Kat Geralis Home Team Wilmington DE Real Estate News Archives

Curious what's been happening in the local Delaware or Pennsylvania real estate market? You can always count on the Kat Geralis Home Team to share updated market stats! Just remember, real estate is hyper-local, so it is always wise to contact your agent for a current snapshot of the market where you live.

For the first quarter of 2018, there were 1,690 homes for sale— a 24.3 percent decrease in inventory from the same time last year. But before you begin to worry that the market is taking a dip, keep in mind that this isn't just the case in Delaware and Pennsylvania, lower inventory is a trend all over the country right now! The median sales price saw a 2.4 percent increase to $214,900 (a great sign for home sellers!) and the number of home sales dipped slightly to 1,362 total closed in Q1. 

The average sales price in New Castle County for the fourth quarter was $232,206, a 1.8 percent increase from this time last year— again great news for home sellers looking to get top dollar! The percentage of the original price received also saw a 2.3 percent increase in Q1, coming in at 95.9 percent!

Inventory for the first quarter of 2018 posted a 27.4 percent drop from the previous year, totaling a 2.9 months supply— another sign that the market is ready for your home! With the right real estate expert on your side, you can sell your home quickly and for top dollar— you might just even spark a bidding war!

Updated real estate market stats can provide brief insight into the local real estate market, but they are just that— brief! Contact us today for more information about the market where you live in Delaware or Pennsylvania or with any questions you have about buying or selling a home this year!

We even offer FREE First-Time Home Buyer Seminars!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
Homes for Sale
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It's a new year, so it's time for a real estate market update! Buyers are still out in high numbers, ready to find their dream homes in Delaware and Pennsylvania, while inventory is still trending around the lower end of the spectrum. Just remember, real estate is hyper-local, so it is always wise to contact your agent for a current snapshot of the market where you live— the Kat Geralis Home Team is here to help!

For the fourth quarter of 2017, there were 1,735 homes for sale— a 21.2 percent decrease in inventory from the same time last year. But this isn't just happening here in Delaware and Pennsylvania, lower inventory is a trend buyers are finding all across the country! The median sales price saw a 4.4 percent decrease to $215,000 and the number of home sales rose 2 percent for a total of 1,696 total closed sales in Q4. 

The average sales price in New Castle County for the fourth quarter was $243,299, a 2.7 percent decrease from this time last year. But don't let these decreases in average sales price or median sales price worry you— the percentage of the original price received saw a .7 percent increase in Q4, coming in at 95.2 percent!

Inventory for the fourth quarter of 2017 posted a 28.7 percent drop from the previous year, totaling a 2.9 months supply— just one more sign that the market is ready for your home! With the right real estate expert on your side, you can sell your home quickly and for top dollar— you might just even spark a bidding war!

Updated real estate market stats can provide brief insight into the local real estate market, but they are just that— brief! Contact us today for more information about the market where you live in Delaware or Pennsylvania or with any questions you have about buying or selling a home this year!

We even offer FREE First-Time Home Buyer Seminars!

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

For Delaware and Pennsylvania residents, buyers and sellers alike, it is no secret that the real estate market is ever-changing. As always, if you've found yourself wondering how the current real estate market is behaving in New Castle County, you can count on the Kat Geralis Home Team to keep you updated with the latest statistics!

For the third quarter of 2016, there were 2,544 homes for sale— an 9 percent decrease in inventory from this time last year and a trend that continues around the country. However, the median sales price remains unchanged and the number of home sales (+0.1%) has slightly increased from this time in 2015!

And while the median sales price has not changed much from last year in New Castle County, the average sales price for the second quarter is up 1.8 percent to $251,112. But home sellers need not worry too much about lower inventory once again as the percentage of the original price received does come in at 95% (+0.2%)— up slightly from 2015!

As you can see from the graphics above, inventory for the third quarter posted a 12.4% drop from September 2015 to a 4.8 months supply—but home sales are still succeeding! Buyers are still present in the New Castle County real estate market and with mortgage rates still at historic lows, now is still a great time to move on to your dream home! Just remember, these updated statistics are a brief snapshot of levels in the local real estate market, so do not hesitate to contact us with any further questions you have!

