Kat Geralis Home Team Wilmington DE Real Estate News Archives

For homebuyers in Delaware and Pennsylvania today, there are many choices associated with local real estate. From when to buy or when to sell, which mortgage type is best and which community to move into, there is also one other important question homebuyers must ask themselves— new construction or existing? 

The prices can vary dramatically and while you may prioritize having a brand-new home over a lived-in property, it's important to consider the financial differences between the two. 

New Construction Upgrades
When you visit a model home in a Delaware or Pennsylvania community, it can be easy to feel attached to all of the modern features. However, each of those upgrades comes with a price tag and it can be a hefty one at that. When you realize how much everything you want in the home will cost, older homes start to become more appealing.

More available, less expensive
Older homes in Delaware and Pennsylvania are typically less expensive than new construction and more readily available in the real estate market than newer homes, all depending on the area, of course.

Troublesome Financing
Newer homes can come with larger price tags and because of this, can be harder to finance. With stricter lending requirements (especially for self-employed buyers), homebuyers are forced to comply with traditional guidelines of down payments and debt to income ratios. If your home will be using more than 30% of your household gross income to cover living expenses (mortgage, taxes, insurance), lenders may not see that as a sound purchase.

Commute Cost and Time
Oftentimes, new construction homes are built where land is less expensive, which can mean outside of town. While living in the suburbs can cost you more in terms of commute time, it is worth a look with your real estate agent to see which older homes are closer to than new construction developments.

As your local real estate experts, the Kat Geralis Home Team can help you determine which style of home and location are best for you and your needs!

Have questions about older homes or buying a home in Delaware or Pennsylvania? The Kat Geralis Home Team is here to help!

We look forward to hearing from you!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
Homes for Sale
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You may have heard that pre-approval is a great first step in the homebuying process. But why is it so important? When looking for a home, the temptation to fall in love with a house that’s outside your budget is very real. So, before you start shopping around, it’s helpful to know your price range, what you’re comfortable within a monthly mortgage payment, and ultimately how much money you can borrow for your loan. Pre-approval from a lender is the only way to do this.

According to a recent survey from realtor.com, many buyers are making the mistake of skipping the pre-approval step in the homebuying process:

“Of over 2,000 active home shoppers who plan to purchase a home in the next 12 months, only 52% obtained a pre-approval letter before beginning their home search, which means nearly half of home buyers are missing this crucial piece of paperwork.”

This paperwork (the pre-approval letter) shows sellers you’re a qualified buyer, something that can really help you stand out from the crowd in the current ultra-competitive market.

How competitive is today’s market? Extremely – especially among buyers.

With limited inventory, there are many more buyers than sellers right now, and that’s fueling the competition. According to the National Association of Realtors (NAR), homes are receiving an average of 2.9 offers for sellers to negotiate, so bidding wars are heating up.

Pre-approval shows homeowners you’re a serious buyer. It helps you stand out from the crowd if you get into a multiple-offer scenario, and these days, it’s likely. When a seller knows you’re qualified to buy the home, you’re in a better position to potentially win the bidding war and land the home of your dreams.

Danielle Hale, Chief Economist for realtor.com notes:

“For ‘a buyer in a competitive market, it’s typically essential to have pre-approval done in order to submit an offer, so getting it done before you even look at homes is a smart move that will enable a buyer to move fast to put an offer in on the right home.’”

In addition, today’s housing market is also changing from moment to moment. Interest rates are low, prices are going up, and lending institutions are regularly updating their standards. You’re going to need guidance to navigate these waters, so it’s important to have a team of professionals (a loan officer and a real estate agent) making sure you take the right steps along the way and can show your qualifications as a buyer at the time you find a home to purchase.

Bottom Line
In a competitive market with low inventory, a pre-approval letter is a game-changing piece of the homebuying process. If you’re ready to buy this year, reach out to a local real estate professional (who can also connect you with a trusted lender) before you start searching for a home.

With mortgage rates still at historically low rates and home values rising, many Delaware and Pennsylvania residents are currently contemplating a move— even in the midst of the current, and somewhat uncertain, economic climate. However, if you've been wondering, now is indeed the time to purchase a home with more storage space, more bedrooms, more overall square footage or even a home in a better neighborhood. 

As your real estate agents in Delaware and Pennsylvania, the Kat Geralis Home Team is happy to help you find your bigger, better dream home, but there are just a few factors to consider in your decision to move up.

