Kat Geralis Home Team Wilmington DE Real Estate News Archives

As more homebuyers decide to make the transition from renting to homeownership, it's becoming clear that much of the real estate market is uncharted territory for them.

The home buying process goes beyond just searching for your dream home— it involves a saving for a down payment, getting pre-approved and it's also important you are prepared to file a mortgage application. 

Now that doesn't mean all mortgages are created equal. As a homebuyer in Wilmington, Delaware—especially a first-time homebuyer—you will want to find the best mortgage for you and your personal situation. How can you tell you've chosen correctly? Keep the following in mind:

• Fixed-rate mortgages

A fixed-rate mortgage, just as the name suggests, has the same interest rate throughout the life of the loan. This type of mortgage is great if interest rates begin to climb, however, if they fall, you will be stuck with the same payment.

• Adjustable-rate mortgages

Think of this as the opposite— the mortgage with a rate that changes throughout the life of the loan. An adjustable-rate mortgage usually begins with a low, short-term interest rate (which will stay low if rates follow suit) and yet if rates rise, your payment could do the same.

• 30-year mortgages

As a homebuyer in the Wilmington and Newark area, you have likely heard about 30-year mortgages. This is a common route, but you also have the option of taking on a shorter term mortgage; for instance, a 10, 15 or 20 year loan. The loans with the shorter payback period will allow you to pay less interest, but the payments will be higher than the standard 30-year mortgage.

Now, Wilmington homebuyers, it's also important you shop around for a lender. Don't be too quick to settle on the first company to offer you a mortgage. Interest rates and terms can vary widely among lenders and you will need to compare these to find the best deal. If you don't know where to begin shopping, the Kat Geralis Home Team would be glad to provide recommendations!

The spring real estate market is heating up and will only continue to do so as we progress into April. You will be competing with numerous other motivated buyers this season, so do not wait to get a jump on the mortgage process. The earlier you start, the earlier you can settle into the home of your dreams in Greater Wilmington!

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If buying a home is on your mind this spring, you are already on the right track toward building long-term wealth! Today, financing costs are generally low and with the rising cost of rent in Wilmington and Newark, real estate is the best possible investment you can make. 

Stop throwing your money away in the "renter's trap!" It's time you start building wealth the right way!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
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In the past, Wilmington and Newark DE area home sellers have had to compete with a large inventory of distressed properties—both foreclosures and short sales. Now, the amount of foreclosures and short sales available has dropped significantly in most markets and for home sellers, spring seems to be the time to list with the competition gone.

However, 2015 holds new competition and Delaware homebuyers are viewing it as the better option over what is available in the current real estate market.

New construction 

Newly-constructed homes accounted for 16% of all homes sold in 2014, according to the National Association of Realtors' Profile of Home Buyers & Sellers. New construction homes in the Wilmington area not only offer them the ability to customize and choose the home's design, but also free them from the burden of existing home issues.

As the new competition on the real estate block, new construction also offer Wilmington area buyers the following that existing homes do not:

• No need for renovations
• No need for repairs that existing homes may require
• Amenities in new construction communities— for instance, a swimming pool, clubhouse, fitness center or golf course
• Green or energy-efficient appliances, windows and other eco-friendly features
• An alternative to the lack of existing homes inventory in the real estate market

One of the main reasons new construction is emerging as a strong competitor for home sellers is the current lack of inventory. In fact, the number of those who cited a lack of existing homes in the survey is likely to increase this year.

Existing home inventory is currently sitting at a 4.7 month supply, while it needs to be at 6 month supply to maintain a "normal" market by historical standards. In comparison, the inventory of new construction homes available is currently pegged at a 5.4 months supply.

So, what can you do to avoid the competition as a Wilmington or Newark DE home seller? List now! Many homeowners are waiting until spring to list their properties and acting now could put you ahead of this rush of homes soon to hit the market.

As your Greater Wilmington real estate experts, the KG Home Team can walk you through the home sale process every step of the way. Do not hesitate to contact us with any questions and if you're ready to get started, we're here to help!

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While home sales did indeed stumble in January, compared to December, we can see that existing homes sales have outpaced last year every month. In fact, this January's sales numbers were 200,000 homes greater than January of last year. 

Also better when referencing last year's numbers are pending home sales. The number of houses going into contract has done better in the last five months as compared to last year at this time.

What does that mean for you? Don't be afraid to list! Demand is currently 3 times greater than last year and today's housing inventory is not enough to support the motivated buyers. This may be the perfect time to get the best price for your home!

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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It's a new year and that means new goals for many Wilmington, DE area residents. One of these goals may include buying a home— making the switch from renting to homeownership! It's an exciting time for Wilmington area buyers to jump into the market with lower down payment programs and now lower FHA mortgage insurance premiums.

