Kat Geralis Home Team Wilmington DE Real Estate News Archives

It’s getting hotter and hotter outside. That can only mean that it’s time to get your house ready for the summer months. So here are some important tips every Delaware homeowner should keep in mind to usher in this steamy season.

Take Care of Your Air

As soon as it starts feeling warm outside, you might automatically want to pump up your air conditioner. But before you do, it’s important to change or clean the air filter first. This is not just a one-time thing either. You’ll need to change the filter every couple of months while the system is in use. Your owner’s manual should have all the details on the type of filter you need and the steps involved in the changing process.

Now is also the time to do an annual performance check. Have a professional inspect your air conditioner and furnace. The company that installed your unit or another heating, ventilation and air conditioning specialist can get this done for you.

Window Washing

Take full advantage of all the sunny days to come in Wilmington and Newark by washing your windows. First, remove the curtains and blinds. Then clean the windows and window trim both inside and out. You can start with brushing or dusting. If your windows are really dirty, wipe them down with a rag and some soapy water. For the outside of the windows, use a hose and rinse off all of the soap.

You can also get a good quality squeegee to make sure you get all the dirt and grime off the glass surfaces. You also might want to try some TSP (trisodium phosphate). This is a powdered stain remover and degreaser you can get at any hardware store.

By using a few drops of TSP, you will have a streak-free finish on your windows. Be sure to read all of the instructions on this cleaner, though. In a hot solution, you run the risk of taking the gloss off paints and there is the chance it can darken aluminum or wood. So use caution! If your house has two floors, you might consider hiring a professional to clean those upper story windows.

Screen Cleaning

The glass isn’t the only part of your window that deserves a thorough cleaning. Screens get filthy and dusty, too. So be sure to give them some loving care with a soft cloth and brush off the dirt. You can also gently scrub them with soapy water and then hose them off. You can leave them outside to dry in the sun.

When taking them out of your windows, be gentle. You don’t want to tear them. But for small rips, you can easily use some needle and thread to fix them right up again.

Exterior Attention

The exterior paint on your Wilmington home is designed to prevent deterioration caused by dirt, sunlight and dampness. On average, a paint job will last six to eight years. But you can extend that lifespan by addressing the exterior of your home. Trim shrubs that tend to brush against siding or windows. Make sure there is at least two feet between your home and plants to protect from damaging insects and moisture.

You might think about hiring a professional to power wash your house, too. Unless you know how to use this machine, you could dislodge shingles or siding. And that’s the last thing you’d ever want to do.

Furthermore, if you see blistering or peeling paint anywhere on your house, don’t ignore it. Make sure to schedule a paint job before fall.

As you can see, there is a lot to do when it comes to maintaining your home. If you would like more information or tips, I’m here to help. Also, I’m available to guide you through every step of the home buying process here in Wilmington. So feel free to contact me at any time. I look forward to meeting you!

If you are a first-time home buyer, you might be anxious to get in on a good deal for a Wilmington or Newark home. Prices are reasonable, mortgage rates are low, and the homes you see on the market today could be sold tomorrow. Naturally, there is some sense of urgency. You have competition from investors and other home buyers. You might find yourself tempted to limit, or even omit, contingencies from your purchase offer, in the hopes of getting it accepted by the seller. 

The danger in this notion is the fact that a purchase offer is a legal contract. Your contingencies allow you to cancel the offer if certain stipulations are not met. Without contingencies, you have no legal escape from the deal. You could end up on the hook for failing to go through with the purchase, even if the circumstances were beyond your control. It pays to understand contingencies!

Here are the most common home buyer contingencies included in a purchase offer:

1. Financing contingencies. This states that your purchase is conditional upon obtaining a mortgage at suitable terms. You can be specific and identify the mortgage terms that you need. Even if you are pre-approved for your mortgage, it's wise to have a financing contingency, in case something falls through for an unforseen reason prior to closing.

2. Appraisal contingencies. Your mortgage lender will require that the home has sufficient collateral value to cover the mortgage in case of default. If the appraisal falls short of the sale price, your contingency allows you to exit the deal. Otherwise, you could be expected to cover the difference, in cash, between what the bank is willing to lend you, and the sale price of the home.

