Kat Geralis Home Team Wilmington DE Real Estate News Archives

If you made home improvements to your Delaware or Pennsylvania home in 2016, you are likely eligible for certain tax deductions that can save you immensely on your return. But how do you know what you are able to deduct from your renovation? The Kat Geralis Home Team has included below those tax-deductible home improvements that you are able to claim:

Energy Efficient Upgrades
This credit is geared toward major system upgrades in your Greater Wilmington or Newark home. In order to claim, you need to have purchased a new AC system, furnace, water heater, skylight, windows, home insulation or energy-efficient roof for your home in 2016. Also, keep in mind there is a lifetime cap of $500 on this credit, so if you've already hit the limit, you cannot claim any more.

Energy Generating Upgrades
As a homeowner, you are able to claim up to 30 percent of the costs of solar panels, solar water heaters, fuel cells, wind turbines and geothermal heat pumps for a tax credit. This credit is good through 2019 and does not have a cap like its energy efficiency counterpart mentioned above.

Upgrades That Add Value
Most renovations made in your Southeastern Pennsylvania or Delaware home are eligible for a tax credit. For instance, if you built an addition, renovated a bathroom or kitchen, replaced your roof, added a deck or replaced any windows or doors, you can deduct those costs, so save your receipts! Remember, the upgrades need to add value to your home, so repairs don't count!

Interest from Home Improvement Loans
Just as you can deduct the interest of your mortgage payments, you can deduct the interest from a home improvement loan or HELOC if the money is used to renovate your home. Any home improvements are eligible for the credit and you can deduct up to $100,000 in interest.

Renovating is a great way to boost value in time to sell your Chester County or Delaware County home this year. Give the Kat Geralis Home Team a call today for more information about selling your home, your home value or available properties in the Greater Wilmington area.

We look forward to hearing from you!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
Wilmington Real Estate
Wilmington Homes for Sale
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It's a new year and for Delaware and Pennsylvania residents, both buyers and sellers, that means reevaluating their real estate goals and deciding when to jump on the opportunities currently available. But how can you be sure now is the best time? You can always count on the Kat Geralis Home Team to keep you updated with how the current real estate market is behaving in New Castle County. Take a look at the following statistics!

For the fourth quarter of 2016, there were 2,064 homes for sale— a 12.2 percent decrease in inventory from this time last year and a trend that we're seeing in many places around the country. The median sales price did post an increase of 4.4 percent to 224,883, however, and the number of home sales rose nearly 10 percent to 1,630 which proves that buyers are still out pushing up demand!

As you can see from the charts above, the average sales price in New Castle County for the fourth quarter rose 4.3 percent to $250,630 and also a plus for local home sellers, the percentage of the original price received comes in at 94.4 percent— a number that remains unchanged from this time last year. 

Inventory for the third quarter posted a 15.6% drop from the year prior, totaling a 3.8 months supply— but just remember, that did not stop buyers! The number of home sales still saw gains in 2016's fourth quarter! Given these statistics, you may notice that now is an excellent time to be a home seller in the New Castle County real estate market and with mortgage rates still at historic lows, you could sell your property successfully and move on for the perfect price!

While these updated statistics are informative, keep in mind that they are but a brief snapshot of levels in the local real estate market, so do not hesitate to contact us with any further questions you have!

The top-ranked Kat Geralis Home Team is here to help with all of your real estate goals this year, from selling your home in Greater Wilmington, Chester County or Delaware County PA to finding the next best property and moving on!

We look forward to hearing from you!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
Wilmington Real Estate
Wilmington Homes for Sale
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It may be difficult to begin thinking spring when the weather is still on the colder side here in Wilmington DE and Southeastern PA, but inside your home, there are a number of projects you can take on! It's never too early to tackle spring cleaning and if you're planning to sell your home in the Chester County or Delaware County PA area this year, buyers will certainly notice and appreciate your efforts!

Below are the most effective spring cleaning projects you can cross off of your list now in your Delaware and Pennsylvania home:

Clean the windows
Winter brings longer, darker days, but you would be amazed at how much of a difference a simple window washing can do for the light in your home. Clean every window inside and out—if possible—and while you're at it, take down the drapes and blinds and give them a thorough washing too.

