Kat Geralis Home Team Wilmington DE Real Estate News Archives

REAL Trends recently released their list of America's Best Real Estate Agents to honor and rank real estate sales professionals and teams in all 50 states and metropolitan statistical areas— and our own Kat Geralis was chosen! Using the data from individuals who closed more than 50 sides or $20 million and sales teams with more than 75 closed sides or $30 million in closed sales volume, REAL Trends chose Kat Geralis as one of the Best Real Estate Agents in Delaware.

REAL Trends reached out to virtually every leading brokerage organization, all Realtor® associations and MLSs and a variety of other sources to compile their list. The final list consists of 1,000 real estate agents, named the "2013 Top 1,000 Real Estate Professionals in the United States."

A native Delawarean and U of D grad, Katina Geralis grew up in North Wilmington, and has lived in DE most of her life. Kat is an entrepreneur at heart with a true passion for Real Estate. She has hands-on experience in all areas of residential real estate including; Luxury Homes, Investment properties, New Construction, Active Adult 55+, Short Sales and Foreclosures. 

When clients choose Kat as their Realtor, they get the advantage of her wealth of knowledge, experience and creativity, which leads to a very successful formula. “It is very rewarding to make a difference, by working thru each client’s unique situation to make a lasting impact in their lives.” Kat’s ultimate goal is to create a positive real estate experience and her persistence, drive, and customer follow-up shines through her “whatever it takes” attitude!

As a Top Producer and now one of America's Best Real Estate Agents, Kat’s Multi-Million dollar portfolio consists of a balanced mix of Buyers, Sellers, Short Sales, Foreclosures, and Bank-Owned properties.

Want to work with Delaware's Best? Contact Kat Geralis and her team at the Wilmington Homes Group to discuss your real estate goals. Are you a first time home buyer? Learn more about the homebuying process with one of our 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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The curb appeal of your Wilmington, DE home is more important now than ever before. With housing inventory low and buyer demand high, you want to be sure your home is one piece of Delaware real estate that stands out in the crowd. By getting your home up to par this summer, you can be certain homebuyers in the market to purchase a home will take note of yours before they even step inside the door. Remember, first impressions are key!

Green Home, Smaller Bills

This summer, give your home an energy audit. Walk around with a notepad and notice any cracks or gaps in windows, doors, switch-plate covers, and the like. According to MSN Real Estate, experts say you can save up to 20% on your home heating and cooling bills by simply plugging leaks. You can even receive a rebate for home-energy audits performed by recommended auditors.

Insulate Pipes Now

It may seem like an odd time to talk about insulation, but ensuring your hot water pipes are insulated correctly now can save you on energy costs this coming winter. This can be done by purchasing flexible foam pipe insulation sleeves from a hardware store. Taking precautions now can save you money in the long run when you know your Wilmington home is utilizing energy and resources properly.

Clean Your Patio

Summer is a great time to get outside and enjoy the weather— that means your patio too. Remove your outdoor furniture cushions, cleaning them thoroughly, and spray down the frames with a soapy, bleach solution. A recipe to follow uses:

1/3 cup laundry soap powder

2/3 cup trisodium phosphate or TSP

A quart of bleach

Three quarts of warm water

Allow the furniture to dry and return the cushion covers while they are still damp to prevent shrinking.

Clean Your Deck and Concrete

Power washers are just the tool to clean concrete patios, driveways, and outdoor spaces in the summer. While your washing the concrete, keep an eye on the water direction to be sure it moves the water away from your Wilmington area home's foundation. If it does not, inspect the area, looking for cracks and flaws in the foundation. Next check the inside for water stains or wetness. If hiring an inspector to find a solution to the structural problem is not in the cards, installing a sump pump can often fix the water problem in these spaces.

Take Care of Your Deck and Planters

Outdoor plants add instant curb appeal to Delaware homes for sale and are sure to grab a homebuyer's attention. Just be sure that your planters and pots have feet placed underneath of them as standing water can cause your deck's wood to rot. Pot stands and even colorful bricks will also do the trick. 