Our top-ranked team is here to help with all of your real estate goals this year, from finding your dream home in Greater Wilmington, Chester County or Delaware County PA to selling your current home and moving on!

We look forward to hearing from you!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams 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
Wilmington Homes for Sale
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The new year is here and it's time to kick those winter blues that may be starting to drift in after the busy holiday season! But lucky for you, the Greater Wilmington area has many fun events and activities to take advantage of this month that will keep them out of sight.

The KG Home Team is happy to share just a few of the many ways you can get out and explore Wilmington and Newark DE in January— Be sure to add the following to your calendar:

Riverfront Ice Skating
When: Through February 28, 2016
Times: Monday through Thursday 4 PM to 9 PM, Friday 4 PM to 10 PM, Saturday 11 AM to 10 PM and Sunday 11 AM to 9 PM
Where: Riverfront Wilmington, Wilmington DE

Don't let the colder temperatures keep you inside when you can enjoy the beautiful Wilmington Riverfront during the winter months! The Horizon Riverfront Rink is sponsored by local businesses and through the end of February, offers a fun activity the whole family can enjoy! The rink can be found in the Justison Landing Green at 308 Justison Landing. Skate rental is $3 per pair and admission is $5 for children 12 and under, $8 for ages 13 and up.

​Band of the Royal Marines
When: January 13, 2016; 8 PM
Where: Grand Opera House, Wilmington DE

The Royal Marines Band, wearing their iconic white helmets, presents some of the most memorable drills, music and visual performances you will ever see. The band will perform classics, Big Band, contemporary pieces and even solo numbers in this January event (their first US tour ever!) at the Grand Opera House. You won't want to miss this as the Royal Marines Band is one of the most versatile and skilled ensembles in military music!

2016 Wilmington Coin Show
When: January 14 through 16, 2016; 10 AM to 6 PM
Where: Nur Shrine Temple, New Castle DE

There is free admission to the 2016 Wilmington Coin Show where over 50 dealers will display US, world, ancient, currency, tokens, medals and more!

Downtown Newark Restaurant Week
When: January 18 through 24, 2016
Where: Downtown Newark, Newark DE

A great opportunity to explore not only Newark, but the local restaurant scene! Participating locations will offer two and three course prix menus for both lunch and dinner, ranging in price from $10 two-course lunches to $28 three-course dinners.

Delaware Symphony Orchestra Chamber Series
When: January 26, 2016; 8 PM
Where: Hotel DuPont, Wilmington DE

Enjoy a night surrounded by the sounds of Beethoven, Mozart and Schoenberg as performed by the Delaware Symphony Orchestra conducted by David Amado.

We hope you are enjoying your start to 2016 and as always, feel free to reach out with any questions about the Wilmington area real estate market, buying a home or selling your current property!

We can help you make this your best year yet by settling into a fresh, new space. 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 have been holding off on selling your Wilmington Delaware home due to your equity position, you may want to think again. According to the latest 2015 2nd Quarter Equity Report from CoreLogic, 91 percent of all mortgaged properties in the country are now in a positive equity position. 

The negative equity situation that plagued many homeowners over the past years is gone. Rapidly rising home prices are the main reason for this improvement, which also reflects the increase in income and cash flow into households.

And while this is excellent news for the financial wellbeing of Wilmington DE homeowners, many do not realize that their equity stance has changed. For example, a Fannie Mae study found that 23 percent of Americans still believe their home is in a position of negative equity, when in fact, only 9 percent of homes remain in a negative position.

In the same study, only 37 percent of Americans were found to realize their "significant equity" position, even though 69 percent of homes fall into that category.

What does that mean for Wilmington and Newark area homeowners? The findings all point to the fact that nearly half of all homeowners are not aware of their equity situation. And with many holding significant equity, these homeowners could easily move on to a home that better meets their needs, whether that be a larger or smaller home.