3. Home inspection contingencies. This allows you to have a third party inspect the home and check for any signs of obvious defects. While sellers are expected to disclose any known issues with the home, there are things that may escape their notice, or their memory. If any significant, undisclosed issues are found by the inspection, the contingency allows you to cancel the deal, or at least negotiate the needed repairs with the seller.

These are very basic examples, and there are a host of contingencies you may wish to use depending on the situation. You may have a contingency that says the deal is subject to the approval of your financial planner, or your attorney. You could have a contingency that is subject to the homeowner association allowing you to have an above-ground pool. Or a contingency subject to the town allowing you to operate a business out of the home. You don't want to go bananas with contingecies, but any key points affecting your ability and desire to purchase the home should be covered.

As your Wilmington and Newark real estate expert, I will guide you through using contingencies and help you write an offer that protects your interests!

There is a lot to know when it comes to home buying! Fortunately, good information is available, and it's free! Attend a free home-buying seminar and learn about home buying in a pressure-free environment. The next one is in Newark on May 11! See the Registration Page for a list of upcoming dates and locations.

Contact me for friendly, knowledgeable help with your home buying questions!

 Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
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There is good news for Delaware home sellers - more home buyers will be coming to the market during the next few years. But if you're a first-time home buyer in Delaware, you need to be prepared for competition!

For starters, we are now seeing more first-time home buyers enter the market, after hitting a 4-year slump only a few months ago. Nationally, first-time buyers accounted for 34.5% of all home purchases during February 2013. The "early spring" of the housing market in 2013 was at least partially fueled by first-time buyers looking to get a jump on the market.

They were not alone. Real estate investors, still hungry for aquisitions, claimed an equal share of all home purchases in February - another 34.5%. Investors can be the bane of a first-time home buyer, since investors are usually looking for lower-priced homes, and paying cash.

But the 900-lb gorilla among buyers is perhaps the least expected group - the "boomerang buyers." These buyers are former homeowners who experienced a short sale or a foreclosure during the housing downturn. Many of them have now completed the minimum waiting period and are looking to buy a home again.

To give you some idea of the numbers, USA Today reported that just under 5 million people lost their homes during the housing crisis - and an amazing 70% of them will buy another home as they become eligibile to do so. Based on the timelines of the era against the mortgage waiting period, this translates into 500,000 boomerang buyers becoming eligible for home ownership each year for the next several years.

Why would these former homeowners want to return to home ownership after having a negative experience? Speaking bluntly, renting is no picnic, and home ownership at today's prices and interest rates is a much better deal. USA Today reports that boomerang buyers are anxious to return to the market at the earliest opportunity, while the economics work in their favor.

If you are a first-time home buyer in Delaware, you need to be well-equipped to handle the competition! Find out how to get approved for a mortgage, and learn about the buying process at our FREE first-time home buyer seminars! The next one is in Newark on April 20, 2013! Register here to save your seat!

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 waiting to buy a home in Wilmington or Newark? If you have been waiting to see if home prices will come down, or you are waiting for spring, you could be missing a golden opportunity to buy a Delaware home! Here are 5 reasons why right now could be the best time to buy!

1. Home prices are moving higher. According to Trulia, Wilmington home prices between Nov 2012 and Jan 2013 were 7.2% higher than a year ago. Nationally, economists expect home prices to continue to gradually appreciate.

2. Mortgage interests rates are rising. The Mortgage Bankers Association predicts that rates will trend higher throughout 2013.

3. Rents are expected to go up. Nationally, rents averaged a 4% increase during 2012. As the economy continues to improve, monthly rents are expected to follow suit.

4. Mortgage rules are changing. New guidelines exist for FHA loans. Meanwhile, the Consumer Protection Act may influence the type of mortgage products that are available in the future. Another new rule, called the Qualified Residential Mortgage, could change the requirements for credit scores and down payment amounts.

5. Closings are faster off-season. Real estate sales have lower volumes this time of year, meaning there are few backlogs in mortgage underwriting, appraisals, and home inspections.

6. Sellers are motivated. New listings are coming on the market in February! There are homes on the market today that must be sold; there are banks waiting to approve short sales, but they need offers!

Your ideal home could be on the market right now! Why not take a look at the Wilmington and Delaware homes for sale?