Patch Cracks and Make Amends

One final way to add curb appeal to your property is to patch all cracks in the asphalt and concrete outside, as well as removing problem trees or pruning them for a polished look. Now is also the time to give shutters, doors, and fences a new coat of paint if their's has chipped or faded over the winter. Fix faulty locks or panels on your outdoor fence, especially if you have a garden or landscaped area, to keep out unwanted visitors and animals. 

The Final Step

Are you ready to put your home up for sale and invest in your next piece of Wilmington, DE real estate? Let me help you decide which type of property best fits your needs for homeownership. Together we will work to find the best home for both you and your family. You can also learn more about the buying process at our FREE first-time home buyer seminars! 

As always, feel welcome to contact me for more information about homes for sale in Wilmington and Newark. I am here to help you with your home ownership goals!

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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The word is out across the country that mortgage rates and housing prices are rising. But along with these two important homebuying factors, two others are stronger than ever— homebuyer confidence and demand. Now is the time for Wilmington, DE homebuyers to come off of the sidelines and jump into the real estate market before the current low rates disappear. 

According to the KCM Blog, real estate and finance experts have projected that U.S. home prices will appreciate by 5.4% in 2013 and The Mortgage Bankers Association, Fannie Mae and the National Association of Realtors have also projected that the 30-year mortgage rate will be at least 4% by the end of 2013. For instance, that means if your dream Wilmington, DE home has a current listing price of $200,000, you could see your mortgage rate increase by $56 if you delay your purchase by one year and in just one year, that listing price may seen a price increase of $10,000. 

Affordability is still high for Wilmington, DE real estate as it's currently coupled with low interest rates and low housing prices, as compared to last year's levels. In fact, Bankrate reports that houses have been at their most affordable level in the past year since the National Association of Realtors began tracking the data in 1970. The real estate market is now offering homebuyers the chance to purchase homes at a rate they can afford— but in observing the ever-rising mortgage and housing prices, the window will not last forever.

So don't sit back and wait for a better time to buy your Delaware home or even jump on a shortsale or foreclosure, the time is now to optimize your homebuyer wants and needs, especially if you are making the transition from renter to first-time homebuyer! 

If you are a first-time home buyer in Delaware, you need to be well-equipped to handle the competition! Find out how to get approved for a mortgage and learn more about the buying process at our FREE first-time home buyer seminars! 

As always, feel welcome to contact me for more information about homes for sale in Wilmington and Newark. I am here to help you with your home ownership goals!

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  

It’s getting hotter and hotter outside. That can only mean that it’s time to get your house ready for the summer months. So here are some important tips every Delaware homeowner should keep in mind to usher in this steamy season.

Take Care of Your Air

As soon as it starts feeling warm outside, you might automatically want to pump up your air conditioner. But before you do, it’s important to change or clean the air filter first. This is not just a one-time thing either. You’ll need to change the filter every couple of months while the system is in use. Your owner’s manual should have all the details on the type of filter you need and the steps involved in the changing process.

Now is also the time to do an annual performance check. Have a professional inspect your air conditioner and furnace. The company that installed your unit or another heating, ventilation and air conditioning specialist can get this done for you.

Window Washing

Take full advantage of all the sunny days to come in Wilmington and Newark by washing your windows. First, remove the curtains and blinds. Then clean the windows and window trim both inside and out. You can start with brushing or dusting. If your windows are really dirty, wipe them down with a rag and some soapy water. For the outside of the windows, use a hose and rinse off all of the soap.

You can also get a good quality squeegee to make sure you get all the dirt and grime off the glass surfaces. You also might want to try some TSP (trisodium phosphate). This is a powdered stain remover and degreaser you can get at any hardware store.

By using a few drops of TSP, you will have a streak-free finish on your windows. Be sure to read all of the instructions on this cleaner, though. In a hot solution, you run the risk of taking the gloss off paints and there is the chance it can darken aluminum or wood. So use caution! If your house has two floors, you might consider hiring a professional to clean those upper story windows.

Screen Cleaning

The glass isn’t the only part of your window that deserves a thorough cleaning. Screens get filthy and dusty, too. So be sure to give them some loving care with a soft cloth and brush off the dirt. You can also gently scrub them with soapy water and then hose them off. You can leave them outside to dry in the sun.

When taking them out of your windows, be gentle. You don’t want to tear them. But for small rips, you can easily use some needle and thread to fix them right up again.

