Kat Geralis Home Team Wilmington DE Real Estate News Archives

Buying a home in Delaware or Pennsylvania is likely one of the biggest decisions (and purchases!) you will make in your lifetime and as a result, you will want a team of experts on your side to see you through the process. One of the most important is, of course, your real estate agent and the other is your lender. 

Your lender will help you secure financing to purchase a home in Delaware or Pennsylvania and be available to answer all of your questions surrounding debt, closing costs, and even your buying timeline. But remember, not all lenders are the same, so it is key to ask a few questions in order to find the best fit for you:

Is now the right time for me to buy?
Depending on your specific financial situation, it may be in your best interests to put in an offer on your dream home now or wait until next year when your buying power is stronger— and a great lender will tell you that! The right lender will clearly explain how your debts and down payment can affect your buying power—or your ability to qualify for a mortgage and favorable rate—and how that will play into your timeline.

What credit score do I need to qualify?
A great lender will share what they are looking for in terms of credit score and credit history in order to provide financing to a homebuyer. To take it one step further, they may even comb through your credit report to show what debts are worth paying off before applying for a mortgage in order to secure the best rate. 

What are the closing costs?
Depending on the loan program you choose, you will need to pay a few closing costs before anyone hands over your new keys. A great lender will outline the different loan programs you may qualify for and what the closing costs might be for that specific program. The lender should also be able to share how you will pay such costs, whether by check or via electronic transfer.

There are many facets to homebuying in our area and you can count on us to make sure you're aware of them all! Contact the Kat Geralis Home Team today for a lender recommendation or a list of available homes in Delaware and Pennsylvania. 

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 is common for the real estate market to experience ebbs and flows in Delaware and Pennsylvania— in fact, it's always changing! Some years, it could lean in favor of buyers, and others, sellers may have the upper hand. But how do you know which direction the market is headed right now? Are there signs to watch for?

There are indeed specific factors that can help you identify which type of market you're in and as your local real estate experts, the Kat Geralis Home Team is here to point them out! Below are three ways you can tell if you're in a seller's market:

Home Prices

One way to find out if you're in a buyer's or seller's market is to look closely at home prices. If you notice that home prices are rising steadily over time, you are likely in a seller's market. Curious about your Delaware or Pennsylvania home value? Give us a call! We're happy to provide more information for homeowners in the area.

Final Price vs. Asking Price

If sellers in your area are typically earning the asking price or even more (due to a bidding war or simply buyer demand) for their properties, you are probably in a seller's market. When homes sell for below their asking price, you would are in a buyer's market as these deals would ultimately work in a buyer's favor.

Days on Market

The average number of days that a property is on the real estate market, often referred to as DOM, will show you how "old" the listing is; you can find this figure easily on any listing sheet, either online or in-person. Take a look at this number— if homes are selling quickly (between 7 to 10 days), you are in a seller's market. This is especially important for local homeowners as this indicates their property is likely to sell efficiently and at a favorable price due to buyer demand.

No matter if you're a buyer or seller in Delaware or Pennsylvania, you can count on the Kat Geralis Home Team to walk you through the process! Contact us today!

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, so it's time for a real estate market update! Buyers are still out in high numbers, ready to find their dream homes in Delaware and Pennsylvania, while inventory is still trending around the lower end of the spectrum. Just remember, real estate is hyper-local, so it is always wise to contact your agent for a current snapshot of the market where you live— the Kat Geralis Home Team is here to help!

For the fourth quarter of 2017, there were 1,735 homes for sale— a 21.2 percent decrease in inventory from the same time last year. But this isn't just happening here in Delaware and Pennsylvania, lower inventory is a trend buyers are finding all across the country! The median sales price saw a 4.4 percent decrease to $215,000 and the number of home sales rose 2 percent for a total of 1,696 total closed sales in Q4. 

