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Updated: Q4 Delaware and Pennsylvania Real Estate Market Stats 2019

by Katina Geralis


It's a new year, which means it's time for a new Delaware and Pennsylvania real estate market update! We're looking at 2019's final few months, also known as Q4, and from our last real estate market update, you'll find a few noteworthy changes in the market. 

As you know, the market is always evolving, especially with the seasons, but buyer demand isn't budging in Delaware and Pennsylvania since buyers now shop year-round for properties on their smartphones, tablets, even set up email alerts with new listings! 

From this time last year, current real estate inventory is slightly higher— which is great news! 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!

From October to December 2019, 1,714 homes were sold (just under where this number sat in our Q3 report) with a median sold value of $240,450 (again, slightly lower than our last report).

The number of units listed during this timeframe was 1,690 homes— which comes in under this number from our last report, but as you can see, buyers are still very much browsing inventory and not waiting long to jump on the home that best meets their needs as the days on the market figures stayed about the same as our Q3 report.

The average days on the market for New Castle County for homes listed during October, November, and December are as follows:

October: 42

November: 42

December: 40

The winter months, especially over the holidays, can be less busy when it comes to moving homes in New Castle County, but you'll notice that the Days on Market (DOM) for properties during this time didn't increase much from month to month.

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 the Kat Geralis Home Team a call today!

 

Katina Geralis
DE and PA Real Estate Expert
eXp Realty

Homes for Sale
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If you haven't heard about the latest and greatest from the real estate world, you'll want to put iBuying Programs on your radar! 

iBuying real estate companies essentially allow motivated sellers to submit their properties to buyers who can make an instant cash offer.

eXp has just debuted their iBuying Program, called Express Offers, and while currently only available in select markets, plans to expand the program into more states by the end of the year. 

Express Offers, eXp's iBuying platform, allows agents to submit their sellers' homes to several institutional investors who are able to make an instant cash offer. In addition, the agent can submit the home to more than one investor to yield multiple offers for their sellers— whereas many other iBuying programs only allow for one instant offer at a given time.

Why is this appealing to sellers? iBuyers allow home sellers the opportunity to unload their home quickly, equalling a faster sale and avoiding traditional marketing.

If iBuying Programs are something that strikes a chord with you or you're interested to learn more, keep reading for a few key facts on what you should know:

  • iBuying Programs typically look for homes that meet specific requirements, IE. age of the home, condition, improvements needed.
     
  • Offer prices are often less than the current market value due to the iBuyer wanting to make a profit (and likely quick!).
     
  • iBuying Programs can cost you more in fees, potentially ranging from 13 to 15 percent of a home's sale price.

Contact the Kat Geralis Home Team today for more information about your home selling options in Delaware and Pennsylvania!

We even offer a FREE Home Seller e-Guide!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty

Homes for Sale
Visit My Website
Contact Me
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Money Saving Tips for Delaware and Pennsylvania Buyers This Fall

by Katina Geralis

Fall is nearly here and it's no secret that homebuyers don't hold back from perusing homes in the local real estate market during this time of year. Mortgage rates are still historically low, home prices are rising in addition to rents and first-timers are ready to invest into something of their very own in Delaware and Pennsylvania.

But when you are new to purchasing a home, you can overlook the many ways you can potentially save money in the process. Keep the following in mind as you house hunt this spring and as always, do not hesitate to reach out to our experts at the Kat Geralis Home Team with any questions!

Look past cosmetic issues
Many first-time buyers in Delaware and Pennsylvania tour a home only to write it off because they didn't like the paint colors. Remember that these are only minor cosmetic issues and can easily be fixed! Look past the paint and if the home could work for you, you might want to act before the competition does!

Get pre-approved
This step may not save you money, but it will save you time when a seller is reviewing offers. A pre-approval letter shows you are serious about the purchase and that you have the funds to back up your offer.

Don't open new credit cards
If you want to set yourself up to receive the best possible interest rate for your mortgage, it is wise to steer clear of opening any new lines of credit prior to applying. These hard inquiries on your credit report will remain there for up to two years and as a result, can cause a drop in your score.

Shop around for a mortgage
Even seasoned homebuyers in Delaware and Pennsylvania forget to shop around for a mortgage! Gather rates from different lenders on the same day in order to accurately compare terms and rates. Even the smallest different in percentage can equate to thousands over the life of the loan.

