Kat Geralis Home Team Wilmington DE Real Estate News Archives

Finding the right home to purchase today is one of the biggest challenges for potential buyers. With so few homes for sale and construction of newly built homes ramping up, you may be wondering if you should consider new construction in your search process. It’s a great question to ask, and one to look at from the pros and cons of what it means to buy a new home versus an existing one. Here are a few things to consider when making the best decision for your family.

New Construction  
When buying a new home, you can often choose more energy-efficient options. New appliances, new windows, a new roof, etc. These can all help lower your energy costs, which can add up to significant savings over time. With programs like ENERGY STAR, your home also helps protect the environment and reduces your carbon footprint.

Lower maintenance that comes with a newer home is another great benefit. When you have a new home, you likely won’t have as many little repairs to tackle, like leaky faucets, shutters to paint, and other odd jobs around the house. With new construction, you’ll also have warranty options that may cover portions of your investment for the first few years.

Another solid benefit to new construction is customization. Do you want a mudroom, stainless steel appliances, granite countertops, hardwood floors, an office, or a multipurpose room to homeschool your children? These items can be customized to your specific needs during the design phase. With an existing home, you’re buying something that’s already completed, so if you want to make changes, you may need to hire a contractor to help get your home ready for your family.

Existing Home
When buying an existing home, you can negotiate with the current homeowner on price, which is something you generally don’t get to do with a builder. Builders know their material and construction costs, and they have a price set for the model you’re buying. So, if you want to negotiate, then maybe an existing home will be best.

For many families, having an established neighborhood is also important. Some buyers like to know the neighbors, if it’s family-friendly, and traffic patterns before making a commitment. When you buy new construction, you won’t have a full view of some of those details until the lots around you are sold.

Finally, timing comes into play. With an existing home, you can move in based on the timeline you agree to with the sellers. With new construction, you need to wait for the house to be built. Depending on the time of the year you’re buying and the region you’re in, the weather can also be a factor in the timeframe. This is something really important to keep in mind, especially if you need to move sooner rather than later. Over the past few months with COVID-19 and social distancing regulations, some areas for new construction have been delayed.

Bottom Line
Whether you want to buy a newly built home or one that’s already established, both are great options. They each have their pros and cons, and every family will have different circumstances driving their decision. If you have questions and want to know more about the options in your area, contact a local real estate professional today so you can feel confident making a decision about your next home.

When shelter-in-place orders brought the economy to a screeching halt earlier this year, many believed the residential housing market would follow suit. Countless analysts predicted buyer demand would disappear and home values would depreciate for the first time in almost a decade. That, however, didn’t happen. It appears the opposite is taking place.

After the bottom fell out of the real estate market immediately following the shutdown, it has come roaring back – and seems to still be gaining steam. Here’s a look at two recent reports – one from the National Association of Home Builders (NAHB) and one from the National Association of Realtors (NAR) – showing this growing strength.

Builder Confidence Hits All-Time High
Last week, it was reported that applications for new home purchases with home builders were 39% higher than in July of 2019. That has builder confidence soaring.

Each month, NAHB releases its Housing Market Index, a survey of NAHB members who rate market conditions for the sale of new homes at the present time and over the next six months, as well as prospective buyer traffic for new homes.

This month, they reported that builder confidence in the market for newly-built single-family homes increased to the highest reading in the 35-year history of the series. NAHB Chairman, Chuck Fowke, explained:

“The demand for new single-family homes continues to be strong, as low interest rates and a focus on the importance of housing has stoked buyer traffic to all-time highs…Housing has clearly been a bright spot during the pandemic and the sharp rebound in builder confidence over the summer has led NAHB to upgrade its forecast for single-family starts, which are now projected to show only a slight decline for 2020.”

The number of newly constructed homes being built will be almost at the same level as last year, even though the economic shutdown crushed home building earlier in the year.

Existing Homes Are Also Selling Like Hotcakes
Last Friday, NAR released its Existing Home Sales Report. The report revealed that month-over-month sales increased by 24.7%, setting another record for the category. The Wall Street Journal reported that the increase crushed expert forecasts:

“Economists surveyed by The Wall Street Journal expected a 14.2% monthly increase in sales of previously-owned homes, which make up most of the housing market.”

Home sales increased by 8.7% year-over-year.

Lawrence Yun, Chief Economist for NAR, explained how the resale market is just as hot as the new construction market:

“The housing market is well past the recovery phase and is now booming with higher home sales compared to the pre-pandemic days. With the sizable shift in remote work, current homeowners are looking for larger homes and this will lead to a secondary level of demand even into 2021.”

In addition, the Housing Market Recovery Index, which is released monthly by realtor.com, also showed the market is recovering nicely. The latest index reading was 104.8, which means the housing market is doing better than it was in January and February of this year. As a reference, the highest point in the index was a 106.5 in early March, just prior to the health crisis setting in.

