Kat Geralis Home Team Wilmington DE Real Estate News Archives

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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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
Visit My Website
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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
Visit My Website
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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
Contact Me
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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
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The reality of the current Wilmington, DE real estate market is that homeowners are struggling to stay afloat. While the economy is getting better, many are still struggling with maintaining a steady income to pay their mortgage each month. As a real estate agent who specializes in Wilmington, DE short sales and foreclosures, it is my responsibility to be aware of this issue and use my knowledge of market conditions to help guide my clients through what can oftentimes be a very difficult, hurtful and stressful time. That’s why, when Wilmington, DE homeowners approach me and express that they are in danger of losing their house, I always take the time to sit down with them and review their options.

Since my primary goal is to help people who are in danger of going through a Wilmington, DE foreclosure know and understand all of their options, it’s important to me that I explain each alternative as thoroughly as possible. The better my clients understand what they can do to avoid foreclosure, the more likely it is that we can find the right alternative and come up with a plan to avoid conflict. One of the most popular alternatives to foreclosures is going through a short sale. A Wilmington, DE short sale occurs when a lender agrees to let a homeowner sell their property for less than what is owed on the home, forgiving all other amounts owed after the transaction is complete.

Short sales are far less damaging to one’s overall credit than foreclosures, which is why they are such an attractive option to many Wilmington, DE homeowners. The process, however, is a bit complex and can take a long time if you’re not diligent and persistent. In the interest of helping all of my clients who are in need of guidance, I thought that I’d outline the short sale process briefly. This will allow those who are in danger of losing their Wilmington, DE home get a better idea of one of the main alternatives to foreclosure.

•    Contact your Wilmington, DE real estate agent and lender to discuss policies, procedures and your options. Consulting with a professional before undergoing the process will help you decide if this is really the right route for you to be taking, which can help you avoid more conflict down the line.
•    Compose a letter to release documentation about the loan and the property. The escrow agency and the buyer will receive this information prior to making an offer.
•    The lender will examine the settlement statement. This document will include the selling price and what is left of the loan balance. Other fees, such as closing costs and commissions, will also be included in the statement.
•    Submit a hardship letter to your lender outlining your current financial problems. You will need to explain why it is that you can’t make mortgage payments. Think of this as a brief letter that you will need to use to build your case. You need to make the reader sympathize and understand why you have experienced hardship and realize that it is impossible for you to continue to stay in the home.
•    Include banking statements, investment portfolios, employment paystubs and other financial documents with your letter to prove that you can under no circumstances make your monthly mortgage payments.
•    The lender will consult with the Wilmington, DE real estate broker to evaluate the house’s structure and compare it with other homes in the area to determine its worth.
•    The lender will then examine the purchase agreement and review the commission amount to determine that the short sale transaction would be beneficial to all parties involved.

Broken down, Wilmington, DE short sales are processes that require patience and a lot of back-and-forth; however they also are a very viable option for many homeowners in today’s economic climate. As a Wilmington, DE real estate agent who specializes in short sales and foreclosures, I’d be remiss if I didn’t review each option and alternative with my clients in detail. It’s the only way to ensure that everyone understands their options and comes up with the best plan possible for their particular situation.

If you have any questions about the Wilmington, DE short sale process, don’t hesitate to contact me! I’d be happy to help in any way that I can. I hope to hear from you soon!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
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I consider it a priority, as a Wilmington, DE real estate agent, to stay on top of emerging trends in the local real estate market. It’s important that I use the latest market news and statistics when communicating with my clients because it helps me better understand the individual needs of every Wilmington, DE real estate transaction. When I have a strong grasp of what is happening in both the local and national real estate market, I know what my clients’ needs are and can provide them the best service possible. In recent years, that meant that I had to help more people successfully complete their Wilmington, DE short sale transaction, and this is still the case in today’s market.

Each time a new year begins, I sit down and take the time to review what happened the year before and determine what that could mean for the year to come. As a Wilmington, DE real estate agent, it is how I know what areas of expertise I need to use to best service the needs of the people in my community. Over the past few weeks, I have taken the time to figure out that there are a few changes to come to the Wilmington, DE real estate market. With the intention of preparing you for what is to come, I thought that I’d share a few of the major upcoming trends:

•    Home buyers will make a comeback. Now that jobless claims are decreasing and the condition of the United States economy is slowly improving, more home buyers will be stepping up to the plate this year. Last year, Wilmington, DE real estate consumers lost confidence in the market, which caused sales to go down. Now, some of that confidence has returned, and more people will be willing to make the investment on a home. Once consumer sentiment starts to solidify, more buyers will realize that now really IS the time to buy.
•    Wilmington, DE foreclosures and short sales will likely increase. The robo-signing challenges of late 2010 caused a serious delay in the processing of several foreclosure properties, but now that the situation has been resolved, these proceedings will start back up again. This will cause the value of single-family homes to decrease and will put many homeowners underwater, which will create an increase in Wilmington, DE short sales. This sounds scary, but many lenders are already recognizing this situation and are easing the requirements needed for both refinancing and the short sale process.
•    Home values will continue to go down. With the increase in foreclosures and short sales that are about to enter the market, we will likely see the values of single family homes start to go down. This will be great news for buyers as they embark on their Wilmington, DE home search, however for sellers, this will continue to be a frustrating factor. Since the increase in foreclosures will eat up some of the buyer demand in the market and will impact appraisals, it is likely that more homes will be underwater this year.

Now that you know all about the upcoming trends in the Wilmington, DE real estate market, it’s important to be prepared. Stay smart with your finances and keep your credit scores as high as possible in order to avoid trouble with your mortgage payments. If you feel that you’re already underwater on your Wilmington, DE home, now is not the time to panic. Instead, you should contact your Wilmington, DE real estate agent and discuss your options. You may just qualify for a short sale.

Don’t hesitate to contact me with any of your questions or concerns! I’d be happy to help you out in any way that I possibly can. I will make your real estate needs my priority. 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

As a real estate agent who specializes in Wilmington, DE foreclosures and short sales, I am sympathetic to the fact that going through the foreclosure process is soul-crushing and heartbreaking for even the strongest of individuals. Losing your home is humiliating, devastating and difficult to recover from. If there is one thing that you need to remember if you’re in danger of losing your Wilmington, DE home, it is this:  you are not alone. Several people are having problems keeping themselves above water in their mortgage payments. You also need to remember that it may not be too late to rectify the problem.

Part of my responsibility as a Wilmington, DE real estate agent is to take on the role as a counselor and guide. When I come across a client who is struggling to make ends meet at home, I take it upon myself to be both a sympathetic ear and a strong resource for information. If I can help any of my clients avoid a Wilmington, DE foreclosure, then I absolutely do everything I can to help. These five tips could help you avoid the landmine commonly known as “foreclosure” and get yourself back on track to being a happy homeowner.

1. Don’t deny. Face the problem head-on. If you’re one of those people who throw all foreboding, bad news-bearing mail in the trash, I have one word for you: stop. Denying your financial issues won’t get you anywhere in resolving them. If you address each piece of mail as it comes, then you can possibly find a solution early-on and avoid the initial stages of the foreclosure process.

2. Contact your lender early-on and explain your situation. This sounds frightening, and it may not get you anywhere, but I ask you this: is there any harm in trying? If you call your lender when you realize that there’s a problem and explain your struggle, there’s a chance that they’ll adjust your monthly payments to be more affordable or come up with a repayment plan for missed payments. There’s something to be said about people who take responsibility for their issues early-on, and that will receive a better response than acting as though the problem doesn’t exist.

3. Study up on your mortgage rights. If you find that you’re struggling to make payments, then dig up the pile of loan documents that you received when you first bought the home. They may contain information about what your lender can do for you, should you fall behind on payments. This is valuable information to have, so don’t neglect to be aware of it. It could help you avoid a messy situation.

4. Consider selling your Wilmington, DE home. I know that this sounds extreme, but think about it. Selling your home is much better, credit-wise, than having it taken away from you. You could also use the money from the sale to pay back mortgage debt and selling costs. If your home takes awhile to sell, then chances are your lender will stop all foreclosure proceedings once the house in on the market, relieving stress.

5. Explore a Wilmington, DE short sale as an option! Although it is still bad for your credit rating, going through a short sale is still a much better option than going through a foreclosure. The term “short sale” refers to the process that takes place when a lender is willing to let a homeowner sell their property for whatever they can get. After closing, the lender takes what money the home was able to sell for, and all other debt is forgiven. While there is still a bit of a financial recovery process after a short sale, it is less damaging than a foreclosure, and you will be able to move on with your life much faster.

As a Wilmington, DE real estate agent who specializes in short sales and foreclosures, I do everything I can to ensure that anyone who approaches me and expresses that they are having financial issues avoid the painful foreclosure process. The five tips listed above are only a few of many ways that you can sidestep foreclosure on your Wilmington, DE home. If you have any questions about how you can stay above water in your home, don’t hesitate to contact me! I’d love to help you in any way that I can. 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