The average sales price in New Castle County for the fourth quarter was $243,299, a 2.7 percent decrease from this time last year. But don't let these decreases in average sales price or median sales price worry you— the percentage of the original price received saw a .7 percent increase in Q4, coming in at 95.2 percent!

Inventory for the fourth quarter of 2017 posted a 28.7 percent drop from the previous year, totaling a 2.9 months supply— just one more sign that the market is ready for your home! With the right real estate expert on your side, you can sell your home quickly and for top dollar— you might just even spark a bidding war!

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 this year!

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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Spring is just around the corner here in the Greater Wilmington DE area and many buyers will soon make a break for the real estate market, ready to find their dream home. And while of course you have a variety of options when it comes to what your new home will include—open concept, updated kitchen, large backyard, extra storage space—there are ultimately two types of properties to choose from: Existing and New Construction.

Existing homes may have the character you're looking due to their age, but if you ultimately decide that a new construction home in Wilmington DE or Southeastern PA would be the best fit, there are a few things you should note.

There are not always in the MLS
As a buyer, you may not know that new construction homes cannot always be found in the MLS, or the real estate websites you use to search for available properties. Builders often have a team working on-site and advertise through local media to get the word out about their homes. If you have decided on a new construction home, let your real estate agent know so they can round up the best options for you!

Early discounts might be available
Depending on where you come in on the sales process, you may find that a builder is happy to offer you a discount or lower price on a property in order to meet their quota and drive future sales. However, don't be distracted too much by the lower price as you are then locked in to the project and may risk losing your down payment should you decide to cancel the transaction before the build actually begins.

Upgrade discounts may also be available
As I mentioned above, certain points in the sales process may allow buyers to negotiate easier. For instance, toward the end of the building project, builders are often more willing to compromise in order to wrap up their sales. A lower sales price may not be in the cards, but they may offer you an upgrade discount where you are able to choose a pricer finish like hardwood flooring or stainless appliances instead of standard finishes. Depending on what you choose, the upgrades could make for a better deal than an initial drop in price! 

Contact the Kat Geralis Home Team today to get started on your home search in Wilmington or Newark, DE or Southeastern PA! We are here to help you find the perfect property that suits your needs and budget, no matter what type of property you desire.

Happy house hunting!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
Wilmington Real Estate
Wilmington Homes for Sale
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You've heard the term before, but what do you really know about FSBO homes in Delaware and Pennsylvania? FSBO, or For Sale by Owner, homes, mean the owners have not enlisted the help of a real estate agent to help them sell the property. And while that sounds as though it will not affect you as the buyer, there are a few things you will need to note before you decide to purchase a FSBO.

You can use an agent to buy a FSBO
Just because the home seller declined the use of a real estate agent doesn't mean you have to! There are many perks to working with an agent when buying a home, perhaps the biggest one being they handle the negotiations for you!

You can still negotiate
As I mentioned above, you can still negotiate your offer— even when it's a For Sale by Owner home! While the seller may have chosen to work without an agent for the commission aspect of the deal, that doesn't always mean they are rigid on the price. Remember that your agent has been here before and will know how to find the best deal!

They might be willing to cover costs
Homeowners in Delaware or Pennsylvania that choose to go the FSBO route may still cover the costs of your agent, regardless of their reasoning behind ditching their own. Many are willing to cooperate with buyers and their agents to ensure a smooth transaction.

You may need a lawyer
Every state is different, but some require that both parties be represented by an attorney, even if you have a buyer's agent on your side. Some do not require that attorney to be present at the closing, so if you are serious about your FSBO purchase, simply consult your real estate agent! 

You should still get pre-approved
It never hurts for a homebuyer to get pre-approved in a real estate transaction— even if it's a FSBO deal! Oftentimes these sellers are inexperienced and will make quick decisions when offers comes in, so it is always wise to already have your pre-approval edge to help yours stand out! 

The most important takeaway is that FSBO homes are not sold the same way standard, agent-listed properties are and the process of purchasing one will differ for Chester County and Delaware County buyers. If you find yourself interested in a FSBO property, do not hesitate to contact your real estate agent! 

