Kat Geralis Home Team Wilmington DE Real Estate News Archives

Homeowners in Wilmington and Newark, DE who have negative equity and a personal hardship are about to get more help. Starting November 1, 2012, short sales will get easier for mortgages involving Freddie Mac and Fannie Mae. 

The best news for Wilmington and Newark home sellers is that you no longer have to be behind in your mortgage to be considered for a short sale! If you have a personal hardship, you can qualify for a short sale before you are in risk of foreclosure.

For the purpose of a short sale, here are the recognized hardship categories. Bear in mind that having one of these doesn't give you a clean sweep, but gives you a case to apply for a short sale:

• Divorce
• Death of borrower or co-borrower
• Business failure
• Disability
• Job loss
• Natural disaster
• Excessive financial obligations
• Job relocation 50 miles away or more
• Military with Change of Station orders

There are a few more changes taking effect that will speed up the short sale process. Namely:

• Mortgage services will be authorized to directly approve qualifying short sales
• Second-lien holders will be given financial incentive to allow the short sale
• Home sellers in risk of foreclosure will have a streamlined process with reduced paperwork

One caveat: home sellers who have sufficient financial assets will be asked to make a contribution to the short sale. In return, no deficiency judgment will be filed for the difference between the sale proceeds and the outstanding loan balance.

Short sales will become more feasible and a bit quicker under the new guidelines. This is terrific news for the Wilmington and Newark real estate markets, as short sales use current market value in the transaction, unlike post-foreclosure sales that can be deeply discounted. Short sales preserve neighborhood home values and prevent the blight that can follow abandoned homes.

This doesn't mean that short sales are the right decision for everyone. As your professional Wilmington and Newark, DE real estate agent, I understand that selling your home can be a difficult decision, especially when your life has been disrupted by other events. This is why I provide professional guidance with compassion, so that you can make the best decisions.

If you owe more on your home than what it is worth, my experience in short sales and foreclosures can help you! It's never too early to talk to me, so please contact me today with any questions you may have!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
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While typically the second quarter market stats see a decrease in home values, for the first time since 2007, prices have been on a consistent rise.  This will greatly benefit you when selling your Wilmington, DE home.  The real estate market is showing a steady increase that does not appear to be stopping any time soon.

Based on reports from Zillow's Home Value Index homes have increased in value by .2 percent from this time last year. That is approximately $150,000 per home. This shows that not only are people buying homes, but they are willing to spend the appropriate amount of money on them.  Although prices are increasing, reports also show that they will level off after the mortgage settlement and are not predicted to drop again.

While home prices are on the rise, foreclosures appear to be on the decline. With record low mortgage rates, people are able to stay current on their payments and avoid the foreclosure process.  Currently reports say that about every 5.8 out of 10,000 homes are foreclosures. Since January of 2012 every month has seen a decline in the amount of foreclosed properties.

Selling your Wilmington, DE home will be much more appealing now that prices are starting to go back up. Pricing your home at an appreciated price will help not just your finances but also the entire real estate market. 

Predicting a 1.1 percent increase going into 2013, the market is showing a steady increase.  Throughout 2012 every month has seen growth from the year before. Despite a slight lag in job growth, the real estate market is still going strong as people buy homes and are willing to spend more money on them.

If you have any questions regarding the real estate market, feel free to ask. Also, if you or anyone you know is interested in buying or selling Wilimington, DE real estate, contact me! I look forward to speaking from you.

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
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When you’re deciding to sell your home in Wilmington, DE or Newark, DE, one of the first things you’ll want to know is how much your home is worth in today’s market. If you purchased your home at the height of the real estate bubble, chances are you think your home is worth more than it is. However, this doesn’t mean you can’t still net a profit you’ll be happy with.

One way to get an idea of how much your home is worth is to research other Wilmington, DE homes that are for sale in the area to see how your home compares in terms of size, location and features. Once you see what the competition looks like, you can start making smart, cost-effective updates to your home before putting it on the market. Here are a few tips for increasing the value of your Wilmington, DE or Newark, DE home.

1. Go Neutral

One of the most inexpensive and effective things you can do to increase the value of your Wilmington, DE home is to slap a fresh coat of paint on the interior walls. Paint does wonders for making your home look clean and updated. Go for neutrals, which appeal to the greatest number of people.

2. Get an Expert’s Advice

Rather than spending money to hire a designer, have a Wilmington, DE real estate agent come into your home and take a look around. Experts, such as myself, can give you pointers on what will turn buyers away, like popcorn ceilings, and what will impress them, like a water filtration system in your kitchen. Then, you can implement these changes to increase your home's value. When you’re ready for a few tips, just give me a call!

3. Update your Decor

Use home magazines, Pinterest, and catalogs for inspiration to spruce up the décor in your Wilmington, DE home. A colorful pillow or two on the couch can brighten up a living room while a vase full of beautiful flowers on the dining room table or in the kitchen can give your home an inviting feel home buyers will appreciate. Get creative and DIY when you can to cut costs.

