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
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With all of the cold weather we've been experiencing lately, it's hard to think spring. We are just one month away from the start of the new season and Wilmington, DE is packing the calendar with events to get you out and about. 

If you're starting to feel a touch of cabin fever this winter (and especially this week!), here are a few upcoming events in Wilmington that can lift your spirits.

Lecture: How to Get a Lush, No-Fuss Garden
When: Every Wednesday through February 25, 2015; 7 PM
Where: Delaware Center for Horticulture, Wilmington DE

Planning a garden is one easy way to start thinking spring and many Wilmington DE homeowners may be looking to do so in order to boost their curb appeal. With this lecture series every Wednesday through February 25, you can learn to garden smart with plants suited to thrive locally in Delaware.

Art on the Town
When: First Friday of every month (excluding January); 5:30 PM to 8 PM
Where: Art galleries, museums, storefronts and studios around Wilmington, DE 

Local art venues including galleries, museums and studios open their doors on the first Friday of every month to allow Wilmington area residents to meet local artists— and the event is back after one month off! Take a self-guided tour of the galleries during Art on the Town, also known as the Art Loop, and experience the local culture and arts scene.

Wilmington Library Chocolate Festival
When: March 14, 2015; 11 AM to 2 PM
Where: Wilmington Institute Library; Wilmington DE

Get out of the house and dive straight into a baking contest open to the public and local chefs! There will be amateur and professional categories for judging, vendors, raffle items, activities for the kids and lots of chocolate tastings! Admission is $2 and tasting tickets are .50. 

Egg Drop Challenge
When: March 14, 2015; 1 PM
Where: DuPont Environmental Education Center; Wilmington DE

Becoming an annual attraction in Wilmington, the Egg Drop challenge is a fun event for families! Teams earn points and use them to "purchase" materials for the challenge and protect the team egg. The egg is dropped off the balcony and the team whose egg that makes it through the drop in one piece wins!

As your local Wilmington and Newark real estate experts, we are happy to provide suggestions for enjoying the area— especially during the winter months when you may be stuck indoors! If you're ready to call the Greater Wilmington area your home, do not hesitate to contact us!

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 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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2015 is already being called the "Year of the First-time Homebuyer" and with the new programs rolling out from Fannie Mae and Freddie Mac, more Wilmington area homebuyers will indeed be flocking to the market.

First-time homebuyers have been held back for the majority of this year by strict lending requirements and the large 20 percent down payment hanging over their heads. But with Fannie's program beginning on December 13 and Freddie's on March 23, 2015, the two will begin backing mortgages with 3 percent down. 

The new year will be a chance for thousands of Wilmington, DE area first-time homebuyers to enter into the market, finally able to make a home purchase. Despite their ability to take on a mortgage in the past, buyers were simply unable to come up with the 20 percent down payment. These new programs will put homeownership within their reach and thus, give the strength of the real estate market another welcome boost.

Do you count yourself among the first-time homebuyers in New Castle County? Here are the requirements you can expect from Fannie and Freddie's new 3 percent down mortgages:

• A credit score of at least 620
   
• The purchase of private mortgage insurance
   
• Documentation of assets, income and job status
   
• Homeownership counseling

Both Fannie and Freddie's programs are for fixed-rate loans doled out to first-time homebuyers and those looking to refinance their current mortgage. 

2015 is already looking bright for the real estate market and the KG Home Team can help along the way! Contact us today with questions you might have about obtaining a mortgage and buying a home in Wilmington or Newark, DE. We're a top-ranked team ready to go to work for you!

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Keeping up with the varying news about the real estate market can be exhausting. That's why we're here! Leave it to the pros and stop trying to decipher which real estate headline actually makes sense for the Wilmington market. Remember that real estate is local— we can provide details on the state of real estate in your community at any 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
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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
Find me on Facebook
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The real estate market has seen significant changes and pushes in the right direction this fall, all pointing to signs of a stronger, more positive future. For instance, mortgage rates dropped to their lowest point in over a year and are now hovering just under 4%. But that's not the only factor to sing about this season— new and existing home sales are also at their highest levels of the year.

According to the National Association of Home Builders, the sales of newly-built single family homes have edged up for the third consecutive month. Rising just 0.2 percent in September to an annual rate of 467,000 units, new home sales are now at their highest level since June 2008. The NAHB chief economist also acknowledged the slow-growing inventory of new homes as a sign of confidence among home builders.

While the inventory and sales of new construction homes does vary by location, the Kat Geralis Home Team is happy to provide you with more information on these properties in and around Wilmington, Delaware. 

