Kat Geralis Home Team Wilmington DE Real Estate News Archives

Now that spring has arrived, many homeowners and potential homebuyers are wondering if now is the right time to make a move. The KG Home Team is always happy to provide information about the local real estate market, including these updated market statistics for New Castle County Delaware!

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

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

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

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

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

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

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

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

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

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

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

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

Give us a call today!

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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