Kat Geralis Home Team Wilmington DE Real Estate News Archives

Buying a home in Greater Wilmington, Chester County and Delaware County PA can be both an exciting and overwhelming process. In fact, it's easy for buyers to get so caught up in the commotion of finding the perfect property, applying for a mortgage and securing a loan that they forget to ask their real estate agent important questions.

As your local real estate experts in Delaware and Pennsylvania, the Kat Geralis Home Team has provided five essential questions to ask your agent before buying a home— a few you may be inclined to overlook in all of the home buying hustle!

Has the home had any upgrades, major renovations or additions?
If the sellers of a home in Wilmington, Newark or the surrounding areas have made any major changes, you will want to know what they did and how much it cost them. Why? This gives you a sense of how much money they have invested into the property and how much they intend to get out of it in the sale. And before you begin to stress about having to match what they spent on the upgrades, keep in mind that return on investment varies by which renovation or upgrade was made.

What is the home's history?
Before you purchase a home, you will want to research its sales history. Find out the last time the home sold and how much it sold for in order to get an idea of what the sellers may expect a buyer to pay. However, it's also key to remember that home values are based on comparable properties and the current market which could be quite different depending on the last time the property was for sale.

How old are the major features?
Home features like the roof, furnace, A/C, plumbing and electrical are all crucial to research prior to signing on the dotted line for a home. These can all be quite costly to fix should any problems arise, so you will want to know their age and if they've been repaired or replaced recently.

What are the property taxes?
The property taxes of a home in Greater Wilmington DE, Chester County and Delaware County PA can make a big impact on your mortgage payment— so budget accordingly! Take into account what the sellers paid, but also remember that these are based on the value of the home which could be affected by your ultimate purchase price.

How much are the monthly maintenance fees?
If you're looking into buying a townhouse, condominium or single-family home in a homeowners association, take the time to research their monthly fees. You can also ask the sellers in advance what the average utility bills look like in order to factor them into your budget.

Wondering what else you're forgetting to ask when house-hunting in Delaware and Pennsylvania? Give the Kat Geralis Home Team a call! We will ensure all of your questions are met and you are prepared with all of the necessary information to avoid any later hiccups in the homebuying process.

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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For those gearing up to buy a home in Greater Wilmington or Southeastern Pennsylvania, the down payment may be the one factor that's slowing down your momentum. However, the days of 20 percent down or no deal are gone! Homebuyers today can purchase a home with as little as 3 to 5 percent down— cutting down on the time it will take to save.

But if you're still worried about how you can possibly save enough to buy your dream home in Wilmington or Newark, Chester County or Delaware County PA, the KG Home Team has provided a few ideas! Consider the following four ways you can save for a down payment this year:

Cut out your daily coffee trip
Do you make a trip to the coffee shop every day before work? Or do you rely on a coffee pick-me-up in the afternoons? Simply cutting out this seemingly inexpensive habit can have a big impact on your down payment savings. With the average price of a latte around $3.50 and paying for coffee every work day, you are spending almost $1,000 a year!

Why not take the amount you would spend and open a down payment savings? At the end of the year, you could be well on your way to purchasing a home!

Cut out your gym membership
While you're saving for a home in Delaware or Pennsylvania, you might like to consider cutting out your expensive gym membership. There are always ways you can keep up on your fitness outside of the gym as you're preparing to become a homeowner! For example, with the average cost of a gym membership around $50 per month, you could save around $600 toward your next home!

Cut your cable package
One of the priciest monthly expenses you may have is your cable package. The average monthly cable bill can total $100, which means you could be spending close to $1,200 alone on TV! Think of what that amount could add to your down payment savings!

Cut your daily lunch expense
If every day around lunch time has you heading to a nearby restaurant or take-out spot with co-workers, you might want to think twice. Spending an average of $11 per day on lunch, 5 days per week, adds up to $2,860 per year! 

Adding each of these together, you could have a down payment quicker than you thought and be ready to purchase a home as early as next year or even the next few months! Do not hesitate to give the ​KG Home Team a call with any questions you have about buying a home in the Wilmington or Newark areas, Chester County or Delaware County PA!

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

Homebuyers in today's real estate market may have fewer properties to choose from than they have in the past, but they do have two important choices— existing home or new construction. Existing, as you may have guessed, are lived-in homes while new construction offers the option to be the first owner, occupant and at times, choose your own fixtures and features.

New construction homes are growing increasingly more appealing to buyers in Greater Wilmington and Southeastern Pennsylvania, but many do not know the first place to start. As your local real estate expert in Wilmington and Newark DE, Chester County and Delaware County PA, I am sharing three things to keep in mind if you're considering a brand-new home this year:

1. New construction homes are not always listed
Finding homes for sale in Delaware and Pennsylvania can be done easily online, but know that new construction properties are not always listed in the MLS. If you are interested in a new home, it is best to work with your real estate agent to gather all possible options that may not be present via a home search.

