Kat Geralis Home Team Wilmington DE Real Estate News Archives

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
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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!

Wilmington Delaware has numerous events and festivals to attend year-round, whether it's a night at the Museum or on the water at the Riverfront. This summer is no exception! The weather will be beautiful and the opportunities to explore immense as we embark on the next two months of summer fun.

Here are just a few events planned for the Riverfront in our own Wilmington, DE!

Family Night on the River Taxi
Tuesday, July 14, 2015
7 PM

This 45-minute river taxi ride up the Christina runs from early June through August 27, 2015. Afterwards, you can enjoy ice cream at Molly's Ice Cream and Deli and the kids can jump at Stratosphere Trampoline Park. What a great opportunity to enjoy the summer weather and beautiful Wilmington scenery! Cruise times are 5 PM, 6 PM and 7 PM, leaving from Dravo Dock, and admission is $15 per family of 4. 

Splish-Splash Water Bash
Wednesday, July 22, 2015
10 AM

The DuPont Environmental Education Center is gearing up for their Splish-Splash Water Bash this month! Dip your toes in the DEEC pond and use a net to find out what animals live in the river. In addition, there will be water games, refreshments and more.

Shipyard Summer Concert Series
Thursday, July 23, 2015
7 PM

This summer concert series will feature various genres in performances from 7-8:30 PM under the colored cranes at Dravo Plaza. The Plaza is located on Justison Street next to the Shipyard Shops. Concert goers can bring their own lawn chairs or blankets to enjoy the show all summer long.

Riverfront Blues Fest
Friday, July 31, 2015 through Sunday, August 2, 2015
Beginning at 12 PM Noon

This year's Riverfront Blues Festival is back again at Tubman-Garrett Riverfront Park! This 3-day outdoor music festival is held on the waterfront and features performances from artists like Elvin Bishop, Pinetop Perkins and more!

Fun events and activities just like these are one reason so many like to call Wilmington home! If you'd like to hear about the benefits of living in New Castle County and the Greater Wilmington area, give us a call! We'd be happy to share our local expertise with you.

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It's a great time to be a first-time homebuyer in Wilmington, DE! While there has been much talk about the lack of new buyers in the market, findings have shown they are increasing in numbers this year! 

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

Summer is a busy time in the real estate market, with Wilmington DE homebuyers taking the time to tour homes for sale through open houses. However, if you're a first-time homebuyer, you may not know how to act at an open house. Don't worry! Like any aspect of Delaware real estate, there are guidelines to follow as you visit them this summer, but we're here to walk you through it!

As you head out to visit available properties in New Castle County this year, keep the following tips in mind to practice smart homebuyer etiquette and soon you'll be a pro!

Watch the other homebuyers
Take note of your surroundings as you visit open houses in Wilmington and Newark, watching the other homebuyers and listening. You can tell a lot about a home if you see other buyers leaving quickly without taking the time to explore. Are they finding issues? Is the home not in great shape? On the other hand, if buyers are sticking around to ask questions, that can mean great things!

Feel out the market
Visiting open houses is one way to get a feel for the real estate market without committing. In addition to mortgage calculators, online home searches and researching local real estate news, open houses can help you learn more about how homes are priced in the area, what homes in your price range may look like and how quickly they're selling. Open houses are also an excellent way to start a relationship with a real estate agent.

Ask questions
As you tour Wilmington area homes, do not be afraid to ask questions! The real estate agent present at the open house is there to answer your questions about the property, from taxes to operating systems to neighborhood and more. Remember, they have a direct line to the seller and often know more about the home than anyone. You can also make a list of questions to ask through your own agent, but regardless, ask away!

Visit as many open houses as you can while you prepare to buy a home in New Castle County! You don't need to be committed at the time, but simply listening and watching other homebuyers can really help you get a feel for the market. 

In addition, the KG Home Team can provide you with all of the information you need about the real estate market in your area. Want to know which neighborhoods would be best for your family? What programs can help you as a first-time homebuyer? Just give us a call! We're here to help you throughout the entire buying process.

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Homeownership—much more than renting—can help you build your family's wealth. Not only is owning a home a means of forced savings, but your payment will not increase with every year like today's rising rents. It's truly one of the best long-term investments you can make!

