Kat Geralis Home Team Wilmington DE Real Estate News Archives

Now that it's May, most of us likely have our sights set on summer— Warmer weather, a schedule free from school and more fun events to attend. Wilmington, Delaware is a great place to spend the spring and summer months with numerous activities, events and attractions to visit with the whole family. 

Whether you're relocating to Wilmington or Newark DE, simply visiting for the weekend or wanting to get out and explore the community, consider the following 8 things to do and see. There's something for everyone on the list!

• DuPont Environmental Education Center

FREE! Hands-on activities and exhibits are housed in this 4-story nature center located on Wilmington's Riverfront.

• Delaware Center for Contemporary Arts

FREE! With rotating exhibitions among its seven galleries, this local museum has been called "one of the most innovative and prominent organizations of its kind on the East Coast," by the Philadelphia Inquirer. 

• ​Delaware Museum of Natural History

Here you can find life-size dinosaurs, an African watering hole, undersea adventure and even get up close to a jaguar! 

• Brandywine Park

Enjoy a stroll, have a picnic, bike from Brandywine Park to Rockford Park. 

• Wilmington & Western Railroad

The railroad has become one of the East Coast's premier scenic tourist railroads and is ready to celebrate its 50th season this year. 

• The Riverfront

A great place to catch a baseball game, have dinner, watch a movie or enjoy the entertainment planned for the day.

• Hagley Museum

An example of early American industry situated on 235 acres along the banks of the Brandywine. 

• Downtown Wilmington

Visit the Farmer's Market opening May 6, ride the Wilmington Trolley, tour local shops and businesses. Downtown is a hub of creativity! 

The KG Home Team is proud to call Wilmington, DE our home and we know you will be too! As your local real estate experts, we can provide local suggestions and fill you in on what it takes to become a homeowner in New Castle County. 

Contact us today!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
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Now that the spring season is officially here and the busy real estate market buzzing with buyers ready to find their dream home, it's time for an update on the status of the real estate market in Wilmington and Newark, DE in New Castle County!

For the first quarter of 2015, there were 2,288 homes for sale with an average sales price of $223,881— a figure now up +5.3% from this time last year. 1,104 homes sold within the first quarter in New Castle County—an increase of 15.8% from last year—and area home sellers are reported to have received 93.1% of the original price at closing.

Inventory in the area is still trending lower, with the first quarter showing inventory at a 5 months supply— 7.2% lower than last year's inventory during the same time. 

These updated market statistics provide just a brief snapshot of current levels in the local real estate market, so 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
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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
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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
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In the past, Wilmington and Newark DE area home sellers have had to compete with a large inventory of distressed properties—both foreclosures and short sales. Now, the amount of foreclosures and short sales available has dropped significantly in most markets and for home sellers, spring seems to be the time to list with the competition gone.

However, 2015 holds new competition and Delaware homebuyers are viewing it as the better option over what is available in the current real estate market.

New construction 

Newly-constructed homes accounted for 16% of all homes sold in 2014, according to the National Association of Realtors' Profile of Home Buyers & Sellers. New construction homes in the Wilmington area not only offer them the ability to customize and choose the home's design, but also free them from the burden of existing home issues.

As the new competition on the real estate block, new construction also offer Wilmington area buyers the following that existing homes do not:

• No need for renovations
• No need for repairs that existing homes may require
• Amenities in new construction communities— for instance, a swimming pool, clubhouse, fitness center or golf course
• Green or energy-efficient appliances, windows and other eco-friendly features
• An alternative to the lack of existing homes inventory in the real estate market

One of the main reasons new construction is emerging as a strong competitor for home sellers is the current lack of inventory. In fact, the number of those who cited a lack of existing homes in the survey is likely to increase this year.

Existing home inventory is currently sitting at a 4.7 month supply, while it needs to be at 6 month supply to maintain a "normal" market by historical standards. In comparison, the inventory of new construction homes available is currently pegged at a 5.4 months supply.

So, what can you do to avoid the competition as a Wilmington or Newark DE home seller? List now! Many homeowners are waiting until spring to list their properties and acting now could put you ahead of this rush of homes soon to hit the market.

As your Greater Wilmington real estate experts, the KG Home Team can walk you through the home sale process every step of the way. Do not hesitate to contact us with any questions and if you're ready to get started, we're here to help!

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While home sales did indeed stumble in January, compared to December, we can see that existing homes sales have outpaced last year every month. In fact, this January's sales numbers were 200,000 homes greater than January of last year. 

Also better when referencing last year's numbers are pending home sales. The number of houses going into contract has done better in the last five months as compared to last year at this time.

