Kat Geralis Home Team Wilmington DE Real Estate News Archives

In a past blog post, we shared how to find the right mortgage for your personal situation, but do you know what it takes to get there? Many Delaware homebuyers in today's real estate market do not know what is necessary to qualify for a mortgage and as a result, avoid purchasing a home altogether.

But the KG Home Team is here to help! Do not let your ideas about qualifying for a mortgage keep you from taking advantage of the currently low interest rates and opportunities the upcoming fall season can bring.

Consider the following your checklist for preparing to buy a home in the Greater Wilmington area this year:

Credit Score
A large amount of today's homebuyers believe you need perfect credit to buy a home in Wilmington, DE, but that is just not the case. With a credit score of 720 or higher, you will be eligible for the best mortgage rates. However, a lower score can also allow you to qualify for a mortgage loan. The best idea is to meet with your lender to discuss your options and how a down payment can help your approval.

Down Payment
While there are loan programs in place that allow buyers to purchase a home with zero percent down, it is a good idea to meet your lender with a down payment saved. Your loan-to-value ratio (LTV) is another factor that determines your eligibility and the more favorable the ratio (how much the property is worth to how much you plan to borrow), the more qualified you will become.

Solid Employment History
Your job history is just as important as the aforementioned requirements as it tells the lender you are able to repay the loan. Homebuyers in Wilmington and Newark who have been at the same job for two years or more will help the process to move along with less bumps than someone who frequently hops from job to job. 

Lower Debt-to-Income Ratio
Lenders will want to know your total monthly debts, including car loans, rent or other mortgage, credit card bills and student loans. This plays a part in your debt-to-income ratio (DTI) and should not account for more than 40 percent of your monthly income. If yours is too high, take the time to pay down high interest credit cards or loans.

Budget Range Idea
Working with a mortgage calculator is one way to find how much home you can comfortably afford. Input numbers like down payment, private mortgage insurance (PMI) if your down payment is less than 20 percent, homeowner's insurance and taxes. After adjusting these numbers, you should be able to find where you'd like to be in terms of monthly payment and either work toward that amount by further saving or visit with your lender to discuss loan programs.

As your local real estate experts in Wilmington, DE, we are here to help you prepare to buy a home this year! Contact us today with any questions you might have! We even offer FREE first-time homebuyer seminars!

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The New York Times agrees that homeownership is one of the best ways to build wealth! For instance, did you know that the average net worth of a homeowner is 36x greater than that of a renter? And now, buying a home while interest rates are low can help you get started building your financial legacy on the right foot!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
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New construction has been growing as a popular alternative to existing Wilmington DE homes and just as with any property, buyers have a list of must-haves. A recent survey revealed what buyers can expect to find in the new construction market and as it seems, many of the trends just may fit the bill!

Here are the top five trends New Castle County homebuyers will likely find in new-builds this year:

• Updated Garages
  Garages in the area are getting more enhancements as of late, from new windows to insulated doors and those made of more energy-efficient materials. They're also getting larger! In 2013, most garages were built to accommodate three or more cars. 
   
• Less Carpeting
  While carpet continues to be the most popular flooring choice in new construction homes, less than half of living rooms now have carpeting. Hardwood floors are the second most popular choice of flooring and is included in over 1/4 of all new home installations. 
   
• Granite Countertops
  Granite counters are commonly listed among a Wilmington DE homebuyer's must-haves in a new home and according to the survey, they will be happy to find them in most new-builds. Granite is found in 64 percent of all new home installations.
   
• Appliance Combos
  Freestanding ovens are becoming less popular in new construction as cook tops and wall oven combinations gain traction. Freezer-on-bottom refrigerators are also gaining steam in the new home market.
   
• Kitchen Sinks
  Sinks are growing in importance for homebuyers today, with the single basin sink showing up in 20 percent of all new single-family homes in the last 10 years. Granite and stone kitchen sinks are also making an appearance in 8 percent of all new homes.

If you're in the market for a new construction home this year, you can count on the KG Home Team to assist you. As your buyer's agent, we always work on your behalf, never the builder's! Contact us today for information about available homes in the Greater Wilmington area.

