Kat Geralis Home Team Wilmington DE Real Estate News Archives

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Delaware and Pennslyvania Home Buyers Need to Plan Ahead

Friday, May 22, 2020

by Katina Geralis

The real estate markets in Delaware and Pennsylvania are showing signs of pent-up demand as both states get back to business.

Home buyers in particular are raring to go! 2020 online home viewing activity has been "hot" in Northeast Delaware and Southeast Pennsylvania, according to national data aggregators.

This is great news for home sellers, but it signals a highly-competitive market for home buyers! During the past few years, the supply of homes for sale in DE and PA has been well behind the level of demand. Last year, the Philadelphia-Camden-Wilmington metro saw listings decline 26.3% from the prior year. Home prices in the Philadelphia metro surged as a result.

Today, home buyers are eager to take advantage of historically-low mortgage interest rates, just as homeowners are still feeling out the market. To be successful, DE and PA home buyers need to do five things:

1. Have their home financing in order, with a pre-approval letter in hand. We can refer you to excellent mortgage lenders in the area!

2. Work with a real estate professional who can supply new listings promptly.

3. Know their priorities in a home and stay focused during the search.

4. Be willing to cast their net a little wider, and consider different neighborhoods.

5. Be patient, and stay in the market!

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

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
Homes for Sale
Visit My Website
Contact Me
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Delaware and Pennslyvania Home Buyers, Sellers Anxious to Get Moving

Sunday, May 10, 2020

by Katina Geralis

The pandemic has changed the way Delaware and Pennsylvania real estate is being handled, but home buyers and home sellers can still prepare for the market! The first thing to keep in mind is that "essential business" definitions and restrictions vary by state.

Currently, Delaware real estate agents are permitted to work from home, but realty offices are not open to the public.

We can, however, perform in-person home showings for Delaware residents looking at Delaware homes. We can do necessary activities to complete transactions that were started before COVID-19 orders were enacted. We can also take new Delaware listings and market them for sale!

There are restrictions concerning working with out-of-state buyers. If you do not currently reside in Delaware, you can only view a Delaware home through a virtual tour or other online method. There are also restrictions for how home appraisals, home inspections and closings can be performed.

In short, real estate transactions in Delaware are carrying on, though the method of doing business has been adjusted. Restrictions are currently scheduled to stay in place until May 15, 2020, or until the State of Delaware declares them lifted. Contact us for more information!

In Pennsylvania, real estate has not been deemed an "essential business," and as such, only home sales that went under contact before March 18 could be completed. As of May 8, the Governor of Pennsylvania relaxed restrictions on 24 counties in the state, but this largely affects the northwest and north-central regions. Guidelines for real estate operations are an evolving topic.

Home buyers and home sellers in Delaware and Pennsylvania should contact us for current information about their options! We can help you prepare for the market, and depending on the business rules for your area, we can help you get started with your real estate plans.

Contact the Kat Geralis Home Team today!

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