Kat Geralis Home Team Wilmington DE Real Estate News Archives

Blog

Displaying blog entries 1-5 of 5

3 Things to Consider When Moving to a Bigger Delaware or Pennsylvania Home

Thursday, August 13, 2020
by Katina Geralis

With mortgage rates still at historically low rates and home values rising, many Delaware and Pennsylvania residents are currently contemplating a move— even in the midst of the current, and somewhat uncertain, economic climate. However, if you've been wondering, now is indeed the time to purchase a home with more storage space, more bedrooms, more overall square footage or even a home in a better neighborhood. 

As your real estate agents in Delaware and Pennsylvania, the Kat Geralis Home Team is happy to help you find your bigger, better dream home, but there are just a few factors to consider in your decision to move up.

The right mortgage
When moving up in Delaware or Pennsylvania, the type of mortgage you obtain is crucial. An adjustable-rate mortgage may be for you if you're not planning on being in the home for an extended amount of time. Adjustable-rate mortgages can save you money as the rate is typically lower than a 30-year fixed-rate and guaranteed for your particular loan term.

On the contrary, fixed-rate loans have a higher interest rate but provide the homebuyer security by locking in that rate over the entire life of your loan.

Mortgage qualifications
When you move to a larger home in Delaware and Pennsylvania, you may obtain what's called a "jumbo mortgage." Jumbo mortgages are loans that are above "average" with an amount more than $417,000 for a single-family home. If this fits the bill for your new home in Delaware or Pennsylvania, be prepared! Jumbo mortgages do require stronger credentials and the process can be more intense than others, however it does all depend on your lender.

If you're in the market to purchase a home and are looking for a lender recommendation, do not hesitate to reach out! Our team has decades of expertise in the area and can connect you to a professional that will assist you in your mortgage process.

Refinancing options
There are mortgage options—commonly called piggyback options— that allow for a second mortgage or home equity loan to be taken out by a homeowner at the same time their first is refinanced or even started. When you're moving to a larger home, you may be mulling over combining your first and second mortgages to reduce costs. It is always wise to explore all of these options in your decision to move up. 

The real estate market may be ever-changing, but now is the time to make a move! Contact our experts at the Kat Geralis Home Team today to get started on your house-hunt for your Delaware or Pennsylvania dream home!

We look forward to hearing from you!

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

How to Research Delaware and Pennsylvania Neighborhoods

Thursday, July 16, 2020
by Katina Geralis

When you're shopping for a new home in Delaware or Pennsylvania, you'll want to research everything from the square footage to the property taxes to, perhaps the most important, the neighborhood. But when you're in such strange times as these where you might be sheltering in place, it's key to note you don't actually have to visit the area to do your due diligence.

There are several ways to research a neighborhood in Delaware and Pennsylvania right from your own home!

Browse local social media
Use the power of social media to research a potential neighborhood when shopping for homes in Delaware and Pennsylvania. You can use apps like NextDoor, Facebook, or even dig into geo-specific hashtags or locations on Instagram, for instance, to look for activity and posts in a certain area. 

Use Google Maps
If you've ever looked up directions via Google, you'll notice Google Maps has a great feature in which you can actually zoom all the way in and virtually walk the street. Google Street View allows you to navigate around neighborhoods without even leaving your couch!

Search websites with neighborhood data
Dive into websites like Yelp, AreaVibes, and City-Data to find out more in a neighborhood, including livability scores, average home prices, and reviews on locations from local residents.

Call your real estate agent
As you know, your real estate agent is a wealth of information when it comes to buying a home— and that includes the neighborhoods in your desired area of Delaware and Pennsylvania. Ask your agent all of your burning questions! After all, they will be able to take your wants and needs and point you to the best spot for your next home!

Check crime rates
Crime rates can provide data on the safety of a specific area. Use a website like CrimeReports to look up the area's stats from local law enforcement agencies.

Ready to purchase a home in Delaware or Pennsylvania? Let the Kat Geralis Home Team be your guide!

We look forward to hearing from you!

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

Delaware and Pennslyvania Home Buying Could Get Tougher

Saturday, April 11, 2020
by Katina Geralis

The spring home buying season isn’t going to be easy for Delaware and Pennsylvania home buyers. A low inventory of homes for sale has been a persistent challenge, and headwinds caused by recent economic news complicates the picture.

Home inventory is showing signs of further contraction. Some home sellers have decided to wait out the social distancing periods out of an abundance of caution.

Meanwhile, lower mortgage interest rates have spurred a record wave of refinance activity, signaling that a number of homeowners intend to stay put.

The newest challenge facing home buyers is the tightening of credit requirements by mortgage lenders. Many lenders have become skittish in recent weeks as business disruptions have cascaded into job layoffs. In an effort to reduce the odds of future loan defaults, some lenders have adjusted mortgage qualifying criteria in these areas:

  • Frequent checking of employment and income
  • Higher credit score requirements
  • Higher down payment amounts
  • Leaner debt-to-income ratios – the fewer debt obligations, the better

Overall, the bar has been raised, but the loan spigot hasn’t been shut off completely. Buyers who face the most red tape include the self-employed and those seeking a jumbo mortgage, who may face steeper requirements.

On the bright side, super-low mortgage interest rates are likely to be with us for some time. Low rates mean more home buying power for the money! Buyers may also want to think about applying tax refunds and economic stimulus funds to their down payment savings. 

We will be happy to refer you to local, trustworthy lenders who can help you prepare for your mortgage application. Contact us today!

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

 

 

Updated Real Estate Market Stats for Delaware and Pennsylvania

Thursday, October 25, 2018
by Katina Geralis

We're back with another Delaware and Pennsylvania real estate market update! The market is always changing, especially as the seasons change, but homebuyer activity is still high in Delaware and Pennsylvania as buyers continue to shop year-round for properties on their smartphones, tablets, even email alerts with new listings! As you may have also noticed, sales prices are still climbing while inventory is still much lower than it has been in past years. But remember, this is just a snapshot! If you have questions about the market where you live, it is always best to contact your agent for an up-to-date look at the market. As your local experts, the Kat Geralis Home Team is here to help!

For the third quarter of 2018, there were 1,765 homes for sale— a 24.4 percent decrease in inventory from the same time last year. Try not to worry too much about this as lower inventory trend is not something only occurring here in Delaware and Pennsylvania; this is something going on all across the country! The median sales price saw a 2.7 percent increase, rising to $231,000 and the number of home sales rose slightly by 0.2 percent for a total of 2,054 total closed sales in Q3. 

The average sales price in New Castle County for the second quarter was $254,149, a 0.1 percent increase from this time last year! This is something to note, home sellers— now can be the perfect time to sell your home as buyers are still out searching for their dream homes! The percentage of the original price received also saw a 1.1 percent increase in Q3, coming in at 96.8 percent!

Inventory for the third quarter of 2018 posted a 24.8 percent drop from the previous year, totaling a 2.9 months supply. Again, this is something to keep in mind, homeowners! The market could use your home!

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 before the end of the year!

We even offer FREE First-Time Home Buyer Seminars!

Give us a call today!
 

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

Updated Real Estate Market Stats for New Castle County DE

Thursday, May 24, 2018
by Katina Geralis

 

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!

Give us a call today!
 

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

 

Displaying blog entries 1-5 of 5

Syndication

Categories

Archives

Kat Geralis Home Team Real Estate