​Bottom Line
Both the newly constructed and existing home sale markets are posting numbers greater than a year ago. Real estate is back. If you’re thinking of buying or selling, now may be the time to contact an agent for expert counsel.

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

We look forward to hearing from you!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
Homes for Sale
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Today, Americans are moving for a variety of different reasons. The current health crisis has truly re-shaped our lifestyles and our needs. Spending extra time where we currently live is enabling many families to re-evaluate what homeownership means and what they find most important in a home.

​According to Zillow:

“In 2020, homes went from the place people returned to after work, school, hitting the gym or vacationing, to the place where families do all of the above. For those who now spend the majority of their hours at home, there’s a growing wish list of what they’d change about their homes, if possible.” 

With a new perspective on homeownership, here are some of the top reasons people are reconsidering where they live and making moves this year.

1. Working from Home
Remote work is becoming the new norm in 2020, and it’s continuing on longer than most initially expected. Many in the workforce today are discovering they don’t need to live close to the office anymore, and they can get more for their money if they move a little further outside the city limits. Lawrence Yun, Chief Economist for the National Association of Realtors (NAR) notes:

“With the sizable shift in remote work, current homeowners are looking for larger homes and this will lead to a secondary level of demand even into 2021.”

If you’ve tried to convert your guest room or your dining room into a home office with minimal success, it may be time to find a larger home. The reality is, your current house may not be optimally designed for this kind of space, making remote work and continued productivity very challenging.

2. Virtual Schooling
With school about to restart this fall, many districts are beginning the new academic year online. Education Week is tracking the reopening plans of schools across the country, and as of August 21, 21 of the 25 largest school districts are choosing remote learning as their back-to-school instructional model, affecting over 4.5 million students.

With a need for a dedicated learning space, it may be time to find a larger home to provide your children with the same kind of quiet room to focus on their schoolwork, just like you likely need for your office work.

3. A Home Gym
Staying healthy and active is a top priority for many Americans. With various levels of concern around the safety of returning to health clubs across the country, dreams of space for a home gym are growing stronger. The Home Builders Association of Greater New Orleans explains:

“For many in quarantine, a significant decrease in activity is more than a vanity issue – it’s a mental health issue.”

Having room to maintain a healthy lifestyle at home – mentally and physically – may prompt you to consider a new place to live that includes space for at-home workouts.

4. Outdoor Space
Especially for those living in an apartment or a small townhouse, this is a new priority for many as well. Zillow also notes the benefits of being able to use yard space throughout the year:

"People want more space in their next home, and one way to get it is by turning part of the backyard into a functional room, ‘an outdoor space for play as well as entertaining or cooking."

You may, however, not have the extra square footage today to have these designated areas – indoor or out.

Moving May Be Your Best Option
If you’re clamoring for extra space to accommodate your family’s changing needs, making a move may be your best bet, especially while you can take advantage of today’s low mortgage rates. Low rates are making homes more affordable than they have been in years. According to Black Knight:

“Buying power for those shopping for a home is up 10% year over year, with home buyers able to afford nearly $32,000 more home than they could have 1 year ago while keeping their monthly payment the same.”

It’s a great time to get more home for your money, just when you need the extra space.

Bottom Line
People are moving for a variety of different reasons today, and many families’ needs have changed throughout the year. If you’ve been trying to decide if now is the time to buy a new home, reach out to a local real estate professional to discuss your needs.

Have more questions about buying or selling a home in Delaware or Pennsylvania? Contact our experts with the Kat Geralis Home Team today!

We look forward to hearing from you!

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

Owning a home in Delaware and Pennsylvania definitely comes with its perks— from tax benefits to free reign on design and everything in between. But if you're making the transition from renter to homeowner this year, it's important to note that there may be a few home-related costs that you didn't plan for or even know about before you began house-hunting.

As your local real estate experts in Delaware and Pennsylvania, you can count on the Kat Geralis Home Team to make sure you are prepared for every aspect of homeownership— including the following hidden costs:

Property Taxes
When you use a mortgage calculator prior to buying a home in Delaware or Pennsylvania, it is essential that you input estimated property taxes. You can typically find this amount on any listing, or ask one of our real estate experts to help, so you can see how your monthly payment will change adding them in.

Insurance
Homeowner's insurance will vary depending on your home, your pets, your neighborhood, and a host of other different factors. Research average costs in your area and add them into your potential monthly mortgage payment to avoid any surprises down the road. 

Yard Upkeep
If you're currently renting in Delaware or Pennsylvania, you likely do not have to deal with the yard upkeep or maintenance. Once you become a homeowner, you will be responsible for buying all of your own tools, including snowblowers, lawn mowers, shovels, and rakes. Not to mention, the time you will need to free up to keep your yard looking well-manicured in every season!