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

Inventory is sitting lower than it has been in past months and mortgage rates are trending on the lower end as well— so what are you waiting for? Now is prime time for Wilmington, Newark DE home sellers to make a move and list while motivated homebuyers are out and about. 

But the KG Home Team knows that not every homeowner in New Castle County can recognize the signs that it's time to move, so we've rounded them up! If you're still wondering if now is the best time to upgrade to a new property in Wilmington or even build new, here's why you should jump at the chance this summer:

You've outgrown your home
Many homebuyers in today's real estate market are ready to buy a new home simply due to lack of space. It's also another popular reason for homeowners to move on! Do you seem to have no room left in the closet? Is your family expanding? Do you have nowhere for guests to sleep when they come to visit? Upgrading to a larger home may be just what you need!

You've regained equity
Not every homeowner in New Castle County can say they have regained equity, although things have been proceeding in a positive direction. If you've regained equity in your home, you're in a great position to move. If you're not sure, you can always have your home re-appraised to determine if selling is the best idea for you right now.

You live in a popular area
Real estate is all about location, so consider yours in your decision to move! Are homebuyers flocking to your neighborhood in search of available properties? Are homes selling quickly in your area? We are happy to provide a list of comparable listings to give you an idea of what your home may sell for this summer— just give us a call!

You're just ready
In the summer months, we are all ready to get out of the house and change up the scenery. You do not need a better reason to move to a new home in the Wilmington area other than you're just ready for change! We understand and we're happy to help you find your dream home this summer.

There are many reasons to sell your home in Wilmington or Newark this summer, but you shouldn't wait to long to decide! Mortgage rates will not be this low forever and with current inventory, your property could be pushed to the top of homebuyer lists. The KG Home Team will guide you through a successful home sale and answer your questions every step of the way. 

We look forward to hearing from you!

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The real estate market has come a long way but right now, buyer demand is outpacing supply. If you're a home seller thinking about listing your home this summer, there is no doubt that now is the time!

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

Now that it's May, most of us likely have our sights set on summer— Warmer weather, a schedule free from school and more fun events to attend. Wilmington, Delaware is a great place to spend the spring and summer months with numerous activities, events and attractions to visit with the whole family. 

Whether you're relocating to Wilmington or Newark DE, simply visiting for the weekend or wanting to get out and explore the community, consider the following 8 things to do and see. There's something for everyone on the list!

• DuPont Environmental Education Center

FREE! Hands-on activities and exhibits are housed in this 4-story nature center located on Wilmington's Riverfront.

• Delaware Center for Contemporary Arts

FREE! With rotating exhibitions among its seven galleries, this local museum has been called "one of the most innovative and prominent organizations of its kind on the East Coast," by the Philadelphia Inquirer. 

• ​Delaware Museum of Natural History

Here you can find life-size dinosaurs, an African watering hole, undersea adventure and even get up close to a jaguar! 

• Brandywine Park

Enjoy a stroll, have a picnic, bike from Brandywine Park to Rockford Park. 

• Wilmington & Western Railroad

The railroad has become one of the East Coast's premier scenic tourist railroads and is ready to celebrate its 50th season this year. 

• The Riverfront

A great place to catch a baseball game, have dinner, watch a movie or enjoy the entertainment planned for the day.

• Hagley Museum

An example of early American industry situated on 235 acres along the banks of the Brandywine. 

• Downtown Wilmington

Visit the Farmer's Market opening May 6, ride the Wilmington Trolley, tour local shops and businesses. Downtown is a hub of creativity! 

The KG Home Team is proud to call Wilmington, DE our home and we know you will be too! As your local real estate experts, we can provide local suggestions and fill you in on what it takes to become a homeowner in New Castle County. 

Contact us 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

Now that the spring season is officially here and the busy real estate market buzzing with buyers ready to find their dream home, it's time for an update on the status of the real estate market in Wilmington and Newark, DE in New Castle County!

For the first quarter of 2015, there were 2,288 homes for sale with an average sales price of $223,881— a figure now up +5.3% from this time last year. 1,104 homes sold within the first quarter in New Castle County—an increase of 15.8% from last year—and area home sellers are reported to have received 93.1% of the original price at closing.

Inventory in the area is still trending lower, with the first quarter showing inventory at a 5 months supply— 7.2% lower than last year's inventory during the same time. 

These updated market statistics provide just a brief snapshot of current levels in the local real estate market, so 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

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