Kat Geralis Home Team Wilmington DE Real Estate News Archives

With more homebuyers in the local real estate market this summer, one thing is for certain— buyers are looking for home features that their current homes do not already supply. Popular selling points like extra storage, organization, a great location, low-energy features and low maintenance will stand out to those looking to purchase a home in Wilmington and Newark area.

If you're a Wilmington home seller, it's important to highlight your home's best features, no matter the reasons you're moving on. Don't take your current home for granted and you could just set the stage for a home sale. 

Storage Space
For many homebuyers in the Delaware real estate market right now, especially those first-time homebuyers who are dealing with little space, storage is a big plus. Despite what you think of your home—maybe you have a standard basement or garage that you use as storage—a first-time homebuyer may think they've hit the jackpot. Built-in storage in the kitchen? Large, extra closets? Be sure to highlight these selling points to buyers!

Location
In Wilmington area real estate, location is key. But put yourself in a homebuyer's shoes. Keep in mind that not everyone may be familiar with your neighborhood, they may not know the local attractions around you or the great schools that are across the street. Tell them! Your pointing these out, or rather your expert real estate agent, could just push the home to the top of their list.

Low Energy, Low Maintenance 
When moving to a new home, many buyers will be looking for low upkeep and especially low-cost, low-energy appliances and features. As a home is the biggest purchase one will make, any features in place that can help keep costs down will appeal to buyers. Do you have a new, energy-efficient water heater? Recently replaced insulation? Buyers will be glad to know!

Together, we can work to properly market your Wilmington or Newark DE home to the right buyers. By pricing the property well and hitting all of the key selling points—highlighting your home's best features— you can be on your way to settling into your next home.

Contact the KG Home Team today to discuss the many other ways we can assist you in selling your home!

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

The local Wilmington DE real estate market saw an improvement in 2013, with housing prices improving, more homeowners gaining positive equity in their homes, and builder confidence on the up and up. Forbes recently released a list of predictions for the coming year and as it turns out, 2014 will be another great year for real estate in the Wilmington and Newark DE area. 

More Inventory
2013's housing market saw a shortage of homes for sale in Wilmington and going forward, homebuyers will see a change in inventory numbers. According to Realtor.com, inventory has been softening since February and will continue to do so in 2014. "New construction and rising prices should bring more homes, both new and old, on to the market in 2014, helping inventory return to traditional levels," the industry insider reported.

Mortgage Rates Will Increase
Mortgage rates have been seen rising in Wilmington real estate and will continue to increase. In fact, by the end of 2014, mortgage rates will be hovering around the 5 percent range— but homebuyers should note, rates near 5 percent are still relatively low. In Forbes' list of housing predictions, a prediction is included from Zillow which suggests "rates will hit 5% by the end of 2014–well up from the 4′s and 3′s of late, but still well within normal levels." 

Home Prices Will Rise
In 2014, real estate insiders Redfin and Zillow are predicting home prices will rise somewhere between 3 and 5 percent. This is a similar increase to what Wilmington homebuyers saw in 2013 where prices jumped 5 percent and in some hotspot areas in the country, more than 20 percent. This coming year, with mortgage rates increasing and more expensive home prices, the rate at which these prices climb will begin to slow and stabilize in local housing markets. This is also driven by more homeowners moving out of the underwater status in their homes and more new construction powered by builder confidence in the area.

Fewer Homeowners Will be Underwater
Again, more homeowners are regaining positive equity in their homes and this trend is set to continue through 2014. According to Realtor.com, "rising prices helped 2.5 million homeowners with underwater mortgages regain positive equity status during the second quarter of 2013," and while millions of homeowners are still underwater in their homes, that number will shrink significantly in 2014.

Ready to take advantage of the seller's market and sell your Wilmington home? Let us help you with your selling options and move closer to purchasing your next home— 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

Many homebuyers have the mindset that moving to a new home in the Wilmington or Newark DE area is a hassle during the winter months, but what they might not know is that buying real estate this time of year is actually beneficial! For home sellers, here's why you'll want to sell your Wilmington home before spring:

Serious Buyers
This homebuyers in the Wilmington DE real estate market this holiday season are serious about buying a home. You can be assured there will be less "looks" and more serious inquiries at this time of year as spring is technically where more homebuyers come out to simply begin their searches.

