Kat Geralis Home Team Wilmington DE Real Estate News Archives

Once you've found your dream home in Chester County or Delaware County PA, Wilmington or Newark DE, it can be hard to erase the picture from your mind. You start to envision yourself living in the space, how your furniture will fit, and what paint colors you will choose. But in today's real estate market, you may find yourself competing with cash buyers who can snag the home quicker and easier than those with financing. 

You will need an edge to land the property over those cash buyers and below are a few ways for you to do just that:

Be straightforward about your finances
Sellers often accept cash deals as every aspect of the transaction is laid out on the table for them to see. As a buyer with financing, it is essential that you do the same if you are to compete with cash buyers. Be straightforward with your finances— provide a pre-approval letter, allow your lender to provide financial details with your offer so the seller can feel confident in accepting it. Documents like bank statements and credit reports can allow the seller to see exactly what you have to back up your offer and feel it is just as sound as a cash offer.

Speed up the loan process
Ask your lender how quickly they can turn around the loan as many cash deals close quickly without having to go through this step. In some scenarios, loans can be turned around in as little as 14 days. Even better, if you can speed up the appraisal contingency and get the appraiser to the property fast, sellers may be more willing to accept your offer.

Speed up the inspection
Sellers in Wilmington DE and Southeastern PA want to close the deal as efficiently as possible and for top dollar. To this effect, if you can also get your inspector to the property within days after your accepted offer, they can feel more confident that there will be no hiccups in the process.

Offer more
In some cases, if you don't want to risk losing the home to a cash buyer, you can offer more than what you think the home is worth. Cash buyers will oftentimes offer a lesser amount because of the lack of hurdles sellers will have to jump, so if you can top the cash offer, you may put yourself in a better position to win the property! Depending on how much more you offer, the increase likely won't change your mortgage payment much over the life of the loan. 

Be personal
You have probably heard stories of buyers writing sellers letters in an attempt to make their offer stand out. If the home you're bidding on is indeed your dream home, what could it hurt? Be personal with the sellers and make yourself known, you never know if your letter detailing what you love about the property or details about your family could put the ball in your court.

As your local real estate experts in Greater Wilmington and Southeastern PA, you can count on the Kat Geralis Home Team to help you secure your dream home, whether you're using financing to buy or cash. Give us 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
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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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Contact Me
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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
Find me on Facebook

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

When shopping for a home in Greater Wilmington and Southeastern Pennsylvania, you likely have a long list of must-haves to check off of your list. Examining everything from the number of bedrooms to the yard size becomes a priority and it is easy to overlook other important features like the resale value or even your commute time. 

As your local real estate experts in Wilmington DE and Newark DE, the Kat Geralis Home Team has included five things you will not want to overlook as you prepare to buy a home this year:

Resale value
Even though you're looking at homes for right now, it's important to look ahead for the purposes of resale value. If there is a feature of the house that doesn't bother you, but may bother another homeowner, you will want to decide if you're willing to fix it (and the costs) or if it will potentially affect your resale. 

Neighborhood at night
You may love the neighborhood a certain property in Greater Wilmington DE is in, but what about what the area looks like in the morning or at night? What is the noise like once everyone is home from work and school? Is there more traffic noise at a specific time you will need to consider? If you're interested in a home, visit at all hours of the day to get a good idea of what you'd be buying into.

Commute time
Buying a home in a new location of Chester County or Delaware County PA means the distance to your workplace may be longer. Before you jump into the mortgage application process and commit to a new property, factor in how long it will take you to get to work each day.

Bedrooms to bathrooms
The number of bedrooms in a new home in Delaware or Southeastern Pennsylvania is likely one of the first things you check for, but you'll also want to look into the number of bathrooms. Many bedrooms and one single bathroom could be problematic for families— or if you host guests often, you may want a powder bath available to keep your own bathroom private.

Room to grow
As I mentioned above with resale value, homebuyers should always be thinking one step ahead. Consider how much space a potential home has for your growing family or if you may need more storage in the future. The last thing you want to overlook is a lack of space and find you have to move sooner than you had hoped.

Give the Kat Geralis Home Team a call today for more information about homes for sale in Greater Wilmington Delaware or Southeastern Pennsylvania!

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

Whether you've just started house-hunting in Greater Wilmington or Southeastern Pennsylvania or have already found your dream home, the next step is moving on to the mortgage application. Starting early is key as you may need to amend your credit report errors and score in order to increase your chances of approval with your lender. And what's more, there are certain types of debt that will have a major impact on your ability to secure the loan.

