Kat Geralis Home Team Wilmington DE Real Estate News Archives

If you've been wondering how the current state of affairs around the world will affect the real estate market in 2020, you might be in for a big surprise! It seems even with the uncertainty of the global health crisis, job and economic outlook, the Delaware and Pennsylvania real estate market is poised to have a great year.

According to a recent survey by Lending Tree, looking at the behavior of over 1,000 buyers, the results found that 53 percent of all homebuyers are more likely to buy a home in the next year. Homebuyers are ready to make a move despite anything we may have assumed would hold them back!

So why are buyers still ready to take the leap toward homeownership? Three reasons stood out in the results of the survey and we've listed them for you below.

Take advantage of low interest rates
Mortgage rates are still historically low and if you've been thinking about buying a home, why not take advantage of these rates while they are still around? 67 percent of the buyers surveyed by Lending Tree named this as their number one motivator for purchasing a home in 2020.

Ability to save for a downpayment
While quarantine had many keeping a tighter budget and grasp on their wallet, it allowed for more savings to be allocated toward a downpayment. 32 percent of those surveyed above reported that they were able to save more for a downpayment due to their reduced spending during the current health crisis.

Spending more time at home drove desire to buy
If spending more time at home didn't have you rearranging your furniture or rethinking how you use your home's spaces, it may have drove your desire to purchase a new (or even your first!) home even more! 28 percent of those prospective buyers surveyed said spending more time at home made them want to buy their own home more than ever!

Ready to make the move into a new home in Delaware or Pennsylvania this year? Let the Kat Geralis Home Team be your guide! 

Contact us today for more information about available homes or to answer your questions about home buying or homeownership!

We look forward to hearing from you!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
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Just how hot are the real estate markets in Delaware and Pennsylvania? It depends on the neighborhood! Fortunately, there's a way to get some insight.

The time a home spends on the market before going under contract is measured by "days-on-market." The shorter this timeframe, the more popular the area is with home buyers!

Like all statistics, this can be subjective depending on the price ranges involved. Still, it's a useful guide post for estimating home seller opportunity - or home buyer challenges. 

Here are the some of the fastest-moving markets in Delaware and Pennsylvania, by ZIP code, based on 2020 first quarter statistics. These are their median days-on-market:

Delaware:

19810: Wilmington: 41 

19713: Newark: 41 

19720: New Castle: 44 

19711: Newark: 45 

19702: Newark: 49 

Pennsylvania:

19154: Philadelphia: 23

19044: Horsham: 27 

19055: Levittown: 28

19111: Philadelphia: 38 

19153: Philadelphia: 39 

It isn't unusual for homes in the Philadelphia-Wilmington metropolitan area to go under contract in less than 60 days. Sellers in these fast-moving markets enjoy stronger prices and negotiation advantages because demand is outpacing supply!

While sellers have the advantage in certain markets, home condition still counts, and sellers should avoid the temptation to over-price for the market. If you are considering selling your Delaware or Pennsylvania home, begin with a pre-sale consultation from the Kat Geralis Home Team! We will provide you with a home value analysis and pre-market strategies. There is no charge for this service, and no pressure to sell your home. 

Contact the Kat Geralis Home Team today!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
Homes for Sale
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The real estate markets in Delaware and Pennsylvania are showing signs of pent-up demand as both states get back to business.

Home buyers in particular are raring to go! 2020 online home viewing activity has been "hot" in Northeast Delaware and Southeast Pennsylvania, according to national data aggregators.

This is great news for home sellers, but it signals a highly-competitive market for home buyers! During the past few years, the supply of homes for sale in DE and PA has been well behind the level of demand. Last year, the Philadelphia-Camden-Wilmington metro saw listings decline 26.3% from the prior year. Home prices in the Philadelphia metro surged as a result. 

Today, home buyers are eager to take advantage of historically-low mortgage interest rates, just as homeowners are still feeling out the market. To be successful, DE and PA home buyers need to do five things:

1. Have their home financing in order, with a pre-approval letter in hand. We can refer you to excellent mortgage lenders in the area!

