Kat Geralis Home Team Wilmington DE Real Estate News Archives

No matter how long you intend to be in a home in Delaware or Pennsylvania, it is always important to consider the resale value. Remember, your home is an investment and the last thing you want is to have a hard time selling the property when you're finally ready to move on. Not only is that more of a homeowner headache for you, but it could also mean more money spent!

As your local experts, we've listed below four ways to determine the resale value of a property while you're house hunting in Delaware and Pennsylvania this year:

It's in a great neighborhood
You've heard the term, "location, location, location," in real estate and for good reason! If the property is near grocery stores, restaurants, coffee shops, and shopping, chances are it will have great appeal to future buyers. One thing to avoid is a home in a commercial area or an underdeveloped neighborhood far from such amenities as the above.

It's in a great school district
Homebuyers today are willing to compromise on their home wish lists for great school districts. Regardless if you have children, take a good look at the district your potential new home falls into and whether or not a buyer would be swayed to purchase the property or if there is a much better school system located elsewhere.

It's in a quiet area
No homeowner likes a noisy neighbor— or a noisy intersection in their backyard! A home located near a high-traffic area or busy street will not have the same resale value as one that's located in a more hushed neighborhood. Always consider the sound factor when house-hunting in DE or PA. If you don't, you could pay for it later!

​You don't have to spend too much on repairs
While it may not cross your mind if you're planning to stay put for years to come, be sure to consider how much you'll have to spend on repairs in a potential home. You'll always want the amount you'll be able to sell the property for to outweigh your upkeep costs. If the property requires you to break the bank to get it running smoothly, it may not be worth it if you'll only be there a short time.

Ready to start your Delaware or Pennsylvania home search? Let the Kat Geralis Home Team be your guide to the real estate market! We've helped numerous buyers find their dream homes and we're here to help you do the same.

We even offer FREE First-Time Homebuyer Seminars!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
Homes for Sale
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It's time for another Delaware and Pennsylvania real estate market update! As you may have realized, homebuyer activity is still high in Delaware and Pennsylvania, home values are rising, and inventory is still hovering around the lower end of the real estate spectrum. If you have questions about the market where you live, it is always best to contact your agent for an up-to-date snapshot of the market. As your local experts, the Kat Geralis Home Team is here to help!

For the second quarter of 2018, there were 1,833 homes for sale— a 24.5 percent decrease in inventory from the same time last year. But keep in mind, the lower inventory trend is not just happening here in Delaware and Pennsylvania; this is something we're seeing nationwide! The median sales price saw a 2.2 percent increase—which is new to the market—rising to $230,000 and the number of home sales dipped slightly by 1.4 percent for a total of 2,081 total closed sales in Q2. 

The average sales price in New Castle County for the second quarter was $256,046, a 2.4 percent increase from this time last year! This is also a change from what we've been seeing in the market, so make note home sellers! The percentage of the original price received also saw a 1 percent increase in Q2, coming in at 97 percent!

Inventory for the second quarter of 2018 posted a 26.5 percent drop from the previous year, totaling a 3.1 months supply— so keep in mind, homeowners, that now is a great time to considering selling your home! 

Updated real estate market stats can provide brief insight into the local real estate market, but they are just that— brief! Contact us today for more information about the market where you live in Delaware or Pennsylvania or with any questions you have about buying or selling a home before the end of the year!

We even offer FREE First-Time Home Buyer Seminars!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
Homes for Sale
Visit My Website
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When you've decided to sell your home in Delaware or Pennsylvania, you'll want to make sure buyers are intrigued from the start. That means you've found the best possible listing pricing, have made any necessary repairs, and of course, staged the home in a way that buyers can envision living there. But before you decide everything is complete and sit back to welcome the offers that are sure to come your way, you'll want to take a good look at your kitchen.

It is no secret that kitchens sell homes in Delaware and Pennsylvania and there are a few things that may be found inside yours that can send a buyer running the other way. Take a look at the following to make sure your kitchen is ready for the market:

Pet Bowls
Remember, you love your pet, but not all buyers are pet people. Consider moving your pet food bowls out of sight when buyers arrive for a showing to ensure you don't turn them away, even if they otherwise love the property.

Trash Cans
If your trash cans are out in plain sight in your Delaware or Pennsylvania kitchen, clean the area as thoroughly as possible. This means the can itself looks clean, the bag is empty to avoid any odor, and the space around it is free of recycling items or other trash.