Exterior Attention

The exterior paint on your Wilmington home is designed to prevent deterioration caused by dirt, sunlight and dampness. On average, a paint job will last six to eight years. But you can extend that lifespan by addressing the exterior of your home. Trim shrubs that tend to brush against siding or windows. Make sure there is at least two feet between your home and plants to protect from damaging insects and moisture.

You might think about hiring a professional to power wash your house, too. Unless you know how to use this machine, you could dislodge shingles or siding. And that’s the last thing you’d ever want to do.

Furthermore, if you see blistering or peeling paint anywhere on your house, don’t ignore it. Make sure to schedule a paint job before fall.

As you can see, there is a lot to do when it comes to maintaining your home. If you would like more information or tips, I’m here to help. Also, I’m available to guide you through every step of the home buying process here in Wilmington. So feel free to contact me at any time. I look forward to meeting you!

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!

If you are a first-time home buyer, you may already be leaning towards an FHA-backed mortgage to finance your Wilmington or Newark home. Recently, the Federal Housing Administration announced changes to their mortgage guidelines, which are being made to stem the losses from sour loans.

In case you are not familiar with it, the FHA is a government entity that insures mortgage loans made by banks and other front-line lenders.

Without the FHA, home buying would be tough for buyers who cannot meet high down payment and credit score requirements. After the collapse of subprime lending and the tightening of credit, FHA-backed mortgages became the only game in town for many first-time home buyers.

FHA guidelines are also more forgiving when it comes to credit history, making it the only practical option for home buyers who had a prior bankruptcy, foreclosure, or short sale in the past few years. For these reasons it's a good idea to understand the FHA role in our housing market!

Here are the 4 FHA rule changes slated for 2013, and how they may affect you:

1. FHA loans require the borrowers to pay for mortgage insurance. This insurance protects the lender in the event you default on the loan. It used to be that you could get the monthly mortgage insurance premium waived after you achieved a certain amount of equity. This is no longer the case; effective in 2013, the mortgage premium will be on your mortgage payments for the life of the loan.

2. The cost of monthly mortgage premiums will go up by .10 basis points. This is a relatively small amount; it would add an extra $20 a month to a $200,000 mortgage. Keep in mind that this is only the increase effective in 2013, and not the entire premium.

3. For large mortgages, the FHA will require higher down payments beginning in 2013. The minimum down payment for a $625,500 mortgage will be 5%. This is an increase from the prior minimum of 3.5%.

4. Those who have credit scores in the 580-620 range will face stricter debt-to-income ratios in 2013. In other words, the less debt you have, the better.

The good news is, these changes shouldn't derail anyone's plans to buy a Delaware home. Even with the new changes in 2013, FHA-backed mortgages remain attractive.

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 and help you find the best home for the right price.

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

One year ago, the State of Delaware had one of the highest foreclosure rates in the nation. This prompted our State lawmakers to create the Automatic Residential Foreclosure Mediation Program, which became effective as of January 19, 2012.

In December 2011, Delaware foreclosure filings affected 1 out of every 485 homes, according to data by RealtyTrac.

New Castle County had the highest rate of filings. Foreclosures in the State were also swift, averaging only 106 days to process. The average sale price of a foreclosed home was $121,100.

As of November 2012, Delaware foreclosure filings affected 1 out of every 1,166 homes, according to RealtyTrac. Kent County took over the top spot for the highest rates of foreclosure.

While our foreclosure process remains efficient, the timeline can now range up to 6 months. Meanwhile, the average sale price of a foreclose home has improved to $162,140.

Who gets the credit for the improvement? We all do! There are six things that have helped make a difference for distressed homeowners in Delaware:

• Delaware's mandatory mediation program
• Improvements in the regional economy
• Improvements in the short sale process
• Federal involvement with large banks to promote alternatives to foreclosure
• Improvements in Delaware home values
• Slowing rate of new defaults

It's important to note that it took a combination of the above to bring us to the improvement we have today. We must also acknowledge that foreclosure remains a concern in Delaware, and we will be dealing with distressed properties for the foreseeable future.

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.

Have a few questions, or just want to talk about your situation? Contact me today! I will be happy to help you.