Kat Geralis Home Team Wilmington DE Real Estate News Archives

These stats should be helpful for those looking to purchase real estate in our area! Ready to begin your Wilmington, DE home search? Let us help you discover your real estate options and move closer to purchasing your next home— we even offer FREE first-time homebuyer seminars! 

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
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Finding the perfect home in Wilmington DE can be challenging— especially if you have an extensive home feature wish list. Have you been searching for homes for sale in Wilmington DE or Newark DE? Let us help you with your homebuyer questions and make the right decision in purchasing Wilmington real estate. Below are a few homes for sale in Wilmington and Newark— take a look and contact us with any questions or to view more properties in the Wilmington/Newark real estate market. We even offer FREE first-time homebuyer seminars!

1402 Clinton St
Wilmington DE 
4 bedrooms | 3 bathrooms | 1 half bath
3125 square ft.

Price: $600,000

SUPER! City-Chic home loaded with updates & close to Rockford Park! Newer construction, contemporary floor plan w/over 3000 SF. Dramatic 2-story entry with turned staircase lead to formal Living Dining rm. Bright space w/tall designer windows, Hardwood floors throughout, track & recessed accent lighting. Spectacular Gourmet kitchen with upgraded cabinets, quartz counters, oversized island with 5-burner Dacor cooktop & breakfast bar, Dacor wall ovens; informal dining area with slider to lovely screened porch overlooking backyd landscaping & fenced yard. Adjoining cozy family room with woodburning fireplace. 

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402 Saint Regis Dr
Newark DE 
4 bedrooms | 2 bathrooms | 1 half bath
2300 square ft.

Price: $315,000

PRICE REDUCED! Come see this BEST BUY in Chapel Woods! Colonial style home w/Contemporary design, situated on a private lot. Enter into the 2-story Foyer w/vaulted ceilings. Formal Living & Dining rooms feature NEW hardwood floors. Tastefully decorated w/neutral colors, abundantly bright and open floor plan. Kitchen features large breakfast room w/ NEW wrap around counter space and large pantry. Newer appliances include smoothtop range, dishwasher and microwave. Relax on the large, rear deck overlooking tall, mature trees and fully fenced yard. 

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2 Michael Townsend Ct
Newark DE
4 bedrooms | 2 bathrooms | 1 half bath
2775 square ft.

Price: $399,900

Price REDUCED 20k! MASTERPEICE HOME located in the sought after Preserve at Lafayette! This gorgeous brick colonial features a dramatic 2-story foyer,9' ceilings and many special upgrades throughout. The open floor plan is perfect for entertaining. You will be captivated by cathedral ceilings, beautiful hardwood flooring, crown molding and chair rail that accentuate the home. The gourmet kitchen boasts upgraded 42" cabinetry, center island, Stainless appliances and Corian countertops. A separate family room with gas fireplace and a home office are added bonuses.

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Want to see more properties like these? Ready to begin your Wilmington, DE home search? Let us help you discover your real estate options and move closer to purchasing your next home!

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

These stats should be helpful for those looking to purchase real estate in our area! Ready to begin your Wilmington, DE home search? Let us help you discover your real estate options and move closer to purchasing your next home— we even offer FREE first-time homebuyer seminars! 

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

Busy schedules are starting to pick up again as school is back in session and a new season is beginning in just a few days. And with all of the excitement that comes with the changing of the leaves, the Wilmington, DE area is gearing up for a great fall season of events! The following events are on the calendar these next few months, coming up in September and October, and are certainly ones you will not want to miss. Wilmington and Newark, DE are great places to purchase a home, so now is a great time to get out and explore— experience all you can in the area so you can move forward with your Wilmington, DE real estate purchase.

Cool Springs Farmers' Market

Thursday, September 19 through October 17, 2013; 4 PM to 8 PM 

Recurring weekly on Thursdays

Lower Cool Spring Park; 710 North Lincoln Street, Wilmington

What better way to celebrate fall than with the fruits of the season? The Cool Springs Farmers' Market is a community-based initiative to promote access to fresh, health and delicious vegetables and produce in Wilmington's West Side, held in conjunction with "West Side Grows."