2. Builders do not have an attachment to the properties
A home seller in an existing property often has lived there for many years and has dozens of memories tied to the place. As a result, you may find that the home price is too high or other questions or issues come up when working with the owner, simply because they are not ready to let it go or are having a hard time doing so. 

With new construction homes, there is no emotional attachment to the property. In fact, your financial situation and negotiations on behalf of your agent are all that the builder (or sales rep) will focus on when selling.

3. Discounts may be available
Your real estate agent will know how—and if— you can negotiate discounts when purchasing a new construction home in Wilmington or Newark DE, Chester County or Delaware County PA. For instance, discounts may be available to buyers that get into contract early on in the sales process or at the end, when upgrade packages can be worked into the deal. 

If you're interested in buying a new construction home this year, the KG Home Team is on your side! We will work on your behalf, with your best interests in mind— unlike buyers who work directly with a builder. Contact us today for more information on available properties and the current real estate market. 

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

When it comes to buying a home in Wilmington, Delaware and the surrounding communities, many do not know what is actually involved. From how much of a down payment you need to your credit score, numerous would-be buyers hold off as they do not think they will qualify. 

But that shouldn't stop you this year as the KG Home Team will walk you through everything you need, including the factors mentioned above, and these 5 documents that will be necessary to move forward with your Wilmington DE, Chester County or Delaware County PA home purchase:

Recent paychecks
When determining your ability to take on a mortgage, your Delaware or Pennsylvania lender will want to see proof of income. In most cases, your last two pay stubs will do the trick! In others, they may want as much as two years worth, so be prepared!

Proof of debts
Lenders will also want to know how much you have in debt, including credit cards, student loans and car loans. Leaving any debts out can cause your approval to be delayed or worse, rejected.

Bank statements
Homebuyers are typically required to provide bank statements to their lender as part of the standard procedure. Lenders will check that all income and financial transfers were completed legally.

Pre-approval letter
We have stated in the past that a pre-approval can speed things along, especially when competing with other buyers for your dream home in Wilmington or Newark. This document details how much home you can afford and proves your buying power.

Proof of insurance
After you've put an offer on a home in Greater Wilmington, you will need to provide proof of homeowner's insurance. Printed copies of the policies will do as your lender will need to keep these on file.

Do not let your previous ideas about what is required to purchase a home hold you back this year! The KG Home Team is here to answer any questions you have and walk you through the process as seamlessly as possible! We even offer a FREE Homebuyer E-Guide!

Give us a call today!

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

What many homeowners may not realize is that the late fall and winter can bring more success in selling your home than any other season! In fact, you may find that you sell your Wilmington area home for more money during these seasons. 

But how? What are the secrets to selling your Delaware home for top dollar? Aside from partnering with the right real estate agent, it's all in the details. The KG Home Team is happy to share a few tips for making the most of your home sale this year— and as always feel free to reach out to us with any questions!

Price It Slightly Low
Many homeowners think that the key to leaving room for negotiations is pricing their home over market value. However, what this actually does is lessen the demand for your home. Pricing should be done in order to maximize demand for your Wilmington DE home. This way, you may actually have multiple buyers bidding on your home instead of just one trying to negotiate the price.

Buyers today tend to be well-informed and pricing your home either at or just below market value will have them sensing a deal. They are more likely to bid on a Delaware home that is priced slightly on the lower side, especially given low inventory in many local real estate markets.

Work with a Real Estate Professional
When selling your home, you may get the idea that doing it yourself and forgoing a real estate agent will save you money. However, the exact opposite is true! Homes typically sell for more money when sold by a real estate agent than by sellers trying to avoid paying a commission. 

For instance, the Economists' Outlook Blog reported that the median selling price for all For Sale By Owner (FSBO) homes last year was $210,000. However, those homes sold with the help of a real estate agent had a median selling price of $249,000— just about $40,000 more than those that went the FSBO route!

We are here to help you achieve home sale success, so before you put selling your home on the back burner—waiting until spring or summer to list—remember these expert tips for scoring top dollar! Pricing your home just below market value can drive up demand and it always pays to work with a real estate agent. 

Overwhelmed in looking for an agent in the Greater Wilmington area? Just look what our clients are saying about us!

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

If you have been holding off on selling your Wilmington Delaware home due to your equity position, you may want to think again. According to the latest 2015 2nd Quarter Equity Report from CoreLogic, 91 percent of all mortgaged properties in the country are now in a positive equity position. 

The negative equity situation that plagued many homeowners over the past years is gone. Rapidly rising home prices are the main reason for this improvement, which also reflects the increase in income and cash flow into households.