Cluttered Counters
You want to make your kitchen feel as open and spacious as possible, so start by removing all of your small appliances and other knick knacks from the countertops. Clean counters will help buyers note how much space they will have to work with in this area.

Dishes
Before buyers arrive to tour your Delaware or Pennsylvania home, be sure that the sink is clean and empty. Someone may love your home, but when they come across dirty dishes in the sink, they could get the impression that other parts of the home have been neglected.

Pests
Ants, flies, and even mice are not an uncommon homeowner problem, but when you become a home seller, it's important to remove any signs of household pests. This includes disposing of traps and bugs before buyers get to your front door.

Curious if your Delaware or Pennsylvania home is prepared for today's real estate market? Want to know what your home might be worth? 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
Homes for Sale
Visit My Website
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Summer is one of the best times to tackle that long homeowner to-do list! Whether it's replacing your front door, installing new light fixtures and landscaping, or even as big as renovating an entire bathroom, there are certain projects that can give your home a much needed boost in terms of looks and value! But don't be too quick with the hammer— instead take a look at our list of Delaware and Pennsylvania home projects that will pay you back when the time comes to sell.

According to real estate news outlet Keeping Current Matters, the following four projects will yield you the highest return on your investment:

Bathroom Remodel
You may have heard that kitchens and bathrooms help sell homes and it's true! A minor bathroom remodel can bring homeowners the highest return on investment—102 percent—when they replace the tub and tile, and add a new toilet, sink, vanity, and other bathroom fixtures.

Curb Appeal
This is what may grab a buyer's attention, so don't write off curb appeal as an unimportant home improvement project this summer! Adding landscaping, including trees, shrubs, and other flowers, creating walkways and accessorizing with planters can yield homeowners as much as 100 percent of their investment at resale.

​Kitchen Remodel
Just like we said above, a kitchen remodel can do wonders in the eyes of a buyer! This home improvement project has the third highest ROI for homeowners, likely allowing them to recoup 98.5 percent of the investment! This remodel includes upgrades like new countertops, flooring, cabinets, and lighting. 

Exterior Work
The exterior of your Delaware or Pennsylvania home is just as important as the interior! In fact, adding new siding, front door, or light fixtures outside can yield homeowners as much as 95.5 percent of their investment— coming in at the #4 top home project in terms of return!

Ready to sell your Delaware or Pennsylvania home? Curious what will help boost your home's value and help you find a buyer in no time? Give the Kat Geralis Home Team a call today!

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

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
Homes for Sale
Visit My Website
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When you arrive to tour a home in Delaware or Pennsylvania, it can be easy to get distracted by home features like light fixtures, paint color, number of bedrooms, and the outdoor space— especially if you're a first-time homebuyer! These are indeed important aspects of a property to take notice of, but you will also need to keep your eyes out for minor—or major—flaws that could be hidden with simple home staging.

In some cases, Delaware or Pennsylvania home sellers will try to cover up issues with home staging and as your local real estate experts, we are here to help you uncover them!

Listing Phrases
Before you even arrive at home in Delaware or Pennsylvania, you can get an idea of what might be waiting for you simply by the phrases used in the listing description. Words like "cozy" and "quaint" are often euphemisms for small homes. Listings can also state that they are ready for your touch or a "fixer upper," which typically means the property needs work.

Painted Floors
Paint can cover up many problems in a home— so don't always assume it is for decorative purposes when house hunting! If you happen to pull up a corner of carpeting in a DE or PA home and notice paint covering sections or all of the floor, it may be to cover up pet damage or water spots. 

Rugs
Typically used to warm up a home or add a touch of color to a room, rugs and runners can also be used to cover warped floor boards and water damage. Walk over the rugs several times and take note of how the floor feels— does it creak, crack, or feel unstable? If so, it could be worth taking a close look into before buying the home.

Furniture Placement
If the placement of furniture in a home feels off, it could be because the homeowner is hiding something underneath the furniture or around it. For instance, are there frames hung in an odd formation or spot? They could be covering water spots or cracks. Is there a large couch in the center of the room? It could be covering imperfections in the floor or pet damage.

Ready to get started on your Delaware or Pennsylvania home search? Give the ​Kat Geralis Home Team a call today!

