Kat Geralis Home Team Wilmington DE Real Estate News Archives

Buying a home in Delaware and Pennsylvania has many steps— from getting pre-approved to house hunting to beginning the mortgage process. And while finding your dream home may not be a quick and easy feat, the mortgage process can appear much scarier to some buyers. 

As your Delaware and Pennsylvania real estate experts, the Kat Geralis Home Team looks forward to simplifying the real estate process for our clients, including the process of obtaining a mortgage! Remember, your real estate agent can always recommend local finance professionals to put you at ease. 

What else do you need to know about the mortgage process? The following should help break it down and further calm your nerves about buying a home in Delaware and Pennsylvania this year.

You need: Down payment
To qualify for a mortgage in Delaware and Pennsylvania, a down payment of anywhere from 5 to 20 percent is helpful. Don't let previous assumptions about money down stop you from purchasing your dream home— depending on the type of mortgage you choose, your down payment could be as low as 3 percent!

You need: Income verification, credit history
Your lender will want to see verification of your income and your credit history to ensure you have the funds to make a monthly mortgage payment. Now is the time to put together all of your documents, keep them organized, and research your credit history to ensure there are no errors. If there are, correct them before you begin!

A stable income and good credit history will put you on the path to homebuyer success.

You need: Appraisal
The lender will need to verify the value of the home you wish to purchase in Delaware and Pennsylvania. 

You need: A real estate agent
Remember that your real estate agent has done this before— leave it to the pros! Team up with an experienced agent in Delaware and Pennsylvania who can answer any concerns or questions you have about the process. We are happy to help!

Ready to start the home buying process in Delaware or Pennsylvania? Contact the Kat Geralis Home Team today! 

We also offer a FREE Home Buyer e-Guide and FREE First Time Home Buyer Seminars!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
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Once you've found your dream home in Chester County or Delaware County PA, Wilmington or Newark DE, it can be hard to erase the picture from your mind. You start to envision yourself living in the space, how your furniture will fit, and what paint colors you will choose. But in today's real estate market, you may find yourself competing with cash buyers who can snag the home quicker and easier than those with financing. 

You will need an edge to land the property over those cash buyers and below are a few ways for you to do just that:

Be straightforward about your finances
Sellers often accept cash deals as every aspect of the transaction is laid out on the table for them to see. As a buyer with financing, it is essential that you do the same if you are to compete with cash buyers. Be straightforward with your finances— provide a pre-approval letter, allow your lender to provide financial details with your offer so the seller can feel confident in accepting it. Documents like bank statements and credit reports can allow the seller to see exactly what you have to back up your offer and feel it is just as sound as a cash offer.

Speed up the loan process
Ask your lender how quickly they can turn around the loan as many cash deals close quickly without having to go through this step. In some scenarios, loans can be turned around in as little as 14 days. Even better, if you can speed up the appraisal contingency and get the appraiser to the property fast, sellers may be more willing to accept your offer.

Speed up the inspection
Sellers in Wilmington DE and Southeastern PA want to close the deal as efficiently as possible and for top dollar. To this effect, if you can also get your inspector to the property within days after your accepted offer, they can feel more confident that there will be no hiccups in the process.

Offer more
In some cases, if you don't want to risk losing the home to a cash buyer, you can offer more than what you think the home is worth. Cash buyers will oftentimes offer a lesser amount because of the lack of hurdles sellers will have to jump, so if you can top the cash offer, you may put yourself in a better position to win the property! Depending on how much more you offer, the increase likely won't change your mortgage payment much over the life of the loan. 

Be personal
You have probably heard stories of buyers writing sellers letters in an attempt to make their offer stand out. If the home you're bidding on is indeed your dream home, what could it hurt? Be personal with the sellers and make yourself known, you never know if your letter detailing what you love about the property or details about your family could put the ball in your court.

As your local real estate experts in Greater Wilmington and Southeastern PA, you can count on the Kat Geralis Home Team to help you secure your dream home, whether you're using financing to buy or cash. Give us a call today!

We look forward to hearing from you!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
Wilmington Real Estate
Wilmington Homes for Sale
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You've heard the term before, but what do you really know about FSBO homes in Delaware and Pennsylvania? FSBO, or For Sale by Owner, homes, mean the owners have not enlisted the help of a real estate agent to help them sell the property. And while that sounds as though it will not affect you as the buyer, there are a few things you will need to note before you decide to purchase a FSBO.

You can use an agent to buy a FSBO
Just because the home seller declined the use of a real estate agent doesn't mean you have to! There are many perks to working with an agent when buying a home, perhaps the biggest one being they handle the negotiations for you!

You can still negotiate
As I mentioned above, you can still negotiate your offer— even when it's a For Sale by Owner home! While the seller may have chosen to work without an agent for the commission aspect of the deal, that doesn't always mean they are rigid on the price. Remember that your agent has been here before and will know how to find the best deal!

They might be willing to cover costs
Homeowners in Delaware or Pennsylvania that choose to go the FSBO route may still cover the costs of your agent, regardless of their reasoning behind ditching their own. Many are willing to cooperate with buyers and their agents to ensure a smooth transaction.

You may need a lawyer
Every state is different, but some require that both parties be represented by an attorney, even if you have a buyer's agent on your side. Some do not require that attorney to be present at the closing, so if you are serious about your FSBO purchase, simply consult your real estate agent! 

You should still get pre-approved
It never hurts for a homebuyer to get pre-approved in a real estate transaction— even if it's a FSBO deal! Oftentimes these sellers are inexperienced and will make quick decisions when offers comes in, so it is always wise to already have your pre-approval edge to help yours stand out! 

The most important takeaway is that FSBO homes are not sold the same way standard, agent-listed properties are and the process of purchasing one will differ for Chester County and Delaware County buyers. If you find yourself interested in a FSBO property, do not hesitate to contact your real estate agent! 

Unsure how to navigate the local real estate market in Delaware or Pennsylvania? Give the Kat Geralis Home Team a call today! We even offer FREE First-Time Buyer Seminars!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
Wilmington Real Estate
Wilmington Homes for Sale
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2016 is already being heralded as a breakout year for homebuyers in New Castle County. Whether or not it's your first time buying a home, current real estate market conditions—like low mortgage rates and increasingly high rents—are contributing to this year being an optimal time to make that move and become a homeowner in the Wilmington area. 

It's also shaping up to be an excellent year for current homeowners! In fact, the lower number of homes currently for sale will give new Wilmington DE home sellers the chance to give their property more attention in a market with high demand. 

Of course, market conditions will vary by location, but according to the latest real estate market statistics, here's what we have been seeing in New Castle County:

December saw an increase in both the median sales price, coming in at $215,000 and a 7.5% change over December 2014, and average sales price, coming in at $234,000 and a change of 1.3% from the previous year. The number of closed sales also rose to 441, up 5.3% from the year prior. 

However, as mentioned above, buyers in the market will be met with fewer choices as inventory trends lower. There were 2,142 active single-family homes for sale in December in New Castle County, a volume nearly 5 percent lower than the year prior. 

If you're wondering about the first steps to take toward buying a home or would simply like more information about available properties in the Wilmington or Newark area, do not hesitate to reach out to us! The KG Home Team has been voted a 5 Star Real Estate Agent year after year and we are here to help make the process as easy as possible!

We look forward to hearing from you!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
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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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