Kat Geralis Home Team Wilmington DE Real Estate News Archives

2015 is already being called the "Year of the First-time Homebuyer" and with the new programs rolling out from Fannie Mae and Freddie Mac, more Wilmington area homebuyers will indeed be flocking to the market.

First-time homebuyers have been held back for the majority of this year by strict lending requirements and the large 20 percent down payment hanging over their heads. But with Fannie's program beginning on December 13 and Freddie's on March 23, 2015, the two will begin backing mortgages with 3 percent down. 

The new year will be a chance for thousands of Wilmington, DE area first-time homebuyers to enter into the market, finally able to make a home purchase. Despite their ability to take on a mortgage in the past, buyers were simply unable to come up with the 20 percent down payment. These new programs will put homeownership within their reach and thus, give the strength of the real estate market another welcome boost.

Do you count yourself among the first-time homebuyers in New Castle County? Here are the requirements you can expect from Fannie and Freddie's new 3 percent down mortgages:

• A credit score of at least 620
   
• The purchase of private mortgage insurance
   
• Documentation of assets, income and job status
   
• Homeownership counseling

Both Fannie and Freddie's programs are for fixed-rate loans doled out to first-time homebuyers and those looking to refinance their current mortgage. 

2015 is already looking bright for the real estate market and the KG Home Team can help along the way! Contact us today with questions you might have about obtaining a mortgage and buying a home in Wilmington or Newark, DE. We're a top-ranked team ready to go to work for you!

---

Keeping up with the varying news about the real estate market can be exhausting. That's why we're here! Leave it to the pros and stop trying to decipher which real estate headline actually makes sense for the Wilmington market. Remember that real estate is local— we can provide details on the state of real estate in your community at any 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
Follow me on Twitter

First-time homebuyers in Wilmington, DE today may be sitting on the fence, wondering if now is the time to spring into the real estate market or continue renting. According to the U.S. Census' 2013 American Community Survey, this is the third consecutive year housing costs have taken a downward turn and with mortgage rates also low, owning a home is still the better choice.

For renters in the Wilmington Delaware area, it is not uncommon to spend more than 30 percent of their income on housing. In fact, nationwide, this is true of nearly half of all renters— compared to just 26 percent of homeowners who spend more than 30 percent on housing.

But for homeowners everywhere, that number is falling. Realtor Magazine reported the amount of those spending 30 percent or more on housing fell to 39.6 million homeowners, down from 40.9 million the year before. Considering all of the costs involved with owning a home in Delaware, first-time homebuyers should be able to recognize the opportunity in today's real estate market.

It is renters who make up the category of those considered "severely burdened" by housing costs. Rents are rising—as much as 5 percent last year, reported a study from the Harvard Joint Center of Housing Studies— and in most places, incomes just cannot keep up.

Housing affordability in the Wilmington area tends to favor homeowners, especially given the currently low mortgage rates. If you're paying more than 50 percent of your income toward rent in Wilmington or Newark, we can help!

We are seasoned in working with first-time homebuyers and even offer FREE first-time buyer seminars to walk you through the process, including how to save for a down payment. If you have questions about buying a home in the greater Wilmington area, we'd love to hear from you!

You won't want to miss out on this opportune time in the real estate market, so do not hesitate to contact the KG Home Team today!

---

If you're on the other side, ready to move out of your current home, know that NOW is a great time to sell! The number of potential buyers looking at real estate has remained strong this fall and inventory has dropped, which equates to less competition for homeowners selling today.

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

The current state of affairs within the housing industry has many wondering what lies ahead in 2015. Changes are being made to match the current trends within the industry— not only the number of new homes being built but also what’s inside newly-built homes.

• Reduced 4 or more bedroom homes
• More master suite walk-in closets
• Changes in use of space outside of main living quarters, such as more porches and 2 car garages
• Better utilization of space by replacing formal dining rooms with eat-in kitchens
• Larger laundry rooms
• Less mudrooms, hobby rooms or game/media rooms
• A wide variety of interior color choices

According to new research from RealtyTrac, saving enough money for a down payment—typically 20 percent— could take as long as 12 years for first-time homebuyers. Based on median home prices and the current personal savings rate of 5.6 percent, buyers would need to wait until they're 42 years old to purchase a home. 

Saving 20 percent for your first Wilmington, Delaware home can be overwhelming, especially when you have additional debt from credit cards or student loans. However, there are other ways to help you save up to buy Wilmington real estate. 

Consider these 4 easy ways to save for a down payment and if you're still feeling uncertain about buying a home, contact the KG Home Team! We're happy to answer your questions and even offer FREE first-time homebuyer seminars!

​Shop around for better rates
With expenses like car insurance, renter's insurance, cable, internet and a cell phone plan, the costs can put a damper on your saving for a home. Start shopping around for better prices to bring the numbers down. Simply switching to a new provider could help you save hundreds more per month.

Monitor your spending
If you haven't yet, make a budget to help you pin-point your monthly costs and develop a better timeline for buying a home in the Wilmington area. Where is your money going each month? Are there places you could cut back? For instance, dining out is one expense many prospective homebuyers could stand to eliminate.