2. Work with a real estate professional who can supply new listings promptly.

3. Know their priorities in a home and stay focused during the search. 

4. Be willing to cast their net a little wider, and consider different neighborhoods.

5. Be patient, and stay in the market!

As your Delaware and Pennsylvania real estate experts, the Kat Geralis Home Team is happy to help you with your home buying journey! Contact us today!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
Homes for Sale
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The pandemic has changed the way Delaware and Pennsylvania real estate is being handled, but home buyers and home sellers can still prepare for the market! The first thing to keep in mind is that "essential business" definitions and restrictions vary by state.

Currently, Delaware real estate agents are permitted to work from home, but realty offices are not open to the public.

We can, however, perform in-person home showings for Delaware residents looking at Delaware homes. We can do necessary activities to complete transactions that were started before COVID-19 orders were enacted. We can also take new Delaware listings and market them for sale!

There are restrictions concerning working with out-of-state buyers. If you do not currently reside in Delaware, you can only view a Delaware home through a virtual tour or other online method. There are also restrictions for how home appraisals, home inspections and closings can be performed.

In short, real estate transactions in Delaware are carrying on, though the method of doing business has been adjusted. Restrictions are currently scheduled to stay in place until May 15, 2020, or until the State of Delaware declares them lifted. Contact us for more information!

In Pennsylvania, real estate has not been deemed an "essential business," and as such, only home sales that went under contact before March 18 could be completed. As of May 8, the Governor of Pennsylvania relaxed restrictions on 24 counties in the state, but this largely affects the northwest and north-central regions. Guidelines for real estate operations are an evolving topic. 

Home buyers and home sellers in Delaware and Pennsylvania should contact us for current information about their options! We can help you prepare for the market, and depending on the business rules for your area, we can help you get started with your real estate plans. 

Contact the Kat Geralis Home Team today!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
Homes for Sale
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The Delaware and Pennsylvania real estate market began 2020 with good momentum. From January through March 2020, a total of 1,400 homes were sold. March posted the highest activity of the quarter with 590 homes sold within the month.

Median home prices climbed on a month-over-month basis, reaching $243,250 during March 2020. "Median" indicates that half of the homes sold for more than this amount, and half of them sold for less.

When we consider the sale prices of all properties sold during the first quarter of 2020, we have an average sold price of $259,867. This is slightly less than the average sold price during the forth quarter of 2019, which was $264,505.

Home inventory grew during the first quarter, with 2,003 new listings arriving on the market. Home buyers were ready and waiting! Properties spent an average of 51 days on market, which is a brisk pace by historical norms. 

There are some variables to keep in mind during the second quarter of 2020. On the positive, mortgage interest rates are cheap, with 30-year fixed-rate mortgages averaging around 3.33% for borrowers with excellent credit. (Source: FreddieMac weekly PMMS survey.) 

Yet the changing economic climate could slow our market activity. Employment uncertainties, a turbulent stock market and stricter mortgage underwriting could reduce the pool of ready buyers. We may see this play out in longer days-on-market, and a leveling off of home price appreciation. 

We have had limited home inventory for some time in Delaware and Pennsylvania, which will help support home prices for a while. Home buyers and home sellers should prepare for changing market conditions, and work closely with their agents to stay informed about sales trends. 

Questions about buying or selling a home? Contact the Kat Geralis Home Team today!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
Homes for Sale
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The spring home buying season isn’t going to be easy for Delaware and Pennsylvania home buyers. A low inventory of homes for sale has been a persistent challenge, and headwinds caused by recent economic news complicates the picture.

Home inventory is showing signs of further contraction. Some home sellers have decided to wait out the social distancing periods out of an abundance of caution.

Meanwhile, lower mortgage interest rates have spurred a record wave of refinance activity, signaling that a number of homeowners intend to stay put.