CUR(EAT): A Food Based Exhibition

Thursday, September 19 through November 17, 2013; Recurring daily

Delaware Center for the Contemporary Arts, Wilmington

CUR(EAT) is a series of socially engaged artworks that involve visitors in literal and metaphorical taste-tests. The exhibition initiates a dialogue surrounding art and creative ritual. The Act of Drinking Beer With Friends Is The Highest Form Of Art— Tom Marioni will build a beer bar featured in the gallery with local guest celebrities on select Wednesdays at the DCCA.

Oktoberfest at the Delaware Saengerbund

Friday, September 20 through 22, 2013; Delaware Saengerbund

49 Salem Church Road, Newark, DE

Friday 5 PM to 11 PM, Saturday 12 PM to 11 PM, and Sunday 12 PM to 6 PM

This perfect fall event will be fun for the whole family! The opening parade will begin Friday at 7 PM and this 3-day event will include Bavarian dancers and a German band for your entertainment. Numerous selections of German delicacies as well as imported gifts and souvenirs will be available for your enjoyment.

Walking Tour: Rocks and Roll Mills

Saturday, September 21, 2013; Recurring monthly on the 3rd Saturday

Hagley Museum and Library; 11 AM to 12:30 PM

Explore the geology of the Brandywine Valley and its impact on the milling industry on a tour created and led by Hagley Guide Tom Stack. Visitors will work with fellow guests to cut a piece of Delaware Blue Rock and take a souvenir home. Walking tour is included in cost of admission. Use Hagley’s main entrance off Route 141 in Wilmington, Delaware. The tour runs 11AM to 12:30PM on Saturday, September 21, October 19 and November 9.

Sunday Pirate Sail on KALMAR NYCKEL

Sunday, September 22, 2013; Recurring weekly on Sunday

Kalmar Nyckel Foundation; 1124 E. Seventh St., Wilmington

11 AM to 12:30 PM

KALMAR NYCKEL will be back in her home port of Wilmington, DE from September 13th through September 29th offering 1 ½ hour public sails from Dravo Plaza on the Wilmington Riverfront. Passage for all sails is $35 for adults and $20 for children 17 & under. To make your reservations, call 302-429-7447 or visit KalmarNyckel.org for more information. 

Newark Fall Home Show

September 27 through 29, 2013

Christiana Mall; 132 Christiana Mall, Newark 

Newark's Fall Home Show will be held on September 27 through 29, 2013. This annual show focuses on residential buyers by offering products and services for use in and around the home. A great way to spruce up your Wilmington, DE homes this fall!

Looking to make a move to this great area and begin your Wilmington, DE home search? Let us help you discover your real estate options and move closer to purchasing your next home— we even offer FREE first-time homebuyer seminars! 

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

New Castle County Active Listings: For the first quarter 2013, there was a total of 2,128 properties actively on the market.

Absorption Rate/Supply: The current month supply of homes on the market is defined as the ratio of the current inventory of active listings compared to sales.  In other words, given recent sales activity, one can estimate how long it would take for the entire inventory of active listings to sell, assuming no new listings were to appear on the market.  At the present time it will take about four and a half months to sell all of the current active listings, without adding any new homes for sale.  

Contact me for expert help with your home buying questions!

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    

According to the National Association of Realtors, 2013 could be the best real estate market for home sellers that we've seen in years. Home buyer demand is outpacing the supply of homes for sale in many areas of the country. Great news if you're a home seller - not so much, if you're a home buyer!

Here in Wilmington, we still have a good amount of home inventory, but prices have been increasing. Median home prices during the first quarter 2013 were 21.3% higher than the same period last year. There may be plenty of homes on the market, but as prices rise, fewer of them may be in your price range. And because real estate investors target lower-priced homes that would make profitable rentals, you can find yourself competing with cash buyers in addition to traditional home buyers.

This means that you need to be ready to compete for the home you want to buy. One way to accomplish this is to know what makes a purchase offer appealing to a home seller. I have a few strategies to help you!

1. Have a mortgage approval letter in hand, ready to submit with your purchase offer. An approval letter from your lender declares that your loan application has been processed, verified and approved by mortgage underwriting. It is more binding than a pre-approval or pre-qualification. It's about as close as you can get to being a cash buyer without having your own cash.

