply with local regulations. This is crucial for maintaining a good relationship with neighbors and ensuring a positive experience for guests.The Ocean City Council's decision to repeal the moratorium on short-term rental licenses marks a significant change in the local real estate landscape. Property owners now have the opportunity to enter the short-term rental market, which can be a lucrative venture. As this new chapter unfolds, it is essential for owners to stay informed about local regulations and to act promptly in obtaining their rental licenses to take advantage of the upcoming rental season!

The busiest listing week of the year is here at the beach — and it could be one of the biggest opportunities for buyers and sellers in 2026.As we head into February with Boat Show weekend, Valentine’s Day, and Presidents’ Day all lining up, this historically marks the unofficial kickoff to the spring real estate market in Ocean City, Maryland, and the surrounding Delmarva region.In this video, we break down:- Why this week matters so much for new listings- What buyers can expect as inventory increases- Why interest rates in the low 6% range are driving activityPredictions for real estate transactions in Worcester County, Wicomico County, and Sussex County, DelawareWhat sellers need to know as competition increasesWith pent-up demand, more inventory hitting the market, and interest rates stabilizing, 2026 is shaping up to be one of the strongest spring markets we’ve seen in years.If you’re thinking about buying, selling, or investing at the beach, this is a must-watch.Like, share, and subscribe for weekly Delmarva real estate market updates.Reach out anytime with questions about Ocean City, Maryland, or the Delaware beaches.

Selling a property can be a complex process, especially for non-residents in states like Delaware. Understanding the Delaware 5403 form is crucial for those looking to sell their properties while ensuring compliance with state tax regulations. In this video, we will break down everything you need to know about this essential form, including calculations, requirements, and tips for a smooth selling experience.Understanding the Delaware 5403 Form:If you are a non-resident selling property in Delaware, you will be required to complete the Delaware 5403 form. This form is an estimated income tax form that the title company will request at the time of sale. Whether you are a resident of Maryland, New York, or any other state, it’s important to be aware of this requirement.Calculating Your Tax Liability:The calculation process for the Delaware 5403 form can seem daunting, but it can be broken down into manageable steps. First, you need to determine your net sales price by taking your sales price and subtracting any associated costs:- Commissions - Transfer taxes (which in Delaware total 4%, so your share is 2%) - Attorney’s fees Once you have your net sales price, the next step is to calculate your adjusted basis. This involves using the following formula:- Purchase price of the property - Plus any closing costs at the time of purchase - Plus any improvements made to the property - Minus any depreciation The adjusted basis is crucial because it impacts the amount of tax you owe. The difference between your net sales price and adjusted basis is then multiplied by the appropriate tax rate: 6.6% for individual sellers and 8.7% for entities, such as LLCs or corporations.Self-Proclamation and Its Implications: One unique aspect of the Delaware 5403 form is that it is a self-proclaimed document. Unlike Maryland, where there is a comptroller to certify the information, Delaware relies on the seller to accurately report the figures without external verification. This means that it is vital to ensure that all calculations are accurate, as any discrepancies may affect your bottom line when selling your property.