We even offer FREE First-Time Home Buyer Seminars!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
Homes for Sale
Visit My Website
Contact Me
Find me on Facebook

Regardless of how many times you have been through the process of buying a Delaware or Pennsylvania home, it is easy to get distracted by such features as updated bathrooms, spacious backyards, and even items like light fixtures and appliance colors. There is so much more that should go into your decision to purchase a specific property in DE or PA— including real estate red flags that even your home inspection could miss!

As your real estate experts in Delaware and Pennsylvania, we have rounded up four red flags to keep an eye on while shopping for homes so you can anticipate costs and ultimately weigh your options:

Leaks
Depending on the age of your potential new home, any leaks could have dried up with the water being turned off and not arise until it is fully functioning again. The best place to spot leaks is under cabinets where you could notice water damage or moisture around drain traps. Remember, if the leak is not present on the day of your inspection, the inspector will likely not be able to point it out!

Structural Damage
This is a major red flag for any homebuyer in Delaware and Pennsylvania and while your inspector will know what a roof and foundation should look like, they will not be able to tell you how bad a problem is or how much it will cost. They will likely refer you to a structural engineer who will be able to break down cost to repair and when indeed you need to remedy the problem.

Electrical Issues
This is another red flag that could be more prevalent depending on the age of your home. Your inspector may point out disconnects in the electrical or wires that need updating to comply with current codes, however they will not always be able to list the exact source of the disconnect. You will need to bring in an electrician to identify specific costs and dig a little deeper to find the root of the problem listed in the inspection report.

HVAC Problems
Any problems with your HVAC system can be quite costly, but keep in mind that your system may be functioning properly while temperatures are moderate but could fail once they begin to take drastic turns— for instance, in the deep winter or heat of summer. The only way to identify potential problems is to hire an HVAC specialist who can assess how much longer your HVAC system has left or if parts look in need of repair or replacing.

Contact the Kat Geralis Home Team today for a list of available homes in your area or for more information on the home buying process!

We even offer FREE First-Time Home Buyer Seminars!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
Homes for Sale
Visit My Website
Contact Me
Find me on Facebook

Curious what's been happening in the local Delaware or Pennsylvania real estate market? You can always count on the Kat Geralis Home Team to share updated market stats! Just remember, real estate is hyper-local, so it is always wise to contact your agent for a current snapshot of the market where you live.

For the first quarter of 2018, there were 1,690 homes for sale— a 24.3 percent decrease in inventory from the same time last year. But before you begin to worry that the market is taking a dip, keep in mind that this isn't just the case in Delaware and Pennsylvania, lower inventory is a trend all over the country right now! The median sales price saw a 2.4 percent increase to $214,900 (a great sign for home sellers!) and the number of home sales dipped slightly to 1,362 total closed in Q1. 

The average sales price in New Castle County for the fourth quarter was $232,206, a 1.8 percent increase from this time last year— again great news for home sellers looking to get top dollar! The percentage of the original price received also saw a 2.3 percent increase in Q1, coming in at 95.9 percent!

Inventory for the first quarter of 2018 posted a 27.4 percent drop from the previous year, totaling a 2.9 months supply— another sign that the market is ready for your home! With the right real estate expert on your side, you can sell your home quickly and for top dollar— you might just even spark a bidding war!

Updated real estate market stats can provide brief insight into the local real estate market, but they are just that— brief! Contact us today for more information about the market where you live in Delaware or Pennsylvania or with any questions you have about buying or selling a home this year!

We even offer FREE First-Time Home Buyer Seminars!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
Homes for Sale
Visit My Website
Contact Me
Find me on Facebook

Once you've found the perfect Delaware or Pennsylvania home, made an offer, and had it accepted, you'll need to make it through the mortgage closing before you are handed your keys. You may be anxious to officially become a homeowner, but the time it takes to close is dependent on a variety of factors— some of which are in your control!

If you're planning to buy a new home in Delaware or Pennsylvania, you'll want to familiarize yourself with the following things that can slow down your mortgage closing:

Making big purchases
You may be excited about your new home, but resist the urge to buy new furniture and decor until after the closing. Making big purchases on credit cards can signal a red flag to lenders who will pull your credit just before closing to ensure it is still the same. A large purchase shows you've acquired more debt and could threaten your mortgage qualifications.