Below are three types of debt that will affect your mortgage approval in Wilmington, Newark, and beyond:

Student Loans
While they are considered unsecured debt, student loans are not necessarily harmful to your credit score if you make your payments on time. In fact, because of the lengths of the loans, they may even help to boost your score! Just keep in mind that these do affect your debt-to-income ratio (DTI), so a large loan amount may have an impact on the outcome.

Auto Loans
These loans are considered secured debt as the bank can take ownership of your vehicle if you don't pay on time. Auto loans are also harder to get approved for than credit cards, so lenders may look kindly upon the fact that you've already been approved for one.

Existing Mortgages
Mortgage loans also fall into the secured debt category as the bank can take ownership of your property should you not be able to pay. It's important to not miss a payment as this can ultimately cause a lender to turn you down for a new loan, however, if you make payments on time, a mortgage can boost your credit score! Existing mortgages play a major role in your DTI, so if possible, try to pay down as much as you can before taking out another.

Do not hesitate to contact the Kat Geralis Home Team with any questions you have about the mortgage approval process, available properties in the area, or the local market! We're here to help!

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

As a buyer in Delaware or Southeastern Pennsylvania, it is essential to consider all costs association with your new home. Everything from maintenance to renovation, repairs and closing costs should be factored in to ensure that you do not have any surprises or worries down the road. But if you're purchasing a new construction home in the Greater Wilmington area, it's also important to be aware of the costs you'll have after the closing.

Below are four costs you will have after the purchase of your new construction home in Greater Wilmington, Chester County or Delaware County PA: 

Utilities
Yes, all homeowners will have utilities to factor into their budget, but if you're moving up to a larger home, you will need to research how much more yours will cost. If you're relocating to Delaware or Pennsylvania, you may also have a deposit or set-up fee for installing new services like cable or bringing in new equipment that may have already been in place in an existing home.

Window Coverings
Remember that when you purchase a new construction home, you are the first owner! There are no window coverings to work into your offer. You will want to take measurements of the windows and note how many when adding up your costs. Plus, it's key to start early as lead time for receiving new window coverings could take longer than expected, leaving you with no privacy upon move-in!

Appliances
With some builders, you will be able to work an appliance package into the overall purchase price of the property. However, that is not always the case! After you've inquired with the builder about what is and is not included in the price, it's time to sit down and decide all of the appliances you will need and how much they will run you. You will want these in place on your move-in date!

Landscaping
You've probably been dreaming about the interior of your new Delaware or Southeastern PA home and as a result, the exterior has not even crossed your mind. Landscaping outside of your new construction home may look pristine, but is the backyard on the same level? Make sure you know if the landscaping will be finished by the builder or if that is an additional cost for you. What's more, if you will live in a homeowners' association, note if there is a timeline to have landscaping completed. 

Does a new construction home feel like the best fit for you this year? Give the Kat Geralis Home Team  a call today for more information about available properties or how you can get started on your home buying journey!

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

In a previous blog post, we discussed how important the home inspection can be to the process of buying a home in Delaware and Pennsylvania. Now it's time to move on to the next step on your journey to becoming a homeowner— negotiating repairs! What many buyers don't understand is that negotiating can be done long before you even get to the closing table to sign the contract and it's important that you consider the following ways to come away with the best possible deal.

Below are three ways you can negotiate repairs after the home inspection in Greater Wilmington and Southeastern Pennsylvania:

Ask for a credit for work needed
If you put yourself in the seller's shoes for a moment, you will quickly recognize that they are ready to move on and likely do not want to do any repair work on their home prior to leaving. You can ask for a credit when you close to complete the necessary projects yourself. After all, you will probably give much more attention to the work as the new owner than someone exiting the property would.

Think ahead
Regardless if you plan to renovate the kitchen after you move-in, the repairs the space may need are still up for negotiation! For instance, the floor tile may need replacing, but if you have an overhaul on the books, you don't really mind. No matter— you can always ask the seller for a credit to fix any problems in the home as they will help to offset your total closing costs.

Don't go overboard
Keep in mind that the home inspection could come back perfect and in that case, there is nothing to negotiate. If you insist on negotiating repairs anyway, in an attempt to make back what you didn't get in the initial price negotiations, you could risk turning off the seller and them moving on to the next buyer. Listen to your real estate agent about places you can negotiate, but don't go so far where you risk canceling the deal.

The homebuying process can seem overwhelming, but remember that your Kat Geralis Home Team agent is here to negotiate on your behalf and work for you! Give us a call today with any questions you may have about buying a home this year.

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