First-time buyers should give themselves an advantage by attending a free home buying seminar! Be prepared for the opportunities in Delaware real estate by attending one of the upcoming seminars below. Just register for the date and time that work best for you!

Join one of the TOP REAL ESTATE TEAMS in Wilmington!

We are looking for enthusiastic, dedicated associates for the following positions at The Wilmington Homes Group of Keller Williams:

Buyer's Agent: If you don’t have more leads than you can handle, let’s talk!

Do you have patience, perseverance, and people skills? Do you enjoy helping first-time home buyers and trade-up buyers accomplish their goals? In this position, I need a champion who can charge into the field on behalf of our buyer clients. You need to be a good listener and have excellent follow-up skills on buyer leads. Your mission is to convert leads to appointments, appointments to buyer agreements, and buyer agreements to home purchase contracts. 

This year is going to be HUGE for Delaware home buyers and I need a pro that doesn’t let go! Buyer Agent experience preferred, but top performers who truly care about delivering excellent service will be considered. You will also get the benefit of high-caliber KW training and have an unlimited earning potential.

Distressed Property /REO Specialist: 

Do you have excellent organizational skills and like detail? Do you work well with structure, tasks and deadlines? Experience with using programs like Equator or RES.NET are a plus! In this position, you will be responsible for processing and managing Bank Owned, foreclosures as well as communicating with various Asset Managers on a regular basis.  Only those with a strong work ethic and a high degree of integrity should apply. Experience in REO sales preferred, and you are more than welcome to transfer your current properties into our system. Bring your best efforts to the table and I’ll show you unlimited income potential in Delaware’s distressed property market!

For All Positions, You Need the Following:

• Delaware real estate license 
• Thorough understanding of contracts and negotiable elements 
• Knowledge of mortgage types and loss mitigation practices (REO Agent)
• Knowledge of mortgage types and qualifying basics (Buyer Agent)
• Excellent written and verbal communication
• Positive, can-do attitude
• Results driven
• Genuine concern for clients
• Organizational and time-management skills
• Personal motivation for success
• Professional behavior and attire 
• Reliable transportation
• Local knowledge of schools, community resources, quality of life

What You Can Expect in Return:

• Best training and coaching in the industry through KW systems
• Six-figure income potential plus bonuses
• Residual income potential 
• Personal mentoring
• Qualified leads through our systems
• Opportunity to lead as your business grows
• Administrative support / access to specialized virtual assistant team 
• Access to professional network of attorneys, lenders, title companies, etc.
• Positive, encouraging environment 

Click Either Image Below to Read More About Our J.D. Power and Associates
or Our Top 10 Best Places to Work Awards!
 

10 Compelling Reasons to Become a Keller Williams Associate!

Do you want to take your real estate career to a higher level? Would you like the opportunity to be a business partner in the #1 real estate company in the United States? Here are 10 compelling reasons to become a Keller Williams Associate!

1. Keller Williams offers the best compensation structure in the industry, giving you the opportunity to keep 100% of your commissions!

2. Keller Williams offers Profit Share and Growth Share programs that enable you to create a passive income stream for life!

3. Keller Williams associates are treated as business partners – not employees!

4. Keller Williams provides unsurpassed training, education, and coaching, with resources available on demand!

5. Keller Williams is “agent-centric” – meaning that the company puts the best interests of its agents at the forefront of company decisions.

6. Keller Williams created eEdge, the industry’s first comprehensive lead-to-close system, for the exclusive use of its agents.

7. In 2012, Keller Williams was ranked #1 in customer satisfaction by home buyers for the third consecutive year. Keller Williams was also ranked #1 by home sellers during 2012, for the second consecutive year.

8. Keller Williams fosters a “Culture of Caring” by giving back to local communities during the annual “RED Day” event. There is also a Keller Williams charity to aid associates and their families during times of unexpected and extreme hardships.

9. Keller Williams is a global company in the midst of expansion! Lines of business include Keller Williams Realty, Luxury Homes by Keller Williams, and KW Commercial.