One piece of red tape: the home must meet the appraisal guidelines to support the loan. Fortunately, with home prices on the rise, this isn't as daunting as it used to be.

2. Be aware of current market conditions and make your best offer first. If you are up against another buyer for the same home, you may not get a chance to offer more in a second round of negotiation. This doesn't mean you should overpay, however. I can help you determine if the asking price on a home is fair.

3. Keep your contingencies to a minimum. You need to have the right contingencies to protect yourself, but going overboard can cause your offer to appear to be more hassle than it's worth. Make it easy for the home seller to say "yes" to your offer.

4. Be open to the home seller's requests. Sometimes you have to give a little to get a little!

5. Work with an experienced real estate professional who will walk you through the fine points of contingencies and negotiations, and who will put you in a good light with home sellers and their agents.

Buying a home in Newark or Wilmington doesn't have to be stressful! If you are a first-time home buyer, I strongly encourage you to attend a free home-buying seminar so you can immerse yourself in good information. The next one is coming up in Newark on April 20! See the Registration Page for a list of upcoming dates and locations.

Contact me for expert help with your home buying questions!

 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     

A recent article by Inman News predicts that short sales will be more numerous this year, due to streamlined rules and a recovering economy. This means lenders will be busy and organized short sale applications will have the best chance of success.

If you are a Wilmington or Newark homeowner who lacks equity and needs to sell, these short sale tips will help you get started! Also, please see my prior blog posts on September 6 and January 24 for more information!

1. Ask your mortgage lender about their short sale requirements. They will send you the paperwork to get started. Please remember that it isn’t enough to be underwater in home value; you must also have a qualifying hardship.

2. Your mortgage lender may ask for copies of your recent bank statements, paycheck stubs, tax returns and a list of your household expenses. Be cooperative and send in the requested documentation asap.

3. If you have other liens against the property, from a second mortgage, or an unpaid debt or tax obligation, let your mortgage lender know. 

4.  If the ownership of the home had any changes since your original purchase, as the result of a divorce or other situation, declare this up front. Lien and title issues can be time-consuming to resolve.

5. Work with a Certified Distressed Property Expert who has the professional experience to help you!

6. Share information about your home’s condition with me. Honestly is the best policy. Also, if you have made repairs or upgrades that should be considered, share that too!

7. Stay in contact so the process keeps moving. I will do everything possible to help you, and I will follow up with your lender regarding the short sale process. But there may be times when your lender needs additional documentation from you, or needs to ask you a question. Make sure your lender has your current phone number and mailing address, and pay attention to everything they send to you.

Short sales can be a good solution to a difficult problem. As your professional Wilmington and Newark, DE real estate agent, I understand that selling your home can be an emotional decision, especially when your life has been disrupted by other events. This is why I provide professional guidance with compassion, so that you can make the best choices.

If you owe more on your home than what it is worth, my experience in short sales and foreclosures can help you! It's never too early to talk to me, so please contact me today with any questions you may have!

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

Have you been waiting to buy a home in Wilmington or Newark? If you have been waiting to see if home prices will come down, or you are waiting for spring, you could be missing a golden opportunity to buy a Delaware home! Here are 5 reasons why right now could be the best time to buy!

1. Home prices are moving higher. According to Trulia, Wilmington home prices between Nov 2012 and Jan 2013 were 7.2% higher than a year ago. Nationally, economists expect home prices to continue to gradually appreciate.

2. Mortgage interests rates are rising. The Mortgage Bankers Association predicts that rates will trend higher throughout 2013.

3. Rents are expected to go up. Nationally, rents averaged a 4% increase during 2012. As the economy continues to improve, monthly rents are expected to follow suit.

4. Mortgage rules are changing. New guidelines exist for FHA loans. Meanwhile, the Consumer Protection Act may influence the type of mortgage products that are available in the future. Another new rule, called the Qualified Residential Mortgage, could change the requirements for credit scores and down payment amounts.

5. Closings are faster off-season. Real estate sales have lower volumes this time of year, meaning there are few backlogs in mortgage underwriting, appraisals, and home inspections.

6. Sellers are motivated. New listings are coming on the market in February! There are homes on the market today that must be sold; there are banks waiting to approve short sales, but they need offers!