Outstanding HOA fees and fines
While this one may not be entirely in your hands, note that the previous homeowner's outstanding fees or fines owed to the homeowner's association can cause closing delays. You may be able to negotiate these costs with the seller prior to the sale or worst case scenario, you'll need to pay them. 

Document delays
Your lender will require many different documents for verification of income, including your pay stubs, tax documents, bank statements, and they'll likely even get in contact with your employer. Be sure to provide these documents as soon as they ask for them or you could see a delay in closing.

Titles and liens
If there is a lien against the property or the title has the wrong signature, it will need to be resolved before the closing can move forward. 

Down payment
If your down payment is coming via gift from a friend or family member, the closing could be slowed slightly. In addition, if the lender requires the buyer to put down more on the home and the buyer does not have immediately have the extra funds, the date could be pushed out several weeks or months.

Contact the Kat Geralis Home Team today for a list of available homes in your area or for more information on the home buying process!

We even offer FREE First-Time Home Buyer Seminars!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
Homes for Sale
Visit My Website
Contact Me
Find me on Facebook

Buying a home in Delaware or Pennsylvania is likely one of the biggest decisions (and purchases!) you will make in your lifetime and as a result, you will want a team of experts on your side to see you through the process. One of the most important is, of course, your real estate agent and the other is your lender. 

Your lender will help you secure financing to purchase a home in Delaware or Pennsylvania and be available to answer all of your questions surrounding debt, closing costs, and even your buying timeline. But remember, not all lenders are the same, so it is key to ask a few questions in order to find the best fit for you:

Is now the right time for me to buy?
Depending on your specific financial situation, it may be in your best interests to put in an offer on your dream home now or wait until next year when your buying power is stronger— and a great lender will tell you that! The right lender will clearly explain how your debts and down payment can affect your buying power—or your ability to qualify for a mortgage and favorable rate—and how that will play into your timeline.

What credit score do I need to qualify?
A great lender will share what they are looking for in terms of credit score and credit history in order to provide financing to a homebuyer. To take it one step further, they may even comb through your credit report to show what debts are worth paying off before applying for a mortgage in order to secure the best rate. 

What are the closing costs?
Depending on the loan program you choose, you will need to pay a few closing costs before anyone hands over your new keys. A great lender will outline the different loan programs you may qualify for and what the closing costs might be for that specific program. The lender should also be able to share how you will pay such costs, whether by check or via electronic transfer.

There are many facets to homebuying in our area and you can count on us to make sure you're aware of them all! Contact the Kat Geralis Home Team today for a lender recommendation or a list of available homes in Delaware and Pennsylvania. 

We even offer FREE First-Time Home Buyer Seminars!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
Homes for Sale
Visit My Website
Contact Me
Find me on Facebook

It is common for the real estate market to experience ebbs and flows in Delaware and Pennsylvania— in fact, it's always changing! Some years, it could lean in favor of buyers, and others, sellers may have the upper hand. But how do you know which direction the market is headed right now? Are there signs to watch for?

There are indeed specific factors that can help you identify which type of market you're in and as your local real estate experts, the Kat Geralis Home Team is here to point them out! Below are three ways you can tell if you're in a seller's market:

Home Prices

One way to find out if you're in a buyer's or seller's market is to look closely at home prices. If you notice that home prices are rising steadily over time, you are likely in a seller's market. Curious about your Delaware or Pennsylvania home value? Give us a call! We're happy to provide more information for homeowners in the area.

Final Price vs. Asking Price

If sellers in your area are typically earning the asking price or even more (due to a bidding war or simply buyer demand) for their properties, you are probably in a seller's market. When homes sell for below their asking price, you would are in a buyer's market as these deals would ultimately work in a buyer's favor.

Days on Market

The average number of days that a property is on the real estate market, often referred to as DOM, will show you how "old" the listing is; you can find this figure easily on any listing sheet, either online or in-person. Take a look at this number— if homes are selling quickly (between 7 to 10 days), you are in a seller's market. This is especially important for local homeowners as this indicates their property is likely to sell efficiently and at a favorable price due to buyer demand.

No matter if you're a buyer or seller in Delaware or Pennsylvania, you can count on the Kat Geralis Home Team to walk you through the process! Contact us today!

We even offer FREE First Time Home Buyer Seminars!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
Homes for Sale
Visit My Website
Contact Me
Find me on Facebook