Clean the carpets
Over the winter months, dirt, snow, grime and slush can take a toll on your flooring— especially carpet! Just imagine everything winter boots can track inside! Now is a great time to shampoo your carpets with a professional machine to eliminate all stains and spots and if you're trying to remove pet odors, sprinkle baking soda on the carpet, wait thirty minutes and then vacuum it up.

Clean tile grout
You may have grout in your bathroom and kitchen that has gone quite some time without being cleaned. Grab an old toothbrush, baking soda and spray bottle filled with white vinegar and set out to refresh these spaces! Simply rub the baking soda into the grout and then spray with the vinegar. Let it sit for a few minutes before wiping away with a damp sponge or scrubbing with the toothbrush.

Declutter every room
There's no need to head outside to do any spring cleaning— in fact, decluttering every room will make one of the biggest impacts on local buyers! Remove any lingering holiday decor or excessive knick knacks, say goodbye to old magazines and mail, and relocate shoes and outerwear that may be taking up space in your entryway. What's more, you will want to remove any large furniture that is blocking focal points like picture windows or a cozy fireplace.

Ready for a fresh start in a new home in 2017? Do not hesitate to give the Kat Geralis Home Team a call today! We can walk you through the selling process as well as provide helpful tips for making sure your home is buyer ready!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
Wilmington Real Estate
Wilmington Homes for Sale
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The idea of cutting your monthly mortgage payment down by refinancing your loan may sound intriguing to you as a Delaware or Southeastern Pennsylvania homeowner, but there is much more to consider before diving in. In fact, there are cases in which refinancing does not truly pay off for the homeowner. But don't worry! As your local real estate experts, you can count on the Kat Geralis Home Team to help you make the best decision for your situation. 

Below are four factors to consider before making the decision to refinance your mortgage: 

Refinancing is not free
Just as you likely paid some closing costs when you purchased your home in Wilmington, Newark and the surrounding areas, you will be required to again with refinancing. Closing costs are typically 2 to 5 percent of your loan amount and will need to be paid up front when you refinance. While your lender may offer a no closing costs refinance, be aware that it may come packaged with a higher interest rate. It's always wise to consider all of your options!

The savings should pay off quickly
When deciding if a refinance is right for you and your Delaware or Pennsylvania home, you need to look at the savings. Refinancing makes the most sense when your interest rate is more than 100 points above the current interest rates. The savings from your refinance should also recoup itself in under two years. For example, if your refinance cost you $2,800 and you end up saving $179 per month, the savings would be recouped in 15 months. It pays to crunch the numbers! 

You may be able to cancel PMI
As we've talked about in the past, private mortgage insurance (PMI) is required for buyers that put down less than 20 percent on their new home. However, if you've gained enough equity in your home over the past years, a refinance may mean you're able to cancel your PMI. Just remember the loan balance needs to be 80 percent or less of your home's value. 

Refinancing resets your loan
Perhaps one of the most important factors to consider is that a refinance is essentially hitting the reset button on your home loan. If you've had your loan for many years and have reached the point where you're paying down the principal instead of interest, refinancing may not be the best idea as you will likely reverse this dynamic.

Questions about selling your home in Greater Wilmington, Newark, Chester County or Delaware County PA? Do not hesitate to give the Kat Geralis Home Team a call today!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
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For Delaware and Pennsylvania residents, buyers and sellers alike, it is no secret that the real estate market is ever-changing. As always, if you've found yourself wondering how the current real estate market is behaving in New Castle County, you can count on the Kat Geralis Home Team to keep you updated with the latest statistics!

For the third quarter of 2016, there were 2,544 homes for sale— an 9 percent decrease in inventory from this time last year and a trend that continues around the country. However, the median sales price remains unchanged and the number of home sales (+0.1%) has slightly increased from this time in 2015!

And while the median sales price has not changed much from last year in New Castle County, the average sales price for the second quarter is up 1.8 percent to $251,112. But home sellers need not worry too much about lower inventory once again as the percentage of the original price received does come in at 95% (+0.2%)— up slightly from 2015!

As you can see from the graphics above, inventory for the third quarter posted a 12.4% drop from September 2015 to a 4.8 months supply—but home sales are still succeeding! Buyers are still present in the New Castle County real estate market and with mortgage rates still at historic lows, now is still a great time to move on to your dream home! Just remember, these updated statistics are a brief snapshot of levels in the local real estate market, so do not hesitate to contact us with any further questions you have!