10. As your Keller Williams recruiter for Delaware, I will help you succeed!

Have a few more questions? Contact me! I’ll be happy to tell you more about my own career with Keller Williams Realty, and why I’m convinced they are the best real estate company for professional real estate agents, home buyers, and home sellers!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty

Careers@WilmingtonHomes360.com
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
Contact Me
Find me on Facebook
Follow me on Twitter
 

There was good news for Delaware homeowners in the recent budget deal passed by Congress. While debates still continue over other fiscal policies, the Mortgage Debt Relief Act of 2007 has been extended! I'll explain why it matters to Delaware short sellers and homeowners alike!

Say for example you do a short sale, and the bank has a loss of $40,000. If your lender forgives this debt, you're off the hook, right?

Not in the view of the IRS. They consider forgiven debt as "income" because you received the benefit of the money without paying it back. Imagine having to pay income tax on $40,000 when you've already been through a hardship! This is exactly why the Mortgage Debt Relief Act is so important, as it keeps the IRS at bay.

The MDRA is also important to Delaware home owners! It makes short sales an attractive alternative to foreclosure - and short sales do not impact the market as harshly. When a bank sells a foreclosed home, the price can be discounted up to 30%. The discounted sale becomes a part of the market comparisons used by property appraisers. Homes located near foreclosures witness a steep drop in value as a result. Even if you are not planning to sell your home immediately, it can take years for your home value to recover.

Short sales are the better alternative because they list for current market value and are not discounted as sharply, if at all. They also keep homeowners engaged in a solution, which prevents home abandonment and neighborhood blight!

If you are a homeowner in Wilmington or Newark who is struggling with mortgage payments, or you want to sell your home but you have negative equity - let me help! I have extensive experience in short sales and foreclosures, and I can guide you through the options that are available. I also have tips on avoiding foreclosure on my website.

Need more information about buying a Wilmington or Newark home? As your experienced real estate professional I'm here to help you! I can also refer you to FREE home buying seminars! Take a look at the upcoming schedule, and register for the date you prefer!

Contact me for neighborhood price trends, recent sales, and expert guidance in our fast-changing real estate market!

If you are a first-time home buyer, you may already be leaning towards an FHA-backed mortgage to finance your Wilmington or Newark home. Recently, the Federal Housing Administration announced changes to their mortgage guidelines, which are being made to stem the losses from sour loans.

In case you are not familiar with it, the FHA is a government entity that insures mortgage loans made by banks and other front-line lenders.

Without the FHA, home buying would be tough for buyers who cannot meet high down payment and credit score requirements. After the collapse of subprime lending and the tightening of credit, FHA-backed mortgages became the only game in town for many first-time home buyers.

FHA guidelines are also more forgiving when it comes to credit history, making it the only practical option for home buyers who had a prior bankruptcy, foreclosure, or short sale in the past few years. For these reasons it's a good idea to understand the FHA role in our housing market!

Here are the 4 FHA rule changes slated for 2013, and how they may affect you:

1. FHA loans require the borrowers to pay for mortgage insurance. This insurance protects the lender in the event you default on the loan. It used to be that you could get the monthly mortgage insurance premium waived after you achieved a certain amount of equity. This is no longer the case; effective in 2013, the mortgage premium will be on your mortgage payments for the life of the loan.

2. The cost of monthly mortgage premiums will go up by .10 basis points. This is a relatively small amount; it would add an extra $20 a month to a $200,000 mortgage. Keep in mind that this is only the increase effective in 2013, and not the entire premium.

3. For large mortgages, the FHA will require higher down payments beginning in 2013. The minimum down payment for a $625,500 mortgage will be 5%. This is an increase from the prior minimum of 3.5%.

4. Those who have credit scores in the 580-620 range will face stricter debt-to-income ratios in 2013. In other words, the less debt you have, the better.

The good news is, these changes shouldn't derail anyone's plans to buy a Delaware home. Even with the new changes in 2013, FHA-backed mortgages remain attractive.

Need more information about buying a Wilmington or Newark home? As your experienced real estate professional I'm here to help you! I can also refer you to FREE home buying seminars and help you find the best home for the right price.

Contact me for neighborhood price trends, recent sales, and expert guidance in our fast-changing real estate market.

When you think of a luxury home, you might picture a swanky, urban New York City penthouse or a modern, oceanfront mansion in Malibu. However, we have some of the most beautifully maintained luxury homes right here in Wilmington, DE. If you’re in the market to buy a luxury home, I’ve compiled a few tips to help you navigate the Wilmington, DE real estate market with ease.