Less Inventory
During the holidays, there will be less inventory for homebuyers to choose from. And the lower the number of homes for sale in Wilmington, the more likely a serious homebuyer will be to choose your home from those available. 

All about the Homebuyer
When it comes to buying a home during the holiday season, homebuyers are more emotional which means they are more likely to become attached to a home that catches their eye. Some homebuyers are also interested in buying Wilmington real estate before the end of the year for tax purposes. It's all about the homebuyer this time of year! 

You Can Capture the Market
January is a time when many employees begin new jobs and you as a home seller can capture that market by having a home for sale during the next month. Also, due to the limited inventory of Wilmington homes, you can place a higher price tag on your home and expect to see a sale price at or close to that number. You as a home seller have power during the holidays.

Ready to begin your Wilmington, DE home search or sell your current home? Let us help you discover your real estate options and move closer to purchasing your next home— 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

Finding the perfect home in Wilmington DE can be challenging— especially if you have an extensive home feature wish list. Have you been searching for homes for sale in Wilmington DE or Newark DE? Let us help you with your homebuyer questions and make the right decision in purchasing Wilmington real estate. Below are a few homes for sale in Wilmington and Newark— take a look and contact us with any questions or to view more properties in the Wilmington/Newark real estate market. We even offer FREE first-time homebuyer seminars!

1402 Clinton St
Wilmington DE 
4 bedrooms | 3 bathrooms | 1 half bath
3125 square ft.

Price: $600,000

SUPER! City-Chic home loaded with updates & close to Rockford Park! Newer construction, contemporary floor plan w/over 3000 SF. Dramatic 2-story entry with turned staircase lead to formal Living Dining rm. Bright space w/tall designer windows, Hardwood floors throughout, track & recessed accent lighting. Spectacular Gourmet kitchen with upgraded cabinets, quartz counters, oversized island with 5-burner Dacor cooktop & breakfast bar, Dacor wall ovens; informal dining area with slider to lovely screened porch overlooking backyd landscaping & fenced yard. Adjoining cozy family room with woodburning fireplace. 

View Property



402 Saint Regis Dr
Newark DE 
4 bedrooms | 2 bathrooms | 1 half bath
2300 square ft.

Price: $315,000

PRICE REDUCED! Come see this BEST BUY in Chapel Woods! Colonial style home w/Contemporary design, situated on a private lot. Enter into the 2-story Foyer w/vaulted ceilings. Formal Living & Dining rooms feature NEW hardwood floors. Tastefully decorated w/neutral colors, abundantly bright and open floor plan. Kitchen features large breakfast room w/ NEW wrap around counter space and large pantry. Newer appliances include smoothtop range, dishwasher and microwave. Relax on the large, rear deck overlooking tall, mature trees and fully fenced yard. 

View Property

2 Michael Townsend Ct
Newark DE
4 bedrooms | 2 bathrooms | 1 half bath
2775 square ft.

Price: $399,900

Price REDUCED 20k! MASTERPEICE HOME located in the sought after Preserve at Lafayette! This gorgeous brick colonial features a dramatic 2-story foyer,9' ceilings and many special upgrades throughout. The open floor plan is perfect for entertaining. You will be captivated by cathedral ceilings, beautiful hardwood flooring, crown molding and chair rail that accentuate the home. The gourmet kitchen boasts upgraded 42" cabinetry, center island, Stainless appliances and Corian countertops. A separate family room with gas fireplace and a home office are added bonuses.

View Property

Want to see more properties like these? Ready to begin your Wilmington, DE home search? Let us help you discover your real estate options and move closer to purchasing your next home!