Negotiate your rent
Rent is likely the largest expense you have per month and the one that would allow you to save more for a down payment. If you're in good standing as a tenant, consider speaking to your landlord about lowering your rent or perhaps downsize to a smaller apartment and deposit the difference in rent into your savings account.

Negotiate your student loan payments
Depending on the type of loan you have, you may be able to scale back on your payments. Speak to your lender or student loan provider about repayment options, including income-based repayment. Lowering your payment each month could allow you to save more for a Wilmington home.

The KG Home Team can help you every step of the way as a first-time homebuyer. If you have questions about down payments, mortgages or the current real estate market, 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
Follow me on Twitter

So you bought a home in Wilmington, DE in 2006. It lost 20-40% of its value, but today you could break even, hopefully. You want to buy a new home, but don't really have any equity, what should you do?  You're not too confident in the housing market, but you know rates are great? The real question should be, "What would you pay today to put income in your pocket and a roof over your head for the rest of your life?"

Today you have a once in a lifetime opportunity to buy a new home in Wilmington or Newark, keep your old home and own them both in 15 years! What would your life look like if you owned two homes in 15 years? You could use the income from one to live in the other, have a roof over your head for life and have a retirement income! Act now— this opportunity will go away within 1-2 years max.

Interest rates are going up! We have been at a 100 year low and you won't be able to create wealth like this ever again in your lifetime!

That's right, when rates are back to 6.5-7%, you will not qualify to keep your old house and buy another. You might be lucky to even buy one home on a 30-year mortgage, let alone a 15-year mortgage. The choice is yours.

Option One:
Stay put, be conservative, wait to see what is going to happen with the real estate market. Keep your "old" house, hunker down, wait and see if rates really will go up?

Option Two (The Smart Choice):
You purchased your existing Wilmington home in 2006, paid $255,000, it went up, then down, then down some more, now it is back up to a little less than you owe. Why sell? Keep it, rent it for the monthly payment at 5.5%. Your payment is $1636 and fair market rent should be at least that. Pay $600 a month extra in addition to rent and you own it in 15 years!

Your new home is $300,000. Instead of doing a 30-year mortgage at 4.25% with a payment of $2026, do a 15-year loan at 3.5% and pay an extra $695 per month!

To recap: For $2,600 more per month over 15 years, you can own both houses, earn an income of $2,000 per month for the rest of your life and own your home free and clear. With the leverage of reverse mortgages, you could have $4,000-$5,000 per month with no house payment for the next 15-20 years!

If you have been wrestling with yourself, your spouse, your parents or relatives— BUY NOW! You will forever be a genius.

------

Your real estate agent with the Kat Geralis Home Team can help you navigate the current real estate market and take advantage of mortgage rates. We cover all of the bases when selling your home, so you don't have to— just one of the many reasons to avoid For Sale by Owner 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
Follow me on Twitter

The real estate market has seen significant changes and pushes in the right direction this fall, all pointing to signs of a stronger, more positive future. For instance, mortgage rates dropped to their lowest point in over a year and are now hovering just under 4%. But that's not the only factor to sing about this season— new and existing home sales are also at their highest levels of the year.

According to the National Association of Home Builders, the sales of newly-built single family homes have edged up for the third consecutive month. Rising just 0.2 percent in September to an annual rate of 467,000 units, new home sales are now at their highest level since June 2008. The NAHB chief economist also acknowledged the slow-growing inventory of new homes as a sign of confidence among home builders.

While the inventory and sales of new construction homes does vary by location, the Kat Geralis Home Team is happy to provide you with more information on these properties in and around Wilmington, Delaware. 

On the existing home front, sales saw quite the turnaround in September as they climbed to the highest pace of the year. Every region except for the Midwest reported gains in existing home sales and given low mortgage rates, a healthy real estate market should continue as we near the end of the year.

"Traditional buyers are entering a less competitive market with fewer investors searching for available homes," said the National Association of Realtors' chief economist. However, they "may also face a slight decline of choices due to the fact that inventory generally falls heading into winter."

Existing home sales, rising to the tune of 2.4 percent in September, coupled with increases in newly-built single family home sales are two strong signs of confidence among both builders and homebuyers.

If you're ready to take advantage of the current real estate market conditions in the Wilmington, DE area, the KG Home Team is happy to help. Having just been ranked the #1 Keller Williams agent in Delaware, you can be certain you're working with the best!

Contact us today!

------
Many homebuyers have misconceptions about how much down payment is necessary to purchase a home. 15 to 20 percent? Don't be too quick to assume! As it turns out, you may not need nearly as much as you think— you could become a homeowner with a down payment in the single digits!

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

Fall is an excellent time to take advantage of the local real estate market in the Wilmington, DE area. If you're planning to buy a new property or sell your current home, take a look at these updated statistics for the Wilmington, DE area.

As always, if you have any questions about the real estate process, anything concerning the purchase of new construction, how to attract homebuyers to your Wilmington property, becoming a homeowner for the very first time— the Kat Geralis Home Team is here to help!

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

When you are ready to buy or sell a home in the Greater Wilmington Delaware area, you want to work with the best. That's why I am happy to share that I've been ranked the Top Keller Williams agent in Delaware!