Unsure how to navigate the local real estate market in Delaware or Pennsylvania? Give the Kat Geralis Home Team a call today! We even offer FREE First-Time Buyer Seminars!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
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If you've been dreaming about a fresh start in Delaware or Pennsylvania and have started browsing homes for sale in Greater Wilmington, Newark, Chester County or Delaware County PA, you'll be glad to know you are on the right track! 2018 is shaping up to be a great year to purchase a home in our area for a variety of reasons, from rate hikes to inventory levels, and I've listed a few of them for you below!

Rates are rising
In order to avoid paying more down the road for a home in Delaware or Pennsylvania, you will want to make your purchase in the beginning of the new year ahead. Interest rates are expected to continue rising (no more 3% rates!) over the next 11 months, at least two to four more times. In fact, buyers can expect 5 percent interest rates by the end of the year. 

Prices are rising
Just as I mentioned above, you could end up spending more for the same property if you wait to buy later in the year as home prices are also expected to increase. And while these have been rising rapidly over the past few months, 2018 will begin to moderate that pace. Home prices will indeed continue to rise, but not quite as quickly as they have been. However, that doesn't mean you should delay! Purchasing a home in 2018 is a wise move and will allow you to save as you watch numbers tick upward.

Inventory is rising
This is a good sign for the local real estate market as inventory levels have been on the low side for the last year. More homes will return to the market, with the majority of the recovery being in the middle to upper price ranges, which means you will have much more to choose from as you begin your home search in Delaware and Southeastern Pennsylvania.

Start the new year in a new home in Wilmington, Newark, Chester County or Delaware County PA— the Kat Geralis Home Team is here to help! Give us a call today for a list of available properties in the area or for more information about buying a home. We even offer FREE first-time homebuyer seminars!

Looking forward to hearing from you in the new year!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
Wilmington Real Estate
Wilmington Homes for Sale
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Did you know the majority of today's homebuyers aren't aware of closing costs? You may find that you have prepared for homeownership with your down payment and even have your first month's mortgage ready in your bank account, but this very important set of costs is commonly overlooked. 

As your local real estate experts in Greater Wilmington DE and Southeastern PA, the Kat Geralis Home Team has included a few key notes on closing costs below so you are better equipped to make the biggest, most important purchase of your life!

What Are They?

Closing costs are recurring and non-recurring fees connected to both your lender and other parties in the sale—for instance, an attorney, inspector and title company—and are to be paid upfront at the closing table. Unless you have financed them ahead of time or worked your offer to arrange for the seller to pick up the tab, unfortunately there is no way around these costs.

Closing costs typically include:

• Homeowners insurance
• Title insurance
• Loan origination
• Home inspection
• Appraisal
• Document prep
• Property line survey
• Title search and recording
• Loan underwriting
• Wire transfer

How Much Will They Cost?

Closing costs tend to range between two and five percent of the total purchase price of the home. 

How Can You Prepare?

It is true that you may not know how much you will owe in closing costs until you find a home in Delaware or Pennsylvania and meet with a lender, but you can still gather a general idea based on your price range alone. Is your budget for a new home around $150,000? You can expect to pay between $3,000 and $7,500 in closing costs.

Once you've met with your lender in Wilmington, Newark, Chester County or Delaware County, you can estimate how much you will owe in closing costs given your loan product, loan amount and the interest rate you are offered. You can use a mortgage calculator to estimate your monthly payment and how that will fluctuate depending on if you've decided to finance the closing costs into it. 

Buying a home for the first time in Greater Wilmington and Southeastern PA is both an exciting and uncertain time. Let the Kat Geralis Home Team walk you through the process, every step of the way, so you can feel more at ease and enjoy the prospect of finding your dream home!

