Kat Geralis Home Team Wilmington DE Real Estate News Archives

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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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
Find me on Facebook

Many Delaware and Pennsylvania homeowners tend to believe spring is the best time to list their property and prepare to move on to a better, more suitable home. And while they may not be wrong, it is important to note that selling is not always the best answer for every scenario. Depending on how long you've spent in the home and your location—among other factors—it may be ideal to consider staying put and simply making a few improvements. 

Below are five questions to ask yourself as you determine whether to sell or renovate your Delaware or Pennsylvania home this spring:

How long have you been in the home?
If you have spent decades in your Delaware or Pennsylvania home, it may be time to consider a move to a new property that better suits your tastes and space needs now. However, if it's been less than five years, consider staying a little longer. It may be best to determine what improvements could be made to allow the property to better accommodate you and your family. 

Do you know what renovation requires?
Renovation is an exciting concept— dreaming up changes to your Delaware or Pennsylvania home and seeing them come to life. But just keep in mind that real life renovation is not a real estate reality TV show. These projects can take much more money than you anticipate and last much longer than planned. Be sure to cover all of your bases, from required permits to budget, before you decide to start your projects. 

Will your projects over-improve your home?
Home prices in Delaware and Pennsylvania are, for the most part, based on comparable properties in the area. It is important that your renovation won't over-improve your home so much that you price it out of the neighborhood when the time does come to sell.

Have I outgrown the home or will I soon?
Many buyer motives in today's real estate market is space— a lack of it! Take stock of your storage and family needs in terms of bedrooms and living space. Have you already outgrown your home? Can you see yourself needing more space in the near future? If so, it may be best to consider moving on now!

Could my location be better?
For homeowners everywhere, location is one of the most important priorities! There's a reason why location, location, location is a common phrase in real estate. Where is your home located in Delaware or Pennsylvania? Do you like your neighborhood? What are home prices like in your area? If you can think of a better place your home could be located, consider selling and moving to your ideal area. If not, it is likely best to stay put and make the necessary improvements to your home. 

Do not hesitate to contact the Kat Geralis Home Team for more information to help you make this important Renovate vs. Sell decision this spring! We have walked numerous homeowners through the process and are here to help you do the same!

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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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
Find me on Facebook

Thanksgiving is now just two weeks away and as a Delaware and Pennsylvania area resident, you may be preparing to host the holiday in your home. You've cleaned each room from top to bottom, you've purchased your turkey, but just as your guests arrive, you realize the oven won't heat.

Holiday hassles are not uncommon in the hustle and bustle of the season, but there are precautions you can take to avoid them!

Follow these three rules to make sure you can enjoy your Thanksgiving feast without worry.

Problem: The Oven Won't Heat
Unfortunately, a heating malfunction in the oven will pop up in Delaware and Pennsylvania homes everywhere during the holiday season. But the good news is that there is an easy solution to prevent it! Do not allow the oven to self-clean until after the holidays as you risk blowing a fuse or thermostat. What's more, it can be tricky to find an available oven technician around this busy time of year.

Problem: You Have No Heat
Although the weather may not call for much heat this Thanksgiving, you don't want to risk your thermostat going out. The key to this is having your HVAC system serviced as usual each year. Regular maintenance tasks like replacing the filter can help you avoid holiday disasters such as this.

Problem: The Fridge Won't Cool
Thanksgiving cooking requires a chilly refrigerator to keep every dish in its best form and discovering this problem too late can really put a damper on your holiday plans. Install a thermometer on your fridge to make sure it stays below 40 degrees. The coils located underneath or on the back of the appliance should be free of dust and allowed to breathe. Remove any boxes that may be preventing air from circulating around these.

Thanksgiving marks the beginning of the busy holiday season and an opportune time to both buy a new home and sell your current home in Delaware and Pennsylvania. 

If you're feeling like moving on to a new home for the new year ahead, contact the Kat Geralis Home Team today for more information about your home selling options in Delaware and Pennsylvania!

We even offer a FREE Home Seller e-Guide!

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

It's time for a new Delaware and Pennsylvania real estate market update! As you know, the market is always changing, especially with the seasons, but buyer demand is still high in Delaware and Pennsylvania since buyers now shop year-round for properties on their smartphones, tablets, even set up email alerts with new listings! 

Inventory is still slightly under where it was at this time last year. But remember, this is always changing! 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 July to September 2019, 2,004 homes were sold (about the same as the last time we shared this report) with a median sold value of $248,000 (slightly up from our last report). The number of units listed during this timeframe was 2,199 homes— which comes in just 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! Even with the changing seasons!

The average days on the market for New Castle County for homes listed during July, August, and September are as follows:

July: 37

August: 42

September: 39

While the summer months are typically a popular time for buyers to move homes in New Castle County, you'll notice that the Days on Market (DOM) for properties during this time didn't drop much as we headed into September.

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

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

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

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

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

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

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

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

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

We even offer FREE First Time Home Buyer Seminars!

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

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

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

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

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

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

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

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

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

We even offer FREE First Time Home Buyer Seminars!

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

The dog days of summer are here!

And while we're all certainly enjoying the warmer temperatures and sunshine, the summer heat can bring about a rise in utility bills for Delaware and Pennsylvania homeowners.

There are dozens of ways to keep mounting utility costs at bay for the rest of the summer and as your Delaware and Pennsylvania real estate experts, I'm sharing some with you below!

Clean your air filters
It's important to clean your air filters to keep your heating and cooling bills down this summer. When filters are dirty, these systems have to work much harder and use much more energy to function properly. With clean filters, your home can run as it is meant to and help bring down your utility bills.

Install a new thermostat
If you haven't already, consider installing a new thermostat in your Delaware or Pennsylvania home. A programmable model can control your home's temperature at various times of the day—for instance, when you're sleeping or out of the house—to keep costs low. These types of thermostats can reduce your energy usage drastically this summer.

Add mulch
Summer is a popular season for planting flowers, vegetables and herbs, but that also means you'll be watering more often. Adding mulch into your landscaping will help to slow evaporation, keep the water on the ground longer and allow you to water less frequently.

Apply window film or curtains
To keep the hot summer sun out of your home and reduce cooling costs, Delaware and Pennsylvania homeowners can install curtains or window film. Installing window film is as simple as measuring your window size, cutting the film and applying it to your window; this will help to block the heat from entering your home.

If you're ready to begin house-hunting in Delaware or Pennsylvania this summer or contemplating selling your home, contact the Kat Geralis Home Team today! 

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

It's time for a new Delaware and Pennsylvania real estate market update! As you know, the market is always changing, especially with the seasons, but buyer demand is still high in Delaware and Pennsylvania since buyers now shop year-round for properties on their smartphones, tablets, even set up email alerts with new listings! 

Inventory is hovering around the same mark, if not slightly under, as compared to this time last year. But remember, this is always changing! 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 April to June 2019, 2,007 homes were sold with a median sold value of $239,000. The number of units listed during this timeframe was 2,714 homes— so 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!

The average days on the market for New Castle County for homes listed during April, May, and June are as follows:

April: 64

May: 54

June: 47

The summer months are typically a popular time for buyers to look to purchase a new home and move, so you'll notice as the summer progresses, the days on market (DOM) drops. 

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