These homeowners also have a wealth of opportunities available to them:

• They are able to make a larger down payment with their home equity
• They improve their chances of qualifying for a mortgage
• Ample opportunities for selling their current home and buying different homes

So if you've been dreaming of selling your home in the Greater Wilmington area this year, do not hesitate to contact the Kat Geralis Home Team! Recognized as the #4 Ranked Agent in Delaware by REAL Trends "America's Best Agents" List in The Wall Street Journal, our team can help you sell your current home and find a property that better meets your needs!

We look forward to hearing from you!

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Did you know 2 out of 3 people looking for a real estate professional research them extensively prior to working with them? And one of the first places they look is Facebook! Facebook is a great place to learn more about the real estate market and also check up on the agent you are considering to help buy or sell your home. 

Pay close attention to these things on an agent's Facebook page when researching and you will avoid feelings of choosing the wrong one down the road.

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

Preparing to buy a home in Wilmington, DE can be overwhelming, there's no doubt about it. There is much to do to get ready— from grooming your credit score to researching your budget to scouting potential neighborhoods to saving for a down payment. However, if you've been waiting to purchase a home until you have a larger down payment, you may be surprised to learn it may not actually save you money. 

In considering the following, it is evident that putting down the ideal 20 percent can help you save on your monthly mortgage payment right now:

On a $200,000 Home
Down Payment: 5 percent ($10,000)
Loan Amount: $190,000
Interest Rate: 4.5 percent
Private Mortgage Insurance: $80
Monthly Payment: $1,043

Versus

On a $200,000 Home
Down Payment: 20 percent ($40,000)
Loan Amount: $160,000
Interest Rate: 4.5 percent
Private Mortgage Insurance: $0
Monthly Payment: $810

But will the same be true if you wait to purchase a home in the Greater Wilmington area? While you might believe it's best to wait until you have saved 20 percent of a New Castle County home's price to buy, what's more important to consider is the amount of time it will take you to do so. 

Home values are projected to increase by 4.3 percent over the next twelve months and the amount of money you would have saved by avoiding private mortgage insurance (PMI) could actually be surpassed by the amount of money you end up paying for the home. 

Consider the extra costs of PMI now compared to the projected appreciation over the next year:

PMI costs over the next 12 months: $2,793
Appreciation over the next 12 months: $8,600 
The difference: $5,807

20 percent down is required to avoid PMI, but it is not required to obtain all home loans. There are many mortgage programs in place that allow Wilmington buyers to put down as little as 3 percent on a new home!

Contact the KG Home Team today to discuss how you can save money by purchasing a home this fall! We look forward to hearing from you!

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The majority of homebuyers today do not know what it takes to qualify for a mortgage and as a result, may be struggling to save a 20 percent down payment to purchase a home. Keep in mind that homeownership does come with costs, but the cost of waiting also needs to be a factor in your timeline! Waiting to save a down payment or come up with a "rainy day fund" for expenses and repairs is not always the best decision, especially given currently low mortgage rates. 

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

Did you know Millennials (the age group of those born between 1980 and 1995) love working with real estate agents? According to the National Association of Realtors 2015 Home Buyer and Seller Generational Trends Report, Millennials are the largest homebuying generation in the U.S. and work with real estate agents more so than any other generation.

For instance, the Home Buyer and Seller Report found the following interesting statistics surrounding Millennials' real estate behaviors:

• 90 percent use a real estate agent to buy a home
• 70 percent would use their agent again, compared to 63 percent of home sellers
• 94 percent used websites to search for their homes
• 51 percent of buyers found their home online
• 75 percent of buyers used a real estate agent to walk them through the process

And despite the vast number of Millennials using an agent to buy or sell a home, they have the lowest percentage when it comes to using an agent again or recommending them to others (63 percent of home sellers).

Why is that? As stated by real estate news platform Inman, Millennials are harder to please than any other generation. They grew up with smartphones and the internet, thus they are different than any other real estate consumer.

