Kat Geralis Home Team Wilmington DE Real Estate News Archives

After going through a foreclosure, short sale or personal bankruptcy, you may doubt your ability to qualify for another mortgage in the future. After all, getting a mortgage is more difficult than it used to be, even for those who never experienced one of these circumstances. If you've had a foreclosure, will you ever be able to buy another home in Delaware?

In a word - yes! The housing market decline affected an unprecedented number of homeowners. It simply doesn't make sense for mortgage lenders to bar people forever. In cases where the foreclosure, short sale or personal bankruptcy was beyond your control, it's only fair to earn consideration after a reasonable period of time. The Wall Street Journal recently published examples of loan types and waiting periods, which I'm sharing here!

In the case of a Chapter 13 bankruptcy, you may be eligible for a new FHA mortgage in 1 to 2 years, after the bankruptcy has been completed. After the bankruptcy, you'll  need to show good credit and a strong work history, and have funds for a down payment. FHA loans usually require as little as 3.5% down, though a lender may ask you for more to strengthen your loan application.

If you once had an FHA-backed mortgage, but experienced a foreclosure or short sale, you will need to wait at least 3 years before being eligible for another FHA loan. It's important to show good credit and work history after such events, and have enough money down to qualify.

If you had a mortgage backed by Freddie Mac or Fannie Mae, and experienced a short sale or foreclosure, you may be waiting up to 7 years before you are found eligible for another such loan. Because so many new mortgages are currently packaged  for sale to these entities on the secondary mortgage market, you can expect some hurdles no matter what type of mortgage you had before.

Will there be questions, extra paperwork and larger down payments required? Possibly. The most important thing to remember is that you can recover from a foreclosure, short sale or bankruptcy and buy a home again. You just need to stabilize your income, set aside some money, and pay your bills on time, consistently. From there it's a matter of letting time heal the credit wounds.

As your professional Wilmington and Newark, DE real estate agent, I can refer you to reputable lenders who can examine your situation and prepare you for future homeownership. And when you're ready to look at homes for sale in Wilmington or Newark, my professional guidance will help you find the right home within your budget!

Because I have experience in short sales and foreclosures, I always take the time to counsel my clients and keep their best interests at heart. Whether you are buying or selling a home in Wilmington or Newark, I'll be here to help you! Please contact me today!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
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A recent survey by Redfin examined home seller moods in 20 metros, including Washington D.C. and Baltimore, MD. The survey targeted homeowners who would like to sell their home, but have not entered the market.

Here are a few insights from the would-be home sellers:

• 80% believe home prices will be higher in 1 or 2 years.
• 13% believe now is a good time to sell a home.
• 49% are concerned about today's economy.
• 32% intend to list their home for more than the market suggests.

However, 61% of the respondents believe that now is a good time to buy a home!

This is where a bit of logic has to be realized; you can't expect to get top dollar for your home next year, while paying today's prices on your next home. You must also consider the escalating scale of closing costs, commissions and taxes, along with possible changes to mortgage interest rates and economic conditions.

Trying to time the market is not a valid strategy for selling your home. Nor will you get top dollar by pricing your home above the market. Tactics like these tend to backfire!

If you are a homeowner in Wilmington or Newark, when should you sell your home?

• When you need to sell. This could be due to a personal hardship, life event, or circumstance.
• When you want to sell. Reasons like wanting a larger home, moving closer to family, or a new job.

It isn't wrong to make a profit on the sale of your home; but it's wise to make sure your expectations are based on market facts, not speculation. Also, your reasons for selling will direct your sense of urgency and therefore your marketing strategies. This is where I come in!

As your professional Wilmington and Newark, DE real estate agent, I understand that selling your home is a personal decision. This is why I provide professional guidance with compassion, so that you can make intelligent, informed choices about your next move!

It all starts with a simple phone call. Let me know your home selling goals, and I'll tell you how I can help. From there, we do a comparative market analysis and talk about numbers. Any decision to sell, or stay, is yours to make.

Remember too, my experience in short sales and foreclosures can help you if you are struggling with your mortgage. 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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Newark's college-town charm will be on full display during the University of Delaware Homecoming Week, October 15 through 21! UD Homecoming is a proud tradition, giving alumni the opportunity of relive memories, reunite with friends, and enjoy the best in college football with the Fightin' Blue Hens. Here's just a few of the highlights:

Kick things off Friday, October 19, with "Blue Hens on Main!" The party starts at the Trabant University Center, then travels to favorite haunts on Main Street, and eventually returns to the Center for a late-night breakfast buffet. Bus service will be available. Only $15 per person, registration required.

