Kat Geralis Home Team Wilmington DE Real Estate News Archives

For first-time homebuyers in the Greater Wilmington area today, it can be difficult to identify a "good time" to buy a home. However, the answer is fairly simple. If you are currently renting, it's any time! Not only does homeownership come with numerous benefits, but gives your net worth a boost and builds your long-term personal wealth— something renting cannot help you achieve.

According to a new New York Times editorial called "Homeownership and Wealth Creation," it is explained that the "net worth of homeowners over time has significantly outpaced that of renters, who tend as a group to accumulate little if any wealth."

The study also found that the average net worth of a homeowner is $194,500 versus that of a renter at $5,400. In other words, the average net worth of a homeowner is 36 times greater than that of a renter! Expanding on these figures, the National Association of Realtors (NAR) projected that a typical homeowner will have nearly 41 times the net worth of a renter at the end of this year.

Wilmington, DE area homebuyers still on the fence about buying a home would be wise to consider the many ways homeownership is an investment in your future. For instance, consider the following financial reasons to purchase a home: 

• You are paying your own mortgage
  When you rent a home in Wilmington or Newark, you are paying down your landlord's principal, not your own.
   
• You are saving money
  With the rising costs of rent, purchasing a home in New Castle County can actually save you money in the long run. In addition, homeownership is a form of forced savings!
   
• There are tax benefits
  Did you know that homeowners are able to deduct mortgage interest and property taxes from their income? They are also able to exclude gains of up to $500,000 for married couples and $250,000 for single tax filers if they sell their home for a gain.

Regardless if you rent or buy, you have a monthly housing payment. Why not make the most of it? Mortgage rates are currently hovering under the 4 percent mark, but are not expected to stay that way for long! Purchasing a Wilmington area home now will not only guarantee that you lock in a low rate, but set you on the path toward building your net worth.

As a top-ranked real estate team in Delaware, the Kat Geralis Home Team can help you find the home that best fits your needs and budget this year. We even offer FREE First-Time Homebuyer Seminars!

Give us a call today!

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Dozens of headlines lately have warned renters of the rising costs headed their way! Outlets like Business Insider have reported "soaring rents are a problem that will only get worse" along with Bloomberg Business and CBNC advising renters to "get ready to take it on the chin." 

A new study also claims the number of households spending 50 percent or more of their income on rent is expected to rise over 10 percent within the next 10 years. If you're thinking about buying a home and are financially prepared to do so, it would be best to do so now rather than later!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
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Recent reports have shown more homebuyers than usual are jumping into the real estate market this year and with this leap comes a heap of anxiety. The homebuying process can feel overwhelming with terms you may not be familiar with, interest rates and large amounts of money on the line. However, know that the benefits of homeownership should far outweigh your fears.

To put yourself at ease when buying a home in Wilmington or Newark DE this year, take a deep breath and prepare with the following steps:

Do your research
If you do your homework, there is no reason why the terms associated with buying a home in the Greater Wilmington area should scare you. Research the community or neighborhood you're moving to, the schools in the area, the entertainment, taxes and commute time. If you need suggestions or insight into a specific category, the KG Home Team is here to help!

Get pre-approved
One of the reasons homebuyers have such high anxiety this year is budget. To calm your fears of overspending, it's important to get pre-approved with an area lender. Here you will find out your price range, how much home in Wilmington or Newark you can afford and what types of homes you can begin looking into. Also, remember to shop around to find the best interest rate before making a decision with one specific lender and signing papers.

Rely on your realtor
The KG Home Team is a top-ranked team in Delaware and comes with decades of experience to put you at ease. With a qualified agent on your side, you can rest assured knowing that your best interests are being considered and you have a guide for the entire home buying process. Along your house hunting journey you will indeed have questions, always directly them to your agent! Be clear in what you want in a home and what your concerns are in order for your agent to properly assist you. 

Learn about making an offer
Before you put in an offer on a home in Greater Wilmington, it's important to know how long the home has been on the market, how it compares to other properties and how many other homes are for sale nearby. This is an area your real estate agent can help you with, but you can never be too educated as a homebuyer!

Buying a home should be an exciting time in your life, do not let your fears get the best of you! As your experienced, local real estate team, we are here to make it easier for you. Give us a call!

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When you're a senior, making a home purchase can be just as nerve-wracking. Being prepared with questions for your real estate agent can quickly give you a sense of calm and allow you to enjoy your dream of buying another property. 
 

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
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Summer is an exciting time in local real estate— the conditions are ideal for moving, homebuyers are feeling motivated and home sellers are ready for a change of scenery. However, despite the market statistics on rising mortgage rates and housing prices, there are still a few buyers on the fence.

If you find yourself wondering if now is the right time to buy in Wilmington, consider these top 5 reasons to own a home:

Paying rent is not the best investment
If you're currently renting, ask yourself where your money is going every month. When you rent a home in Delaware, you are paying down your landlord's mortgage, not your own. When you own a home, you are paying down your own mortgage and putting your money into a much more solid investment.

It motivates you to get involved
Owning a home can be a great boost of community pride for Wilmington, DE residents. It motivates you to get out and get involved in local events, neighborhood issues and upkeep. Homeownership can help you to feel like you're coming back to a place that is truly your own.

You need more space
When deciding whether to purchase a home in Wilmington or Newark, ask yourself if you have enough room in your current home. Do you have enough storage space? Is your family growing? Could you use an extra bedroom? If you answered yes to the last two questions, then it may be time for you to move. Homeownership allows you to choose a new home that fits your needs, especially in terms of extra space.

The financial opportunity
Right now is an exciting time in the local real estate market as mortgage rates are still considered "low" but slowly rising— it's a time where potential buyers can make a move without feeling the financial strain or without feeling like they've been "priced out" of the market. Real estate is very much about timing and if you've been on the fence, the time is now!

