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Spring Brings an Increase in Wilmington, DE Home Buyer Activity

Thursday, March 22, 2012

by Katina Geralis

Tuesday marked the first day of spring, and with the change in season comes an increase in real estate activity. More people begin to think about buying or selling their home in time for summer, and as a Wilmington, DE real estate agent, I can honestly say that I get incredibly busy during this time of year. This spring has seen a different trend, however. Despite the longtime buyers market that we have been in over the past year, recent activity has suggested that we are in a temporary sellers market. Conditions are improving for sellers and ideal for buyers at the moment, so if you’re thinking about entering the Wilmington, DE real estate market, now would be the time to do so.

There are a number of economic factors that have contributed to the recent upswing in home buyer activity over the past few months, but here are a few that stand out strongly in my mind:

•   A mild winter. Warmer temperatures and ideal weather during the dreaded winter months have been incentive for buyers to leave their homes and begin their search for the perfect Wilmington, DE home earlier than they would have in past years. Whether you’re looking for a single family home or distressed property, the weather has been anything but a deterrent from pursuing your property.
•   Sellers are getting smarter. Despite all of the statistics and market conditions that have been proving price points are lower than average, sellers are now starting to realize that in order to attract buyers, they need to price their homes reasonably. The asking price needs to fit market conditions. Since more sellers have come to this realization, more homes are being priced correctly from the get-go. As a result, buyers are starting to make offers on these properties.
•   An improving economy creates a sense of urgency with buyers. Home prices are gradually starting to go back up, and so are mortgage insurance premiums and the number of jobs. These are all signs that the housing market is about to improve, and when that happens, home prices will begin to rise again. Buyers want to take advantage of the market while the conditions are still ideal for them, so they will likely want to buy a home sooner rather than later.
•   Consumers are a bit better informed than in the past. With housing woes taking over the headlines over the past year or so, consumers have taken an active interest in getting more educated about the nature of the housing market before making the decision to enter a transaction. This includes seeking the advice of real estate agents and mortgage professionals. Since consumers have become more knowledgeable about housing conditions, many buyers are now realizing that the market is fantastic for them at the moment, and they are acting accordingly.

As a Wilmington, DE real estate agent, I think that it’s important to keep my community informed about current housing conditions. All of the national housing activity suggests that right now, the market is ideal for buyers. With the improving economy and ever-changing conditions, buyers would be smart to act NOW while the market still works to their advantage.

If you need help finding a Wilmington, DE home, don’t hesitate to contact me! I’d be happy to help you navigate through each transaction with ease. I hope to hear from you soon.

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
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How Does a Wilmington, DE Short Sale Work?

Thursday, March 8, 2012

by Katina Geralis

The reality of the current Wilmington, DE real estate market is that homeowners are struggling to stay afloat. While the economy is getting better, many are still struggling with maintaining a steady income to pay their mortgage each month. As a real estate agent who specializes in Wilmington, DE short sales and foreclosures, it is my responsibility to be aware of this issue and use my knowledge of market conditions to help guide my clients through what can oftentimes be a very difficult, hurtful and stressful time. That’s why, when Wilmington, DE homeowners approach me and express that they are in danger of losing their house, I always take the time to sit down with them and review their options.

Since my primary goal is to help people who are in danger of going through a Wilmington, DE foreclosure know and understand all of their options, it’s important to me that I explain each alternative as thoroughly as possible. The better my clients understand what they can do to avoid foreclosure, the more likely it is that we can find the right alternative and come up with a plan to avoid conflict. One of the most popular alternatives to foreclosures is going through a short sale. A Wilmington, DE short sale occurs when a lender agrees to let a homeowner sell their property for less than what is owed on the home, forgiving all other amounts owed after the transaction is complete.

Short sales are far less damaging to one’s overall credit than foreclosures, which is why they are such an attractive option to many Wilmington, DE homeowners. The process, however, is a bit complex and can take a long time if you’re not diligent and persistent. In the interest of helping all of my clients who are in need of guidance, I thought that I’d outline the short sale process briefly. This will allow those who are in danger of losing their Wilmington, DE home get a better idea of one of the main alternatives to foreclosure.

•   Contact your Wilmington, DE real estate agent and lender to discuss policies, procedures and your options. Consulting with a professional before undergoing the process will help you decide if this is really the right route for you to be taking, which can help you avoid more conflict down the line.
•   Compose a letter to release documentation about the loan and the property. The escrow agency and the buyer will receive this information prior to making an offer.
•   The lender will examine the settlement statement. This document will include the selling price and what is left of the loan balance. Other fees, such as closing costs and commissions, will also be included in the statement.
•   Submit a hardship letter to your lender outlining your current financial problems. You will need to explain why it is that you can’t make mortgage payments. Think of this as a brief letter that you will need to use to build your case. You need to make the reader sympathize and understand why you have experienced hardship and realize that it is impossible for you to continue to stay in the home.
•   Include banking statements, investment portfolios, employment paystubs and other financial documents with your letter to prove that you can under no circumstances make your monthly mortgage payments.
•   The lender will consult with the Wilmington, DE real estate broker to evaluate the house’s structure and compare it with other homes in the area to determine its worth.
•   The lender will then examine the purchase agreement and review the commission amount to determine that the short sale transaction would be beneficial to all parties involved.

Broken down, Wilmington, DE short sales are processes that require patience and a lot of back-and-forth; however they also are a very viable option for many homeowners in today’s economic climate. As a Wilmington, DE real estate agent who specializes in short sales and foreclosures, I’d be remiss if I didn’t review each option and alternative with my clients in detail. It’s the only way to ensure that everyone understands their options and comes up with the best plan possible for their particular situation.

If you have any questions about the Wilmington, DE short sale process, don’t hesitate to contact me! I’d be happy to help in any way that I can. I hope to hear from you soon!

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