4. Maintain Curb Appeal

I can’t stress enough how important it is to maintain your lawn and landscaping when you’re trying to sell your home. Keep the grass cut and watered and tidy up the landscaping to boost your home’s curb appeal. Add a splash of color with some potted flowers by the front door if you’re not willing to sink some money into updating your landscaping.

One of the best tools you can use to determine the value of your home is a comparative market analysis. Your Wilmington, DE real estate agent can gather data about other homes for sale and homes that have recently sold in the area to help you determine how your home competes and how it should be priced. Of course, your lender will most likely require an appraiser to evaluate your home, but doing some preliminary research and getting in touch with a local real estate agent are great places to start. Please let me know if I can be of any assistance as you explore the process of selling your home!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
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If you’re looking to buy a home and have been driving around Wilmington, DE you’ve probably noticed there are many new construction homes on the market. Your first instinct is to drive around, pick up some brochures and speak to sales representatives about the properties, right? Well, this isn’t technically incorrect but the smartest move you can make is to work with a Wilmington, DE buyer’s agent first.

Just as a buyer’s agent works with a seller and his or her agent on the sale of a pre-owned home, a buyer’s agent can help a buyer through the process of purchasing a new construction home. When it comes down to it, a buyer’s agent is someone on your team looking out for your best interests. Purchasing a home is a big step and there can be a lot of complicated paperwork and negotiations involved. Why go through that alone when you can have an expert in the Wilmington, DE real estate market guide you through the process?

While sales representatives at each new construction development site are informative about the floor plans, prices, builders and area, their loyalty lies with the developer. With a Wilmington, DE buyer’s agent, you have access to the same information from someone who isn’t trying to make a sale. The duty of the buyer’s agent is to simply help the buyer, not sell to him or her. Best of all, a buyer’s agent’s services are free to the buyer and are paid by the seller only if a sale is made.

So, how do you choose a Wilmington, DE buyer’s agent to help you select a new construction home? Here are some key characteristics to look for:

1. Expertise in the local market: Make sure your buyer’s agent knows the Wilmington, DE real estate market inside and out. This way you’ll be sure you’re getting the most comprehensive information when choosing your new home and neighborhood.
2. An excellent negotiator: Part of your buyer agent’s job is to help you get the best deal on your new home. He or she should be able to make some accommodations with even the toughest sellers and developers.
3. Someone who will walk through the contract with you: Remember, those sales representatives are loyal to their builders. Work with a buyer’s agent who will take the time to go through the contract with you in detail and answer any questions you have.

I hope these tips help you when thinking about your search for a new construction home in Wilmington, DE. Choosing the right real estate agent to represent you in your home purchase is a key step towards success. I’m always happy to help homebuyers find the perfect home in Wilmington, DE and there are hundreds of new construction properties waiting to be discovered. Just let me know what you’re looking for and I can narrow down your options, saving you the time and money from driving around town and seeing homes that don’t meet your needs.

I hope to hear from you soon!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
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Let’s face it: times are difficult for many Wilmington, DE homeowners right now. There are millions of homes in foreclosure in the United States and the number is only continuing to grow. Unfortunately, foreclosure is a very real possibility for those who are unable to stay on top of their mortgage payments. However, if you recognize the seriousness of the situation early on, there are alternatives that are less damaging both emotionally and financially. When possible, a short sale is a much better alternative and I always make sure to discuss this with Wilmington, DE homeowners who come to me for advice.

While I do my absolute best to guide Wilmington, DE homeowners towards a short sale when they’re in distress, foreclosure does happen and the emotional and financial consequences extend beyond the foreclosure process itself.  As your Wilmington, DE real estate agent, I want to share some of the situations you can expect to encounter and provide solutions for dealing with them as responsibly as possible.

1. Finding a new home right away

Probably the most pressing and unsettling obstacle to deal with after foreclosure is where you’re going to live. The good news is even with a low credit score, renting is an option if you have the cash to put down a deposit. As soon as you think foreclosure is a possibility, make plans to either stay with a family member or friend, or look into the “cash for keys” program in which you receive a check for voluntarily vacating your home.

2. Buying another home in the future

If your Wilmington, DE home was foreclosed on, the minimum amount of time until you can obtain a new mortgage is five years. However, foreclosed owners do have the opportunity to prove that the foreclosure was out of their control due to job loss, and potentially get this time period reduced to three years. Your best option for the shortest amount of time between mortgages is to go with a federally insured FHA loan.

3. The emotional toll

While the above issues are logistical, it’s important to note that a period of emotional distress and grieving will occur and shouldn’t be discounted. It’s never emotionally easy to leave your Wilmington, DE home and neighborhood, let alone be in a situation where your financial record will take a hit, too. The silver lining is that because foreclosure is so common in today’s economy, potential employers and even your new neighbors will generally be sympathetic. There isn’t as much of a stigma as there used to be.