On the existing home front, sales saw quite the turnaround in September as they climbed to the highest pace of the year. Every region except for the Midwest reported gains in existing home sales and given low mortgage rates, a healthy real estate market should continue as we near the end of the year.

"Traditional buyers are entering a less competitive market with fewer investors searching for available homes," said the National Association of Realtors' chief economist. However, they "may also face a slight decline of choices due to the fact that inventory generally falls heading into winter."

Existing home sales, rising to the tune of 2.4 percent in September, coupled with increases in newly-built single family home sales are two strong signs of confidence among both builders and homebuyers.

If you're ready to take advantage of the current real estate market conditions in the Wilmington, DE area, the KG Home Team is happy to help. Having just been ranked the #1 Keller Williams agent in Delaware, you can be certain you're working with the best!

Contact us today!

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Many homebuyers have misconceptions about how much down payment is necessary to purchase a home. 15 to 20 percent? Don't be too quick to assume! As it turns out, you may not need nearly as much as you think— you could become a homeowner with a down payment in the single digits!

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

Fall is an excellent time to take advantage of the local real estate market in the Wilmington, DE area. If you're planning to buy a new property or sell your current home, take a look at these updated statistics for the Wilmington, DE area.

As always, if you have any questions about the real estate process, anything concerning the purchase of new construction, how to attract homebuyers to your Wilmington property, becoming a homeowner for the very first time— the Kat Geralis Home Team is here to help!

We even offer 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

When you are ready to buy or sell a home in the Greater Wilmington Delaware area, you want to work with the best. That's why I am happy to share that I've been ranked the Top Keller Williams agent in Delaware!

Choosing from over thousands of real estate agents, Real Trends takes into account both transactions and sales volume when compiling their list. Given these factors for this year's Best Real Estate Agents in America, I was ranked 3rd Best Agent in the State of Delaware and the Top Ranked Keller Williams Agent! 

So, don't work with just any agent in the Wilmington, DE area this year, work with the best. A real estate agent can accomplish so much on your behalf, whether you're buying a new home or selling your current property in Wilmington or Newark, so don't go it alone. It's always best to leave it up to the pros in order to have a smooth and less stressful real estate journey.

Below are just a few of the things a great Realtor can do for you:

• Negotiate with all parties involved— the appraiser, inspection company, title company, other agents
• Help you net up to $41K more than if you decided to forgo working with an agent
• Work as your buyer's agent for a new construction purchase
• Find you the best deal
• Use your homebuyer wish list to find your dream home 
• Create a strategy to attract homebuyers to your property
• Pique homebuyer interest online, where they first begin their home search
• Assist with relocation
• Help you find the perfect place to retire

The KG Home Team offers all of these services and more— our experience in the Greater Wilmington area is unparalleled and available to assist you in achieving your Delaware real estate goals. 

Contact us today!

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With mortgage rates this low, waiting to buy a home in Wilmington, DE no longer makes sense. In fact, did you know that buying a home is 38% less expensive than renting? It's true! Nationally, rates would have to rise to 10.6% for renting to be cheaper than buying and rates haven't been that high since 1989!

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

In past months, the outlook for new construction homes has been less than significant, but it seems the month of August saw a major turnaround. With an improving job market and low mortgage rates, home builder optimism soared, thus boosting their outlook for sales.

According to the National Association of Home Builders, builder confidence in the single-family home market rose two points in August. With the number rising to 55, it was the second consecutive month at a level over 50, indicating that builders are viewing the market conditions are more positive than negative. The builder confidence index was previously expected to hold steady at a 53, according to economists, but builders are growing increasingly optimistic given the job market and mortgage rate factors.

Declining affordability for homebuyers had pinched home builders in the earlier part of the year, but NAHB Chief Economist is confident the new construction market will see improvements, including further increases in confidence, as we move forward.

"Factors contributing to this rise include sustained job growth, historically low mortgage rates and affordable home prices," he said. In addition, these favorable conditions are also prompting more serious homebuyers to enter the market.

What does this mean for you as a Wilmington, DE homebuyer? With builder optimism at a seven-year high, you can confidently move forward as a local homebuyer— it's time to team up with a buyer's agent to begin your new construction home purchase. 

Many Delaware homebuyers make the mistake of buying a home directly from the builder, while a buyer's agent can work on your behalf oftentimes with much better results. A salesman will look out for the best interests of his own company, while a buyer's agent looks out for you! Your buyer's agent will also ensure you're not overpaying for a property, given other comparable homes in the area, which is a common new construction blunder for those that forgo working with an agent entirely.

We're happy to help you along every step of the homebuying journey— whether you're interested in an existing home in the Wilmington or Newark area or new construction properties. Contact us today to see what's available!

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
Follow me on Twitter