Your family needs
If your family is growing, school districts are something to take into account. Purchasing a home allows you to choose the best district and put down some roots— many homebuyers today are willing to move for the schools, so consider your family's needs when making your decision.

Whether you decide to purchase a new construction home or an existing home, the KG Home Team can help you! We will act as your buyer's agent in cases of new construction, as well as answer all of your questions about first-time homebuying! We even offer FREE first-time homebuyer seminars!

Image via Keeping Current Matters

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
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It's not only a great time to purchase a home in Wilmington, DE, but also to invest in home updates if you're a current Wilmington homeowner. If you plan to live in your home for many years to come, adding the following design features will not only make the property safer and more comfortable for you, but also appeal to Delaware homebuyers if you decide to sell your home later. 

Unlike home improvements that are typically used by sellers to make an immediate impression on Wilmington, DE homebuyers, these home updates are those that may not even be noticed until pointed out. It is these types of universal home updates that are the best investment for you as a homeowner as they will not only please your tastes but also the tastes of general homebuyers when the time comes to sell your home.

No-step Entries

Adding entryways that do not include steps are the first home upgrade to broaden your buyer reach. If you have a basement, consider altering your landscape to create a new entry on the lower level. Thinking of building a ramp to an existing space like a deck or patio? Consider a ground-level gradation without the building of steps. Buyers with kids and even older homebuyers will appreciate this.

Easy-open Doors

Levers instead of knobs on doors make opening them and entering your home much easier. If you're looking to buy Wilmington, DE real estate, you might consider every scenario— like when you're handling groceries and don't have an extra hand to turn a knob, this is when levers come in handy. Again, a great universal design addition that might not be noticed until pointed out.

Replace Your Old Faucet and Stove

Separate handles for hot and cold reduce the risk of scalding on your home faucet and stove. Therese Crahan, executive director of NAHB Remodelers, a division of the National Association of Home Builders, told MSN Real Estate that she recommends buying a stove that has the controls in the front so you won't have to reach over the heating elements to use them.

Turn Your Floors Fall-proof

Non-slip vinyl flooring and non-glossy tile is quite appealing to both current homeowners and future homebuyers. These types of fall-proof flooring eliminate the chances of your slipping and also remove variance in floor height from room to room.

Level Appliances and Cabinetry

Any appliance and cabinetry that eliminates the need to reach up or bend over is a great investment in your home's future. For instance, cabinets with pull-down shelving, refrigerators with middle drawers, and washers and dryers with raised platforms are all helpful for you as a homeowner and will provide your home with an advantage when you wish to sell.

Looking for these features in your Wilmington, DE home search? Ready to sell now and looking to install these features to give you an edge? Let us help you consider your real estate options and move closer to purchasing your next home— we even offer 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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If you’re looking to buy one of the many beautiful homes on the Wilmington, Delaware real estate market, now is the time to do so. Why? The main reason is that right now, home buyers in Wilmington have the opportunity to be in the driver’s seat. They have a little more leverage right now than those selling their homes, and that’s because right now, we are in what is commonly referred to as a buyer’s market.

For those of you who don’t know, a buyer’s market refers to a real estate climate where the supply of homes on the market is greater than the demand to buy them. At this time, the prices of homes all across the nation are low, so if you’re looking to buy a Wilmington home, you have an opportunity to have your pick of houses on the market, in a price range that otherwise might not have been affordable to you.

As a Wilmington real estate agent, it is part of my job to help home buyers in the area navigate their way through the Delaware real estate market. It’s also my responsibility to let home buyers know how they can best take advantage of the current buyer’s market to find the home of their dreams in the Wilmington, DE area. Here are just a few ways you should be using the buyer’s market to your advantage:

You can take your time. In this current real estate climate, Wilmington’s home buyers don’t have to jump to make an offer on the first property they like. Instead, they can feel free to take their time searching for the right home, asking the right questions, and even wait for the price to go down on a home they like.

Get foreclosure properties for bargain prices. Due to the nationwide spike in foreclosures, many homes sit vacant and are being offered for low prices. Many people in the Wilmington DE area who don’t feel that they can afford a regularly-priced single family home could still be a homeowner, if they were willing to purchase a foreclosure property! Several of these homes have a lot of potential, and some of the new REO regulations insist that homes be move-in ready before they’re sold to their new owners. It is a great option that more of Wilmington’s home buyers should take advantage of!

Don’t be afraid to ask for more time. If you need a few weeks’ breathing room to get yourself ready for the move or to make some last minute inspections, don’t be afraid to ask for it! In this buyer’s market, people are looking to sell their homes as quickly as possible, but they also want to make sure their property gets sold!! If you need some breathing room, this market presents the perfect conditions to ask for it.

You can ask for a written warranty. There’s a chance that some repairs will need to be made to the house after you purchase it, so use the buyer’s market in Wilmington, DE to ask for a written warranty. A year of coverage on appliances and structural repairs could be extremely valuable, and it will save you the stress of paying for repairs on a house you just bought. If a seller is motivated enough in this market, they may be willing to give you a warranty on the property.

These are just a few of the many reasons why Wilmington home buyers shouldn’t hesitate to start their property search now. The current real estate climate suggests that there are more homes on the market in Wilmington than people who want to buy them, so if you begin your home search now, you can probably find the best property at a low or fair price. As your Wilmington real estate expert, it is my job to help guide you through your property search, so if you have any questions, or want to see some gorgeous homes on the market in Wilmington, DE, don’t hesitate to contact me. I’m here to answer any and all of your questions and to guide you through your home search.

Katina Geralis
Wilmington, DE Real Estate Expert
NextRE Team

Wilmington Real Estate
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