The big game is Saturday, October 20, when the Fightin' Blue Hens take on Rhode Island at the Delaware Stadium! Alumni can opt for the Homecoming Alumni Social Package, and general admission is available to the public. Go Blue Hens!

After the game, change things up with classical music! A violin and piano recital featuring the talented Xiang Gao will take you through masterpieces written by Bach, Beethoven and Brahms. The public is welcome; general admission is $25.

There's more happening throughout Homecoming Week than what can be listed here, so visit the University of Delaware Homecoming pages for the complete schedule of events!

Being UD alumni myself, I look forward to Homecoming Week. And as your real estate professional, "homecomings" are my specialty! If you are looking to buy a home in Newark, I can give you the home field advantage!

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

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
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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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Let’s face it. The economy still isn’t in the best shape and many homeowners in Wilmington, DE are without a job. When it has become impossible to stay on top of your mortgage payments, the possibility of foreclosure becomes a frightening reality. However, if you face the fact that foreclosure is looming and you are proactive, it can be avoided with a short sale.

While it’s certainly a favorable alternative to a foreclosure, a short sale is still emotionally and financially daunting. Though it’s not ideal compared to a traditional home sale, you’ll be able to bounce back more quickly than if your lender decides to proceed with a foreclosure.

If you’re unfamiliar, a short sale occurs when a homeowner sells his or her home for a lower price than the amount due on the mortgage. All of the earnings made on the sale of the home go directly to the lender and the remaining balance of the mortgage is forgiven. Not all lenders will accept a short sale, so the first thing you should do is consult with your bank to see if a short sale is a possibility.

In the event that you’ve decided to proceed with a short sale on your Wilmington, DE home, I’ve assembled a few tips to help you navigate the short sale process with as little stress as possible.

1. Talk to people

After you’ve determined your lender will cooperate with a short sale, the first thing you should do is talk to a CPA, a real estate attorney and a Wilmington, DE real estate agent. These three parties will be key allies throughout your short sale journey.

2. Find a local real estate agent

Ideally, this will be me! I’m well versed in the Wilmington, DE real estate market and have extensive experience helping distressed homeowners avoid foreclosure with short sales. My team and I are ready and willing to help.

3. Determine your home’s value and list it accordingly

Your lender is going to want to see your Wilmington, DE home listed as close to market value as possible. Work with an appraiser to determine the true value of your home and list it slightly above market value. The right price should attract homebuyers and satisfy your lender at the same time.

4. Gather your documents

Once you’ve received an offer on your Wilmington, DE home the battle isn’t quite over. You now need to submit a letter of hardship, tax returns, pay stubs and various other documents to your lender for review. Make sure you have included everything that is required so the bank has no excuse to delay the short sale process.

5. Negotiate

There will be a period of 30 – 45 days before you will hear anything from your lender regarding your short sale. If the homebuyer’s offer is within 5% of the price at which the home was appraised and all of your documents have been submitted, the short sale should be approved.

I hope these tips for listing your Wilmington, DE home as a short sale have been helpful. If you find yourself in a position where you fear your home might go into foreclosure, please contact me. My team and I will help you with your short sale every step of the way.

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
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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
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If you're a Wilmington, DE homeowner who is concerned about your property value, you're not alone. Between 2009 and 2011, Delaware experienced an alarming increase in foreclosures, averaging 300% above historical norms.

Recent improvements in short sale timelines, along with stronger pre-foreclosure mediation, are helping to slow the tide. But for many Wilmington homeowners, the questions remain: Should I ride this out? Should I sell before my home value gets worse? What if I can make my mortgage payments now, but my neighborhood is declining? What should I do?

If you're agonizing over these questions, take heart: the first step involves gathering all the information you can. Having solid facts and professional guidance will go a long way towards curing indecision. Here's how I can help you:

• Provide the most recent sales activity and prices for homes in your area
• Perform a market analysis of your home's value
• Provide compassionate counseling about your options, addressing the what-if scenarios
• Present the honest pros and cons of selling now vs. selling later

Ultimately, the decision to sell, or stay put, is yours. Your risk tolerance for real estate market changes will depend on your personal resources and how secure you feel about your income. If there is any possibility that you may struggle with your mortgage payments in the near future, educating yourself about the options now will save you stress down the road.

As your Wilmington, DE real estate agent, I have helped many sellers successfully navigate short sales and avoid foreclosure. My experience with short sales and foreclosures can help protect you from the uncertainties surrounding complex transactions and changing markets. If you have questions about your home value, or you'd just like to talk about your situation, contact me! I will be happy to help you.

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