And while this is excellent news for the financial wellbeing of Wilmington DE homeowners, many do not realize that their equity stance has changed. For example, a Fannie Mae study found that 23 percent of Americans still believe their home is in a position of negative equity, when in fact, only 9 percent of homes remain in a negative position.

In the same study, only 37 percent of Americans were found to realize their "significant equity" position, even though 69 percent of homes fall into that category.

What does that mean for Wilmington and Newark area homeowners? The findings all point to the fact that nearly half of all homeowners are not aware of their equity situation. And with many holding significant equity, these homeowners could easily move on to a home that better meets their needs, whether that be a larger or smaller home.

These homeowners also have a wealth of opportunities available to them:

• They are able to make a larger down payment with their home equity
• They improve their chances of qualifying for a mortgage
• Ample opportunities for selling their current home and buying different homes

So if you've been dreaming of selling your home in the Greater Wilmington area this year, do not hesitate to contact the Kat Geralis Home Team! Recognized as the #4 Ranked Agent in Delaware by REAL Trends "America's Best Agents" List in The Wall Street Journal, our team can help you sell your current home and find a property that better meets your needs!

We look forward to hearing from you!

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Did you know 2 out of 3 people looking for a real estate professional research them extensively prior to working with them? And one of the first places they look is Facebook! Facebook is a great place to learn more about the real estate market and also check up on the agent you are considering to help buy or sell your home. 

Pay close attention to these things on an agent's Facebook page when researching and you will avoid feelings of choosing the wrong one down the road.

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

Buying a home now offers many opportunities to Wilmington area homebuyers, especially given that mortgage rates still reside at historically low levels! And while the real estate market continues to evolve in New Castle County, here's what has been happening over the past quarter.

The third quarter saw an increase in median sales prices, rising to $247,408— up over 3 percent from last year. The number of closed sales on Wilmington DE area homes also continues to rise—a total of 1,770 homes closed in this quarter—up nearly 19 percent from this time one year ago.

And while these factors all point to a returning, healthier real estate market, buyers in the Greater Wilmington area will still be met with low inventory as they conduct their home search. The number of homes for sale saw a decline of around 9 percent, to 2,602 homes. Inventory also remains around a 5 months supply, down 22 percent from this time last year.

There are still numerous benefits to be rewarded from buying a home during this time of year, so do not hesitate to contact the Kat Geralis Home Team! As a top-ranked team in Wilmington, DE, we can answer any questions you have about the real estate market, buying or selling a home! 

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

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As you contemplate whether now is a good time to buy a home, consider this— Where will home prices be next year? Waiting to buy can end up costing you much more than if you took advantage of real estate market conditions at the present time. Home prices are projected to continue rising through 2016, up nearly two percentage points from current prices in Delaware.

For first-time homebuyers in the Greater Wilmington area today, it can be difficult to identify a "good time" to buy a home. However, the answer is fairly simple. If you are currently renting, it's any time! Not only does homeownership come with numerous benefits, but gives your net worth a boost and builds your long-term personal wealth— something renting cannot help you achieve.

According to a new New York Times editorial called "Homeownership and Wealth Creation," it is explained that the "net worth of homeowners over time has significantly outpaced that of renters, who tend as a group to accumulate little if any wealth."

The study also found that the average net worth of a homeowner is $194,500 versus that of a renter at $5,400. In other words, the average net worth of a homeowner is 36 times greater than that of a renter! Expanding on these figures, the National Association of Realtors (NAR) projected that a typical homeowner will have nearly 41 times the net worth of a renter at the end of this year.

Wilmington, DE area homebuyers still on the fence about buying a home would be wise to consider the many ways homeownership is an investment in your future. For instance, consider the following financial reasons to purchase a home: 

• You are paying your own mortgage
  When you rent a home in Wilmington or Newark, you are paying down your landlord's principal, not your own.
   
• You are saving money
  With the rising costs of rent, purchasing a home in New Castle County can actually save you money in the long run. In addition, homeownership is a form of forced savings!
   
• There are tax benefits
  Did you know that homeowners are able to deduct mortgage interest and property taxes from their income? They are also able to exclude gains of up to $500,000 for married couples and $250,000 for single tax filers if they sell their home for a gain.

Regardless if you rent or buy, you have a monthly housing payment. Why not make the most of it? Mortgage rates are currently hovering under the 4 percent mark, but are not expected to stay that way for long! Purchasing a Wilmington area home now will not only guarantee that you lock in a low rate, but set you on the path toward building your net worth.

As a top-ranked real estate team in Delaware, the Kat Geralis Home Team can help you find the home that best fits your needs and budget this year. We even offer FREE First-Time Homebuyer Seminars!

Give us a call today!

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Dozens of headlines lately have warned renters of the rising costs headed their way! Outlets like Business Insider have reported "soaring rents are a problem that will only get worse" along with Bloomberg Business and CBNC advising renters to "get ready to take it on the chin." 