Give us a call today for more information about buying a home or available properties in the area! We even offer FREE First-Time Home Buyer Seminars!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
Contact Me
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By now, you've likely watched a reality TV show about buying a fixer upper home and thought to yourself, "that looks pretty easy." It is indeed exciting to mull over the prospect of making a home feel fresh and new again, but what the real reality will reveal is that fixer upper homes require much more time and money than their television slots allow.

Below are four questions to ask before you decide to purchase a fixer upper home in Wilmington DE or Southeastern PA:

What are the costs?
It can be a thrill to think about what a home in need of repair could be, but it is essential to consider all costs when buying a fixer upper in Wilmington, Newark or the surrounding areas. The last thing you want is to be surprised by mounting bills when the deal is done. In addition to the purchase price, look into costs like monthly maintenance, taxes, insurance, and how much equity you may have in the home once all of the work is completed. It never hurts to consider resale right off the bat!

Is everything sound?
You will want to have an inspector come in and check if the structural elements, as well as running systems are in working order or if they need replaced. The inspector will be able to tell you what needs replaced immediately and what can stand to wait. Remember, it never hurts to ask the age of systems like electrical and how much longer they have left. If you need a recommendation for an inspector in the area, your real estate agent is a wealth of resources! 

What is the scope of work?
One of your next steps when buying a fixer upper in Wilmington DE and Southeastern PA will be getting bids from contractors. Reality TV shows can make it seem simple to tear down walls, but there is so much more involved than what is actually shown. Gather bids from several contractors before choosing one and be sure to check references. While cost-effectiveness is important, trustworthiness will always play a major part.

Are there tax incentives?
Certain renovation projects come with tax incentives, depending on the work and the area in which the home is located. After all, you will be boosting the value of the property! Check which incentives may be available to you once you've completed all work.

Do not hesitate to give the  Kat Geralis Home Team a call today for more information about buying a home in Chester County or Delaware County or for a list of available homes in the area!

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

Now that we’re in the midst of summer, the real estate market has seen a rapid increase in buyer demand! Buyers are out in droves in Greater Delaware and Southeastern Pennsylvania, ready to find their dream homes, however they are also being met with limited inventory. How do you know what the market is like in your area? You can always count on the Kat Geralis Home Team to keep you updated with how the current real estate market in Wilmington, Newark, Chester County, Delaware County, New Castle County and beyond is behaving. Just take a look at the following statistics!

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

It is no secret that mortgage rates won't be this low forever and as a result, many Greater Wilmington DE homeowners are thinking about refinancing. Refinancing can indeed save you thousands if you strike while rates are low, however, this is one real estate topic that comes packaged with dozens of myths.

Below are three common refinancing myths that end up holding Southeastern Pennsylvania homeowners back from saving money on their loan:

1. You're Too Late to Refinance
If hearing about rising rates has caused you to hit pause on your decision to refinance, think again! You most definitely have not missed your chance to save on your mortgage. As long as your lender confirms that refinancing will indeed lower your monthly payment and you are on the same page with the costs associated with the refinance, now is still a great time to make it happen!

2. You Won't Qualify
Even if you are trying to improve your credit or have recently switched jobs, you may still be able to qualify for a refinance. Don't let this hold you back from inquiring! The best course of action is to meet with a local lender to discuss your options and your eligibility as many requirements are beginning to loosen again and you could be surprised!

3. You'll Have to Reset the Term to 30 Years
If a refinance could be favorable for you, but you've already paid off decades of your home loan, don't jump right into thinking the term will be reset to the 30 year mark. Perhaps the best move during your refinancing is not the standard 30-year loan, but a shorter term ARM (adjustable rate mortgage). Consider your future plans and the time you plan to live in your current home as a shorter loan could still allow you to save and when the higher rate sets in, you may be ready to sell and move on!

Questions about the local real estate market, selling your home, or recommendations for lenders in the Wilmington DE, Newark DE, or Southeastern PA area? Give the Kat Geralis Home Team a call today!

We look forward to hearing from you!

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