Kat Geralis Home Team Wilmington DE Real Estate News Archives

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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Whether you're relocating to the Greater Wilmington area for work or simply ready to move to a new home, there are dozens of factors that help to determine the location of your next home. And as the spring real estate market begins to heat up in Delaware and Southeastern Pennsylvania, you will want to make sure you cover all of your bases before deciding on a property.

Below are four factors that Wilmington DE, Chester County and Delaware County PA homebuyers will need to look into further before purchasing a home in a given neighborhood:

Crime statistics
In your home search in Greater Wilmington, you may have found a home that looks perfect— but how much do you really know about the area? It's important to research crime statistics before falling in love with a property and lucky for buyers, it's relatively easy to do. Local government websites typically keep a crime database where residents can look into crimes on a specific street or in a specific area. You can also break the crimes down by type so you can determine the seriousness of each. 

School districts
Homebuyers with children will be increasingly concerned about the school district a Delaware or Pennsylvania home falls into. Compare homes across school districts and keep in mind that those in great districts tend to appreciate faster and could help you sell quickly in the future.

Property taxes
Before you decide to purchase a home in Wilmington, you will need to consider all factors surrounding the property, including property taxes. Include down payment, closing costs, and annual property taxes into your budget to get a better idea of how much home you can afford. It is also wise to compare property taxes in different areas to see how they differ and which realistically fit into your price range.

Your credit score
We've mentioned in the past the importance of your credit score when buying a home. For instance, the better the score, the better the loan terms and lower mortgage rate you may be able to secure. As you search for homes in Delaware and Pennsylvania, especially keeping certain neighborhoods in mind, decide if you will need to raise your score to keep your mortgage both affordable and attainable. Sooner is always better when it comes to improving your credit score!

Do you have questions about which neighborhood might be the best fit for you? The KG Home Team has years of expertise in helping Wilmington, Chester County and Delaware County PA buyers find the best home and we are happy to help!

Give us a call today!

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
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The new year is here and it's time to kick those winter blues that may be starting to drift in after the busy holiday season! But lucky for you, the Greater Wilmington area has many fun events and activities to take advantage of this month that will keep them out of sight.

The KG Home Team is happy to share just a few of the many ways you can get out and explore Wilmington and Newark DE in January— Be sure to add the following to your calendar:

Riverfront Ice Skating
When: Through February 28, 2016
Times: Monday through Thursday 4 PM to 9 PM, Friday 4 PM to 10 PM, Saturday 11 AM to 10 PM and Sunday 11 AM to 9 PM
Where: Riverfront Wilmington, Wilmington DE

Don't let the colder temperatures keep you inside when you can enjoy the beautiful Wilmington Riverfront during the winter months! The Horizon Riverfront Rink is sponsored by local businesses and through the end of February, offers a fun activity the whole family can enjoy! The rink can be found in the Justison Landing Green at 308 Justison Landing. Skate rental is $3 per pair and admission is $5 for children 12 and under, $8 for ages 13 and up.

​Band of the Royal Marines
When: January 13, 2016; 8 PM
Where: Grand Opera House, Wilmington DE

The Royal Marines Band, wearing their iconic white helmets, presents some of the most memorable drills, music and visual performances you will ever see. The band will perform classics, Big Band, contemporary pieces and even solo numbers in this January event (their first US tour ever!) at the Grand Opera House. You won't want to miss this as the Royal Marines Band is one of the most versatile and skilled ensembles in military music!

2016 Wilmington Coin Show
When: January 14 through 16, 2016; 10 AM to 6 PM
Where: Nur Shrine Temple, New Castle DE

There is free admission to the 2016 Wilmington Coin Show where over 50 dealers will display US, world, ancient, currency, tokens, medals and more!

Downtown Newark Restaurant Week
When: January 18 through 24, 2016
Where: Downtown Newark, Newark DE

A great opportunity to explore not only Newark, but the local restaurant scene! Participating locations will offer two and three course prix menus for both lunch and dinner, ranging in price from $10 two-course lunches to $28 three-course dinners.

Delaware Symphony Orchestra Chamber Series
When: January 26, 2016; 8 PM
Where: Hotel DuPont, Wilmington DE

Enjoy a night surrounded by the sounds of Beethoven, Mozart and Schoenberg as performed by the Delaware Symphony Orchestra conducted by David Amado.

We hope you are enjoying your start to 2016 and as always, feel free to reach out with any questions about the Wilmington area real estate market, buying a home or selling your current property!

We can help you make this your best year yet by settling into a fresh, new space. We even offer FREE First Time Homebuyer Seminars!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
Contact Me
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We all know schedules can get a bit hectic during the holiday season and before you know it, your guests have arrived at the door! There is no better time than now to get your Wilmington DE area home in order for hosting holiday gatherings this year, no matter how many you plan to have in attendance. The best way to avoid any last minute headaches? Take it one room at a time and the earlier you can begin, the better! 

