Kat Geralis Home Team Wilmington DE Real Estate News Archives

As your Wilmington, DE real estate agent, I’m asked about the outlook for our Wilmington real estate market. One of the reasons it’s hard to pin down is the presence of our shadow inventory. Every time a home comes through the shadow inventory and hits the market, it can negatively affect the values of the homes around it.

What is the shadow inventory? Simply put, it consists of homes with defaulted mortgages that will eventually go through foreclosure and hit the real estate market.

Estimates place about 2 million homes in the national shadow inventory. This number is a moving target, because as homes go through foreclosure and get sold on the market, the shadow inventory goes down. But it can also be increased if more loans turn sour. Or, if loans that were previously brought current via loan modification, fall behind again.

This is why economists look closely at the number of “new defaults” that are reported by lenders. If we want to see the light at the end of the tunnel, loans have to stop going bad. While this is easier said than done, we’ve seen some progress lately. Banks have stepped up their modification and short sale processes to try and prevent foreclosures. Between this, and some improvements in the economy, it’s hoped that the shadow inventory will shrink.

How are we sitting in Wilmington? By current industry estimates, clearing our shadow inventory could take 72 to 120 months. Why so long? The foreclosure process in Delaware isn’t quick. Each foreclosure can take from 200 days, to a year or more, to be completed. It depends on the volumes, court schedule, and whether or not the homeowner is contesting the foreclosure.

On the bright side, the Mortgage Bankers Association reported that new defaults in the 3^rd quarter of 2011 were down by 7.99%. This is good news, because combating the shadow inventory is like dealing with a forest fire; half the battle is keeping it from spreading. A lower default rate now, means a smaller shadow inventory later.

My job as your Wilmington, DE real estate agent is to find ways to sell your home no matter what is pressuring the Wilmington real estate market. If you are struggling with your mortgage, or you simply need to sell your home in order to move on to another opportunity, I can help.

My experience in Wilmington, DE short sales and Wilmington, DE foreclosure sales make me uniquely qualified to handle this market. If you need to sell your Wilmington home, or if you have any questions, contact me. I will be here for you.

Wishing you the best for 2012,

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
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Foreclosure. Short Sale. REO. All three are real estate terms that you hear in the news every day, especially during the rough real estate climate we are currently in. “Foreclosure” is a term that most people know very well. When a homeowner stops paying the mortgage payments on their home, the bank then starts to foreclose on their home. This is a very stressful and painful experience for those who are struggling financially. Once you lose your Wilmington home, it could be incredibly difficult to get back on your feet and own a home again. That’s where the short sale comes in.

As a Wilmington real estate agent, I have taken an active interest in helping many struggling homeowners through what can be a much better alternative than foreclosure: the short sale process. Short sales occur when one of two things happens:

1.    The amount owed on your Wilmington property is worth more than its market value.
2.    A negotiation occurs between the homeowner’s mortgage companies to accept less than the value of the loan. A buyer closes on the property and is sold for less than the total value of the mortgage.

http://www.kghometeam.idxbroker.com/idx/search/advanced" target="_blank">Wilmington short sales are great options for investors and first time homebuyers because they are sold at low prices. They’re also an attractive option for struggling homeowners because it can help them avoid the painful foreclosure process, and it allows them to get back on their feet much faster. Here are three things that you need to qualify for a short sale in Wilmington, DE:

Proof of financial hardship. You need to be able to prove to your lender that there is a situation that is causing you to miss your mortgage payments. Whether you were laid off at work, suffered a costly tragedy or have another financial drain, you need to be able to prove to your mortgage company that you are physically unable to pay your mortgage payments for a valid reason.

A monthly income shortfall. A basic way to put this is that you need to show that you have more “month than money.” Before you qualify for a short sale, your lender will want to see that you don’t have the income flow to continue to pay your mortgage or pay off missed payments. Have a few copies of your bank statement and a breakdown of your monthly income ready to show your lender.

Proof of insolvency. Your lender wants to make sure that you do not have enough money in assets to liquidate in order to pay off your mortgage. Your belongings will be assessed, so before you begin the short sale process, make sure that you don’t have enough in liquid assets to make mortgage payments.

Of course, going through a Wilmington short sale isn’t without its pitfalls. The process can oftentimes be timely and drawn-out. The more prepared you are going into the process, however, the faster your short sale will get approved. Using a Wilmington short sale expert will help ease the stress and tension surrounding a short sale.

If you are overwhelmed by your mortgage payments and feel like you need some guidance, don’t hesitate to contact me! I’d be happy to answer any of your questions regarding Wilmington short sales and help guide you on the path to recovery. If you start looking at your options now, then you can avoid the hardships and stress that come with foreclosure. I hope to hear from you soon!

