Kat Geralis Home Team Wilmington DE Real Estate News Archives

Fall is a great time to become a homeowner in Wilmington DE and the Brandywine Valley! Not only is a new season just beginning, but you have the opportunity to secure a low interest rate and settle into a home before the cold weather arrives.

But what if you're currently a renter in the Greater Wilmington, Chester County or Delaware County PA area? Don't worry! The Kat Geralis Home Team has provided a few ways below that you can prepare to take advantage of this exciting time in the local real estate market.

Research all of the costs
There are more costs involved with owning a home than just your monthly mortgage payment. For first time buyers, this may come as a surprise, but with the proper amount of research, you will be able to determine exactly how much you can afford in a home. Costs like property taxes, homeowners insurance, private mortgage insurance (PMI), homeowners association fees and yearly upkeep should all be considered while you begin to search for homes in the Wilmington area.

The costs of renting vs. buying
You've likely asked yourself this question many times before deciding to buy a home— Is buying really better than renting? You will need to look at the cost of homeownership after the tax benefit to compare it with the cost of renting. For instance, a $300,000 home may cost you around $1,200 per month after taxes. Compare this with a home that rents for $1,200 and look at factors like location and size. Also, remember that this scenario includes a 20 percent down payment.

Research the tax benefit
Did you know mortgage interest and property taxes are deductible on your annual tax return? This will reduce your taxable income and bring down the overall cost of homeownership.

Prepare your credit score
Lenders will use your credit score to determine your eligibility for a mortgage and certain mortgage loan types. Start well in advance to groom your credit score— correcting any errors you find and boosting your score by paying down debts and reducing spending on credit cards.

Start to shop for a mortgage
If you haven't already started looking into mortgage programs, now is the time. There are many different types of mortgages available, depending on your eligibility. For instance, certain loans allow for lower down payments, although come with a higher interest rate, while others require a higher down payment while granting a lower interest rate. Before you are ready to buy, know which type of loan you think may suit you best.

The Kat Geralis Home Team can provide you with a list of available properties in Wilmington DE and the Brandywine Valley, as well as answer all of your home buying questions! We have helped many first-time buyers find their dream homes, so 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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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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No matter where you live—Greater Wilmington, Chester County or Delaware County PA—summer is often a busy time to move to a new home. The weather is ideal, mortgage rates are still low, the kids are out of school and you can settle into your new property before the fall season starts. 

However, with moving also comes waves of excitement and nerves that can cause you to forget a few things along the way (more than just an extra box or two!). You can count on the Kat Geralis Home Team to make sure your moving process is as stress-free as possible— take the following five steps into consideration as you plan out your move to a new home in Wilmington or Newark DE or Southeastern PA this summer:

Clean the carpets
You never know what kind of dust, dirt or pet dander has accumulated in your new home's carpets over the years, so take the time to clean them thoroughly. You can rent a steam cleaner and do the work yourself or hire a professional and pay around $50 per room. It's worth it to know you're starting fresh in your new space!

Change locks and label keys
Can you imagine how many people have been given a key to your home over the years? Friends and neighbors are just a few! You will want to change the locks as quickly as you can once you've moved into your new home— either installing the new bolts yourself relatively inexpensively or hiring a locksmith who will charge you labor per lock. 

Clean out your cabinets
Depending on how long the previous homeowner lived in the house, you may find residue from cleaning products, food, and even evidence of critters. You will want to do this prior to putting any of your belongings in the cabinets as if there is an animal that has taken up residence in your home, you'll want to remedy the situation as soon as possible.

Find the main water shut-off
Should you ever go out of town for a long period of time or need to turn off the water due to a leak or repair of any kind, you'll need to know where your main water shut-off valve is. If your home inspector hasn't already pointed it out and labeled it for you, take the time to do so yourself and avoid the headache later.

Find the circuit breakers
During a power outage or in the case of replacing light fixtures or bulbs, you will need to flip the circuit breakers to specific rooms and outlets. Find your circuit breakers as soon as possible once you have the keys to your new home and make sure each breaker works properly. Have a partner stand in various areas of your home while you flip the labeled breakers to double check that is indeed the room they belong to— if not, re-label them for future reference.

There is a lot to remember when it comes to moving into a new home in Greater Wilmington, Chester County or Delaware County PA, but with the Kat Geralis Home Team on your side, you can rest easy! Give us a call today for more information on available homes in the area, selling your current property or purchasing a new 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
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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
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Now that spring has arrived, many homeowners and potential homebuyers are wondering if now is the right time to make a move. The KG Home Team is always happy to provide information about the local real estate market, including these updated market statistics for New Castle County Delaware!

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

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

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

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

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

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

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
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

According to the latest Housing Opportunities and Market Experience (HOME) survey from the National Association of REALTORS, 94 percent of renters aged 34 and younger want to own a home in the future. Not only does this take into account their beliefs on whether or not now is a good time to buy or sell and their expectations of the mortgage market, but also their beliefs on homeownership as part of the American Dream.

The survey also found that indeed 77 percent of renters believe homeownership is part of their American Dream, 83 percent of overall renters (not just young renters) want to own a home in the near future and 84 percent of renters believe owning a home is a good financial decision.

So what does that mean for you if you are among the majority of Wilmington Delaware renters who are dreaming of owning a home in the coming year? We've rounded up a few tips below to help you prepare to become a homeowner:

Start saving your down payment
We have shared in a past blog post various ways to begin saving for a down payment, from setting up an automatic withdrawal from your account each month to cutting back on large purchases to downsizing your current apartment to save the difference for your future home. Either way—and no matter how much you intend to put down—you need to start putting money away for this purpose.

The survey found that one of the top reasons young renters do not currently own was the inability to afford it. With the rising costs of rent, it may be easier for you to save for your future home by downsizing in the meantime! 

Clean up your credit score
Errors on credit reports can take months to correct, but bad credit can take even longer. Start grooming your credit well in advance of applying for a mortgage and you will be that much closer to a speedy approval! Wilmington area buyers can begin by ensuring all payments are made on time and in full, paying down any large debt and keeping credit card purchases to a minimum.

Remember, you do not need the best score to purchase a home, but the higher you can get it, the better the interest rate you will be able to secure.

Make a budget
To better prepare yourself for buying a home, it is wise to start researching home prices in your desired area of Wilmington. Do you know what neighborhood you'd like to live in? How about your wants and needs in a home? Once you have these in mind, you can enter your monthly income and costs into a mortgage calculator to see if your dream home is within reach. If not, you can adjust your budget, but it is always helpful to have a price range in mind as you begin the homebuying journey!

Buying a home in Wilmington, DE is a big step, especially if it's your first time! But don't worry— the KG Home Team has consistently been ranked a Top Real Estate Team in Delaware and we are here to help you with every decision along the way! 

We even offer FREE First-time Homebuyer Seminars and a FREE Home Buyer E-Guide!

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.