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Many homebuyers today do not know what they need to qualify for a mortgage— it's less than you think! Gone are the days of 20 percent down or no deal! With a total of five common factors, you can make your homeowner dreams come true.

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
Contact Me
Find me on Facebook

It's that time again! With the busy summer season in full bloom and home prices, mortgage rates and the number of motivated buyers in the market all on the rise— we're back with an update on the status of the real estate market in Wilmington and Newark, DE in New Castle County!

The second quarter of 2015 saw 2,609 homes for sale with an average sales price of $245,742— now up nearly 6 percent from this time last year! 1,705 homes sold in the second quarter in New Castle County—an increase of 13.4% from last year—and area home sellers are reported to have received 95.2% of the original price at closing— a figure also up .2% from last year!

As we reported in the first quarter, inventory is still trending on the lower side. The second quarter pegged inventory at a 5.3 months supply— 15.4% lower than last year's inventory during this period. 

Remember that the real estate market is ever-changing and these updated market statistics provide just a snapshot of current levels in our area. Do not hesitate to reach out to us if you have questions about homes for sale in the Greater Wilmington DE area! The top-ranked KG Home Team is here to help with any of your needs from finding your dream home to relocating to selling your current property. 

We look forward to hearing from you!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
Contact Me
Find me on Facebook

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When you consider the costs across time—the average interest rate and mortgage payment—you will find there is no better time to become a homeowner than right now! With mortgage rates hovering around 4 percent, your monthly payment could be less than the cost of renting!

Wilmington Delaware has numerous events and festivals to attend year-round, whether it's a night at the Museum or on the water at the Riverfront. This summer is no exception! The weather will be beautiful and the opportunities to explore immense as we embark on the next two months of summer fun.

Here are just a few events planned for the Riverfront in our own Wilmington, DE!

Family Night on the River Taxi
Tuesday, July 14, 2015
7 PM

This 45-minute river taxi ride up the Christina runs from early June through August 27, 2015. Afterwards, you can enjoy ice cream at Molly's Ice Cream and Deli and the kids can jump at Stratosphere Trampoline Park. What a great opportunity to enjoy the summer weather and beautiful Wilmington scenery! Cruise times are 5 PM, 6 PM and 7 PM, leaving from Dravo Dock, and admission is $15 per family of 4. 

Splish-Splash Water Bash
Wednesday, July 22, 2015
10 AM

The DuPont Environmental Education Center is gearing up for their Splish-Splash Water Bash this month! Dip your toes in the DEEC pond and use a net to find out what animals live in the river. In addition, there will be water games, refreshments and more.

Shipyard Summer Concert Series
Thursday, July 23, 2015
7 PM

This summer concert series will feature various genres in performances from 7-8:30 PM under the colored cranes at Dravo Plaza. The Plaza is located on Justison Street next to the Shipyard Shops. Concert goers can bring their own lawn chairs or blankets to enjoy the show all summer long.

Riverfront Blues Fest
Friday, July 31, 2015 through Sunday, August 2, 2015
Beginning at 12 PM Noon

This year's Riverfront Blues Festival is back again at Tubman-Garrett Riverfront Park! This 3-day outdoor music festival is held on the waterfront and features performances from artists like Elvin Bishop, Pinetop Perkins and more!

Fun events and activities just like these are one reason so many like to call Wilmington home! If you'd like to hear about the benefits of living in New Castle County and the Greater Wilmington area, give us a call! We'd be happy to share our local expertise with you.

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It's a great time to be a first-time homebuyer in Wilmington, DE! While there has been much talk about the lack of new buyers in the market, findings have shown they are increasing in numbers this year! 

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
Contact Me
Find me on Facebook

Summer is a busy time in the real estate market, with Wilmington DE homebuyers taking the time to tour homes for sale through open houses. However, if you're a first-time homebuyer, you may not know how to act at an open house. Don't worry! Like any aspect of Delaware real estate, there are guidelines to follow as you visit them this summer, but we're here to walk you through it!