However, that doesn't mean there aren't still preparations to make. Starting a budget and saving for your down payment are helpful, but renters should also take the following steps into consideration:

Research the total costs of homeownership
Buying a home in Wilmington, Newark DE is a big step and it's important that potential buyers understand all of the costs involved. When you rent a home, one payment covers your monthly housing costs. When you own a home, your payment covers your principal, interest, taxes and insurance. 

Use a mortgage calculator to help determine how much home you can afford when you factor in each of these components of a monthly mortgage payment.

Know the tax benefits of homeownership
When you file a tax return, your mortgage interest and property taxes are deductible. Making these deductions can lower the cost of homeownership. For instance, if your monthly payment with principal, interest, tax and insurance factored in is $1,500, tax deductions could bring it down to around $1,200.

Research the cost difference between renting vs. buying
In order to get a true comparison of the costs of renting and buying, you need to look at the homeownership costs after tax benefits. 

A $300,000 home that costs around $1,200 per month after taxes could be compared to a home that rents for $1,200 per month. If the home was larger or in a better area than the rental property, buying the property would seem logical. However, remember that you would need a large down payment to support this math.

The Kat Geralis Home Team is here to help you make a smooth transition from renting to owning a home in the Wilmington, Delaware area. We even offer FREE first-time homebuyer seminars!

Contact us today with any questions you have about the home buying process and how to get started!

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Now that the holiday season is over, it's time to explore homebuyer opportunities for 2015! But don't wait until spring— there are many benefits to buying a home now versus later. With mortgage rates and home prices rising, waiting until spring could cost you more than you think!

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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First-time homebuyers in Wilmington, DE today may be sitting on the fence, wondering if now is the time to spring into the real estate market or continue renting. According to the U.S. Census' 2013 American Community Survey, this is the third consecutive year housing costs have taken a downward turn and with mortgage rates also low, owning a home is still the better choice.

For renters in the Wilmington Delaware area, it is not uncommon to spend more than 30 percent of their income on housing. In fact, nationwide, this is true of nearly half of all renters— compared to just 26 percent of homeowners who spend more than 30 percent on housing.

But for homeowners everywhere, that number is falling. Realtor Magazine reported the amount of those spending 30 percent or more on housing fell to 39.6 million homeowners, down from 40.9 million the year before. Considering all of the costs involved with owning a home in Delaware, first-time homebuyers should be able to recognize the opportunity in today's real estate market.

It is renters who make up the category of those considered "severely burdened" by housing costs. Rents are rising—as much as 5 percent last year, reported a study from the Harvard Joint Center of Housing Studies— and in most places, incomes just cannot keep up.

Housing affordability in the Wilmington area tends to favor homeowners, especially given the currently low mortgage rates. If you're paying more than 50 percent of your income toward rent in Wilmington or Newark, we can help!

We are seasoned in working with first-time homebuyers and even offer FREE first-time buyer seminars to walk you through the process, including how to save for a down payment. If you have questions about buying a home in the greater Wilmington area, we'd love to hear from you!

You won't want to miss out on this opportune time in the real estate market, so do not hesitate to contact the KG Home Team today!

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If you're on the other side, ready to move out of your current home, know that NOW is a great time to sell! The number of potential buyers looking at real estate has remained strong this fall and inventory has dropped, which equates to less competition for homeowners selling 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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So you bought a home in Wilmington, DE in 2006. It lost 20-40% of its value, but today you could break even, hopefully. You want to buy a new home, but don't really have any equity, what should you do?  You're not too confident in the housing market, but you know rates are great? The real question should be, "What would you pay today to put income in your pocket and a roof over your head for the rest of your life?"

Today you have a once in a lifetime opportunity to buy a new home in Wilmington or Newark, keep your old home and own them both in 15 years! What would your life look like if you owned two homes in 15 years? You could use the income from one to live in the other, have a roof over your head for life and have a retirement income! Act now— this opportunity will go away within 1-2 years max.

Interest rates are going up! We have been at a 100 year low and you won't be able to create wealth like this ever again in your lifetime!

That's right, when rates are back to 6.5-7%, you will not qualify to keep your old house and buy another. You might be lucky to even buy one home on a 30-year mortgage, let alone a 15-year mortgage. The choice is yours.

Option One:
Stay put, be conservative, wait to see what is going to happen with the real estate market. Keep your "old" house, hunker down, wait and see if rates really will go up?

Option Two (The Smart Choice):
You purchased your existing Wilmington home in 2006, paid $255,000, it went up, then down, then down some more, now it is back up to a little less than you owe. Why sell? Keep it, rent it for the monthly payment at 5.5%. Your payment is $1636 and fair market rent should be at least that. Pay $600 a month extra in addition to rent and you own it in 15 years!

Your new home is $300,000. Instead of doing a 30-year mortgage at 4.25% with a payment of $2026, do a 15-year loan at 3.5% and pay an extra $695 per month!

