Kat Geralis Home Team Wilmington DE Real Estate News Archives

Blog

Displaying blog entries 1-3 of 3

How to Prepare for Your Delaware or Pennsylvania Home Appraisal

Thursday, February 27, 2020
by Katina Geralis

The listing price of your Delaware or Pennsylvania home is one of the most important aspects of the entire selling process. In fact, if the listing price is not reasonable from the very beginning, you could risk a whole segment of buyers passing over your property. What's more, there is one specific factor that will have the final say when it comes to what your Delaware or Pennsylvania home sells for and it could make or break the deal— the appraisal.

If the appraised value of your home comes back too far from the listing price, any deal you come to with a buyer could fall through. Below are four ways to get ready for your home appraisal so you can ensure your property is shown with its best foot forward:

Develop a critical eye
Walk around your home as if you were a buyer. Notice even small details like a leaky faucet, running toilet, or nails that have popped through the wall. You will want to make one big list of these items and start to tackle them one by one. It helps to have a critical eye when you're a home seller in Delaware or Pennsylvania to make sure everything—even chipped paint—has been accounted for! 

Complete improvement tasks
Do you know of any repairs that need to be made around your home? It's time to mark them off of your list before the appraiser arrives! You do not need to do full-scale renovations at this point, but fixing issues like squeaky windows or doors, clogged gutters or a faulty light fixture will all be helpful to the process.

Clean and organize
Cleaning and de-cluttering your home will help to showcase the property in the best way possible for the appraiser. Remember that your appraiser's opinion of your home could ultimately make or break the sale, so it's important that they are not left with a negative impression. 

Consult your real estate agent
One of the other factors that determines your property's appraised value is comparable sales in the area. Your real estate agent can help pull comparable properties that have sold in the last six months for the appraiser to help give them an idea— whether or not the appraiser uses that to make the decision is up to them, but this is always a helpful step!

Give the Kat Geralis Home Team a call today for more information about selling your home!

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

When a 30-Year Mortgage is Not for You in Delaware or Pennsylvania

Friday, February 14, 2020
by Katina Geralis

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
Find me on Facebook

Updated: Q4 Delaware and Pennsylvania Real Estate Market Stats 2019

Friday, February 7, 2020
by Katina Geralis


It's a new year, which means it's time for a new Delaware and Pennsylvania real estate market update! We're looking at 2019's final few months, also known as Q4, and from our last real estate market update, you'll find a few noteworthy changes in the market. 

As you know, the market is always evolving, especially with the seasons, but buyer demand isn't budging in Delaware and Pennsylvania since buyers now shop year-round for properties on their smartphones, tablets, even set up email alerts with new listings! 

From this time last year, current real estate inventory is slightly higher— which is great news! If you have questions about the market where you live, it is always best to contact your agent for an up-to-date look at the market. As your local experts, the Kat Geralis Home Team is here to help!

From October to December 2019, 1,714 homes were sold (just under where this number sat in our Q3 report) with a median sold value of $240,450 (again, slightly lower than our last report).

The number of units listed during this timeframe was 1,690 homes— which comes in under this number from our last report, but as you can see, buyers are still very much browsing inventory and not waiting long to jump on the home that best meets their needs as the days on the market figures stayed about the same as our Q3 report.

The average days on the market for New Castle County for homes listed during October, November, and December are as follows:

October: 42

November: 42

December: 40

The winter months, especially over the holidays, can be less busy when it comes to moving homes in New Castle County, but you'll notice that the Days on Market (DOM) for properties during this time didn't increase much from month to month.

Updated real estate market stats can provide brief insight into the local real estate market, but they are just that— brief! Contact us today for more information about the market where you live in Delaware or Pennsylvania or with any questions you have about buying or selling a home before the end of the year!

We even offer FREE First-Time Home Buyer Seminars!

Give the Kat Geralis Home Team a call today!

 

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

Displaying blog entries 1-3 of 3

Syndication

Categories

Archives

Kat Geralis Home Team Real Estate