The newest challenge facing home buyers is the tightening of credit requirements by mortgage lenders. Many lenders have become skittish in recent weeks as business disruptions have cascaded into job layoffs. In an effort to reduce the odds of future loan defaults, some lenders have adjusted mortgage qualifying criteria in these areas:

• Frequent checking of employment and income
• Higher credit score requirements
• Higher down payment amounts
• Leaner debt-to-income ratios – the fewer debt obligations, the better

Overall, the bar has been raised, but the loan spigot hasn’t been shut off completely. Buyers who face the most red tape include the self-employed and those seeking a jumbo mortgage, who may face steeper requirements.

On the bright side, super-low mortgage interest rates are likely to be with us for some time. Low rates mean more home buying power for the money! Buyers may also want to think about applying tax refunds and economic stimulus funds to their down payment savings. 

We will be happy to refer you to local, trustworthy lenders who can help you prepare for your mortgage application. Contact us today!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
Homes for Sale
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If you are worried about making the mortgage payment on your Delaware or Pennsylvania home, take heart: your mortgage company wants to help you. There are solutions available for homeowners who have a temporary loss of income or other hardship. Here's how it works!  

In order to find the best solution, your mortgage company will ask you for a financial statement of your income, monthly expenses and debts. You may be asked for copies of recent bank statements, and your credit report may be pulled. You may be asked to include a written explanation of your hardship. 

This is very similar to the mortgage application process, so please do not be intimidated by their questions. Also, your mortgage company needs to keep your info current as the review process continues. They may repeatedly ask for updated documentation. Reply promptly! 

Typical solutions include:

• Deferment or Forbearance
• Repayment Plan 
• Modification 

Deferment and forbearance programs basically allow you stop making mortgage payments for a period of time, without risk of foreclosure action, late fees or other penalties. 

A repayment plan allows you to catch up any missed or deferred payment(s), without penalties, over a period of time. 

A modification is a permanent change to your mortgage terms. It may involve your interest rate, amortization period, or both, in order to lower your payment. In some cases, payments deferred or missed during a hardship can be "rolled in" to a modification, giving you a fresh start.  

This is a very brief overview. Your mortgage company can give you more information about the programs available to you, and explain the requirements! 

As your Delaware and Pennsylvania real estate experts, the Kat Geralis Home Team is happy to help you with your real estate questions! Contact us today!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
Homes for Sale
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With spring nearly here, what better time is there to "green" your Delaware or Pennsylvania home than now? It's actually easier than you think to turn your home into an eco paradise and you probably have all you need already on hand!

Make it a weekend project or go room by room this week to spring clean and spring green the property. What's more, when you're ready to sell your Delaware or Pennsylvania home, buyers will notice that your home is already up to "green" standards or on it's way— which is a major plus!

Detox the Bedroom
An easy way to "green" your bedroom is to detox all of the linens and especially the curtains. You may wash your sheets and bed linens often, but how about your pillows? Cleaning your pillows will help keep toxins and dust mites at bay. You can also keep mold away in the bedroom by opening your curtains and shades and letting the sun take care of any extra moisture. Go the extra step by letting the sun shine on your bed linens for the same effect.

Reduce VOCs
There may be a few non eco-friendly products in your home in Delaware or Pennsylvania— for instance, cleaning products, paint and chemicals. An easy way to clear out the bad is to toss the cleaning products that contain chemicals like formaldehyde and purchase "green" cleaning products. Look for products and paint that do not include VOCs in their contents. Always check labels to make sure you're not purchasing harmful products.

Eco-Lighting
Switch your light bulbs to CFL, eco-efficient bulbs. According to Bright Nest, "CFL is an acronym for 'compact fluorescent lights,' and they function as an alternative to incandescent bulbs." These bulbs do not lose energy to heat and consume less power.

Recycle!
Come up with an easy recycling plan for your home. If you don't already have them, purchase containers that will hold your paper, glass, plastics and place them in easy to reach places. You may even want to visit your local recycling center to find out what you can and cannot recycle in your area. After that, post instructions near your home recycling center so you can gather all of the right products in the right bins.

As your Delaware and Pennsylvania real estate experts, the Kat Geralis Home Team is happy to help you prepare your home for sale.