To recap: For $2,600 more per month over 15 years, you can own both houses, earn an income of $2,000 per month for the rest of your life and own your home free and clear. With the leverage of reverse mortgages, you could have $4,000-$5,000 per month with no house payment for the next 15-20 years!

If you have been wrestling with yourself, your spouse, your parents or relatives— BUY NOW! You will forever be a genius.

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Your real estate agent with the Kat Geralis Home Team can help you navigate the current real estate market and take advantage of mortgage rates. We cover all of the bases when selling your home, so you don't have to— just one of the many reasons to avoid For Sale by Owner this year. 

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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Are you looking for a new place to call home? Consider Wilmington, Delaware! 

Located conveniently between New York City and Washington, DC, Wilmington has become a hub of culture and commerce given its low cost of living, low property taxes and ZERO sales tax! Not only is Wilmington one of the best places to live if you hate paying taxes, but it's also been ranked the 6th Most Tax-friendly State for Retirement.

The Kat Geralis Home Team with Keller Williams can get you moving this year, whether you're looking for new construction homes, investment properties, 55+ communities, or are preparing to buy your very first home. 

Last year, Keller Williams helped over 2,000 families move to a new home in Delaware and we'd be happy to help you do the same. Relocating to the area? Our team is well-versed in all things Wilmington!

Ranked the #1 Keller Williams agent in Delaware in 2013 and chosen as one of America's Best Real Estate Agents by Real Trends, I know the in's and out's of the community as well as the local market. My team of talented professionals is what drives our success and together, we have more than 50 years of combined experience to assist with your buying or selling a home in Greater Wilmington. 

Our services are a cut above when it comes to the real estate market— we are prepared to help both buyers and sellers with the following:

• New construction 
• 55+ communities
• Builder trade-in
• First-time homebuyers
• Relocation
• Short sales
• Foreclosures
• Investors
• Global Property Specialists

If you have questions about relocating to Wilmington, where to retire, or simply buying or selling a home in Delaware this year, don't hesitate to reach out! We can provide recommendations on everything from neighborhoods to local events to mortgage lenders. 

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
Follow me on Twitter
 

If you're a first-time homebuyer, the necessary steps to purchase a home in Wilmington or Newark may not be entirely familiar. Before you become a homeowner, there are a few financial decisions you should make to help ensure your success of getting a mortgage and affording your first home. For instance, creating a budget and trimming the excess expenses. Here are a few to-do's to take on this summer, future homebuyers— you'll be happy you did when the time comes to close on your dream home.

Start Saving
Saving for your future home should be on every Wilmington homebuyer's mind, especially if you plan to include a significant down payment. As a homebuyer, you should first take care of any debts owed and improving your credit score before you take on building your homeowner's fund. However, if you've already completed these financial tasks, try to build up your savings to cover at least six months of living expenses. Homeowners are often faced with unexpected costs, like a water heater that needs repairing. This savings will come in handy as you transition into your new role and assume the added responsibility that comes with your home.

Steady Your Income
Potential homebuyers should be sure they have a steady income before buying a home in Wilmington or Newark. Use a mortgage calculator to factor in your income to homeowner's expenses, including utilities, taxes and insurance. If the numbers don't fit in your comfort zone just yet, keep saving and bolstering your income. A mortgage is a long-term financial commitment and you should only purchase Wilmington real estate when you're certain your financial situation will allow for the payments.

Improve Your Credit Score
As I mentioned above, paying your debts and improving your credit score is an important task to complete before purchasing a home in Delaware. When you apply for a mortgage, a lender will examine both your income and credit score. Research your score before you apply for a mortgage as this is a major factor in deterring your rate and whether or not you even qualify.

Stick to Your Budget
Have you created a budget? Go over your finances and determine where your money goes each month— write down each amount and create categories for purchases and expenses. Next, come up with a budget that allows you to trim the financial excess and try sticking to it for a few months. If you can comfortably follow a budget, it may be a sign you're ready to buy a home.

Buying a home in Wilmington or Newark is a big step, especially if this is your first-time purchasing Delaware real estate. The Kat Geralis Home Team can help you with preparations and provide information on the current market where you live. Contact us today to get started on your journey to becoming a homeowner in Wilmington or Newark!

And remember, we also offer FREE first-time homebuyer seminars to help!

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
Follow me on Twitter

For a successful real estate transaction in Wilmington and Newark, it takes two— both a homebuyer and home seller. Homebuyers have recently been built up as more confident than ever in their ability to purchase a new home—taking the local real estate market by storm— but now, home sellers are joining in.Wilmington home sellers are now recognizing that the low mortgage rates and housing prices won't last forever and now is a great time to move!