What does that mean for you? Don't be afraid to list! Demand is currently 3 times greater than last year and today's housing inventory is not enough to support the motivated buyers. This may be the perfect time to get the best price for your home!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
Contact Me
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With all of the cold weather we've been experiencing lately, it's hard to think spring. We are just one month away from the start of the new season and Wilmington, DE is packing the calendar with events to get you out and about. 

If you're starting to feel a touch of cabin fever this winter (and especially this week!), here are a few upcoming events in Wilmington that can lift your spirits.

Lecture: How to Get a Lush, No-Fuss Garden
When: Every Wednesday through February 25, 2015; 7 PM
Where: Delaware Center for Horticulture, Wilmington DE

Planning a garden is one easy way to start thinking spring and many Wilmington DE homeowners may be looking to do so in order to boost their curb appeal. With this lecture series every Wednesday through February 25, you can learn to garden smart with plants suited to thrive locally in Delaware.

Art on the Town
When: First Friday of every month (excluding January); 5:30 PM to 8 PM
Where: Art galleries, museums, storefronts and studios around Wilmington, DE 

Local art venues including galleries, museums and studios open their doors on the first Friday of every month to allow Wilmington area residents to meet local artists— and the event is back after one month off! Take a self-guided tour of the galleries during Art on the Town, also known as the Art Loop, and experience the local culture and arts scene.

Wilmington Library Chocolate Festival
When: March 14, 2015; 11 AM to 2 PM
Where: Wilmington Institute Library; Wilmington DE

Get out of the house and dive straight into a baking contest open to the public and local chefs! There will be amateur and professional categories for judging, vendors, raffle items, activities for the kids and lots of chocolate tastings! Admission is $2 and tasting tickets are .50. 

Egg Drop Challenge
When: March 14, 2015; 1 PM
Where: DuPont Environmental Education Center; Wilmington DE

Becoming an annual attraction in Wilmington, the Egg Drop challenge is a fun event for families! Teams earn points and use them to "purchase" materials for the challenge and protect the team egg. The egg is dropped off the balcony and the team whose egg that makes it through the drop in one piece wins!

As your local Wilmington and Newark real estate experts, we are happy to provide suggestions for enjoying the area— especially during the winter months when you may be stuck indoors! If you're ready to call the Greater Wilmington area your home, do not hesitate to contact us!

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

While the winter season has been named one of the best times to sell your Wilmington, DE home, many homeowners are taking to remodeling instead. Home projects, when planned correctly and according to the real estate market, can boost your home value and pay off when you decide to sell. 

So whether you're simply ready to upgrade your kitchen or bring up the value of your home in Wilmington or Newark, keep in mind the following projects that have the highest return on investment (ROI) at resale:

Your front door
Year after year, replacing the front door continues to provide one of the healthiest returns on investment for Delaware homeowners. Replacing your current door with a steel door can average up to 98 percent ROI— the highest return when looking at Remodeling Magazine's Cost vs. Value Report.

In addition, replacing your front door is one of the least expensive projects in the report, coming in at an average of $1,230. It requires little maintenance and can even qualify as an energy upgrade depending on the door you choose.

The siding
Next in terms of ROI is replacement siding. Swapping out the siding on your Wilmington area home can recoup you as much as 84 percent at resale. In fact, by keeping your old, worn-down siding, you could assume a loss of 10 percent on your home's value.

Just by looking at the Top 10 Projects for Long-term ROI in the Cost vs. Value Report, you will notice three of them are related to siding. New siding is also the one home improvement project that does wonders for your curb appeal— important if you're considering selling your home in the near future.

Kitchen upgrades
There is no need to do a complete kitchen overhaul this year— these types of renovations took a hit in terms of ROI in recent years. Minor kitchen upgrades including new cabinets, countertops, flooring and appliances can recoup you an average of 82 percent. The Cost vs. Value Report suggests an investment of $19,000, including labor, to make these changes and notice the benefits at resale.

The deck or patio
More homebuyers in recent years have expressed a desire for outdoor space. Decks are coming back around in terms of ROI and even beating out bathroom remodels. One reason decks and patios are a smart investment this year is the low cost— ranging anywhere from $8 to $30 per square foot. Adding a wooden deck addition to your Wilmington home could bring an ROI of 80 percent.

As your local New Castle County real estate experts, the KG Home Team knows what homebuyers are looking for and where your money would best be invested if you're looking to sell. Contact us today to get an idea of your home value and where the property could benefit from renovations.

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Over the past year, real estate has been heading in the right direction and both buyers and sellers are beginning to notice. In fact, for the first time in 9 years, Americans have a positive view of real estate as a whole. 