1. Refine your home search

To protect their privacy, many luxury home sellers choose not list their homes with the MLS (Multiple Listing Service). You’ll have to do some deeper digging to find the real gems in the Wilmington, DE real estate market. That’s where having a well-connected Wilmington, DE real estate agent comes in handy. A lot of the luxury homes in the area are advertised by word of mouth.

2. Don’t judge a home by it’s photos

Some luxury homes aren’t photogenic, and thus require an in-person visit to see the real beauty, square footage, details and stunning views. If you’re skeptical after seeing photos, don’t be quick to dismiss what very well could be your future home. Get a few different angles by looking up the home with Google Maps if an immediate drive-by isn’t convenient.

3. Have a local expert assist you

Using a buyer’s agent who is a local expert in the Wilmington, DE real estate market is helpful in any real estate transaction, and a must with a luxury home purchase. With luxury homes, there are fewer open houses and more private appointments. Having a buyer’s agent facilitate these types of home purchases is very beneficial.

4. Don’t pay for your Wilmington, DE luxury home in cash

A common misconception about those who purchase luxury homes is that they pay in cash. This isn’t necessary and may not be the best use of your money. In reality, only a small percentage of luxury home buyers pay in cash. Consider paying a substantial amount, as much as 30%, upfront and taking out a mortgage for the rest.

Of course, this isn’t an exhaustive list of tips to use when buying a luxury home in Wilmington, DE. Buying a home at a high price point is a long process with many different types of inspections, contracts, and requirements. Luckily, I know the Wilmington, DE real estate market like the back of my hand! When you’re ready to purchase your new home in the area, please let me know. I’d love to help make the search and purchase processes go smoothly.

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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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
Contact Me
Find me on Facebook
Follow me on Twitter

Tuesday marked the first day of spring, and with the change in season comes an increase in real estate activity. More people begin to think about buying or selling their home in time for summer, and as a Wilmington, DE real estate agent, I can honestly say that I get incredibly busy during this time of year. This spring has seen a different trend, however. Despite the longtime buyers market that we have been in over the past year, recent activity has suggested that we are in a temporary sellers market. Conditions are improving for sellers and ideal for buyers at the moment, so if you’re thinking about entering the Wilmington, DE real estate market, now would be the time to do so.

There are a number of economic factors that have contributed to the recent upswing in home buyer activity over the past few months, but here are a few that stand out strongly in my mind:

•    A mild winter. Warmer temperatures and ideal weather during the dreaded winter months have been incentive for buyers to leave their homes and begin their search for the perfect Wilmington, DE home earlier than they would have in past years. Whether you’re looking for a single family home or distressed property, the weather has been anything but a deterrent from pursuing your property.
•    Sellers are getting smarter. Despite all of the statistics and market conditions that have been proving price points are lower than average, sellers are now starting to realize that in order to attract buyers, they need to price their homes reasonably. The asking price needs to fit market conditions. Since more sellers have come to this realization, more homes are being priced correctly from the get-go. As a result, buyers are starting to make offers on these properties.
•    An improving economy creates a sense of urgency with buyers. Home prices are gradually starting to go back up, and so are mortgage insurance premiums and the number of jobs. These are all signs that the housing market is about to improve, and when that happens, home prices will begin to rise again. Buyers want to take advantage of the market while the conditions are still ideal for them, so they will likely want to buy a home sooner rather than later.
•     Consumers are a bit better informed than in the past. With housing woes taking over the headlines over the past year or so, consumers have taken an active interest in getting more educated about the nature of the housing market before making the decision to enter a transaction. This includes seeking the advice of real estate agents and mortgage professionals. Since consumers have become more knowledgeable about housing conditions, many buyers are now realizing that the market is fantastic for them at the moment, and they are acting accordingly.

As a Wilmington, DE real estate agent, I think that it’s important to keep my community informed about current housing conditions. All of the national housing activity suggests that right now, the market is ideal for buyers. With the improving economy and ever-changing conditions, buyers would be smart to act NOW while the market still works to their advantage.

If you need help finding a Wilmington, DE home, don’t hesitate to contact me! I’d be happy to help you navigate through each transaction with ease. 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
Contact Me
Find me on Facebook
Follow me on Twitter