Kat Geralis Home Team Wilmington DE Real Estate News Archives

In Newark and Wilmington, DE real estate, spring is characteristically a busy buying season and this year, it seems home sellers are already getting a head start. Now is the time sellers have actually begun preparing for the infusion of buyers into the local real estate market. Growing increasingly confident in how fast their homes will be able to sell, many of them are listing their Wilmington homes now. 

As you may have noticed, housing prices for Wilmington and Newark homes are on the uptick, mortgage rates are continuing to rise, and more homeowners are regaining positive equity in their homes— a few of these all new to homebuyers for 2014. Given these factors, many sellers are ready to take advantage of the current state of the market and are listing their properties now to prompt homebuyers to strike before spring.  

But why the big push right now, many Wilmington homebuyers may wonder? According to one real estate expert, sellers are "nervous about what the spring is going to bring," the expert told Realtor.com. In fact, "they don't know if everybody will list this spring— then you’ll have a big counterbalance toward too much inventory — or if there’ll be a crunch again. They figure they’ll get out ahead of the market, list, sell, and be done with it.”  

Real estate economists and outlets are also predicting that with the increasing number of home sellers listing properties right now, the shortage of homes is on its way out. Last year's market was notorious for a lack of homes for sale in Wilmington and Newark, but now insiders suggest the current rising home prices will encourage more to sell and bring more homes into the market.  

In fact, "in the last four months of 2013, year-over-year inventory levels of homes for sale began to climb after 30 straight months of declines," reported the National Association of Realtors.

Wilmington and Newark DE homebuyers will want to take advantage of the added inventory they may notice in the area before mortgage rates and housing prices rise even further. And despite a waning enthusiasm for real estate over the past year, both sides— Delaware homebuyer and home seller— have now seen a confidence boost.  

“In some markets, prices may rise further and buyers will want to catch it, before the increases put them out of their budget," Realtor's chief economist told Bloomberg.  

Ready to list your home this spring? Prepared to make a move to a new Wilmington home before the busy spring and summer seasons? Contact us today to reap the homebuyer (and seller!) benefits at this time!

New to the real estate market? No problem! You can also learn more about the buying process at our 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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Spring is almost here! And with many homebuyers and home sellers preparing to jump into Wilmington, Newark real estate and move to new homes this season, it's a great time to explore the surrounding communities and attend local events in the area.

Below are just a few events you can plan to attend this spring in Wilmington and Newark:

A Day with Dinosaurs
Through February 24, 2014; 9:30 AM to 4:30 PM
Delaware Museum of Natural History
Wilmington DE

There's a dinosaur in Wilmington— located at the Delaware Museum of Natural History! Spend a day with these extraordinary creatures and take the opportunity to get up close to the Hadrosaurus skeleton from the Academy of Natural Sciences of Drexel University. Guests can learn how scientists determine what dinosaurs may have looked like with this exhibit.

Etch A Sketch People, Presidents and Places
Through March 2, 2014; Tues-Sun 9 AM to 4:30 PM
Delaware Children's Museum
Wilmington DE

This is a great event for the whole family! Find out how artist Tim George creates curves with straight lines on Etch A Sketch toys with over 50 artworks. Including portraits of Dr. Martin Luther King, Jr., Delaware’s own U.S. Vice President Joe Biden, Jr., each of the 44 U.S. Presidents from George Washington to Barack Obama, and landmarks from around the country, such as Mount Rushmore and the White House. You can even try your own artwork on the Etch A Sketch!

Philadelphia Flyers Alumni Take on the Capital One All-Stars
February 22, 2014; Game begins at 6:30 PM, Doors open at 5:30
University of Delaware Fred Rust Ice Arena
Newark DE 

On February 22, head out to watch the Philadelphia Flyers Alumni Hockey Team take on the Capital One 360 All-Stars. The legends will take to the ice at 6:30 PM, with doors opening at 5:30 to begin a silent auction and autograph opportunity with Flyers legend Brian Propp. Fun for the whole family can be found at this event with many activities and sports excitement planned for the evening!