It is this growing confidence on both sides of the fence—homebuyers and home sellers— that will contribute to a busy year for the Wilmington DE market. Do not hesitate to get started if you're serious about buying or selling this year as waiting even just a few months could cost you more money in the long run!

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

Now that the weather has turned colder, selling your Wilmington home may not seem so easy. Homebuyers are not out in droves like they are in the spring and it takes a few strategic staging moves to make them feel comfortable during the winter months.

Yet the snowy season has been named the best time to sell your home for a reason— the homebuyers that are house hunting in Wilmington and Newark are motivated and ready to buy. Curb appeal and landscaping won't be first on your list, but here are four other important points to consider when listing your property:

Make sure you can easily navigate the property
With snow and ice, driveways and sidewalks can be a hazard for New Castle County homebuyers. Be sure to clear these and any back walkways before they arrive. And be prepared! You never know when buyers will want to look at your home— keep walkways clear to avoid last minute shoveling.

Turn on the heat
A cold home is not inviting and that can affect a buyer's perception of your Delaware home. Turn on the heat and make sure the home is warm and cozy before buyers arrive.

Play up your winter home features
Do you have a fireplace? Wilmington and Newark homebuyers will love to see this in the winter! Chat with your real estate agent ahead of time to ensure they are comfortable with using the fireplace as this can really create a welcoming feel for buyers.

Show the outside features
Even though there may be snow on the ground, it's important to show homebuyers your outdoor features like a deck, pool or patio. Keep these clear of snow and ice to allow buyers to view these from indoors. You will want them to get the whole picture when they tour the property.

With the right team, you can sell your home during the winter months! Contact the Kat Geralis Home Team today to get started!

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More home sellers will soon return to the real estate market as equity continues to build. In fact, equity has returned to 85% of homes under $200,000 and 94% of those above $200,000.

Have you recently regained equity in your home? Beat the spring and summer busy seasons and list your home now! The Kat Geralis Home Team can get your listing in front of the right homebuyers and help you sell successfully!

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

Now that 2015 is here, the real estate market has turned a corner! The economy is helping to strengthen the market and return it to normal levels. Mortgage rates are still trending lower, but as you can see from these updated market stats, prices are rising and will continue to do so!

As we move forward into the new year, Wilmington homebuyers will notice home prices rising along with mortgage rates— especially as we hit mid-year. The median sales price in New Castle County is up 1% from last year, with the average sales price up 5.3%. 

Monthly inventory is also trending upwards as home sellers continue to grow more confident in the market. Are you looking for a home in the Wilmington or Newark area? The KG Home Team is happy to provide a list of available homes!

These market stats can provide a brief snapshot of the latest levels and prices in New Castle County and we're here to provide more details. Do not hesitate to contact us with any questions about the current real estate market in the Greater Wilmington area!

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 a new year and that means new goals for many Wilmington, DE area residents. One of these goals may include buying a home— making the switch from renting to homeownership! It's an exciting time for Wilmington area buyers to jump into the market with lower down payment programs and now lower FHA mortgage insurance premiums.

However, that doesn't mean there aren't still preparations to make. Starting a budget and saving for your down payment are helpful, but renters should also take the following steps into consideration:

Research the total costs of homeownership
Buying a home in Wilmington, Newark DE is a big step and it's important that potential buyers understand all of the costs involved. When you rent a home, one payment covers your monthly housing costs. When you own a home, your payment covers your principal, interest, taxes and insurance. 

Use a mortgage calculator to help determine how much home you can afford when you factor in each of these components of a monthly mortgage payment.

Know the tax benefits of homeownership
When you file a tax return, your mortgage interest and property taxes are deductible. Making these deductions can lower the cost of homeownership. For instance, if your monthly payment with principal, interest, tax and insurance factored in is $1,500, tax deductions could bring it down to around $1,200.

Research the cost difference between renting vs. buying
In order to get a true comparison of the costs of renting and buying, you need to look at the homeownership costs after tax benefits. 

A $300,000 home that costs around $1,200 per month after taxes could be compared to a home that rents for $1,200 per month. If the home was larger or in a better area than the rental property, buying the property would seem logical. However, remember that you would need a large down payment to support this math.

The Kat Geralis Home Team is here to help you make a smooth transition from renting to owning a home in the Wilmington, Delaware area. We even offer FREE first-time homebuyer seminars!

Contact us today with any questions you have about the home buying process and how to get started!

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Now that the holiday season is over, it's time to explore homebuyer opportunities for 2015! But don't wait until spring— there are many benefits to buying a home now versus later. With mortgage rates and home prices rising, waiting until spring could cost you more than you think!

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
Follow me on Twitter