Kat Geralis Home Team Wilmington DE Real Estate News Archives

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
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According to new research from RealtyTrac, saving enough money for a down payment—typically 20 percent— could take as long as 12 years for first-time homebuyers. Based on median home prices and the current personal savings rate of 5.6 percent, buyers would need to wait until they're 42 years old to purchase a home. 

Saving 20 percent for your first Wilmington, Delaware home can be overwhelming, especially when you have additional debt from credit cards or student loans. However, there are other ways to help you save up to buy Wilmington real estate. 

Consider these 4 easy ways to save for a down payment and if you're still feeling uncertain about buying a home, contact the KG Home Team! We're happy to answer your questions and even offer FREE first-time homebuyer seminars!

​Shop around for better rates
With expenses like car insurance, renter's insurance, cable, internet and a cell phone plan, the costs can put a damper on your saving for a home. Start shopping around for better prices to bring the numbers down. Simply switching to a new provider could help you save hundreds more per month.

Monitor your spending
If you haven't yet, make a budget to help you pin-point your monthly costs and develop a better timeline for buying a home in the Wilmington area. Where is your money going each month? Are there places you could cut back? For instance, dining out is one expense many prospective homebuyers could stand to eliminate.

Negotiate your rent
Rent is likely the largest expense you have per month and the one that would allow you to save more for a down payment. If you're in good standing as a tenant, consider speaking to your landlord about lowering your rent or perhaps downsize to a smaller apartment and deposit the difference in rent into your savings account.

Negotiate your student loan payments
Depending on the type of loan you have, you may be able to scale back on your payments. Speak to your lender or student loan provider about repayment options, including income-based repayment. Lowering your payment each month could allow you to save more for a Wilmington home.

The KG Home Team can help you every step of the way as a first-time homebuyer. If you have questions about down payments, mortgages or the current real estate market, 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
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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
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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
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Summer is an exciting time in local real estate— the conditions are ideal for moving, homebuyers are feeling motivated and home sellers are ready for a change of scenery. However, despite the market statistics on rising mortgage rates and housing prices, there are still a few buyers on the fence.

If you find yourself wondering if now is the right time to buy in Wilmington, consider these top 5 reasons to own a home:

Paying rent is not the best investment
If you're currently renting, ask yourself where your money is going every month. When you rent a home in Delaware, you are paying down your landlord's mortgage, not your own. When you own a home, you are paying down your own mortgage and putting your money into a much more solid investment.

It motivates you to get involved
Owning a home can be a great boost of community pride for Wilmington, DE residents. It motivates you to get out and get involved in local events, neighborhood issues and upkeep. Homeownership can help you to feel like you're coming back to a place that is truly your own.

You need more space
When deciding whether to purchase a home in Wilmington or Newark, ask yourself if you have enough room in your current home. Do you have enough storage space? Is your family growing? Could you use an extra bedroom? If you answered yes to the last two questions, then it may be time for you to move. Homeownership allows you to choose a new home that fits your needs, especially in terms of extra space.

The financial opportunity
Right now is an exciting time in the local real estate market as mortgage rates are still considered "low" but slowly rising— it's a time where potential buyers can make a move without feeling the financial strain or without feeling like they've been "priced out" of the market. Real estate is very much about timing and if you've been on the fence, the time is now!

Your family needs
If your family is growing, school districts are something to take into account. Purchasing a home allows you to choose the best district and put down some roots— many homebuyers today are willing to move for the schools, so consider your family's needs when making your decision.

Whether you decide to purchase a new construction home or an existing home, the KG Home Team can help you! We will act as your buyer's agent in cases of new construction, as well as answer all of your questions about first-time homebuying! We even offer FREE first-time homebuyer seminars!

Image via Keeping Current Matters

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
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When shopping for a new home in Wilmington or Newark DE, homebuyers will likely browse a mix of existing and new construction properties. Your real estate agent is there to help with every step along the way, with every milestone of your homebuying journey— but what if you choose new construction? Many homebuyers make the mistake of purchasing the home directly from the builder, foregoing the agent entirely. There are many benefits to using a buyer's agent when purchasing new construction, so don't hesitate to reach out to the Kat Geralis Home Team for help this summer!

Your Buyer's Agent Works for You
When you work with a buyer's agent in buying a new construction home, you can be certain they are working with your best interests in mind. When you buy directly from the builder, this is not the case. The salesman of the properties is looking out for the best interests of his own company, not necessarily for yours as the buyer. A buyer's agent is all yours— available to help you find the best home in Wilmington or Newark and at the best price. 

Your Buyer's Agent Has Experience
No matter if you're purchasing an existing home or new construction, you'll want an agent with experience and knowledge of the area. Your buyer's agent makes it their main priority to stay educated on the current market trends and available properties. The KG Home Team is an expert resource for real estate in Wilmington and Newark and comes packaged with years of experience to aid in your home purchase.

Your Buyer's Agent Helps You Save
Having decided to purchase a new construction home, be aware that this is likely one of the biggest purchases you'll ever make, so let your buyer's agent work to save you money. Your buyer's agent has the experience and knowledge of the area that will help you find the best deal— knowledge that a builder or their salesperson may not have. Your buyer's agent will ensure you are not overpaying for a home by researching comparable sales and properties. Finally, they've been through this before! Your buyer's agent knows the secrets of purchasing new construction and the in's and out's of working with a builder.

Your Buyer's Agent Negotiates
As a homebuyer, you don't want to have to be the negotiator. Your buyer's agent does this for you! Regardless of what the builder says about negotiating on price or other features, your agent knows there is always room. The buyers agent has mastered the art of negotiating and this can help you save thousands in the grand scheme of buying a new home.

Are you thinking of purchasing a new construction home this summer? Let the KG Home Team work on your behalf! We'll do the research and the negotiating so you don't have to— we're here to help! 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
Follow me on Twitter