Our top-ranked team is here to help with all of your real estate goals this year, from finding your dream home in Greater Wilmington, Chester County or Delaware County PA to selling your current home and moving on!

We look forward to hearing from you!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
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Summer is almost over, but that doesn't mean your chances of selling your Wilmington or Pennsylvania home are also dwindling. This summer has created the perfect environment for home sellers to find success and even, top dollar! So if you've been thinking about selling and the idea of waiting for fall crossed your mind, the Kat Geralis Home Team has provided five reasons why you will want to make it happen now!

There is high demand
With lower inventory, the ball is in the seller's court in Delaware and Pennsylvania! Buyer demand remains high, with buyers ready, motivated and financially able to purchase a home this summer. Listing your home now will allow you to take advantage of the demand in the real estate market.

The process will move quickly
Home sales have been on the rise— in fact, Fannie Mae recently announced that they expect home sales to outpace 2007 levels by late summer! Selling your Greater Wilmington, Chester County or Delaware County PA home now will allow you to avoid longer closing times caused by banks bogged down with loan applications. 

You have less competition
As I mentioned above, the real estate market is experiencing lower inventory than there has been in past months and for home sellers, that means less competition! But this won't last for long— many homeowners have been unable to sell in past years due to negative equity and are now ready to make a move. Soon these homes will make their way to the market and the number of choices for buyers will increase. Don't wait for more inventory to arrive before you list!

Now is the time to move up
Do you need a larger home with more space? There will not be a better time to move up in Delaware or Pennsylvania! Both mortgage rates and home prices are increasing and simply waiting to buy the same home a year from now will cost you significantly more than if you made the move today. Just remember, CoreLogic expects prices to appreciate by 5.3 percent over the next year. 

You're ready to go
If your current home just isn't cutting it anymore in terms of space or features or location, it's time to take advantage of what the real estate market has for you! 

Give the Kat Geralis Home Team a call today for more information about homes for sale in Chester County, Delaware County PA or Greater Wilmington DE. We're here to help!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
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Now that spring has arrived, many homeowners and potential homebuyers are wondering if now is the right time to make a move. The KG Home Team is always happy to provide information about the local real estate market, including these updated market statistics for New Castle County Delaware!

For the first quarter of 2016, there were 2,362 homes for sale— a 4.4 percent decrease in inventory from this time last year. And while New Castle County is indeed experiencing the low inventory that can be found throughout much of the country right now, both the sales prices of homes in the area and the number of closed sales are up from 2015! 

The average sales price for the first quarter of 2016 was $230,441—up 2.5 percent from last year—and the number of closed sales totaled 1,230— up 9 percent from last year! Home sellers in New Castle County DE were also reported to have received 93.5 percent of the original price at closing, which is an increase of .4 percent from 2015!

As you can see from the infographics above, buyer demand is high despite the lack of inventory in the local market; the first quarter is showing inventory at a 4.5 months supply, 15.9 percent lower than last year's inventory during the same time.

It is a great time to be a home seller in Greater Wilmington and Southeastern PA, with sales prices and closed sales increasing, in addition to a great time for buyers with mortgage rates still at historic lows! Remember, these updated statistics provide a brief snapshot of levels in the local real estate market, so do not hesitate to contact the KG Home Team with any questions about homes for sale in the area!

Our top-notch agents are here to help with any of your needs this year, from finding your dream home in Delaware or Pennsylvania to selling your current property! We look forward to hearing from you!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
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With the weather beginning to warm up and the official start of spring just a few weeks away, many homeowners in Wilmington and the Brandywine Valley are looking for ways to improve their property. But if you're one of those making a home to-do list this spring, it's important to consider the projects that will be worth your while in terms of boosting curb appeal and adding value.

Consider the following home projects that will pay off when it comes time to sell you home in the Greater Wilmington, DE area or surrounding counties in Pennsylvania.

Clean it up
Before you can start on improvement projects like adding new landscaping or painting the shutters, start by giving your home's exterior a good cleaning. Power wash away all of the grime, dirt and mildew that could have built up over the long winter. Wash the windows, inside and out, and don't forget to wash away any dust or dirt on the garage door. In some cases, simply washing your home can add thousands to the sale price.

Grab your paintbrush
Giving your home's exterior a fresh coat of paint might be just what you need to grab Greater Wilmington buyers' attention this spring. This is one of the easiest and most effective projects to complete—although it can be costly—as both the appraiser and buyer will see the value.