A new study also claims the number of households spending 50 percent or more of their income on rent is expected to rise over 10 percent within the next 10 years. If you're thinking about buying a home and are financially prepared to do so, it would be best to do so now rather than later!

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

Preparing to buy a home in Wilmington, DE can be overwhelming, there's no doubt about it. There is much to do to get ready— from grooming your credit score to researching your budget to scouting potential neighborhoods to saving for a down payment. However, if you've been waiting to purchase a home until you have a larger down payment, you may be surprised to learn it may not actually save you money. 

In considering the following, it is evident that putting down the ideal 20 percent can help you save on your monthly mortgage payment right now:

On a $200,000 Home
Down Payment: 5 percent ($10,000)
Loan Amount: $190,000
Interest Rate: 4.5 percent
Private Mortgage Insurance: $80
Monthly Payment: $1,043

Versus

On a $200,000 Home
Down Payment: 20 percent ($40,000)
Loan Amount: $160,000
Interest Rate: 4.5 percent
Private Mortgage Insurance: $0
Monthly Payment: $810

But will the same be true if you wait to purchase a home in the Greater Wilmington area? While you might believe it's best to wait until you have saved 20 percent of a New Castle County home's price to buy, what's more important to consider is the amount of time it will take you to do so. 

Home values are projected to increase by 4.3 percent over the next twelve months and the amount of money you would have saved by avoiding private mortgage insurance (PMI) could actually be surpassed by the amount of money you end up paying for the home. 

Consider the extra costs of PMI now compared to the projected appreciation over the next year:

PMI costs over the next 12 months: $2,793
Appreciation over the next 12 months: $8,600 
The difference: $5,807

20 percent down is required to avoid PMI, but it is not required to obtain all home loans. There are many mortgage programs in place that allow Wilmington buyers to put down as little as 3 percent on a new home!

Contact the KG Home Team today to discuss how you can save money by purchasing a home this fall! We look forward to hearing from you!

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The majority of homebuyers today do not know what it takes to qualify for a mortgage and as a result, may be struggling to save a 20 percent down payment to purchase a home. Keep in mind that homeownership does come with costs, but the cost of waiting also needs to be a factor in your timeline! Waiting to save a down payment or come up with a "rainy day fund" for expenses and repairs is not always the best decision, especially given currently low mortgage rates. 

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

In a past blog post, we shared how to find the right mortgage for your personal situation, but do you know what it takes to get there? Many Delaware homebuyers in today's real estate market do not know what is necessary to qualify for a mortgage and as a result, avoid purchasing a home altogether.

But the KG Home Team is here to help! Do not let your ideas about qualifying for a mortgage keep you from taking advantage of the currently low interest rates and opportunities the upcoming fall season can bring.

Consider the following your checklist for preparing to buy a home in the Greater Wilmington area this year:

Credit Score
A large amount of today's homebuyers believe you need perfect credit to buy a home in Wilmington, DE, but that is just not the case. With a credit score of 720 or higher, you will be eligible for the best mortgage rates. However, a lower score can also allow you to qualify for a mortgage loan. The best idea is to meet with your lender to discuss your options and how a down payment can help your approval.

Down Payment
While there are loan programs in place that allow buyers to purchase a home with zero percent down, it is a good idea to meet your lender with a down payment saved. Your loan-to-value ratio (LTV) is another factor that determines your eligibility and the more favorable the ratio (how much the property is worth to how much you plan to borrow), the more qualified you will become.

Solid Employment History
Your job history is just as important as the aforementioned requirements as it tells the lender you are able to repay the loan. Homebuyers in Wilmington and Newark who have been at the same job for two years or more will help the process to move along with less bumps than someone who frequently hops from job to job. 

Lower Debt-to-Income Ratio
Lenders will want to know your total monthly debts, including car loans, rent or other mortgage, credit card bills and student loans. This plays a part in your debt-to-income ratio (DTI) and should not account for more than 40 percent of your monthly income. If yours is too high, take the time to pay down high interest credit cards or loans.

Budget Range Idea
Working with a mortgage calculator is one way to find how much home you can comfortably afford. Input numbers like down payment, private mortgage insurance (PMI) if your down payment is less than 20 percent, homeowner's insurance and taxes. After adjusting these numbers, you should be able to find where you'd like to be in terms of monthly payment and either work toward that amount by further saving or visit with your lender to discuss loan programs.

As your local real estate experts in Wilmington, DE, we are here to help you prepare to buy a home this year! Contact us today with any questions you might have! We even offer FREE first-time homebuyer seminars!

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The New York Times agrees that homeownership is one of the best ways to build wealth! For instance, did you know that the average net worth of a homeowner is 36x greater than that of a renter? And now, buying a home while interest rates are low can help you get started building your financial legacy on the right foot!

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