Work with an agent
Did you know working with a real estate agent saves you more money when both buying and selling a home than if you tried it on your own? The Kat Geralis Home Team has decades of experience in assisting buyers navigate the market and can help you negotiate the best offer possible.

We would be glad to assist you with finding your dream home in Delaware or Pennsylvania this fall! Give us a call today for more information and a list of available properties!

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
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Choosing a Neighborhood for Your Delaware or Pennsylvania Home

by Katina Geralis

Today's homebuyers are constantly looking for neighborhoods with the right balance of homes and stores, the perfect mix of living and entertainment. 

In fact, according to a National Association of Realtors Community Preference Survey, those in the market to purchase a home (60 percent to be exact) were found to favor neighborhoods with a mix of homes, stores, and other businesses that are easy to walk around. 

So if you find yourself ready to purchase a new home in Delaware or Pennsylvania this year, it's important to know you might need to act quickly to beat other buyers on your dream home in a desired neighborhood. As your local Delaware and Pennsylvania real estate experts, we've included some tips below for choosing the right neighborhood, including how to know when a neighborhood is about to take off in terms of popularity.

New Homes Going Up
New homes being built in the area is a great sign that the area is about to take off— not only residential housing, but retail as well. When you begin to see large-scale developments in an area of Delaware or Pennsylvania, that can be a tip-off that there is progress happening and an interest among those who live nearby to spend more time there.

On a smaller scale, another big tip is to look for a Starbucks going in. The coffee giant spends a lot of money on market research to determine their new locations.

Trendy Places Going Up
It's not just the amount of retail or entertainment establishments going in, but the quality of them that matters in Delaware and Pennsylvania real estate. If you're a homebuyer, look for new spaces like juice bars, organic restaurants, boutique hotels and the like to determine how an area will function. These types of places tend to mimic the type of neighborhood they're surrounded by.

Location, Location, Location
Again, this real estate mantra holds true for Delaware and Pennsylvania homebuyers looking for the next big thing in neighborhoods. When communities are on the cusp of a major metropolitan area or busier city, more people tend to take interest. For instance, many homebuyers get priced out of major metropolitan areas and look for homes in outlying communities to be close to the hubbub, but at a better price.

Want more tips on choosing the right place to live or finding the right Delaware or Pennsylvania homes for you and your family? Let's discuss what areas will fit with your homebuyer needs and wants!

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

Breaking Down the Mortgage Process in Delaware and Pennsylvania

by Katina Geralis

Buying a home in Delaware and Pennsylvania has many steps— from getting pre-approved to house hunting to beginning the mortgage process. And while finding your dream home may not be a quick and easy feat, the mortgage process can appear much scarier to some buyers

As your Delaware and Pennsylvania real estate experts, the Kat Geralis Home Team looks forward to simplifying the real estate process for our clients, including the process of obtaining a mortgage! Remember, your real estate agent can always recommend local finance professionals to put you at ease. 

What else do you need to know about the mortgage process? The following should help break it down and further calm your nerves about buying a home in Delaware and Pennsylvania this year.

You need: Down payment
To qualify for a mortgage in Delaware and Pennsylvania, a down payment of anywhere from 5 to 20 percent is helpful. Don't let previous assumptions about money down stop you from purchasing your dream home— depending on the type of mortgage you choose, your down payment could be as low as 3 percent!

You need: Income verification, credit history
Your lender will want to see verification of your income and your credit history to ensure you have the funds to make a monthly mortgage payment. Now is the time to put together all of your documents, keep them organized, and research your credit history to ensure there are no errors. If there are, correct them before you begin!

A stable income and good credit history will put you on the path to homebuyer success.

You need: Appraisal
The lender will need to verify the value of the home you wish to purchase in Delaware and Pennsylvania

You need: A real estate agent
Remember that your real estate agent has done this before— leave it to the pros! Team up with an experienced agent in Delaware and Pennsylvania who can answer any concerns or questions you have about the process. We are happy to help!

Ready to start the home buying process in Delaware or Pennsylvania? Contact the Kat Geralis Home Team today! 

We also offer a FREE Home Buyer e-Guide and 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

How to Stand Out as a Delaware or Pennsylvania Home Buyer

by Katina Geralis

As we get closer to the official start of summer, the temperatures aren't the only thing picking up! The number of Delaware and Pennsylvania residents planning to buy a new home is rising— as it tends to do during these warmer months! As the summer continues, the local real estate markets in Delaware and Pennsylvania will see a much larger influx of homebuyers.