As you head out to visit available properties in New Castle County this year, keep the following tips in mind to practice smart homebuyer etiquette and soon you'll be a pro!

Watch the other homebuyers
Take note of your surroundings as you visit open houses in Wilmington and Newark, watching the other homebuyers and listening. You can tell a lot about a home if you see other buyers leaving quickly without taking the time to explore. Are they finding issues? Is the home not in great shape? On the other hand, if buyers are sticking around to ask questions, that can mean great things!

Feel out the market
Visiting open houses is one way to get a feel for the real estate market without committing. In addition to mortgage calculators, online home searches and researching local real estate news, open houses can help you learn more about how homes are priced in the area, what homes in your price range may look like and how quickly they're selling. Open houses are also an excellent way to start a relationship with a real estate agent.

Ask questions
As you tour Wilmington area homes, do not be afraid to ask questions! The real estate agent present at the open house is there to answer your questions about the property, from taxes to operating systems to neighborhood and more. Remember, they have a direct line to the seller and often know more about the home than anyone. You can also make a list of questions to ask through your own agent, but regardless, ask away!

Visit as many open houses as you can while you prepare to buy a home in New Castle County! You don't need to be committed at the time, but simply listening and watching other homebuyers can really help you get a feel for the market. 

In addition, the KG Home Team can provide you with all of the information you need about the real estate market in your area. Want to know which neighborhoods would be best for your family? What programs can help you as a first-time homebuyer? Just give us a call! We're here to help you throughout the entire buying process.

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Homeownership—much more than renting—can help you build your family's wealth. Not only is owning a home a means of forced savings, but your payment will not increase with every year like today's rising rents. It's truly one of the best long-term investments you can make!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
Contact Me
Find me on Facebook

Inventory is sitting lower than it has been in past months and mortgage rates are trending on the lower end as well— so what are you waiting for? Now is prime time for Wilmington, Newark DE home sellers to make a move and list while motivated homebuyers are out and about. 

But the KG Home Team knows that not every homeowner in New Castle County can recognize the signs that it's time to move, so we've rounded them up! If you're still wondering if now is the best time to upgrade to a new property in Wilmington or even build new, here's why you should jump at the chance this summer:

You've outgrown your home
Many homebuyers in today's real estate market are ready to buy a new home simply due to lack of space. It's also another popular reason for homeowners to move on! Do you seem to have no room left in the closet? Is your family expanding? Do you have nowhere for guests to sleep when they come to visit? Upgrading to a larger home may be just what you need!

You've regained equity
Not every homeowner in New Castle County can say they have regained equity, although things have been proceeding in a positive direction. If you've regained equity in your home, you're in a great position to move. If you're not sure, you can always have your home re-appraised to determine if selling is the best idea for you right now.

You live in a popular area
Real estate is all about location, so consider yours in your decision to move! Are homebuyers flocking to your neighborhood in search of available properties? Are homes selling quickly in your area? We are happy to provide a list of comparable listings to give you an idea of what your home may sell for this summer— just give us a call!

You're just ready
In the summer months, we are all ready to get out of the house and change up the scenery. You do not need a better reason to move to a new home in the Wilmington area other than you're just ready for change! We understand and we're happy to help you find your dream home this summer.

There are many reasons to sell your home in Wilmington or Newark this summer, but you shouldn't wait to long to decide! Mortgage rates will not be this low forever and with current inventory, your property could be pushed to the top of homebuyer lists. The KG Home Team will guide you through a successful home sale and answer your questions every step of the way. 

We look forward to hearing from you!

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The real estate market has come a long way but right now, buyer demand is outpacing supply. If you're a home seller thinking about listing your home this summer, there is no doubt that now is the time!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
Contact Me
Find me on Facebook

As excited as we are about the warm, summer temperatures that have just arrived, the season also tends to bring its fair share of storms. Certain parts of the country are already experiencing bouts of bad weather and therefore, it's prime time to prepare your home in Wilmington, DE for any that may be coming our way.