HVAC
Furnaces and air conditioning units can be a major cost that homeowners do not account for when buying a property. For instance, if you don't have a home warranty, and your furnace breaks down, only you are responsible for covering the repairs or replacement which can cost you thousands! It's best to begin saving for a rainy day fund at the start of your homeowner journey to prepare for things like this, or even small expenses like replacing furnace filters every month or so.

Utilities
As a renter, you were likely used to much smaller utility bills than you will have as a homeowner in Delaware and Pennsylvania. Once you've found a home you're interested in, you can ask the previous homeowner for the average utility costs in order to factor them into your overall budget and avoid surprises later.

Ready to make the move to become a homeowner in Delaware or Pennsylvania? Give our experts at the Kat Geralis Home Team a call today! We even offer FREE First-Time Homebuyer Seminars!

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

While every Delaware and Pennsylvania homeowner's reason for selling their property will vary, there are a few red flags that will ultimately signal that it's time to move on. Whether you've grown out of the space or your job is taking you to a different community—or out of state completely—you can count on our team of experts to help you navigate the current real estate market as a home seller.

Below are five signs it's time to sell your Delaware or Pennsylvania home:

You've outgrown the home
As mentioned above, it is a great sign that you're ready for a bigger home if your family is growing (or if you're an empty nester, the opposite). If you're looking for a larger home to accommodate your needs or a property with fewer bedrooms as your children move out, you can count on the Kat Geralis Home Team to help you find the best fit.

Your costs are too high
It is not uncommon for DE or PA homeowners to find themselves unprepared for the costs that come with a property's upkeep. If you are in this position or think you could be soon, it's time to move on and find a property that better suits your financial situation with a lesser mortgage payment or overall maintenance costs.

The market is ready
Why not take advantage of the current Delaware and Pennsylvania real estate market and list your home while you have an edge? Especially if buyer demand continues to increase and you have the equity in your home, chances are high that you will be able to land a buyer quickly and move on to your next dream home.

You have the value
There is no better time for a DE or PA homeowner to sell than when they have equity built in their property and the market conditions are in their favor. Reach out to our real estate team to find your home's value and determine if now is the time for you!

It's been five years
Five years is the amount of time that industry experts recommend spending in your home before moving on, in an attempt to build enough equity for the move to make sense. After all, when paying a mortgage, the first payments are almost always all interest. Of course your personal situation will influence your decision, but unless you have an urgent need to pack your bags, you might like to consider staying put for a while longer.

Ready to get the listing process started or simply curious about your home value? Give the Kat Geralis Home Team a call! We can provide a list of next steps toward selling your DE or PA home and offer a snapshot of your market value in real time.

We even offer a FREE Home Seller E-Guide!

Give us a call today!

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

Did you know selling your Delaware or Pennsylvania home in the fall and winter can be just as lucrative as selling during the spring and summer? It's true! However, that is if your property is well prepared for the market! There are many ways to improve your Delaware or Pennsylvania home before listing it for sale, including removing the following five items that have been known to turn buyers away!

Bugs
Even if you have a few ladybugs taking up residence in your home's windowsills, it's best to remove them before buyers arrive. This is one of the easiest turn-offs for DE or PA buyers as it can give the impression that your home is not clean or well cared for.

Decor Collections
No matter if it's stamps or holiday figurines, you'll want to keep your collectibles stored away during the home sale process. Displaying any type of collection can give off a cluttered vibe to buyers and turn them away from your property— even if they're just pet accessories! 

Odors
One of the quickest ways to send buyers back out the door is by having odors present in your home. Smells can make or break a sale for a buyer, so be mindful of what you're cooking before a showing and be aware of any pet odors that need addressed. Strong scented candles can be a no-go for buyers also as not everyone enjoys the same aromas in their home.

Pet Damage
Remember that not everyone loves pets the way you might. Are your floors scratched from your pet's claws? Are there stains from your pets on the carpet? Consider having your floors refinished or your carpets professionally cleaned prior to buyers arriving at your door. 

Personal Photos
Did you know that de-personalizing your Delaware or Pennsylvania property prior to selling can boost your chances of hooking a buyer? Consider removing all of your personal photos before a showing or open house as this will allow buyers to envision themselves in the home in the future instead of you and your family. 

As your local real estate experts, you can count on the Kat Geralis Home Team to set you up for home seller success! Contact us for more information on your home value, as well as how to prepare your property for the market! 

We even offer a FREE Home Seller E-Guide!

Give us a call today!

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

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

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

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

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

Updated real estate market stats can provide brief insight into the local real estate market, but they are just that— brief! Contact us today for more information about the market where you live in Delaware or Pennsylvania or with any questions you have about buying or selling a home before the end of the year!

We even offer FREE First-Time Home Buyer Seminars!

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