Katina Geralis
Wilmington, DE Real Estate Expert
NextRE Team
Wilmington Real Estate
Wilmington Homes for Sale
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In the good old days, baking a batch of cookies for your Wilmington home’s open house and throwing in a big screen TV for the buyer was enough to produce some buzz about your home sale. Now that the market is a little more competitive, however, Wilmington’s home sellers need to get creative. In order to get the buyers interested in your home, as opposed to the competition’s, you need to be able to think outside the box.

As your Wilmington real estate agent, it is my job to make sure that all of my home sellers market their home creatively. Going the extra mile to do something a little bit different is what’s going to make your home stand out and sell faster, instead of sitting on the market for an extended period of time. My experience and expertise as Wilmington, DE’s premiere real estate agent has given me some ideas on how to sell creatively. Here are a few ideas that I have picked up along the way:

Get on Facebook. Facebook’s pay-per-click ads are free to create and inexpensive to run. Create an ad for Facebook that shows a picture of your listing and has a creative tagline. Link the ad to the listing page on your Wilmington real estate agent’s website. This will give your listing maximum exposure in your area for little cost. You can also have yourself or your agent use Facebook marketplace to put your listing online and get the word out to your friends. You never know: they may know of someone who is looking for a brand-new Wilmington home.

Stage your home. Staging is of the utmost importance when you’re selling a home because it allows buyers to visualize living in your property. The neutral and clean look that comes from staging presents your home in the best light while minimizing clutter, so that it’s easy for a buyer to insert their possessions into your home. Staging can be done creatively and switched so that each room can be seen to serve multiple purposes. It’s a great way to present your property in the best way possible.

Throw in some extra incentives. Do you want to get some buzz surrounding your property? If so, the answer might be to throw in some great incentives with the purchase of your home. Whether it is season tickets to a basketball or baseball game, airline tickets, or even monetary incentives like a mortgage stipend, these extras will increase the interest in your property and get more traffic through your home. They might not seal the deal, but they’ll get people through the door, and your fantastic home will do the rest.

Make your open houses more festive. Having cookies at your open house is great, but try generating interest by turning it into something of a party. Prepare hors d’oeuvres, have music playing, and if you’re motivated, have some sort of contest or raffle. Making your open house seem more fun and festive might draw interest to your home and allow potential buyers to relax while they look around.

Thinking outside the box and marketing your home creatively is the key to selling your home on the Wilmington real estate market. These creative tactics will increase the traffic going through your property and get your home sold faster. If you have questions about what it takes to sell your Wilmington home, or have questions about the Wilmington, DE area, don’t hesitate to contact me! I’d love to be here for you as your real estate and community expert.

Katina Geralis
Wilmington, DE Real Estate Expert
NextRE Team
Wilmington Real Estate
Wilmington Homes for Sale
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The current real estate climate is, for lack of a better word, difficult. Despite record-low interest and mortgage rates, strict lending standards and higher down payments have made it much more challenging for people to buy a home. It’s no surprise, then, that July saw a major slump in existing home sales. In fact, most industry experts and analysts knew that there would be a mild recovery in sales for August, but they were shocked to see just how big of a jump there was: between July and August, there was nearly a 19% rise in existing home sales.

Many industry analysts feel that this is explained by one key factor in the current real estate market: investors. In the month of August alone, investors accounted for 22% of purchase activity. As an investor, there are several reasons you should purchase REO and foreclosure properties in order to bolster your income. As your Wilmington real estate agent, I consider it part of my job to guide Delaware’s investors in the right direction by showing them some of the best bank-owned and foreclosure properties on the Wilmington real estate market. Here are a few reasons distressed properties are desirable for investors:

The price is right. The low cost of REO and foreclosure properties make them attractive investment options. You can obtain property without breaking the bank, with the goal of seeing a sizeable return on investment. The key is to find a distressed home with potential and see what you can do with it from the get-go. The more potential you see, the easier it will be for you to profit from your investment.

Renovations greatly boost home value. Many distressed properties haven’t been maintained, aren’t up to code, or have a variety of maintenance issues. As an investor, you have the power to address these issues right away. You can make the appropriate fixes to the property, as well as give it the upgrades that will make it attractive to a potential homebuyer. The more upgraded and maintained the property, the easier it will be to sell that home for a profit. It will take investment and hard work, but the return you get will be worthwhile.