DEEC Egg Drop Challenge
February 23, 2014; 1 PM to 3 PM
DuPont Environmental Education Center
Wilmington DE

A springtime activity and chance to have fun despite the winter weather! The second annual DEEC Family Egg Drop Challenge is the perfect event for teaming up with your family to win a prize! In this event, family members will take off on a scavenger hunt, earn points, and use the points to "purchase" materials to protect their team egg. The objective is to drop the egg off on the balcony, but will yours make it to the end? 

45th Annual Dollars for Scholars Book Sale
February 27, 2014 through March 14, 2014; Thu-Sat 10 AM - 9:30 PM, Sun 11 AM - 5 PM
Concord Mall
Wilmington DE

Come out and support college scholarships for Delaware women in the area's largest sale of gently-used books, Dollars for Scholars. This year marks the 45th annual Dollars for Scholars Used Book Sale, presented by the Wilmington branch of the American Association of University Women. Most items are priced from $1 to $5 and include more than 50 categories from books to CDs and DVDs to puzzles. 

Ready to begin the process of buying Wilmington, DE real estate this spring? Contact us today and we can work to find the best home for both you and your family. You can also learn more about the buying process at our FREE First Time Homebuyer Seminars! 

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
Contact Me
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2013 saw a major recovery in the Wilmington real estate market and 2014 is expected to continue that trend. This year, homebuyers and home sellers alike will benefit from Wilmington, Newark real estate as the market continues to strengthen.  

In fact, according to MSN Real Estate, "Most experts predict a slower, steadier, more even "pace" this year in most of the country, even as mortgage rates and home values inch up." And while limited inventories may not be at the forefront of this year's Wilmington DE real estate market, there are a few other things to keep in mind when buying homes in Wilmington and Newark this year.  

Buy When You're Ready
Don't feel the need to buy a home in Delaware during the busy spring and summer real estate rushes. And don't feel out of the loop because you didn't strike during the hot market pick-up last year. You may have been able to get a better mortgage rate, yes, but you should buy a home when you and your finances are ready. The right time to buy a home will always be when you can afford it.  

Buying a Home is a Marathon, Not a Sprint
When you purchase a laptop or new phone, the process is quick. You find what you like and you buy it— not the same with real estate. Take your time finding the right home for you, not just one that will simply "do" for now because you can't find anything similar to what you truly want to own. Just as MSN Real Estate says, "Remember that a home is your place to live first and an investment second. Take the time you need to find the right home."  

Don't Crunch the Numbers on Your Own
If you're in the market to buy a new home, you're liking reading real estate articles and watching the news to hear all kinds of data and statistics on rates and levels. Don't crunch the numbers on your own! Consult your real estate agent and keep your own goals and numbers at the top of your mind. When you have questions about what you hear, consult your real estate agent.

Keep It Local
Real estate is all about the local markets. What's happening in other areas of the country that makes headline news is not necessarily happening or characteristic of the real estate market in Wilmington and Newark. Remember that our area of the country has its own real estate identity— if you have questions, just ask. The best thing you can do is chat with someone who has the knowledge of the area and the market.

Are you ready to take a look at the area homes for sale and begin the process of buying Wilmington, DE real estate? Let me help you decide which type of property best fits your needs for homeownership. Together we will work to find the best home for both you and your family. You can also learn more about the buying process at our FREE First Time Homebuyer Seminars! 

As always, feel welcome to Contact Me for more information about Homes for Sale in Wilmington and Newark. I am here to help you with your homeownership goals!

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 

This fall is a popular time to make upgrades to homes in Wilmington, DE and many homeowners are planning renovations. According to the Zillow Digs Fall Home Improvement Trend and Spending Survey, "more than half [52 percent to be exact] of homeowners plan to make a home improvement or addition this fall." Are you one of these homeowners ready to upgrade your spaces in Wilmington, DE? Here's what you need to keep in mind this time of year:

Getting Started

Planning to make smart improvements to your home is one of the first steps in renovating. Think about what homebuyers in Wilmington, DE want in local real estate, what they're looking for in terms of home features, and if you're implementing home upgrades like appliances, think about the home improvements that are typically used by sellers to make an immediate impression on Wilmington, DE homebuyers. Once you've researched these elements of Wilmington, DE real estate, you're ready to get rolling on your renovation project.

Find Inspiration

You've researched, you know what homebuyers are looking for in real estate in Wilmington, DE. Now it's time to find inspiration for these new features heading into your home. Start the search online, like many homebuyers do, and find similar homes and how they've renovated their homes in similar ways. It's helpful to have photos, links, and design ideas before you head into this major project.

