Kat Geralis Home Team Wilmington DE Real Estate News Archives

Blog

Displaying blog entries 1-2 of 2

Knowing When to Sell Your Wilmington Home

Thursday, May 31, 2012

by Katina Geralis

If you're a Wilmington, DE homeowner who is concerned about your property value, you're not alone. Between 2009 and 2011, Delaware experienced an alarming increase in foreclosures, averaging 300% above historical norms.

Recent improvements in short sale timelines, along with stronger pre-foreclosure mediation, are helping to slow the tide. But for many Wilmington homeowners, the questions remain: Should I ride this out? Should I sell before my home value gets worse? What if I can make my mortgage payments now, but my neighborhood is declining? What should I do?

If you're agonizing over these questions, take heart: the first step involves gathering all the information you can. Having solid facts and professional guidance will go a long way towards curing indecision. Here's how I can help you:

Provide the most recent sales activity and prices for homes in your area
Perform a market analysis of your home's value
Provide compassionate counseling about your options, addressing the what-if scenarios
Present the honest pros and cons of selling now vs. selling later

Ultimately, the decision to sell, or stay put, is yours. Your risk tolerance for real estate market changes will depend on your personal resources and how secure you feel about your income. If there is any possibility that you may struggle with your mortgage payments in the near future, educating yourself about the options now will save you stress down the road.

As your Wilmington, DE real estate agent, I have helped many sellers successfully navigate short sales and avoid foreclosure. My experience with short sales and foreclosures can help protect you from the uncertainties surrounding complex transactions and changing markets. If you have questions about your home value, or you'd just like to talk about your situation, contact me! I will be happy to help you.

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

How The Shadow Inventory Affects Wilmington, DE Home Sellers

Thursday, December 29, 2011

by Katina Geralis

As your Wilmington, DE real estate agent, I’m asked about the outlook for our Wilmington real estate market. One of the reasons it’s hard to pin down is the presence of our shadow inventory. Every time a home comes through the shadow inventory and hits the market, it can negatively affect the values of the homes around it.

What is the shadow inventory? Simply put, it consists of homes with defaulted mortgages that will eventually go through foreclosure and hit the real estate market.

Estimates place about 2 million homes in the national shadow inventory. This number is a moving target, because as homes go through foreclosure and get sold on the market, the shadow inventory goes down. But it can also be increased if more loans turn sour. Or, if loans that were previously brought current via loan modification, fall behind again.

This is why economists look closely at the number of “new defaults” that are reported by lenders. If we want to see the light at the end of the tunnel, loans have to stop going bad. While this is easier said than done, we’ve seen some progress lately. Banks have stepped up their modification and short sale processes to try and prevent foreclosures. Between this, and some improvements in the economy, it’s hoped that the shadow inventory will shrink.

How are we sitting in Wilmington? By current industry estimates, clearing our shadow inventory could take 72 to 120 months. Why so long? The foreclosure process in Delaware isn’t quick. Each foreclosure can take from 200 days, to a year or more, to be completed. It depends on the volumes, court schedule, and whether or not the homeowner is contesting the foreclosure.

On the bright side, the Mortgage Bankers Association reported that new defaults in the 3^rd quarter of 2011 were down by 7.99%. This is good news, because combating the shadow inventory is like dealing with a forest fire; half the battle is keeping it from spreading. A lower default rate now, means a smaller shadow inventory later.

My job as your Wilmington, DE real estate agent is to find ways to sell your home no matter what is pressuring the Wilmington real estate market. If you are struggling with your mortgage, or you simply need to sell your home in order to move on to another opportunity, I can help.

My experience in Wilmington, DE short sales and Wilmington, DE foreclosure sales make me uniquely qualified to handle this market. If you need to sell your Wilmington home, or if you have any questions, contact me. I will be here for you.

Wishing you the best for 2012,

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