The right mortgage
When moving up in Delaware or Pennsylvania, the type of mortgage you obtain is crucial. An adjustable-rate mortgage may be for you if you're not planning on being in the home for an extended amount of time. Adjustable-rate mortgages can save you money as the rate is typically lower than a 30-year fixed-rate and guaranteed for your particular loan term.

On the contrary, fixed-rate loans have a higher interest rate but provide the homebuyer security by locking in that rate over the entire life of your loan.

Mortgage qualifications
When you move to a larger home in Delaware and Pennsylvania, you may obtain what's called a "jumbo mortgage." Jumbo mortgages are loans that are above "average" with an amount more than $417,000 for a single-family home. If this fits the bill for your new home in Delaware or Pennsylvania, be prepared! Jumbo mortgages do require stronger credentials and the process can be more intense than others, however it does all depend on your lender.

If you're in the market to purchase a home and are looking for a lender recommendation, do not hesitate to reach out! Our team has decades of expertise in the area and can connect you to a professional that will assist you in your mortgage process.

Refinancing options
There are mortgage options—commonly called piggyback options— that allow for a second mortgage or home equity loan to be taken out by a homeowner at the same time their first is refinanced or even started. When you're moving to a larger home, you may be mulling over combining your first and second mortgages to reduce costs. It is always wise to explore all of these options in your decision to move up. 

The real estate market may be ever-changing, but now is the time to make a move! Contact our experts at the Kat Geralis Home Team today to get started on your house-hunt for your Delaware or Pennsylvania dream home!

We look forward to hearing from you!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
Homes for Sale
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These are uncertain times for everyone, no matter where in the world you live— especially when it comes to real estate. There are Delaware and Pennsylvania real estate rumors floating around about whether it's a good time to buy or sell your home amid a pandemic, and many more, but many of them can be debunked! 

As your local real estate experts in Delaware and Pennsylvania we are setting the record straight about buying and selling homes during this time!

Myth: It's a bad time to sell your home
Many homeowners who decided to sell this year have since pulled their homes from the market, mainly due to the fear of showings and others entering their property during this public health event. However, right now, research shows that buyers actually outnumber sellers which means it's better to be a seller in today's market! There is still plenty of demand for Delaware and Pennsylvania real estate, so if you're thinking about moving, you may not want to hold back!

Myth: Home prices are dropping
When you look at the data, you'll notice just the opposite— home prices are rising! Mortgage rates are still historically low and prices are currently growing faster than they did pre-COVID. 

In fact, according to the NAR, the national median price for single-family homes grew 7.7% during the first quarter of 2020, to $274,600.

Myth: Buyers aren't interested right now
The exact opposite is true! As we mentioned above, there are currently more buyers than sellers in the Delaware and Pennsylvania real estate market— which means you have a great chance of selling your home quickly and for the right price! 

According to NAR’s Pending Home Sales Index, pending home sales jumped 44.3% in May, the largest month-over-month increase since the index’s inception in 2001.

Myth: You can't view homes in person
Showings are still very much an option for buyers in Delaware and Pennsylvania, while they may not have been a few months back. Real estate agents take extra precautions to keep their clients safe during this time, so you are able to view homes in person, but if a virtual tour is better for you, that is an option as well!

Myth: Mortgage rates are rocky
As you may have noticed all year, mortgage rates have stayed steadily low! There is no chance of rates skyrocketing right now, so if that is holding you back, take a deep breath. As of July 16, mortgage interest rates dipped below 3% for the first time in 50 years, to 2.98%, according to Freddie Mac.

Have more questions about buying or selling a home in Delaware or Pennsylvania? Contact our experts with the Kat Geralis Home Team today!

We look forward to hearing from you!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
Homes for Sale
Visit My Website
Contact Me
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When you're shopping for a new home in Delaware or Pennsylvania, you'll want to research everything from the square footage to the property taxes to, perhaps the most important, the neighborhood. But when you're in such strange times as these where you might be sheltering in place, it's key to note you don't actually have to visit the area to do your due diligence.

There are several ways to research a neighborhood in Delaware and Pennsylvania right from your own home!

Browse local social media
Use the power of social media to research a potential neighborhood when shopping for homes in Delaware and Pennsylvania. You can use apps like NextDoor, Facebook, or even dig into geo-specific hashtags or locations on Instagram, for instance, to look for activity and posts in a certain area. 

Use Google Maps
If you've ever looked up directions via Google, you'll notice Google Maps has a great feature in which you can actually zoom all the way in and virtually walk the street. Google Street View allows you to navigate around neighborhoods without even leaving your couch!

Search websites with neighborhood data
Dive into websites like Yelp, AreaVibes, and City-Data to find out more in a neighborhood, including livability scores, average home prices, and reviews on locations from local residents.