Popular Fall Renovations

Popular areas being renovated in Wilmington, DE homes are the home office and even playrooms— for both adults and childrens. Homeowners and homebuyers alike want clean, functional spaces that serve a dual purpose. For instance, a home office that doubles as a guest bedroom or an office that doubles as a library. Especially since the weather is changing this time of year, homeowners are looking for play areas for their children indoors and areas for them to take their activities inside. "Families want play spaces that keep the kids occupied as well as nearby areas for adults to stay active, such as a workout area or pool table," said the Zillow Board of Designers.

Why To Renovate

More than ever before, homeowners are seeing bigger returns on renovation projects at their homes in Wilmington, DE. Remodeling has finally regained the great investment factor and now, homeowners nationwide are seeing as much as a 61 percent return on their remodeling costs when the time comes to sell. Where is the biggest return coming from? It seems smaller projects and practical replacement jobs provide the best return for homeowners.

Looking to sell your newly-renovated home and begin your Wilmington, DE home search? Let us help you discover 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
Visit My Website
Contact Me
Find me on Facebook

Busy schedules are starting to pick up again as school is back in session and a new season is beginning in just a few days. And with all of the excitement that comes with the changing of the leaves, the Wilmington, DE area is gearing up for a great fall season of events! The following events are on the calendar these next few months, coming up in September and October, and are certainly ones you will not want to miss. Wilmington and Newark, DE are great places to purchase a home, so now is a great time to get out and explore— experience all you can in the area so you can move forward with your Wilmington, DE real estate purchase.

Cool Springs Farmers' Market

Thursday, September 19 through October 17, 2013; 4 PM to 8 PM 

Recurring weekly on Thursdays

Lower Cool Spring Park; 710 North Lincoln Street, Wilmington

What better way to celebrate fall than with the fruits of the season? The Cool Springs Farmers' Market is a community-based initiative to promote access to fresh, health and delicious vegetables and produce in Wilmington's West Side, held in conjunction with "West Side Grows."

CUR(EAT): A Food Based Exhibition

Thursday, September 19 through November 17, 2013; Recurring daily

Delaware Center for the Contemporary Arts, Wilmington

CUR(EAT) is a series of socially engaged artworks that involve visitors in literal and metaphorical taste-tests. The exhibition initiates a dialogue surrounding art and creative ritual. The Act of Drinking Beer With Friends Is The Highest Form Of Art— Tom Marioni will build a beer bar featured in the gallery with local guest celebrities on select Wednesdays at the DCCA.

Oktoberfest at the Delaware Saengerbund

Friday, September 20 through 22, 2013; Delaware Saengerbund

49 Salem Church Road, Newark, DE

Friday 5 PM to 11 PM, Saturday 12 PM to 11 PM, and Sunday 12 PM to 6 PM

This perfect fall event will be fun for the whole family! The opening parade will begin Friday at 7 PM and this 3-day event will include Bavarian dancers and a German band for your entertainment. Numerous selections of German delicacies as well as imported gifts and souvenirs will be available for your enjoyment.

Walking Tour: Rocks and Roll Mills

Saturday, September 21, 2013; Recurring monthly on the 3rd Saturday

Hagley Museum and Library; 11 AM to 12:30 PM

Explore the geology of the Brandywine Valley and its impact on the milling industry on a tour created and led by Hagley Guide Tom Stack. Visitors will work with fellow guests to cut a piece of Delaware Blue Rock and take a souvenir home. Walking tour is included in cost of admission. Use Hagley’s main entrance off Route 141 in Wilmington, Delaware. The tour runs 11AM to 12:30PM on Saturday, September 21, October 19 and November 9.

Sunday Pirate Sail on KALMAR NYCKEL

Sunday, September 22, 2013; Recurring weekly on Sunday

Kalmar Nyckel Foundation; 1124 E. Seventh St., Wilmington

11 AM to 12:30 PM

KALMAR NYCKEL will be back in her home port of Wilmington, DE from September 13th through September 29th offering 1 ½ hour public sails from Dravo Plaza on the Wilmington Riverfront. Passage for all sails is $35 for adults and $20 for children 17 & under. To make your reservations, call 302-429-7447 or visit KalmarNyckel.org for more information. 