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

REAL Trends recently released their list of America's Best Real Estate Agents to honor and rank real estate sales professionals and teams in all 50 states and metropolitan statistical areas— and our own Kat Geralis was chosen! Using the data from individuals who closed more than 50 sides or $20 million and sales teams with more than 75 closed sides or $30 million in closed sales volume, REAL Trends chose Kat Geralis as one of the Best Real Estate Agents in Delaware.

REAL Trends reached out to virtually every leading brokerage organization, all Realtor® associations and MLSs and a variety of other sources to compile their list. The final list consists of 1,000 real estate agents, named the "2013 Top 1,000 Real Estate Professionals in the United States."

A native Delawarean and U of D grad, Katina Geralis grew up in North Wilmington, and has lived in DE most of her life. Kat is an entrepreneur at heart with a true passion for Real Estate. She has hands-on experience in all areas of residential real estate including; Luxury Homes, Investment properties, New Construction, Active Adult 55+, Short Sales and Foreclosures. 

When clients choose Kat as their Realtor, they get the advantage of her wealth of knowledge, experience and creativity, which leads to a very successful formula. “It is very rewarding to make a difference, by working thru each client’s unique situation to make a lasting impact in their lives.” Kat’s ultimate goal is to create a positive real estate experience and her persistence, drive, and customer follow-up shines through her “whatever it takes” attitude!

As a Top Producer and now one of America's Best Real Estate Agents, Kat’s Multi-Million dollar portfolio consists of a balanced mix of Buyers, Sellers, Short Sales, Foreclosures, and Bank-Owned properties.

Want to work with Delaware's Best? Contact Kat Geralis and her team at the Wilmington Homes Group to discuss your real estate goals. Are you a first time home buyer? Learn more about the homebuying process with one of 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
 

The curb appeal of your Wilmington, DE home is more important now than ever before. With housing inventory low and buyer demand high, you want to be sure your home is one piece of Delaware real estate that stands out in the crowd. By getting your home up to par this summer, you can be certain homebuyers in the market to purchase a home will take note of yours before they even step inside the door. Remember, first impressions are key!

Green Home, Smaller Bills

This summer, give your home an energy audit. Walk around with a notepad and notice any cracks or gaps in windows, doors, switch-plate covers, and the like. According to MSN Real Estate, experts say you can save up to 20% on your home heating and cooling bills by simply plugging leaks. You can even receive a rebate for home-energy audits performed by recommended auditors.

Insulate Pipes Now

It may seem like an odd time to talk about insulation, but ensuring your hot water pipes are insulated correctly now can save you on energy costs this coming winter. This can be done by purchasing flexible foam pipe insulation sleeves from a hardware store. Taking precautions now can save you money in the long run when you know your Wilmington home is utilizing energy and resources properly.

Clean Your Patio

Summer is a great time to get outside and enjoy the weather— that means your patio too. Remove your outdoor furniture cushions, cleaning them thoroughly, and spray down the frames with a soapy, bleach solution. A recipe to follow uses:

1/3 cup laundry soap powder

2/3 cup trisodium phosphate or TSP

A quart of bleach

Three quarts of warm water

Allow the furniture to dry and return the cushion covers while they are still damp to prevent shrinking.

Clean Your Deck and Concrete

Power washers are just the tool to clean concrete patios, driveways, and outdoor spaces in the summer. While your washing the concrete, keep an eye on the water direction to be sure it moves the water away from your Wilmington area home's foundation. If it does not, inspect the area, looking for cracks and flaws in the foundation. Next check the inside for water stains or wetness. If hiring an inspector to find a solution to the structural problem is not in the cards, installing a sump pump can often fix the water problem in these spaces.

Take Care of Your Deck and Planters

Outdoor plants add instant curb appeal to Delaware homes for sale and are sure to grab a homebuyer's attention. Just be sure that your planters and pots have feet placed underneath of them as standing water can cause your deck's wood to rot. Pot stands and even colorful bricks will also do the trick. 

Patch Cracks and Make Amends

One final way to add curb appeal to your property is to patch all cracks in the asphalt and concrete outside, as well as removing problem trees or pruning them for a polished look. Now is also the time to give shutters, doors, and fences a new coat of paint if their's has chipped or faded over the winter. Fix faulty locks or panels on your outdoor fence, especially if you have a garden or landscaped area, to keep out unwanted visitors and animals. 