Take this weekend to check off the following on your storm prep to-do list. With these tips, you can both secure your home and avoid any surprises that can come from Mother Nature this summer.

• Emergency plan. Draft an "emergency plan" with any notes or procedures your family should follow in case of inclement weather. Designate a room in which everyone should meet during a storm.
   
• Make repairs. Secure all broken or loose fence posts, reattach gutters or shutters. The last thing you want is for strong winds to blow these into your home or cause damage to your vehicles.
   
• Secure landscaping. Broken or loose tree limbs should be hauled away now before the storm season gets underway.
   
• Protect electronics. Install surge protectors for your expensive electronics and appliances as a lightening strike can quickly destroy them. 
   
• Create a storm kit. Gather flashlights, batteries, bottled water, snacks and a weather radio and place in your designated storm room for safe keeping.
   
• Prep for insurance claims. Take digital photos of your home, valuable, vehicles and the like to keep off site for potential insurance claims down the road.
   
• Store vehicles and furniture. Bring outdoor furniture into storage or secure it on your patio. Also, bring all vehicles into your garage to avoid storm damage.

Summer is such a fun season in Wilmington and Newark, Delaware, with sunshine, events at the Riverfront and more time for enjoying recreational activities. Don't let storms get in the way of your enjoying the summer or your new home in New Castle County. 

As always, the KG Home Team is happy to help walk you through the home buying and home selling process this year. From recommending local mortgage experts to providing a list of available homes in Wilmington, do not hesitate to contact us!

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Homebuyer demand is growing increasingly strong this season! Not only is competition increasing as well, but the real estate market is getting a much needed boost. However, the one thing that is lagging behind is housing inventory. If you're planning to sell your home this year, now is the time!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
Contact Me
Find me on Facebook

Recent reports have shown more homebuyers than usual are jumping into the real estate market this year and with this leap comes a heap of anxiety. The homebuying process can feel overwhelming with terms you may not be familiar with, interest rates and large amounts of money on the line. However, know that the benefits of homeownership should far outweigh your fears.

To put yourself at ease when buying a home in Wilmington or Newark DE this year, take a deep breath and prepare with the following steps:

Do your research
If you do your homework, there is no reason why the terms associated with buying a home in the Greater Wilmington area should scare you. Research the community or neighborhood you're moving to, the schools in the area, the entertainment, taxes and commute time. If you need suggestions or insight into a specific category, the KG Home Team is here to help!

Get pre-approved
One of the reasons homebuyers have such high anxiety this year is budget. To calm your fears of overspending, it's important to get pre-approved with an area lender. Here you will find out your price range, how much home in Wilmington or Newark you can afford and what types of homes you can begin looking into. Also, remember to shop around to find the best interest rate before making a decision with one specific lender and signing papers.

Rely on your realtor
The KG Home Team is a top-ranked team in Delaware and comes with decades of experience to put you at ease. With a qualified agent on your side, you can rest assured knowing that your best interests are being considered and you have a guide for the entire home buying process. Along your house hunting journey you will indeed have questions, always directly them to your agent! Be clear in what you want in a home and what your concerns are in order for your agent to properly assist you. 

Learn about making an offer
Before you put in an offer on a home in Greater Wilmington, it's important to know how long the home has been on the market, how it compares to other properties and how many other homes are for sale nearby. This is an area your real estate agent can help you with, but you can never be too educated as a homebuyer!

Buying a home should be an exciting time in your life, do not let your fears get the best of you! As your experienced, local real estate team, we are here to make it easier for you. Give us a call!

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When you're a senior, making a home purchase can be just as nerve-wracking. Being prepared with questions for your real estate agent can quickly give you a sense of calm and allow you to enjoy your dream of buying another property. 
 

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
Contact Me
Find me on Facebook

When shopping for a home in Wilmington, Delaware, many buyers cite the "green factor" as part of their criteria for making a purchase. Buyers want to "go green" to save money on energy costs and of course, help their home run more efficiently with less of a footprint. 