As your Wilmington, DE real estate agent, I will always provide you with alternatives to foreclosure. As a short sale expert, I take pride in helping Wilmington, DE homeowners navigate the ins and outs of the short sale process, decreasing stress and saving them time and money. As long as you are proactive and seek the advice of a Wilmington, DE real estate expert at first signs of distress, foreclosure can be sidestepped. If you think you might be in danger of foreclosure, please contact me so we can discuss your options!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
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Most likely, you’ve heard time and again that there are far more benefits to buying a Wilmington, DE home than to renting a property. As rental rates continue to rise all across the United States, this holds true now more than ever in today’s buyer’s market. Recently, I came across a CNN Money article that lists the highest rental increase over the past 12 months as nearly 13% in Sarasota, FL. On top of already sky-high rental rates, the cost of renting is becoming unrealistic for many in Wilmington, DE and across the U.S.

Overall, asking prices for homes have decreased .7% while rental rates have increased on average 5%. Why the skyrocketing rental rates? It’s no secret that many here in Wilmington, DE and across the country are having trouble staying on top of their mortgage payments. Going through the process of a short sale or foreclosure leaves renting as the only option for so many people that there is a rising demand for a limited supply of rental units.

While I realize that buying simply isn’t an option for some, those who are in the market to buy a home in Wilmington, DE are at a great advantage. Trulia reported that home prices have continued to drop over the past 12 months and with rental prices expected to keep increasing, it’s never looked better to consider homeownership. We’re also looking at extremely low mortgage rates which makes it even easier to justify buying a home in Wilmington, DE rather than sinking money into a rental each month. CNN Money’s most recent report shows a 30-year fixed mortgage at 3.86% down from 3.90% last week.

To put this in better perspective, here’s an example using real numbers. As of the end of last week, the average list price in Wilmington, DE was $230,021 and as I mentioned before the 30-year mortgage rate is at 3.86%. Additionally, the average rental rate in Wilmington, DE is about $1,050 according to data by rentbits. Using a tool The New York Times provides, we are able to calculate how much money a Wilmington, DE homeowner will save over a renter and how long it will take to start benefiting. With 20% down, the average mortgage would be nearly $200 less per month than the average rent payment. Check out this tool and try it for yourself with your current monthly rent and the prices of some Wilmington, DE homes you have in mind.

As your Wilmington, DE real estate agent, I feel it’s my responsibility to provide you with the most up-to-date market statistics. I hope the information I provide and the tools I show you help your home buying or home selling process go smoothly and successfully. If you need any assistance selling your Wilmington, DE home, are considering a short sale, or would like to see some homes for sale in the area, please feel free to contact me. I’m well versed in the Wilmington, DE real estate market and would love to help you through your real estate transaction.

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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As we move deeper into the Spring season in the Wilmington, DE real estate market, things are really getting busy with buyers on the prowl for a great deal on a new home. I know, when you’re a seller, the last thing you want to hear about is the buyer’s market. This is especially the case if you are in a position where you need to sell your Wilmington, DE home quickly to avoid foreclosure.

In the past I have explained the difference between a short sale and a foreclosure, but to refresh your memory, a Wilmington, DE short sale occurs when a lender agrees to let a homeowner sell their property for less than what is owed on the home, forgiving all other amounts owed after the transaction is complete. Feel free to look back on my previous blog entry for more details as to how a Wilmington, DE short sale works.

While neither is desirable, a short sale is the preferred route when you’re in a situation where you are facing the possibility of losing your home. You will sidestep the major damage to your credit a foreclosure causes, you’ll avoid the humiliation and frustration associated with the foreclosure process, not to mention a load of stress will be taken off of your shoulders. In this type of situation, the guidance of a real estate agent experienced in Wilmington, DE foreclosures and short sales is invaluable.

Selling your home quickly can be stressful, so I wanted to provide you with some negotiating tips to get the best possible result even with the situation isn’t ideal.

1. Keep quiet about your reasons for selling

When you’re approached with the “Why are you selling?” question, be vague about the fact that you’re in a hurry to sell. If other agents and their buyers know you’re in a pinch and need to achieve a sale quickly, you’re giving them an advantage. A simple, “Its just time” or “Moving closer to family” are good responses that will keep you in the clear.

2. Head straight to the lender

If you speak to the bank and let them know you’re actively trying to sell your Wilmington, DE home, there’s a good possibility that they’ll lower your mortgage payment. The lender just wants its money, and the quickest way for them to get it is through a traditional sale.

3. Have Plan B up your sleeve

This ties in with my first tip - you don’t want a potential buyer to know that you’re distressed. Make it known that you have other options, like putting your home on the market for rent, so that the buyer doesn’t know they have you under their thumb. The fact that you have other options and offers makes your Wilmington, DE home more desirable.

As your Wilmington, DE real estate agent, I understand how stressful it is to have financial troubles and be faced with the possibility of a short sale or foreclosure. The important thing to realize is that by putting your property on the market now, you’re being proactive about the situation and will end up with the best possible result. If I can be of assistance in any way, please contact me! I 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
Follow me on Twitter