Millennials are looking for the following in a real estate agent:

• Texting, but also phone calls
  More than any other generation, Millennials appreciate when their real estate agent communicates via text message. However, 75 percent of them also appreciate phone calls.
• Homes online
  Millennials appreciate browsing homes online more so than any other generation. The majority (58 percent) use iPhones, while 32 percent use Androids.
• Website information
  Millennials are more likely to use website information in their home search as well as throughout the buying and selling process. They want real estate agents who provide this readily and easily!
• Honesty and trustworthiness
  More than a quarter of this group of homebuyers look for agents who are both honest and trustworthy.

We understand how overwhelming choosing a real estate agent can be and The Kat Geralis Home Team is proud to provide all of the above to homebuyers and sellers in the Greater Wilmington DE area! If you are searching for a highly-rated real estate agent to walk you through the process this year, do not hesitate to reach out to us! 

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Millennials are also now putting less down on their future homes! In fact, 64 percent of Millennials put down less than 20 percent, with 36 percent putting down less than 5! Don't let the down payment factor hold you back from purchasing a home this year— homeownership is well within your reach.

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

New construction has been growing as a popular alternative to existing Wilmington DE homes and just as with any property, buyers have a list of must-haves. A recent survey revealed what buyers can expect to find in the new construction market and as it seems, many of the trends just may fit the bill!

Here are the top five trends New Castle County homebuyers will likely find in new-builds this year:

• Updated Garages
  Garages in the area are getting more enhancements as of late, from new windows to insulated doors and those made of more energy-efficient materials. They're also getting larger! In 2013, most garages were built to accommodate three or more cars. 
   
• Less Carpeting
  While carpet continues to be the most popular flooring choice in new construction homes, less than half of living rooms now have carpeting. Hardwood floors are the second most popular choice of flooring and is included in over 1/4 of all new home installations. 
   
• Granite Countertops
  Granite counters are commonly listed among a Wilmington DE homebuyer's must-haves in a new home and according to the survey, they will be happy to find them in most new-builds. Granite is found in 64 percent of all new home installations.
   
• Appliance Combos
  Freestanding ovens are becoming less popular in new construction as cook tops and wall oven combinations gain traction. Freezer-on-bottom refrigerators are also gaining steam in the new home market.
   
• Kitchen Sinks
  Sinks are growing in importance for homebuyers today, with the single basin sink showing up in 20 percent of all new single-family homes in the last 10 years. Granite and stone kitchen sinks are also making an appearance in 8 percent of all new homes.

If you're in the market for a new construction home this year, you can count on the KG Home Team to assist you. As your buyer's agent, we always work on your behalf, never the builder's! Contact us today for information about available homes in the Greater Wilmington area.

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Many homebuyers today do not know what they need to qualify for a mortgage— it's less than you think! Gone are the days of 20 percent down or no deal! With a total of five common factors, you can make your homeowner dreams come true.

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

It's that time again! With the busy summer season in full bloom and home prices, mortgage rates and the number of motivated buyers in the market all on the rise— we're back with an update on the status of the real estate market in Wilmington and Newark, DE in New Castle County!

The second quarter of 2015 saw 2,609 homes for sale with an average sales price of $245,742— now up nearly 6 percent from this time last year! 1,705 homes sold in the second quarter in New Castle County—an increase of 13.4% from last year—and area home sellers are reported to have received 95.2% of the original price at closing— a figure also up .2% from last year!

As we reported in the first quarter, inventory is still trending on the lower side. The second quarter pegged inventory at a 5.3 months supply— 15.4% lower than last year's inventory during this period. 

Remember that the real estate market is ever-changing and these updated market statistics provide just a snapshot of current levels in our area. Do not hesitate to reach out to us if you have questions about homes for sale in the Greater Wilmington DE area! The top-ranked KG Home Team is here to help with any of your needs from finding your dream home to relocating to selling your current property. 

We look forward to hearing from 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

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When you consider the costs across time—the average interest rate and mortgage payment—you will find there is no better time to become a homeowner than right now! With mortgage rates hovering around 4 percent, your monthly payment could be less than the cost of renting!