Kat Geralis Home Team Wilmington DE Real Estate News Archives

When you arrive to tour a home in Delaware or Pennsylvania, it can be easy to get distracted by home features like light fixtures, paint color, number of bedrooms, and the outdoor space— especially if you're a first-time homebuyer! These are indeed important aspects of a property to take notice of, but you will also need to keep your eyes out for minor—or major—flaws that could be hidden with simple home staging.

In some cases, Delaware or Pennsylvania home sellers will try to cover up issues with home staging and as your local real estate experts, we are here to help you uncover them!

Listing Phrases
Before you even arrive at home in Delaware or Pennsylvania, you can get an idea of what might be waiting for you simply by the phrases used in the listing description. Words like "cozy" and "quaint" are often euphemisms for small homes. Listings can also state that they are ready for your touch or a "fixer upper," which typically means the property needs work.

Painted Floors
Paint can cover up many problems in a home— so don't always assume it is for decorative purposes when house hunting! If you happen to pull up a corner of carpeting in a DE or PA home and notice paint covering sections or all of the floor, it may be to cover up pet damage or water spots. 

Rugs
Typically used to warm up a home or add a touch of color to a room, rugs and runners can also be used to cover warped floor boards and water damage. Walk over the rugs several times and take note of how the floor feels— does it creak, crack, or feel unstable? If so, it could be worth taking a close look into before buying the home.

Furniture Placement
If the placement of furniture in a home feels off, it could be because the homeowner is hiding something underneath the furniture or around it. For instance, are there frames hung in an odd formation or spot? They could be covering water spots or cracks. Is there a large couch in the center of the room? It could be covering imperfections in the floor or pet damage.

Ready to get started on your Delaware or Pennsylvania home search? Give the ​Kat Geralis Home Team a call 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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Regardless of how many times you have been through the process of buying a Delaware or Pennsylvania home, it is easy to get distracted by such features as updated bathrooms, spacious backyards, and even items like light fixtures and appliance colors. There is so much more that should go into your decision to purchase a specific property in DE or PA— including real estate red flags that even your home inspection could miss!

As your real estate experts in Delaware and Pennsylvania, we have rounded up four red flags to keep an eye on while shopping for homes so you can anticipate costs and ultimately weigh your options:

Leaks
Depending on the age of your potential new home, any leaks could have dried up with the water being turned off and not arise until it is fully functioning again. The best place to spot leaks is under cabinets where you could notice water damage or moisture around drain traps. Remember, if the leak is not present on the day of your inspection, the inspector will likely not be able to point it out!

Structural Damage
This is a major red flag for any homebuyer in Delaware and Pennsylvania and while your inspector will know what a roof and foundation should look like, they will not be able to tell you how bad a problem is or how much it will cost. They will likely refer you to a structural engineer who will be able to break down cost to repair and when indeed you need to remedy the problem.

Electrical Issues
This is another red flag that could be more prevalent depending on the age of your home. Your inspector may point out disconnects in the electrical or wires that need updating to comply with current codes, however they will not always be able to list the exact source of the disconnect. You will need to bring in an electrician to identify specific costs and dig a little deeper to find the root of the problem listed in the inspection report.

HVAC Problems
Any problems with your HVAC system can be quite costly, but keep in mind that your system may be functioning properly while temperatures are moderate but could fail once they begin to take drastic turns— for instance, in the deep winter or heat of summer. The only way to identify potential problems is to hire an HVAC specialist who can assess how much longer your HVAC system has left or if parts look in need of repair or replacing.

Contact the Kat Geralis Home Team today for a list of available homes in your area or for more information on the home buying process!

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

Once you've found the perfect Delaware or Pennsylvania home, made an offer, and had it accepted, you'll need to make it through the mortgage closing before you are handed your keys. You may be anxious to officially become a homeowner, but the time it takes to close is dependent on a variety of factors— some of which are in your control!

If you're planning to buy a new home in Delaware or Pennsylvania, you'll want to familiarize yourself with the following things that can slow down your mortgage closing:

Making big purchases
You may be excited about your new home, but resist the urge to buy new furniture and decor until after the closing. Making big purchases on credit cards can signal a red flag to lenders who will pull your credit just before closing to ensure it is still the same. A large purchase shows you've acquired more debt and could threaten your mortgage qualifications.

Outstanding HOA fees and fines
While this one may not be entirely in your hands, note that the previous homeowner's outstanding fees or fines owed to the homeowner's association can cause closing delays. You may be able to negotiate these costs with the seller prior to the sale or worst case scenario, you'll need to pay them. 

Document delays
Your lender will require many different documents for verification of income, including your pay stubs, tax documents, bank statements, and they'll likely even get in contact with your employer. Be sure to provide these documents as soon as they ask for them or you could see a delay in closing.

Titles and liens
If there is a lien against the property or the title has the wrong signature, it will need to be resolved before the closing can move forward. 

Down payment
If your down payment is coming via gift from a friend or family member, the closing could be slowed slightly. In addition, if the lender requires the buyer to put down more on the home and the buyer does not have immediately have the extra funds, the date could be pushed out several weeks or months.

Contact the Kat Geralis Home Team today for a list of available homes in your area or for more information on the home buying process!

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

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
Visit My Website
Contact Me
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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
Visit My Website
Contact Me
Find me on Facebook

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
Visit My Website
Contact Me
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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
Visit My Website
Contact Me
Find me on Facebook

Before you renew your lease or consider signing a new one, you might like to consider buying a home in Delaware or Pennsylvania. There are dozens of reasons why homeownership is the better option over renting and as your local real estate experts, we've included a few of them for you below!

It's less expensive
While you may be intimidated by homeownership, you will be glad to know it is much less expensive than renting! According to a new report, it is now 37 percent less expensive to buy a home than it is to rent nationwide. If you're ready to take that next step toward buying your own home, your first step is to meet with a lender to get pre-approved and find out how much you can afford!

You can lock in your housing cost
The costs of renting are always rising, but with homeownership, you are able to lock in your housing costs for the next 5, 10, 15, even 30 years, depending on the mortgage you choose! Locking in one of the current interest rates, which are currently hovering around historic lows, allows you to watch your home value rise, but your housing costs stay the same! 

There are tax advantages
When you own your own Delaware or Pennsylvania home, there are certain tax benefits that come along with it. For instance, did you know you can deduct the cost of property taxes and mortgage interest from your annual taxes? It's always best to check with your account to see which advantages apply to you, but owning a home is certainly a way to earn tax savings!

Homeownership is forced savings
Think of owning a home in Southeastern PA or Greater Wilmington DE as a means of "forced savings." What that means is that by simply paying your mortgage each month, you are building equity that you can use at a later date toward renovations, paying down debt, or whatever you choose. When you rent a home, that savings is all funneled to your landlord.

It's the best investment
Homeownership has long been hailed as one of the best investments you can make— better than stocks or gold! What's more, no other investment allows you to live in it! When you purchase a home, not only are you helping to build your wealth with the investment, but this one also allows you a place to live! You can't say the same for gold.

Ready to find a place of your own in the Greater Wilmington DE or Southeastern PA area? Do not hesitate to contact the Kat Geralis Home Team with any questions about buying a home in Delaware or Pennsylvania this year or for a list of available properties! We even offer FREE First-Time Home Buyer Seminars! 

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

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
Find me on Facebook