Kat Geralis Home Team Wilmington DE Real Estate News Archives

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
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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
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

Did you know Millennials (the age group of those born between 1980 and 1995) love working with real estate agents? According to the National Association of Realtors 2015 Home Buyer and Seller Generational Trends Report, Millennials are the largest homebuying generation in the U.S. and work with real estate agents more so than any other generation.

For instance, the Home Buyer and Seller Report found the following interesting statistics surrounding Millennials' real estate behaviors:

• 90 percent use a real estate agent to buy a home
• 70 percent would use their agent again, compared to 63 percent of home sellers
• 94 percent used websites to search for their homes
• 51 percent of buyers found their home online
• 75 percent of buyers used a real estate agent to walk them through the process

And despite the vast number of Millennials using an agent to buy or sell a home, they have the lowest percentage when it comes to using an agent again or recommending them to others (63 percent of home sellers).

Why is that? As stated by real estate news platform Inman, Millennials are harder to please than any other generation. They grew up with smartphones and the internet, thus they are different than any other real estate consumer.

Millennials are looking for the following in a real estate agent:

• Texting, but also phone calls
  More than any other generation, Millennials appreciate when their real estate agent communicates via text message. However, 75 percent of them also appreciate phone calls.
• Homes online
  Millennials appreciate browsing homes online more so than any other generation. The majority (58 percent) use iPhones, while 32 percent use Androids.
• Website information
  Millennials are more likely to use website information in their home search as well as throughout the buying and selling process. They want real estate agents who provide this readily and easily!
• Honesty and trustworthiness
  More than a quarter of this group of homebuyers look for agents who are both honest and trustworthy.

We understand how overwhelming choosing a real estate agent can be and The Kat Geralis Home Team is proud to provide all of the above to homebuyers and sellers in the Greater Wilmington DE area! If you are searching for a highly-rated real estate agent to walk you through the process this year, do not hesitate to reach out to us! 

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Millennials are also now putting less down on their future homes! In fact, 64 percent of Millennials put down less than 20 percent, with 36 percent putting down less than 5! Don't let the down payment factor hold you back from purchasing a home this year— homeownership is well within your reach.

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

It's that time again! With the busy summer season in full bloom and home prices, mortgage rates and the number of motivated buyers in the market all on the rise— we're back with an update on the status of the real estate market in Wilmington and Newark, DE in New Castle County!

The second quarter of 2015 saw 2,609 homes for sale with an average sales price of $245,742— now up nearly 6 percent from this time last year! 1,705 homes sold in the second quarter in New Castle County—an increase of 13.4% from last year—and area home sellers are reported to have received 95.2% of the original price at closing— a figure also up .2% from last year!

As we reported in the first quarter, inventory is still trending on the lower side. The second quarter pegged inventory at a 5.3 months supply— 15.4% lower than last year's inventory during this period. 

Remember that the real estate market is ever-changing and these updated market statistics provide just a snapshot of current levels in our area. Do not hesitate to reach out to us if you have questions about homes for sale in the Greater Wilmington DE area! The top-ranked KG Home Team is here to help with any of your needs from finding your dream home to relocating 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
Visit My Website
Contact Me
Find me on Facebook

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When you consider the costs across time—the average interest rate and mortgage payment—you will find there is no better time to become a homeowner than right now! With mortgage rates hovering around 4 percent, your monthly payment could be less than the cost of renting!

Recent reports have shown more homebuyers than usual are jumping into the real estate market this year and with this leap comes a heap of anxiety. The homebuying process can feel overwhelming with terms you may not be familiar with, interest rates and large amounts of money on the line. However, know that the benefits of homeownership should far outweigh your fears.

To put yourself at ease when buying a home in Wilmington or Newark DE this year, take a deep breath and prepare with the following steps:

Do your research
If you do your homework, there is no reason why the terms associated with buying a home in the Greater Wilmington area should scare you. Research the community or neighborhood you're moving to, the schools in the area, the entertainment, taxes and commute time. If you need suggestions or insight into a specific category, the KG Home Team is here to help!

Get pre-approved
One of the reasons homebuyers have such high anxiety this year is budget. To calm your fears of overspending, it's important to get pre-approved with an area lender. Here you will find out your price range, how much home in Wilmington or Newark you can afford and what types of homes you can begin looking into. Also, remember to shop around to find the best interest rate before making a decision with one specific lender and signing papers.

Rely on your realtor
The KG Home Team is a top-ranked team in Delaware and comes with decades of experience to put you at ease. With a qualified agent on your side, you can rest assured knowing that your best interests are being considered and you have a guide for the entire home buying process. Along your house hunting journey you will indeed have questions, always directly them to your agent! Be clear in what you want in a home and what your concerns are in order for your agent to properly assist you. 

Learn about making an offer
Before you put in an offer on a home in Greater Wilmington, it's important to know how long the home has been on the market, how it compares to other properties and how many other homes are for sale nearby. This is an area your real estate agent can help you with, but you can never be too educated as a homebuyer!

Buying a home should be an exciting time in your life, do not let your fears get the best of you! As your experienced, local real estate team, we are here to make it easier for you. Give us a call!

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When you're a senior, making a home purchase can be just as nerve-wracking. Being prepared with questions for your real estate agent can quickly give you a sense of calm and allow you to enjoy your dream of buying another property. 
 

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 shopping for a home in Wilmington, Delaware, many buyers cite the "green factor" as part of their criteria for making a purchase. Buyers want to "go green" to save money on energy costs and of course, help their home run more efficiently with less of a footprint. 

One of the ways to do this, as a homeowner, is to install solar panels— these are the reflective panels that sit on your roof and subsequently bring down your energy costs over time. Solar panels are very expensive to purchase—many at a cost upwards of $20,000—or they can also be leased. If you go the leasing route, oftentimes the company will just give you the panels when you're finished.

But not so fast! What you may not know as a Wilmington or Newark DE home seller, is that your solar panels could be doing the exact opposite of attracting buyers this spring and in fact, killing your hopes of a successful home sale.

The typical solar panel lease could be up to 20 years and in fact, many homeowners do not tend to stay in one place that long. Whether it be due to a job transfer, downsizing or upgrading to a larger Delaware home, the probability of selling your home before your solar panel lease is up is quite high.

Instead of simply providing that "green factor" that many Wilmington DE homebuyers are looking for, the leased solar panels will force a buyer to first qualify to take over the lease or buy out the remaining lease before they can purchase your home— pending they even want to buy a property with these installed.  

Going one step further, if the buyer does decide to take over the solar panel lease, that payment is now visible on their credit report. Should the homebuyer decide to do a refinance down the road, that extra bill on their credit report may push them over qualifying ratios to secure a lower rate.

As you contemplate turning your Wilmington, Delaware home into a homebuyer's paradise this spring— complete with energy-efficient appliances and solar panels—first consider the complications that can arise when selling the property. 

The KG Home Team is here to help make your home selling journey both as easy and enjoyable as possible, so do not hesitate to reach out with any questions about what could raise red flags in your home sale this year. We can fill you in on exactly what buyers are looking for and what can ultimately slow down your sale.

We look forward to hearing from you!

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Selling your home successfully goes beyond home features, location and timing— one of the most important factors is pricing. Pricing your Wilmington DE home correctly up front can reduce the amount of time it will sit on the market. 

For instance, did you know that homes that experience a price reduction sit on the market longer and eventually sell for less than similar homes?

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