The current market climate is perfect for investors. With the influx of foreclosures in the national real estate market, it’s not just dilapidated or run-down properties that are getting foreclosed-on. In the current market, all types of homes are going through foreclosure. You can obtain a really beautiful piece of property for a low price and sell it for a sizable profit. Take advantage of the options of distressed properties available on the Wilmington real estate market! It’s a prime time to be an investor; you just need to look for the right properties to invest in.

As a well-rounded Wilmington real estate agent, I don’t just work with Delaware’s home buyers and sellers. I also work with local investors to help them find the right distressed property to maximize their profit in Wilmington, DE. If you want to see some distressed properties on the Wilmington real estate market, don’t hesitate to contact me! I’d love to help you find your next big investment.

Katina Geralis
Wilmington, DE Real Estate Expert
NextRE Team
Wilmington Real Estate
Wilmington Homes for Sale
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It’s a buyer’s market, and the current climate of Wilmington Delaware real estate suggests that if you’ve been thinking about buying a home in the area, now is a hot time to do so. With home prices and interest rates at record lows, now is probably the ideal time to start your Wilmington home search. That way, you can take advantage of the current, low costs and find the home that really suits you best. It’s time to start house-hunting.

With all of that being said, buying a Wilmington, DE home is far from easy. Especially if it’s your first time around the block, you can get slammed with extra feeds, stressful transactions, and sticky negotiations if you don’t have the right professional looking out for your best interests.

As a Wilmington Delaware real estate agent, I make it my responsibility to help first-time homebuyers navigate the local market by both providing quality advice and making their transaction as smooth and seamless as possible.

When you first start your Wilmington home search, it can be easy to get caught up in the excitement of buying a home and make some costly errors. Follow these eight quick tips, however, and you’ll be in your brand new Wilmington, DE home in no time!

1. Research the neighborhood. It’s an old, but true, mantra: Location, Location, Location! If you don’t take the time to research a neighborhood you’re interested in, you could be in for some serious buyer’s remorse after purchase. Remember, you might find the dream home, but if it’s in a neighborhood that doesn’t suit your needs, you’ll never be fully happy. Take the time to do some research, and you’ll be much more satisfied after signing the papers.

2. Look at several houses before you buy. We’ve all heard of love at first sight, but if you use that during your home search, you could be stuck with a home that needs costly repairs or that doesn’t really fit your needs. Take the time to look and you could find a home better than you even dreamed possible. Just keep an objective eye out on every property!

3. Get a professional inspection. Even if a property is pre-inspected, it can be hard to trust that a seller is disclosing everything wrong with the house, or that the repairs they did make were done thoroughly. Investing in a professional inspection can ease your mind and insure that you’ve covered all your bases, which will make move-in day much less stressful.

4. Go after what you need, not what you want. You might love that cozy, two-bedroom home with a lot of fancy upgrades, but if your family is growing, is it really what you need? Keep your future plans in mind when you’re buying a house. If you focus on what you need instead of what you want, chances are you’ll be more satisfied with the house down the line, and you’ll be in the property for a longer time. It will create a more worthwhile investment.

5. Buying a home at auction? Never overbid. Due to the high number of foreclosures sweeping the nation, many of you may be interested in buying a home at auction. This could be a great idea, but you have to be careful not to overbid. Do your research before attending the auction and stick to the price you know is right. Many auctioneers try and push the home way over market price during auction, so don’t get sucked into that game. Know your limit and stick to it.

6. Never buy a home based on décor. Sure, that house you looked at might have nice decorations, but how will it look with your furnishings in it? Take a step back and imagine your belongings in the house. If that changes your opinion of the property, then it’s probably not the best home for you.

7. Be careful when you read real estate ads. Ad copy is meant to make a house sound amazing and grand. Their phraseology is meant to “talk up” the property. “Cozy” is probably code for small. “As-is” means you might have a lot of work to do. Learn how to read between the lines, so you can avoid wasting time by going to see houses that you’ll want nothing to do with.

8. Don’t buy the most expensive home on the block. Sure, it’s great to keep up with the community you live in, but if you surpass them, you’ll never get the same return on investment. If you buy the priciest property, you’ll find that when you put it back on the market, you won’t get what you put into the home. Try and avoid this by finding a home that is within the average price range of your community.

Buying a home is complicated, but if you stick to these eight tips when you begin your Wilmington home search, you’ll find that your satisfaction after purchase will be high. As your Wilmington real estate expert, it’s my job to educate you on the best home buying tactics for amazing results. If you’re thinking about moving to the Wilmington, DE community, or would like to see some of the homes available on the Wilmington real estate market, don’t hesitate to contact me! I’d love to help you find your dream home.

Katina Geralis
Wilmington, DE Real Estate Expert
NextRE Team
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
Contact Me