Newark Fall Home Show

September 27 through 29, 2013

Christiana Mall; 132 Christiana Mall, Newark 

Newark's Fall Home Show will be held on September 27 through 29, 2013. This annual show focuses on residential buyers by offering products and services for use in and around the home. A great way to spruce up your Wilmington, DE homes this fall!

Looking to make a move to this great area and begin your Wilmington, DE home search? Let us help you discover 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
Visit My Website
Contact Me
Find me on Facebook

With the impact of rising mortgage rates, housing prices, and lending standards changing so rapidly in today's housing market, a big question facing local real estate markets and those looking to buy real estate in Wilmington, DE is whether or not the perception of homeownership would be changed. The answer? Not quite. According to a new study by the Joint Center for Housing Studies at Harvard University found that many Americans still believe in homeownership, that it is still a major part of the American dream, and what's more, they are still looking forward to buying a home.

Some interesting things the study also found were:

Homeownership is still preferred over renting

One might think otherwise with the costs of housing and interests rates on an incline— but the truth remains that many homebuyers are still more interested in buying a house in Wilmington, DE over renting a home. The study reports:

“Even after the dramatic loss of equity and the high foreclosure rates, the early evidence suggests that people seem to believe that, over the long run, owning is still preferable to renting…The long term cultural preference for owning seems to have weathered the recent housing crisis.”

According to HousingWire, 90% of renters expect to buy a home in the near future. “The vast majority of renters believe owning a home is better is better when it comes to privacy, security, and raising a family.” The survey also reported 51% of renters think owning makes more sense than renting when comparing both the financial and lifestyle benefits of each housing choice. In the same study, 71% of current homeowners found owning a home to be a positive experience for themselves and their families. However, when asked the same question, only 34% of renters found renting to have positive effects.

Americans still want and expect to be homeowners in the near future

A new survey also shows just how upbeat Americans are about the real estate market— despite the threat of a continued rise in mortgage rates. “Fifty-three percent of Americans expect home prices to increase by an average of 3.9 percent over the next 12 months,” as reported by Realtor Magazine and Fannie Mae’s July National Housing Survey of 1,000 home owners. “Only 6 percent expect prices to fall, a new low in the survey’s three-year history.”

No matter the increases, Wilmington, DE homebuyers expect the market to make, the survey still found seventy-four percent of those surveyed believe now is a good time to purchase a house; 40 percent believe now is a good time to sell.

The Harvard study reported:

“The research on home-buying expectations supports the conclusion that very large percentages of Americans still expect to buy a home at some time in the future.”

Younger Americans Desire to be Homeowners

“Moreover, the finding that younger renters and owners are more likely than their older counterparts to expect to own bodes well for the future of the housing market,” the study found.

So, don’t be wary of purchasing real estate in Wilmington, DE based on your fear of where rising rates might go— homebuyers nationwide are chiming in to say now is a great time to buy and jumping in with both feet to start their home search and claim their piece of the local real estate pie.

Looking to make a move to this great area and begin your Wilmington, DE home search? Let us help you discover 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
Visit My Website
Contact Me
Find me on Facebook

If you're considering buying a home in Wilmington, DE, you've probably already mapped out your home feature wishlist and more importantly, your dream location. You might have neighborhoods in mind where you'd like to live and if not, now might be the time to begin researching them. Or maybe you've already found your dream home, visited the open house, had a private showing, and are now wondering if the location is best for your family. The location of Wilmington, DE real estate is as important as the home itself and how it's suited to your wants and needs. How do you know if the neighborhood is right for you? It pays to do your homework before making an offer and these tips should help you make the final decision when buying Wilmington real estate.

Talk to the Neighbors

Without being too intrusive, look for ways to speak to the neighbors— perhaps outside at an open house or during your private showings. Find out what they think of the block and the neighborhood, look for their opinions on the area and its safety. Maybe they will tell you about problem neighbors or recent break-ins nearby or bonus, someone on the block who's planning a remodel that will affect the neighbors or someone who's looking into selling their home soon. A more desirable home could be coming on the local market and one you might like to look into.