Call your real estate agent
As you know, your real estate agent is a wealth of information when it comes to buying a home— and that includes the neighborhoods in your desired area of Delaware and Pennsylvania. Ask your agent all of your burning questions! After all, they will be able to take your wants and needs and point you to the best spot for your next home!

Check crime rates
Crime rates can provide data on the safety of a specific area. Use a website like CrimeReports to look up the area's stats from local law enforcement agencies.

Ready to purchase a home in Delaware or Pennsylvania? Let the Kat Geralis Home Team be your guide!

We look forward to hearing from you!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
Homes for Sale
Visit My Website
Contact Me
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Buying a home in Delaware and Pennsylvania is a process that ultimately ends with your home closing. However, there can be some bumps along the way that cause the closing date to be pushed back. 

Closing delays can be caused by both the Delaware or Pennsylvania home seller and the homebuyer— but, don't be dismayed! There are steps you can take to ensure the process moves smoothly this summer:

Enlist your agent to help
Once your property is under contract in Delaware or Pennsylvania, your real estate agent can check in with all of the parties involved once (or more!) per week. An expert real estate agent can notice surprises or changes in the transaction and work ahead to prevent any delays. 

Stay in touch with your lender
Buyers in Delaware and Pennsylvania should check in with their lender often, as much as once per week. With so much paperwork involved in today's real estate transactions, lenders can need the same information over and over again. When lenders ask for documents or signatures, do your best to get it to them right away!

Keep your finances on track
If you're in the process of obtaining financing for your Delaware or Pennsylvania home, do not make any major changes as even the littlest one can affect your closing status. Buying a new car or applying for a credit card can affect your loan and could cause you to lose the loan entirely or delay the home purchase. 

Even in the midst of the public health crisis in today's world, this is an exciting time in the real estate market for both buyers and sellers, so don't let a closing delay get the best of you! More often than not, closing delays can be avoided by planning and exercising financial care during the home purchase period.

Simply stay on top of the parties involved in the transaction and your home closing should move along swiftly this summer!

Have questions about the closing process or buying a home in Delaware or Pennsylvania? The Kat Geralis Home Team is here to help!

We look forward to hearing from you!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
Homes for Sale
Visit My Website
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If you've been wondering how the current state of affairs around the world will affect the real estate market in 2020, you might be in for a big surprise! It seems even with the uncertainty of the global health crisis, job and economic outlook, the Delaware and Pennsylvania real estate market is poised to have a great year.

According to a recent survey by Lending Tree, looking at the behavior of over 1,000 buyers, the results found that 53 percent of all homebuyers are more likely to buy a home in the next year. Homebuyers are ready to make a move despite anything we may have assumed would hold them back!

So why are buyers still ready to take the leap toward homeownership? Three reasons stood out in the results of the survey and we've listed them for you below.

Take advantage of low interest rates
Mortgage rates are still historically low and if you've been thinking about buying a home, why not take advantage of these rates while they are still around? 67 percent of the buyers surveyed by Lending Tree named this as their number one motivator for purchasing a home in 2020.

Ability to save for a downpayment
While quarantine had many keeping a tighter budget and grasp on their wallet, it allowed for more savings to be allocated toward a downpayment. 32 percent of those surveyed above reported that they were able to save more for a downpayment due to their reduced spending during the current health crisis.

Spending more time at home drove desire to buy
If spending more time at home didn't have you rearranging your furniture or rethinking how you use your home's spaces, it may have drove your desire to purchase a new (or even your first!) home even more! 28 percent of those prospective buyers surveyed said spending more time at home made them want to buy their own home more than ever!

Ready to make the move into a new home in Delaware or Pennsylvania this year? Let the Kat Geralis Home Team be your guide! 

Contact us today for more information about available homes or to answer your questions about home buying or homeownership!

We look forward to hearing from you!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
Homes for Sale
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The Delaware and Pennsylvania real estate market began 2020 with good momentum. From January through March 2020, a total of 1,400 homes were sold. March posted the highest activity of the quarter with 590 homes sold within the month.

Median home prices climbed on a month-over-month basis, reaching $243,250 during March 2020. "Median" indicates that half of the homes sold for more than this amount, and half of them sold for less.

When we consider the sale prices of all properties sold during the first quarter of 2020, we have an average sold price of $259,867. This is slightly less than the average sold price during the forth quarter of 2019, which was $264,505.