So now that homebuyers are flocking to local markets, how can you stand out? Grab a pen and paper and make yourself a checklist to ensure you're on the right track to buy a home in Delaware and Pennsylvania. Here are a few tips to give you that homebuyer edge over the others this year:

Clean Your Finances
After you spring clean your home this year, turn to your finances. A seller doesn't know your financial situation, so despite how confident you are in obtaining a mortgage, they might not feel the same. Oftentimes when sellers are in a rush to sell, they do not want to worry about financing potentially falling through.

To be pro-active, you can get pre-approved by your lender. The pre-approval process is extensive and involves paperwork to detail your income and assets. For both your Delaware and Pennsylvania real estate agent and the home seller, this letter of approval offers peace of mind that you're serious about buying.

Work with the Seller
Think about it— when you're competing with other buyers, the best thing you can do is to work with the seller. Be flexible! There are likely a number of buyers in Delaware and Pennsylvania real estate who are set on dates, numbers, and come packaged with contingencies.

Show that you are willing to work with the seller on the home sale puts you ahead of other buyers who may have the purchase contingent upon their own home sale. Sellers are more willing to work with buyers who don't have extra hoops to jump through.

Be Quick
Found a home in Delaware or Pennsylvania that you love? One that meets all of your wants and needs? You may want to act fast. Other homebuyers may have started the process and love the home as much as you do. Remember, sometimes an accepted offer can come down to a matter of minutes between buyers.

Let the Kat Geralis Home Team help you find your dream home this year! We have helped numerous other buyers find the perfect property to call home and we'd love to assist you in doing the same!

We even offer a FREE Home Buyer e-Guide and 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

It is by no means a secret that the moving process can be overwhelming. After all, you're on your way to settle into your dream home! It's both exciting and new and as a result, it can be easy to overlook a few key items like fees along the way.

If you're moving to a new home in Delaware or Pennsylvania this summer, it is important to keep an eye out for these extra fees that could pop up when changing homes. Even little things like disposing of packing materials can add up in charges.

Packing and Unpacking
If you don't take the time to carefully package each item or piece of furniture, you could risk damaging them in your move. However, some new homeowners just do not have the time to dedicate to this task. It's understandable, but know that it can cost you! 

Some moving companies will pack for you and even unpack when you arrive. Fees are typically calculated on an hourly basis and if you want them to dispose of the packing materials when it's all said and done, you could acquire a disposal fee as well.

Disassembling and Assembling Furniture
We all know how much time it can take to disassemble furniture and try to remember what goes where before packing it onto the moving truck. Your moving company can do this for you (they oftentimes have extra tools to make it efficient!), but for a fee. They will also reassemble the furniture in your new home for an added charge so you can jump right into unpacking.

Handling Heavy Items
If you have extremely heavy personal items like a piano, pool table, hot tub or safe, movers can charge an additional handling fee as these often require special treatment and packing. Items like appliances can be transported to your new DE or PA home and set up, but movers will also charge an appliance servicing fee.

Carrying a Distance
It may not even cross your mind, but if movers have to park more than 50 to 75 feet from the entrance of your home in Delaware or Pennsylvania, you could be required to pay an extra fee for them to take the items inside. This is called a "long carry fee" and is assessed based on the distance movers need to carry items from the truck to the entrance of the home.

Moving to a new home in Delaware and Pennsylvania is an exciting time, so don't let unexpected moving fees catch you off guard! With our experience in the local real estate market, the Kat Geralis Home Team is happy to help your home buying process run as smoothly as possible. 

We also offer a FREE Home Buyer e-Guide and 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

How to Shop Around for a Delaware or Pennsylvania Mortgage

by Katina Geralis

When it comes to homebuyer mistakes in Delaware and Pennsylvania, perhaps the biggest one is failing to shop for a mortgage. Many homebuyers simply take the first mortgage they are offered without knowing they could have secured a better loan, with lower fees and a lower rate. 

As you shop for a home in Delaware and Pennsylvania this summer, make sure you then also take the time to shop around for a mortgage. Use the following tips to ensure you're getting the best possible deal and loan for your dream home:

First, research your budget
Use a mortgage calculator to determine how much you can afford in a DE or PA home. Include all of your monthly expenses, including property taxes, monthly maintenance and utilities, insurance and any private mortgage insurance (PMI) that you may acquire. Once you've determined your budget, you can then proceed with shopping for the best rate.