Your ideal home could be on the market right now! Why not take a look at the Wilmington and Delaware homes for sale?

First-time buyers should give themselves an advantage by attending a free home buying seminar! Be prepared for the opportunities in Delaware real estate by attending one of the upcoming seminars below. Just register for the date and time that work best for you!

You may recall from a prior blog post that short sale changes were in the works for mortgage loans backed by Freddie Mac and Fannie Mae. Those rule changes became effective November 1, 2012, and Freddie Mac is calling the new short sale process a success!

While it hasn't been quite three months since the new processes became official, Freddie claims that short sale timelines are now faster by 50 to 75%!

This has many positive implications for Delaware real estate. A faster, more effective short sale process means that more deals will be successfully completed, instead of falling through due to delays. As a result, we will see fewer homes entering foreclosure, which is good news for property values.

Since the Mortgage Debt Relief Act has been extended, there is good incentive for distressed homeowners in Wilmington and Newark to pursue a short sale. All together, this news brightens the picture for Delaware home sales in 2013!

Here are highlights of the new short sale process for loans backed by Fannie and Freddie:

1. Homeowners who successfully complete a short sale can get up to $3,000 in relocation assistance.

2. The mortgage servicer on the "front lines" - namely the company that collects your mortgage payments - is authorized to approve short sales for qualifying situations. No more second-level reviews by Fannie/Freddie.

3. The mortgage servicer must acknowledge receipt of a short sale request within 3 days of its arrival.

4. If your home does not have any additional mortgages or liens that require third-party approval, the mortgage servicer needs to either approve or deny your short sale request within 30 days. If they need more time to make a decision for any reason, weekly status updates must be issued to the homeowner.

5. The short sale process should not exceed 60 days, even if another lien holder is involved.

There's just one catch to all this: in order for the above rules to apply, you must have a mortgage loan that is backed by Fannie Mae or Freddie Mac. You can use the loan look-up tool on their websites to determine this; just click on the links above.

If you are a homeowner in Wilmington or Newark with a personal hardship, and you want to sell your home but you have negative equity - let me help! I have extensive experience in short sales and foreclosures, and I can guide you through the options that are available. I also have tips on avoiding foreclosure on my website.

First-time buyers who may be interested in purchasing a home through a short sale should attend a free home buying seminar! Be prepared for the opportunities in Delaware real estate by attending one of the upcoming seminars below. Just register for the date and time that work best for you!

There was good news for Delaware homeowners in the recent budget deal passed by Congress. While debates still continue over other fiscal policies, the Mortgage Debt Relief Act of 2007 has been extended! I'll explain why it matters to Delaware short sellers and homeowners alike!

Say for example you do a short sale, and the bank has a loss of $40,000. If your lender forgives this debt, you're off the hook, right?

Not in the view of the IRS. They consider forgiven debt as "income" because you received the benefit of the money without paying it back. Imagine having to pay income tax on $40,000 when you've already been through a hardship! This is exactly why the Mortgage Debt Relief Act is so important, as it keeps the IRS at bay.

The MDRA is also important to Delaware home owners! It makes short sales an attractive alternative to foreclosure - and short sales do not impact the market as harshly. When a bank sells a foreclosed home, the price can be discounted up to 30%. The discounted sale becomes a part of the market comparisons used by property appraisers. Homes located near foreclosures witness a steep drop in value as a result. Even if you are not planning to sell your home immediately, it can take years for your home value to recover.

Short sales are the better alternative because they list for current market value and are not discounted as sharply, if at all. They also keep homeowners engaged in a solution, which prevents home abandonment and neighborhood blight!

If you are a homeowner in Wilmington or Newark who is struggling with mortgage payments, or you want to sell your home but you have negative equity - let me help! I have extensive experience in short sales and foreclosures, and I can guide you through the options that are available. I also have tips on avoiding foreclosure on my website.

Need more information about buying a Wilmington or Newark home? As your experienced real estate professional I'm here to help you! I can also refer you to FREE home buying seminars! Take a look at the upcoming schedule, and register for the date you prefer!

Contact me for neighborhood price trends, recent sales, and expert guidance in our fast-changing real estate market!