One of the ways to do this, as a homeowner, is to install solar panels— these are the reflective panels that sit on your roof and subsequently bring down your energy costs over time. Solar panels are very expensive to purchase—many at a cost upwards of $20,000—or they can also be leased. If you go the leasing route, oftentimes the company will just give you the panels when you're finished.

But not so fast! What you may not know as a Wilmington or Newark DE home seller, is that your solar panels could be doing the exact opposite of attracting buyers this spring and in fact, killing your hopes of a successful home sale.

The typical solar panel lease could be up to 20 years and in fact, many homeowners do not tend to stay in one place that long. Whether it be due to a job transfer, downsizing or upgrading to a larger Delaware home, the probability of selling your home before your solar panel lease is up is quite high.

Instead of simply providing that "green factor" that many Wilmington DE homebuyers are looking for, the leased solar panels will force a buyer to first qualify to take over the lease or buy out the remaining lease before they can purchase your home— pending they even want to buy a property with these installed.  

Going one step further, if the buyer does decide to take over the solar panel lease, that payment is now visible on their credit report. Should the homebuyer decide to do a refinance down the road, that extra bill on their credit report may push them over qualifying ratios to secure a lower rate.

As you contemplate turning your Wilmington, Delaware home into a homebuyer's paradise this spring— complete with energy-efficient appliances and solar panels—first consider the complications that can arise when selling the property. 

The KG Home Team is here to help make your home selling journey both as easy and enjoyable as possible, so do not hesitate to reach out with any questions about what could raise red flags in your home sale this year. We can fill you in on exactly what buyers are looking for and what can ultimately slow down your sale.

We look forward to hearing from you!

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Selling your home successfully goes beyond home features, location and timing— one of the most important factors is pricing. Pricing your Wilmington DE home correctly up front can reduce the amount of time it will sit on the market. 

For instance, did you know that homes that experience a price reduction sit on the market longer and eventually sell for less than similar homes?

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
Contact Me
Find me on Facebook

As more homebuyers decide to make the transition from renting to homeownership, it's becoming clear that much of the real estate market is uncharted territory for them.

The home buying process goes beyond just searching for your dream home— it involves a saving for a down payment, getting pre-approved and it's also important you are prepared to file a mortgage application. 

Now that doesn't mean all mortgages are created equal. As a homebuyer in Wilmington, Delaware—especially a first-time homebuyer—you will want to find the best mortgage for you and your personal situation. How can you tell you've chosen correctly? Keep the following in mind:

• Fixed-rate mortgages

A fixed-rate mortgage, just as the name suggests, has the same interest rate throughout the life of the loan. This type of mortgage is great if interest rates begin to climb, however, if they fall, you will be stuck with the same payment.

• Adjustable-rate mortgages

Think of this as the opposite— the mortgage with a rate that changes throughout the life of the loan. An adjustable-rate mortgage usually begins with a low, short-term interest rate (which will stay low if rates follow suit) and yet if rates rise, your payment could do the same.

• 30-year mortgages

As a homebuyer in the Wilmington and Newark area, you have likely heard about 30-year mortgages. This is a common route, but you also have the option of taking on a shorter term mortgage; for instance, a 10, 15 or 20 year loan. The loans with the shorter payback period will allow you to pay less interest, but the payments will be higher than the standard 30-year mortgage.

Now, Wilmington homebuyers, it's also important you shop around for a lender. Don't be too quick to settle on the first company to offer you a mortgage. Interest rates and terms can vary widely among lenders and you will need to compare these to find the best deal. If you don't know where to begin shopping, the Kat Geralis Home Team would be glad to provide recommendations!

The spring real estate market is heating up and will only continue to do so as we progress into April. You will be competing with numerous other motivated buyers this season, so do not wait to get a jump on the mortgage process. The earlier you start, the earlier you can settle into the home of your dreams in Greater Wilmington!

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If buying a home is on your mind this spring, you are already on the right track toward building long-term wealth! Today, financing costs are generally low and with the rising cost of rent in Wilmington and Newark, real estate is the best possible investment you can make. 

Stop throwing your money away in the "renter's trap!" It's time you start building wealth the right way!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
Contact Me
Find me on Facebook