Visit at all Hours, Day and Night

Your showings are most likely during the day, as are the open houses. But try to visit the Wilmington property at night to check out the area and how it functions after dark. Observe the neighborhood— is it noisy or calm? Is there a lot of traffic? It might also be helpful to visit on the weekend and during the early morning to get a sense of how your neighborhood and future home could look should you choose to make an offer and eventually become a homeowner.

Read the Newspaper

Look to the newspaper for local happenings, crime in the area, school ratings, and even other Wilmington real estate listings or recently sold homes nearby. These are all telling of the type of neighborhood you might be moving into and for real estate, the prices of recently-sold homes can give you an idea of pricing strategies. Some neighborhoods even have blogs where neighbors and homeowners can post comments, complaints, advice and issues concerning the area. A simple internet search can help you find out if the neighborhood has a local blog.

Turn to Google

When buying a house in Wilmington, it's often helpful to do a Google search. Google the street address to find out other businesses on the block that might reduce the number of parking spaces, for instance. Google views are sometimes older photos where you might be able to take a peek into the history of the home— maybe you'll find out that the home has been extensively renovated and the homeowners have improved the home for the better (or worse). 

The internet has a wealth of resources for investigating your future Wilmington, DE home and neighborhood. Do your homework, research everything, and contact your Wilmington real estate agent for more details and options for purchasing. First-time homebuyer? Not a problem! Join one of our FREE First-time Homebuyer Seminars and soon, you'll have all of the information you need to become a homeowner in the Wilmington and Newark areas of Delaware Real Estate.

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

We have already moved into August and summer seems to be flying by at this point— but there are still plenty of great events and opportunities in Wilmington, DE to allow you to experience everything the area has to offer. Take some time this weekend to enjoy a museum exhibit, take in local history, relax with an afternoon tea, watch a musical, and so much more! Before fall begins, explore your neighborhood and area attractions, especially if you're planning to purchase a home in Wilmington! Below are a handful of fun events happening in Wilmington, DE this weekend:

Rock Climbing— Grab a Group and Go!

Recurring daily, Alapocus Run State Park

165 Bancroft Mill Road, Wilmington, DE

Staff will instruct, guide and belay climbers, with helmets, harness and ropes provided. Open to ages 8 and up; children under 18 must be accompanied by parent. This event is recurring daily and those interested are encouraged to contact the Wilmington State Parks Office to register and pre-pay ahead of time. Book a two-hour private climb today for a fun outdoors event.

Centennial Tea Service at Hotel DuPont

Recurring daily, 3 PM to 4:30 PM, Green Room, Hotel DuPont 

11th and Market Street, Wilmington, DE

The Centennial Tea features a new centennial tea blend, created especially for the Hotel DuPont’s centennial celebration.  This tea is infused with a burst of pineapple, the international symbol of hospitality, to commemorate the hotel's commitment for 100 years. Also featured at the Centennial Tea are various blends from the Delaware Art Museum and several DuPont Estates in the Brandywine Valley. Come relax and enjoy your choice of Longwood, Winterthur, Hagley, and Nemours teas. 

Fashion Meets Science: Introducing Nylon

Recurring daily, 9:30 AM to 4:30 PM

Hagley Museum and Library, Wilmington, DE

Seventy-five years ago on October 27, 1938, a brand new material named nylon was announced to the public. Created in DuPont’s labs, nylon replaced silk in the ladies hosiery industry. Nylon was so popular that its early sales created near riots because demand was so high. Hagley’s exhibition will discuss the early development of nylon and its impact on the fashion industry. 

Bellevue State Park Summer Concert Series

Sunday evening, 6:30 PM to 8 PM

Bellevue State Park, Wilmington, DE

Enjoy a night of music this summer on both Thursday and Sunday evenings for this FREE Summer Concert Series! Bring a picnic and blanket or lawn chair and come experience the summer line-up with something for everyone, from blues and jazz to swing and big band music. This program is made possible, in part, by grants from the Delaware Division of the Arts, a state agency dedicated to nurturing and supporting the arts in Delaware, in partnership with the National Endowment for the Arts.

Water's Extreme History

Monday through Saturday, 9:30 AM to 4:30 PM, Sunday 12 PM to 4:30 PM

Delaware Museum of Natural History, Wilmington, DE

During summer, many of our activities take place around water. This exhibit takes visitors on an exciting and important adventure quest for clean water. Experience the watershed as a water drop, exploring first-hand the science behind the water cycle. Water's Extreme Journey was created by world-renowned marine life artist Wyland and Seattle-based Minotaur Mazes.