Choosing from over thousands of real estate agents, Real Trends takes into account both transactions and sales volume when compiling their list. Given these factors for this year's Best Real Estate Agents in America, I was ranked 3rd Best Agent in the State of Delaware and the Top Ranked Keller Williams Agent! 

So, don't work with just any agent in the Wilmington, DE area this year, work with the best. A real estate agent can accomplish so much on your behalf, whether you're buying a new home or selling your current property in Wilmington or Newark, so don't go it alone. It's always best to leave it up to the pros in order to have a smooth and less stressful real estate journey.

Below are just a few of the things a great Realtor can do for you:

• Negotiate with all parties involved— the appraiser, inspection company, title company, other agents
• Help you net up to $41K more than if you decided to forgo working with an agent
• Work as your buyer's agent for a new construction purchase
• Find you the best deal
• Use your homebuyer wish list to find your dream home 
• Create a strategy to attract homebuyers to your property
• Pique homebuyer interest online, where they first begin their home search
• Assist with relocation
• Help you find the perfect place to retire

The KG Home Team offers all of these services and more— our experience in the Greater Wilmington area is unparalleled and available to assist you in achieving your Delaware real estate goals. 

Contact us today!

---

With mortgage rates this low, waiting to buy a home in Wilmington, DE no longer makes sense. In fact, did you know that buying a home is 38% less expensive than renting? It's true! Nationally, rates would have to rise to 10.6% for renting to be cheaper than buying and rates haven't been that high since 1989!

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

Are you looking for a new place to call home? Consider Wilmington, Delaware! 

Located conveniently between New York City and Washington, DC, Wilmington has become a hub of culture and commerce given its low cost of living, low property taxes and ZERO sales tax! Not only is Wilmington one of the best places to live if you hate paying taxes, but it's also been ranked the 6th Most Tax-friendly State for Retirement.

The Kat Geralis Home Team with Keller Williams can get you moving this year, whether you're looking for new construction homes, investment properties, 55+ communities, or are preparing to buy your very first home. 

Last year, Keller Williams helped over 2,000 families move to a new home in Delaware and we'd be happy to help you do the same. Relocating to the area? Our team is well-versed in all things Wilmington!

Ranked the #1 Keller Williams agent in Delaware in 2013 and chosen as one of America's Best Real Estate Agents by Real Trends, I know the in's and out's of the community as well as the local market. My team of talented professionals is what drives our success and together, we have more than 50 years of combined experience to assist with your buying or selling a home in Greater Wilmington. 

Our services are a cut above when it comes to the real estate market— we are prepared to help both buyers and sellers with the following:

• New construction 
• 55+ communities
• Builder trade-in
• First-time homebuyers
• Relocation
• Short sales
• Foreclosures
• Investors
• Global Property Specialists

If you have questions about relocating to Wilmington, where to retire, or simply buying or selling a home in Delaware this year, don't hesitate to reach out! We can provide recommendations on everything from neighborhoods to local events to mortgage lenders. 

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
 

As a new homeowner, the last thing you want to feel is unorganized after a major storm, natural disaster or property dilemma. 

Your home in Wilmington or Newark, Delaware is your happy place and taking a few preventive measures will help you keep it that way. This fall, take some time to research your homeowners insurance policy, make necessary repairs, and store valuables in a safe place. 

No matter which area of Wilmington or Newark you live in, these tips can help prepare your home and identify the best ways to disaster-proof the property. 

Do your weather research
If you just purchased a home for the first time or are unfamiliar with Wilmington, DE, it's important to accurately research what your insurance policy covers given the area. You can use resources like the Federal Emergency Management Agency's flood map to determine if your home is in a common flood area and if your insurance should be updated accordingly.

Create a safe home
Just as you would with a curb appeal project, start on the outside of your home.

• Store all outdoor furniture in the garage, basement or storage unit as well as any stray lawn tools or bicycles.
• Take the time to make sure your garage door is sturdy and functioning and if necessary, take on the small project of reinforcing the door. 
• For insurance purposes, take pictures of your home, including cars and boats, beginning on the outside and work your way indoors. Be sure to store these photos in a safety deposit box or away from the home.
• Review your homeowners insurance policy to determine if your Wilmington home is covered for all risks or a specific set of scenarios.
• Replace batteries in smoke detectors and carbon monoxide detectors.
• Set a meeting place for your family in case of emergency.
• Inspect your home's roof and replace loose tiles as necessary.
• Prepare an emergency kit with water, spare batteries, radio and first-aid and store in your family's dedicated meeting place.

For homeowners, taking precautions to ensure your Wilmington or Newark home's safety can make all the difference. The Kat Geralis Home Team is here to help with your journey, every step of the way, from home search to home sale— including providing tips for homeowner success after the closing!

By deciding to work with The KG Home Team, you'll be working with the #1 Keller Williams agent in Delaware as well as one of America's Best Real Estate Agents chosen by Real Trends in 2013. 

Agents are well educated and experienced with the entire sales process— just take a look at these 5 Reasons to Hire a Real Estate Professional.

Contact us today!

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