Contact us today with any questions you may have about our local real estate market!

We look forward to hearing from you!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
Homes for Sale
Visit My Website
Contact Me
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The listing price of your Delaware or Pennsylvania home is one of the most important aspects of the entire selling process. In fact, if the listing price is not reasonable from the very beginning, you could risk a whole segment of buyers passing over your property. What's more, there is one specific factor that will have the final say when it comes to what your Delaware or Pennsylvania home sells for and it could make or break the deal— the appraisal.

If the appraised value of your home comes back too far from the listing price, any deal you come to with a buyer could fall through. Below are four ways to get ready for your home appraisal so you can ensure your property is shown with its best foot forward:

Develop a critical eye
Walk around your home as if you were a buyer. Notice even small details like a leaky faucet, running toilet, or nails that have popped through the wall. You will want to make one big list of these items and start to tackle them one by one. It helps to have a critical eye when you're a home seller in Delaware or Pennsylvania to make sure everything—even chipped paint—has been accounted for! 

Complete improvement tasks
Do you know of any repairs that need to be made around your home? It's time to mark them off of your list before the appraiser arrives! You do not need to do full-scale renovations at this point, but fixing issues like squeaky windows or doors, clogged gutters or a faulty light fixture will all be helpful to the process.

Clean and organize
Cleaning and de-cluttering your home will help to showcase the property in the best way possible for the appraiser. Remember that your appraiser's opinion of your home could ultimately make or break the sale, so it's important that they are not left with a negative impression. 

Consult your real estate agent
One of the other factors that determines your property's appraised value is comparable sales in the area. Your real estate agent can help pull comparable properties that have sold in the last six months for the appraiser to help give them an idea— whether or not the appraiser uses that to make the decision is up to them, but this is always a helpful step!

Give the Kat Geralis Home Team a call today for more information about selling your home!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
Homes for Sale
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One of the first steps you will take on your home buying journey in Delaware or Pennsylvania is meeting with a lender to discuss your eligibility to take on a mortgage loan. You will likely be given a few quotes based on different loan products, each varying by terms, conditions, and interest rates. A 30-year fixed-rate mortgage is a common choice for homebuyers in Delaware or Pennsylvania, however, there are a few reasons why this mortgage may not be for you.

As you decide which mortgage may be right for you this year, consider the following reasons to choose a loan other than the 30-year fixed-rate option:

You plan to move soon
The whole idea behind signing on to a 30-year mortgage is that your payments will be spread out for decades, meaning you plan to stay put for a while. But if you can see yourself moving in the near future or have plans to relocate soon, this mortgage option is probably not for you. You may like to consider a loan with a shorter term— a 5 year ARM (adjustable rate mortgage), for instance. This loan does often come packaged with a lower interest rate to begin with, but is subject to change when the term is up.

You plan to retire soon
Just as I mentioned above, if you know your financial situation and even location will be changing soon, it may not be wise to sign on to a long-term mortgage. For budding retirees, you may even be planning to rent again. Moving into a new home with a long, drawn-out mortgage could force you to alter your plans, therefore a 3 or 5 year ARM may be a better fit.

You don't have a large down payment
30-year mortgages typically require 20 percent down, but keep in mind that there are other loan products that will allow you to purchase a home with less. With these shorter term mortgages, you may be able to buy a home in Delaware or Pennsylvania with as little as 3 percent down. Don't let your misconception about needing 20 percent down keep you from buying your dream home this year!

You want to build equity quickly
Aside from a 5-year ARM, homebuyers tend to look at 15-year mortgages as an alternative. This shorter loan allows Delaware and Pennsylvania area homeowners to build equity faster, although their monthly payments will likely be higher due to the shorter term. It is all dependent on your financial goals and timeline, so take the time to map out where you intend to be before agreeing a shorter term loan is right for you.

Contact the Kat Geralis Home Team today for more information about buying a home in Delaware or Pennsylvania, qualifying for a mortgage, or for a local lender recommendation.

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
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