Research the different types of mortgages
It's important that Delaware and Pennsylvania homebuyers know the different types of mortgages— from fixed rate mortgages to adjustable rate to those that allow payment adjustments. Each loan type will come with its own set of fees, terms, requirements and limitations. For instance, you may receive a penalty for paying off your mortgage early with some loans. Take the time to find which loan type is best for you.

Compare loans among lenders
On one specific day, gather quotes from several lenders and even brokers. Lenders can give out different rates and fees to consumers on the same day for the same loan, so it's important to shop around. Once you have a list of rates from many lenders, then you can go about finding which is the best deal.

Ask for help
If finding lenders and brokers in your area is stressful for you, always ask for help! As your local real estate experts, the Kat Geralis Home Team can provide suggestions for experts in the mortgage space that can help you find the best rate for your new home loan. A recommendation can oftentimes put you at ease, knowing that you are working with a trusted pro.

Shopping around for a mortgage in Delaware and Pennsylvania can save you thousands of dollars over the life of your loan, so don't leave it out of the mix! Our team is happy to help walk you through the process of buying a home and answer any questions to calm your concerns. Just give us a call!

We also offer a FREE Home Buyer e-Guide and 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

You've made a wish list of all of the features you want in a potential Delaware or Pennsylvania home and now it's time for the house hunt to begin. However, after viewing a few properties, you may notice that not every one of your must-haves can be fulfilled in a single home in your price range.

What now? Compromise. While it is not always a word DE and PA homebuyers like to hear, there are worthwhile trade-offs you will want to consider as you view available properties this spring.

Square footage
A potential home in Delaware or Pennsylvania could have everything you're looking for— an updated kitchen, the right school district, proximity to family and friends—but that could also mean giving up a finished basement or guest bedroom. A compromise on square footage should only be entertained if you don't anticipate your space needs growing in the near future, otherwise you could find yourself needing to move all too soon.

Location
If a compromise on square footage is not in the cards for you, many buyers find they are willing to budge on location. Oftentimes, a home within walking distance to entertainment, shops and restaurants is smaller than you would like— but moving a bit farther away could open you up to more homes that meet the criteria on your wish list.

Backyard
Suppose a home fits the bill with the right amount of bedrooms and bathrooms, as well as your budget, but you step outside to find a smaller yard. A compromise on yard size may be worthwhile if the home's interior succeeds in providing the space you are looking for this spring. 

The Kat Geralis Home Team has decades of experience in helping Delaware and Pennsylvania homebuyers find their dream homes, identifying what is important to them in terms of features, location, and home size. Give us a call today for more information about available homes in your desired area!

We also 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

With the wealth of real estate reality TV shows out now, many Delaware and Pennsylvania residents have their wheels turning and are ready (or so they think!) to buy a home that needs a little TLC. So, you think you want to buy a fixer upper home? While your dreams of renovating a property may be driven by what you've seen on television, it's important to remember that the reality of updating a home from start to finish can be much more time-consuming, tedious, expensive, and drawn-out than you realize.

But as your local real estate team in Delaware and Pennsylvania, the Kat Geralis Home Team is happy to share below three things to do before you commit to buying a fixer upper home this year:

Research the location
Not only should you research the location of a home before purchasing, but also look into the zoning. What you may not know is that every community in Delaware and Pennsylvania has zoning districts and restrictions surrounding what can and cannot be done to homes within their limits. You will want to take a close look at the zoning of your future property before you become too set on what renovations you will do once you get the keys.

Talk to a contractor
Unless you are confident in your ability to do all of the work on your fixer upper home yourself, it is wise to speak with a contractor or architect who can assist you in carrying out your vision. One rule of thumb— gather quotes and opinions from several contractors in the area prior to choosing one for your projects.

Recruit a home inspector 
It is a home inspector's job to look into any structural problems, in addition to pointing out what needs to be replaced— the roof, for instance. The last thing you want when you begin your renovation projects is to find that your foundation is unstable or a major operating system like the plumbing has failed. If you need recommendations for a home inspector in your Delaware or Pennsylvania area, do not hesitate to reach out! Remember, your real estate agent is a wealth of resources!

Ready to get started on finding the perfect home for you— fixer upper or otherwise? Give our experts at the Kat Geralis Home Team a call today! We even offer a FREE Home Buyer e-Guide to provide you with must-know information in an easy-to-read format!

We also 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

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