Consider these following five tasks your go-to list for holiday home prep and enjoy the season without any homeowner hassles!

Clean out the closets
Give your guests more room to hang their coats and store their belongings by purging your closets. In doing so, you can also make space for any gifts you receive or need to store before your holiday events. Start with coat closets and move on to your bedrooms as the former can be the easiest to clean out.

Touch up walls and doors
Throughout the year, your Wilmington home can acquire smudges, spots and paint chips. Now is the time to touch them up, even before you deck the halls with holiday decor! Small sponge blocks can quickly remove smudges from walls, bathroom tile, flooring and even appliances. The last thing you want in your holiday photos are scuffs in the background!

Clean your appliances
During the holidays, the focus shifts from living spaces to the kitchen and dining room. You'll likely be cooking up a storm if you're hosting guests—or at least eating at your table—so spend some time addressing dirty appliances and dusty dining rooms. It is fine to scrub the inside of your oven and stovetop prior to cooking your holiday meal, but do not self-clean until afterward! One of the main causes of oven breakdowns during the holidays is that self-cleaning button.

Clean your chimney
Gathering around the fireplace is a holiday favorite, so make sure yours has been cleaned this year! A local chimney sweep will remove soot and creosote— residue that can cause fires. While you're on this task, also spring for changing your furnace filter if you haven't yet. Experts recommend cleaning your furnace every four to six weeks to ensure optimal energy efficiency.

Winterize your entryway
As you welcome guests into your home, their boots and shoes will need somewhere to gather! If you store shoes in the entryway, add mats for your guests to wipe their feet when they come inside. Mats will also keep your floors cleaner longer as the snow and dirt can collect here rather than on your wood or carpet.

The Kat Geralis Home Team wishes you a happy holiday season and as always, feel free to reach out to us with any questions you have about buying or selling a home in the Greater Wilmington area!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
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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

The holiday season is upon us! In just two short weeks, Wilmington area residents will be opening their homes for Thanksgiving, roasting their turkeys and maybe even stringing up twinkle lights in anticipation of the holidays to come!

But before we get too far into November, the KG Home Team would like to share a few festivities happening around Greater Wilmington that you can plan to attend with the whole family. This is a beautiful time of year in Delaware, so why not get out and enjoy it?

Nemours Mansion and Gardens Holiday Tours
When: Every Sunday, Tuesday, Wednesday, Thursday, Friday and Saturday — November 7 through December 31, 2015 
Where: Nemours Mansion and Gardens, Wilmington DE

The estate will be all decorated for Christmas this November through end of December! Take in all of the beautiful Christmas trees, original toys, ornaments and more!

Photographing Winter's Wonder
When: November 15, 2015, 2 PM to 4 PM
Where: DuPont Environmental Education Center, Wilmington DE

A whole new world opens up after the fall season and this workshop will teach you how to photograph winter's details! You'll be allowed to explore the marsh with your camera and warm up with hot drinks afterward. 

Turkey Trot 10K/5K
When: November 21, 2015, 8 AM
Where: Handloff Park, Newark DE

What a fun way to kick off the Thanksgiving holiday! This 5K and 10K race will be held at Handloff Park on Barksdale Road in Newark on November 21. Admission is $20 before the race and $25 the day of. Awards will be given for the top 3 male and female runners in various age groups.

Holiday Art Market
When: Every Tuesday, Wednesday, Thursday, Friday, Saturday and Sunday — November 24, 2015 through January 2, 2016, Open 11-3 Tuesday-Sunday and 11-6 Thursday.
Where: Newark Arts Alliance, Newark DE

A great place to shop for holiday gifts from local artisans! All sales will benefit the artists and the Newark Arts Alliance.

Yuletide Jazz and Wine Series
When: November 25, 2015, 6:30 PM to 8:30 PM
Where: Winterthur Museum, Wilmington DE

Tickets to this holiday-themed event are $20 and include live jazz and entry to the galleries. The jazz trio will play a series of holiday classics from Vince Guaraldi, the composer of the Peanuts soundtracks.

37th Annual PNC Bank Thanksgiving Day Run/Walk
When: November 26, 2015, 8 AM
Where: PNC Bank, Wilmington DE

Work off your pumpkin pie in advance at this run/walk that has become a tradition for many Wilmington area families! 

Jaycees Christmas Parade
When: November 28, 2015, 9 AM
Where: Downtown Wilmington

This city-sponsored Christmas parade will include marching bands, floats, and the arrival of Santa! 

We hope you enjoy the beginning of the holiday season in Wilmington and Newark and do not hesitate to reach out to us with any questions about the area, buying or selling a home!

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Homeownership offers a chance to build wealth and stability this year and with the rising costs of renting, you will not want to pass this opportunity by! In fact, a new survey found that the majority of rents will continue to rise by an average of 8%. So give yourself the chance to start building equity in a home you love before you sign on that new lease! You won't regret it!

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