Kat Geralis Home Team Wilmington DE Real Estate News Archives

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
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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
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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
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Especially during the winter months, once all of the holiday decor is put away, Delaware and Pennsylvania homeowners start to play with how to make their living spaces feel both brighter and larger. After all, homebuyers today are looking for that open, airy layout! There are dozens of easy ways to go about it, and even if you are working with a smaller footprint in your Delaware or Pennsylvania area home, you can count on the Kat Geralis Home Team for expert tips!

Below are five ways you can make your Delaware and Pennsylvania home both look and feel larger:

Don't empty the room
If you're already prepping to sell the home—maybe you've even moved on to another property—don't feel tempted to leave the rooms empty. You may think this makes the spaces feel larger, but it can actually confuse buyers as they have no point of reference for their own furniture or if there is enough room for entertaining.

Highlight focal points
As you are arranging furniture, mind the focal points of the rooms. Do you have a great picture window? How about a fireplace? Consider these in your seating arrangements and furniture placement to draw attention to them without letting the space feel cluttered. For example, you wouldn't want to place a chair in front of that window and block the view!

Do a furniture edit
It may seem obvious that clutter will cause your Delaware or Pennsylvania home to feel smaller, but just to be certain you're not going down that road, do a furniture "edit." Opt for a smaller loveseat and chairs instead of a large sectional, remove knick knacks and excess decor items like baskets that could be taking up vital floor space.

Stay neutral
Deep, bold colors may be trendy, but not when it comes to selling your Delaware or Pennsylvania home and creating an illusion of a larger space. Stick to a neutral palette as it will appeal to more buyers and trick the eye into thinking the space is airier and more open than it actually is.

Let in the light
We may not currently have much to work with in the middle of winter, but you will want to let in as much light as possible! Before buyers arrive, turn on all of the lights, replacing any dim bulbs, and open all of the curtains. If you have exterior lights, be sure to turn those on as well.

As always, if you have any questions about buying or selling a home in Delaware or Pennsylvania, do not hesitate to reach out! The Kat Geralis Home Team is here to help!

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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As they say, the kitchen is the heart of the home— but it's also the place that can become the messiest! With the new year just days away, Delaware and Pennsylvania residents are preparing for a fresh start and what better spot than in this busy area of your home?

Follow these easy tips for creating a clean slate in your kitchen just in time for 2020:

Clean out the cabinets
First, start by removing any odds and ends that belong in other places of your Delaware or Pennsylvania home— mail, books, electronics. Next, empty every cabinet, drawer and shelf, clearing out any broken or rarely used pieces to make more room for the others. Tackle the pantry and toss out any expired items or anything you're trying to steer clear of in the new year ahead.

Clean off all of the shelves, the inside of drawers and cabinets and begin to place the items back inside. Just make sure the items you use most often or those close to expiring are well within your reach!

Clear away grease and grime
A well-used kitchen can be quite messy, so it's time to give everything a good cleaning! Remove all oven knobs, drawer pulls and appliance handles and soak them in a soap and water mixture. While they are soaking, wipe down every surface with a kitchen degreaser, including tile grout and backsplashes. 

Be sure to dust spice racks, pot hangers, light fixtures and clocks that may be high enough to forget about!

Mind the appliances
Two of the most frequently used items in your kitchen are likely the oven and the refrigerator and they can quickly build up residue and grease if not cleaned often. Treat these just as you did the cabinets earlier— pull everything out, toss out expired or old items, soak racks and shelves and wipe down with a degreaser or specific appliance cleaner. 

Soak the burners if possible and clean any fallen food that may have collected underneath. Before you put everything back together, make it a point to dust coils and fans behind the appliances.

As always, if you have any questions about buying or selling a home in Delaware or Pennsylvania, do not hesitate to reach out!

We wish you a happy and safe new year!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
Homes for Sale
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Many homeowners in Delaware and Pennsylvania believe spring and summer are the best, if not the only, time to sell— but that is not always the case! In fact, it is this idea that brings a wave of new inventory to the market every spring and thus, increases competition among home sellers!

Instead, consider the benefits of selling your home during the holidays or the winter season, in general. There are numerous factors that make this time of year one of the best to move on and the Kat Geralis Home Team is happy to share a few with you below!

The lack of competition
Just as I mentioned above, there are simply fewer homes for sale in Delaware and Pennsylvania during the winter months. Because many homeowners prepare and renovate their homes in the winter in order to list in the spring, the inventory tends to remain on the lower side this time of year. By selling your home now, you can give your home more time in the spotlight than any other time of year!

Buyers are more likely to notice your home now as they will have fewer properties to overwhelm them!

Buyers are ready to move
Just before the start of the new year, homebuyers in Delaware and Pennsylvania grow increasingly motivated to change their scenery and settle into a new home. Or they may have a strong reason to— job changes and relocation are two common factors for moving into a new home before the new year.

Holiday decor
While we may not have any snow in Delaware and Pennsylvania, the holiday season does evoke magical feelings for buyers. Seeing properties lit up at night or draped in festive greenery can help buyers feel more at home and see themselves (and their own decorations!) in the new space. Listing your home this time of year can play to your advantage simply due to the charm of the season.

Remember, if you're thinking about waiting until spring to sell your home in Delaware or Pennsylvania, so is everybody else! Contact the Kat Geralis Home Team today to discuss how you can take advantage of the winter season by listing now!

Ready to get started on listing your home before 2020 comes? We even offer FREE Home Valuations and FREE Home Seller e-Guides!

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 winter in Delaware and Pennsylvania and temperatures continue to drop, homeowners would be wise to consider whether they are prepared for winter storms ahead. While some may feel prepared for any weather coming our way, others will be scrambling to de-ice sidewalks and driveways and protect pipes after the fact. 

As your local Delaware and Pennsylvania real estate experts, the Kat Geralis Home Team is happy to provide a few suggestions to protect your property from winter weather and help you stay as stress-free as possible through these hectic holiday months.

Remember, the cold, winter conditions can wreak havoc on your home and it's important to take the following steps ahead of time:

Shut off outdoor faucets
Be sure to shut off inside valves for your outdoor faucets and unhook hoses. Any excess water left in the exterior faucets should be drained ahead of a snowfall in Delaware and Pennsylvania. When the temperatures dip low, the pipes leading to these faucets are susceptible to damage, so you might also consider wrapping them in a towel for added insulation.

Protect indoor pipes
Cold air can also put your indoor pipes at risk of bursting. Open your cabinet doors under the sink to allow warm air from your home to circulate inside. If necessary, you can always turn up the heat inside your Delaware or Pennsylvania home to warm up the pipes.

Clean the gutters
Prior to a snowstorm, your gutters should be clear of any leaves as ice dams can form and flood your home.

Purchase salt and sand
Sprinkling salt or sand ahead of a snowfall can actually cut down on your shoveling time! A few hours before the snowfall, toss on walkways and driveways to be safe.

Check carbon monoxide detectors
Gas appliances and wood-burning fireplaces have the potential to produce carbon monoxide, so it is always wise to conduct a routine check of your detectors. 

As your local Delaware and Pennsylvania real estate experts, the Kat Geralis Home Team is here to answer any questions you might have about buying or selling a home in the winter months—as well as year-round—so do not hesitate to contact us!

And if moving is on your agenda before 2020, we even offer FREE Home Valuations and FREE Home Seller e-Guides!

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