Home inventory grew during the first quarter, with 2,003 new listings arriving on the market. Home buyers were ready and waiting! Properties spent an average of 51 days on market, which is a brisk pace by historical norms. 

There are some variables to keep in mind during the second quarter of 2020. On the positive, mortgage interest rates are cheap, with 30-year fixed-rate mortgages averaging around 3.33% for borrowers with excellent credit. (Source: FreddieMac weekly PMMS survey.) 

Yet the changing economic climate could slow our market activity. Employment uncertainties, a turbulent stock market and stricter mortgage underwriting could reduce the pool of ready buyers. We may see this play out in longer days-on-market, and a leveling off of home price appreciation. 

We have had limited home inventory for some time in Delaware and Pennsylvania, which will help support home prices for a while. Home buyers and home sellers should prepare for changing market conditions, and work closely with their agents to stay informed about sales trends. 

Questions about buying or selling a home? Contact the Kat Geralis Home Team today!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
Homes for Sale
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If you are worried about making the mortgage payment on your Delaware or Pennsylvania home, take heart: your mortgage company wants to help you. There are solutions available for homeowners who have a temporary loss of income or other hardship. Here's how it works!  

In order to find the best solution, your mortgage company will ask you for a financial statement of your income, monthly expenses and debts. You may be asked for copies of recent bank statements, and your credit report may be pulled. You may be asked to include a written explanation of your hardship. 

This is very similar to the mortgage application process, so please do not be intimidated by their questions. Also, your mortgage company needs to keep your info current as the review process continues. They may repeatedly ask for updated documentation. Reply promptly! 

Typical solutions include:

• Deferment or Forbearance
• Repayment Plan 
• Modification 

Deferment and forbearance programs basically allow you stop making mortgage payments for a period of time, without risk of foreclosure action, late fees or other penalties. 

A repayment plan allows you to catch up any missed or deferred payment(s), without penalties, over a period of time. 

A modification is a permanent change to your mortgage terms. It may involve your interest rate, amortization period, or both, in order to lower your payment. In some cases, payments deferred or missed during a hardship can be "rolled in" to a modification, giving you a fresh start.  

This is a very brief overview. Your mortgage company can give you more information about the programs available to you, and explain the requirements! 

As your Delaware and Pennsylvania real estate experts, the Kat Geralis Home Team is happy to help you with your real estate questions! Contact us today!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
Homes for Sale
Visit My Website
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One of the first steps you will take on your home buying journey in Delaware or Pennsylvania is meeting with a lender to discuss your eligibility to take on a mortgage loan. You will likely be given a few quotes based on different loan products, each varying by terms, conditions, and interest rates. A 30-year fixed-rate mortgage is a common choice for homebuyers in Delaware or Pennsylvania, however, there are a few reasons why this mortgage may not be for you.

As you decide which mortgage may be right for you this year, consider the following reasons to choose a loan other than the 30-year fixed-rate option:

You plan to move soon
The whole idea behind signing on to a 30-year mortgage is that your payments will be spread out for decades, meaning you plan to stay put for a while. But if you can see yourself moving in the near future or have plans to relocate soon, this mortgage option is probably not for you. You may like to consider a loan with a shorter term— a 5 year ARM (adjustable rate mortgage), for instance. This loan does often come packaged with a lower interest rate to begin with, but is subject to change when the term is up.

You plan to retire soon
Just as I mentioned above, if you know your financial situation and even location will be changing soon, it may not be wise to sign on to a long-term mortgage. For budding retirees, you may even be planning to rent again. Moving into a new home with a long, drawn-out mortgage could force you to alter your plans, therefore a 3 or 5 year ARM may be a better fit.

You don't have a large down payment
30-year mortgages typically require 20 percent down, but keep in mind that there are other loan products that will allow you to purchase a home with less. With these shorter term mortgages, you may be able to buy a home in Delaware or Pennsylvania with as little as 3 percent down. Don't let your misconception about needing 20 percent down keep you from buying your dream home this year!

You want to build equity quickly
Aside from a 5-year ARM, homebuyers tend to look at 15-year mortgages as an alternative. This shorter loan allows Delaware and Pennsylvania area homeowners to build equity faster, although their monthly payments will likely be higher due to the shorter term. It is all dependent on your financial goals and timeline, so take the time to map out where you intend to be before agreeing a shorter term loan is right for you.

Contact the Kat Geralis Home Team today for more information about buying a home in Delaware or Pennsylvania, qualifying for a mortgage, or for a local lender recommendation.

We even offer FREE First-Time Home Buyer Seminars!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
Homes for Sale
Visit My Website
Contact Me
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