Groom the yard
Your home's lawn is a major focal point, especially in the spring. Take the weekend to clean up any branches and debris from around your home and groom any overgrown hedges, bushes, trees or plants that may give a Delaware or Pennsylvania buyer the wrong impression. 

Add new landscaping
Once your yard is cleaned up, you can start to plan for new flowers and other landscaping. Add fresh mulch around your trees, place a few pots filled with flowers by your front door and give your window boxes a fresh look. 

Replace fixtures
Do you have an old porch light that has a mind of its own? Now is the time to replace fixtures like outdoor lights, mailboxes and house numbers. These may be small touches, but they can have a big impact on giving your home an updated feel.

Questions about selling your home in Greater Wilmington? Wondering what your home might be worth in today's market? Give the KG Home Team a call today! We are here to help!

You can even download our FREE Home Seller e-Guide!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
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In past blog posts, I have shared Tell-Tale Signs It's Time to Sell Your Wilmington Home as well as 2 Ways to Sell Your Wilmington Home for Top Dollar. But the Groundhog made a very important prediction this past week and if we're truly in for an early spring in Delaware, homeowners will need a boost to list their properties before the season arrives!

We are less than six weeks away from the official beginning of spring and yet, the busy home buying season may be upon us sooner than we think! Many Wilmington area homeowners believe spring is one of the best times to sell, but these next few weeks also have their own set of advantages:

Less Competition
As I mentioned above, many homeowners think spring is the only time to sell a home successfully and as a result, there is a rush of new properties on the market when the new season rolls around. Listing your Greater Wilmington DE home now means you have less competition from the numerous sellers that will list their homes from March through June. What's more, there is a lack of inventory in the real estate market that has homebuyers desiring more to choose from. Placing your home on the market now could put you in the running for a quick sale if your property is what today's motivated buyers are looking for!

New Construction on the Rise
Getting closer to the spring season means more new construction of single-family homes in Delaware is beginning to increase. According to a new study by Harris Poll, 41 percent of buyers would prefer to buy a new home, while just 21 percent would buy an existing home. Listing your home now could mean less competition among new construction properties as well!

Strong Buyer Demand
Buyers no longer hibernate during the winter months and as a home seller, you shouldn't either! Foot traffic shows buyers are still out looking for homes now and in addition, browsing properties online, on mobile apps and in email listing alerts.

Moving Up Will Cost You Later
If you're planning to move to a larger home in the Greater Wilmington area soon, you might like to do so sooner rather than later. Prices are expected to rise by 5.4 percent over the next year and waiting to purchase a new home could end up costing you more in both your down payment and potential mortgage payment. It is also not guaranteed that mortgage rates will remain this low for the remainder of the year— listing your home now is a wise way to get things moving.

The KG Home Team has been voted a 5 Star Real Estate Agent year after year and consistently ranks in the Top 1% of REALTORS in the State of Delaware. Let us be your guide as you consider moving to a new home this year!

We look forward to hearing from you!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
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2016 is already being heralded as a breakout year for homebuyers in New Castle County. Whether or not it's your first time buying a home, current real estate market conditions—like low mortgage rates and increasingly high rents—are contributing to this year being an optimal time to make that move and become a homeowner in the Wilmington area. 

It's also shaping up to be an excellent year for current homeowners! In fact, the lower number of homes currently for sale will give new Wilmington DE home sellers the chance to give their property more attention in a market with high demand. 

Of course, market conditions will vary by location, but according to the latest real estate market statistics, here's what we have been seeing in New Castle County:

December saw an increase in both the median sales price, coming in at $215,000 and a 7.5% change over December 2014, and average sales price, coming in at $234,000 and a change of 1.3% from the previous year. The number of closed sales also rose to 441, up 5.3% from the year prior. 

However, as mentioned above, buyers in the market will be met with fewer choices as inventory trends lower. There were 2,142 active single-family homes for sale in December in New Castle County, a volume nearly 5 percent lower than the year prior. 

If you're wondering about the first steps to take toward buying a home or would simply like more information about available properties in the Wilmington or Newark area, do not hesitate to reach out to us! The KG Home Team has been voted a 5 Star Real Estate Agent year after year and we are here to help make the process as easy as possible!

We look forward to hearing from you!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
Contact Me
Find me on Facebook