Looking to make a move to this great area and begin your Wilmington, DE home search? Let us help you discover 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
Visit My Website
Contact Me
Find me on Facebook

While housing inventory across the country is beginning to increase— along with mortage rates, housing prices, and buyer confidence— Wilmington, DE homebuyers are urged to act quickly if purchasing a home in the area is something in their near future. You've started your home search and you think you've found the perfect home, but are hestitating to make the jump to finalize all of the real estate plans. Don't think twice! Homes are beginning to sell quickly on the local real estate market and homebuyers will need to respond and be decisive if they wish to secure their dream home purchase.

Cash offers are becoming more apparent and lender standards are starting to loosen. According to data from the National Association of REALTORS®, in May, 45 percent of all homes sold were on the market for less than a month. So what can you do as a Delaware homebuyer to act quickly and land your dream home? Here are some tips to start the process:

1. Get preapproved, not just prequalified 

Getting preapproved for your Wilmington home's mortgage helps to show the seller that the buyer is serious about this home purchase and has a greater likelihood of being approved for a loan and making it to closing. 

2. Be responsive to your lender

If a lender asks for more information, be ready to respond. When you are willing and able to provide everything the lender requests, you should have no problems making it to your closing within a month, pending the title company and others involved work within your time frame as well.

3. Be decisive, not careless

It's important that you as a homebuyer are decisive in what you want and need out of your future home, but do not act on a whim to purchase quickly. Experts still advise that no matter how much of a hurry you are in, you should still set your sale contingent upon a home inspection. Afterall, you may love the home but you don't want to get stuck with a problematic one after the sale. 

Are you ready to take a look at the area homes for sale and invest in your piece of Wilmington, DE real estate? Let me help you decide which type of property best fits your needs for homeownership. Together we will work to find the best home for both you and your family. You can also learn more about the buying process at our FREE first-time home buyer seminars! 

As always, feel welcome to contact me for more information about homes for sale in Wilmington and Newark. I am here to help you with your home ownership goals!

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 

Have you been thinking of purchasing a new home in Wilmington, DE? Recent real estate studies show now is a great time for Wilmington homebuyers to jump into the market— and purchase more expensive homes at that. According to a study by the National Association of Home Builders, Americans may be able to afford a higher-priced home if they buy newer properties. "Due to lower operating costs with new homes, buyers can purchase a newer home that is more expensive and still achieve the same annual operating costs as an older, existing home," the NAHB study found.

The NAHB study took into account how utility, maintenance, property tax, and insurance costs vary by the age of the home. According to the study, homes built prior to 1960 had an average maintenance cost of $564 per year, where homes built after 2008 had average maintenance costs of $241. Those homes built prior to 1960 have operating costs that average nearly 5 percent the home's total value as compared to the homes built after 2008 which had operating costs of less than 3 percent of the home's value.

NAHB Chairman Rick Judson stressed the importance of homebuyers looking beyond the initial sales price when considering whether to buy new construction or an existing home. “They will find that with the higher costs of operating an older home, they can often afford to spend more to buy a new home and still have annual operating costs that fit their budget.”

And while mortgage payments will naturally be greater with the higher purchase price of a newly-built home, "the lower operating costs mean the home buyer will have annual costs that are about the same as if they’d bought a lesser-priced, older home with a smaller mortgage payment and higher operating expenses,” the NAHB stated.

This news comes at a great time as seller confidence has begun to increase, allowing more housing inventory to open up and current homeowners to feel comfortable placing their properties up for sale. home buyers have recognized recently that buyer demand just simply cannot keep up with the limited inventory available and now, with more homes coming into the Wilmington, DE real estate market, home buyers will appreciate more choices should they choose to purchase either higher-priced new homes or existing properties.

Are a first-time homebuyer in Delaware or simply looking to find a new place to call home? Let me help you decide which type of property best fits your needs for homeownership. Together we will work to find you the best mortgage options for your new home. You can also learn more about the buying process at our FREE first-time home buyer seminars! 

As always, feel welcome to contact me for more information about homes for sale in Wilmington and Newark. I am here to help you with your home ownership goals!

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