According to Fannie Mae in their most recent National Housing Survey, "The share of respondents who believe now is a good time to sell a home increased for the third consecutive month to an all-time high of 42 percent, an encouraging sign since many potential homebuyers will need to sell a home before entering the purchase market."

It seems the market has seen an overall shift in attitude for home sellers, with one senior advisor stating consumer attitudes toward selling are now at the most favorable level they have seen in the survey's four-year history. 

So why the sudden shift now? Wilmington, DE home sellers do not see the benefit in waiting to purchase a home or waiting for market conditions to move next to perfect. Home prices and mortgage rates are projected to continue rising over the next year and sellers are ready to take advantage of the current levels. Sellers also acknowledge that they are more likely to attract a homebuyer and come out with a sales price they are happy with while these mortgage rates are still low.

The majority of home sellers are looking to jump on this exciting time for Delaware real estate as they expect home prices to stay relatively the same, if not rise, over the next year. The survey's participants found only 5 percent actually expect prices to drop over the next 12 months. This is great news for both parties, as Wilmington and Newark homebuyers don't want to buy a home that may be worth less down the road.

There may indeed be more benefits to selling a home in Wilmington now versus waiting out the market— so take note! If you're ready to start your home search and like many others, attract homebuyers to your property while mortgage rates are still low, contact the KG Home Team today! We can help you sell your current property and be onto the next to enjoy the summer!

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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Have you been dreaming of buying a home in Wilmington or Newark this year? Come visit us at the Homebuying Fair in Wilmington tomorrow! We'd love to chat about potential properties for sale in the local real estate market, financing your new home purchase, and answer any questions if you're a first-time homebuyer in the Wilmington area. Details on the Homebuyer Fair below:

2014 Homebuyer Fair
Saturday, April 5, 2014
8 AM to 4 PM
Chase Center on the Riverfront
815 Justison Street
Wilmington, DE 19801

There is no cost to attend this local real estate event and you can even enter to win prizes! The 2014 Homebuyer Fair is a great industry resource for those planning to buy Wilmington real estate this year, especially as it will feature many industry exhibitors and service providers. 

You can also expect:

• A live broadcast by TOM-FM throughout the day
• Refreshments served
• Free parking
• Door prizes
• Credit to earn towards your HUD Homebuyer Education Certificate requirements

Come on out to visit the Homebuyer Fair and chat with the Kat Geralis Home Team at Keller Williams. There will be seminars held throughout the day, presenting valuable information on finding your next home in the Wilmington area, options for financing and downpayment assistance, home inspections and so much more.

If you're ready to buy a home, we hope to see you there! Walk-ins are welcome.

We're here to help you with your homeowner goals! You can also learn more about the buying process at our FREE First Time Homebuyer Seminars! 

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
Follow me on Twitter

With mortgage rates and housing prices on the rise, Wilmington and Newark DE homebuyers should consider buying homes in the area before the busy spring buying season. And not just because more homebuyers will be in the market to compete with— according to Realtor.com, home prices posted double-digit gains in 2013 and will only continue to increase as the new year goes on.

Home Prices Up Again
A trend that is not likely to go anywhere soon, more price increases are coming to Wilmington, Newark real estate. KCM reports that "Prices are projected to appreciate by over 25% from now to 2018. It would be rise to act now, but many homebuyers, especially first-time buyers, will what until spring and encounter a higher mortgage rate as well. In looking at the numbers over the past few months, it is inevitable homebuyers will end up paying more for the same home down the line if they wait to purchase.

Rent Increasing
More hikes are on the horizon for renters everywhere— making the investment of homeownership increasing more appealing. For instance, did you know that the net worth of the average homeowner is 30 times greater than that of a renter? Whether you buy homes in Wilmington and Newark or rent, you're still paying a mortgage— it just may be your landlord's. Make the investment now, save yourself money in the long run, and you could call yourself a homeowner by spring.

Home Sellers Motivated
And while these new housing price hikes should give a push to homebuyers to purchase Wilmington real estate before they increase again, home sellers are seeing a similar push. “We expect the rising prices to attract more sellers, unlocking this pent-up supply, which will have a moderating effect on prices in 2014,” said one real estate economist. 

These home sellers may have previously been underwater in their Wilmington and Newark area homes and are now entering positive territory. The rising numbers on the housing price and mortgage rate front should offer the motivation to sell and be able to move to a new home in the area that they have likely been waiting to do.

Regardless, “the healthy and broad-based gains in home prices in 2013 help set the stage for the continued recovery in the housing sector in 2014,” another real estate economist told Realtor.com. “After six years of fits and starts, we can now see a clearer path to a durable recovery in single-family residential housing across most of the U.S.”

Are you ready to begin the process of buying Wilmington, DE real estate? Together we will work to find the best home for both you and your family. You can also learn more about the buying process at our FREE First Time Homebuyer Seminars! 

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
Follow me on Twitter