The Final Step

Are you ready to put your home up for sale and invest in your next piece of Wilmington, DE real estate? Let me help you decide which type of property best fits your needs for homeownership. 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 home buyer seminars! 

As always, feel welcome to contact me for more information about homes for sale in Wilmington and Newark. I am here to help you with your home ownership goals!

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

A recent article by Inman News predicts that short sales will be more numerous this year, due to streamlined rules and a recovering economy. This means lenders will be busy and organized short sale applications will have the best chance of success.

If you are a Wilmington or Newark homeowner who lacks equity and needs to sell, these short sale tips will help you get started! Also, please see my prior blog posts on September 6 and January 24 for more information!

1. Ask your mortgage lender about their short sale requirements. They will send you the paperwork to get started. Please remember that it isn’t enough to be underwater in home value; you must also have a qualifying hardship.

2. Your mortgage lender may ask for copies of your recent bank statements, paycheck stubs, tax returns and a list of your household expenses. Be cooperative and send in the requested documentation asap.

3. If you have other liens against the property, from a second mortgage, or an unpaid debt or tax obligation, let your mortgage lender know. 

4.  If the ownership of the home had any changes since your original purchase, as the result of a divorce or other situation, declare this up front. Lien and title issues can be time-consuming to resolve.

5. Work with a Certified Distressed Property Expert who has the professional experience to help you!

6. Share information about your home’s condition with me. Honestly is the best policy. Also, if you have made repairs or upgrades that should be considered, share that too!

7. Stay in contact so the process keeps moving. I will do everything possible to help you, and I will follow up with your lender regarding the short sale process. But there may be times when your lender needs additional documentation from you, or needs to ask you a question. Make sure your lender has your current phone number and mailing address, and pay attention to everything they send to you.

Short sales can be a good solution to a difficult problem. As your professional Wilmington and Newark, DE real estate agent, I understand that selling your home can be an emotional decision, especially when your life has been disrupted by other events. This is why I provide professional guidance with compassion, so that you can make the best choices.

If you owe more on your home than what it is worth, my experience in short sales and foreclosures can help you! It's never too early to talk to me, so please contact me today with any questions you may have!

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

There was good news for Delaware homeowners in the recent budget deal passed by Congress. While debates still continue over other fiscal policies, the Mortgage Debt Relief Act of 2007 has been extended! I'll explain why it matters to Delaware short sellers and homeowners alike!

Say for example you do a short sale, and the bank has a loss of $40,000. If your lender forgives this debt, you're off the hook, right?

Not in the view of the IRS. They consider forgiven debt as "income" because you received the benefit of the money without paying it back. Imagine having to pay income tax on $40,000 when you've already been through a hardship! This is exactly why the Mortgage Debt Relief Act is so important, as it keeps the IRS at bay.

The MDRA is also important to Delaware home owners! It makes short sales an attractive alternative to foreclosure - and short sales do not impact the market as harshly. When a bank sells a foreclosed home, the price can be discounted up to 30%. The discounted sale becomes a part of the market comparisons used by property appraisers. Homes located near foreclosures witness a steep drop in value as a result. Even if you are not planning to sell your home immediately, it can take years for your home value to recover.

Short sales are the better alternative because they list for current market value and are not discounted as sharply, if at all. They also keep homeowners engaged in a solution, which prevents home abandonment and neighborhood blight!

If you are a homeowner in Wilmington or Newark who is struggling with mortgage payments, or you want to sell your home but you have negative equity - let me help! I have extensive experience in short sales and foreclosures, and I can guide you through the options that are available. I also have tips on avoiding foreclosure on my website.

Need more information about buying a Wilmington or Newark home? As your experienced real estate professional I'm here to help you! I can also refer you to FREE home buying seminars! Take a look at the upcoming schedule, and register for the date you prefer!

Contact me for neighborhood price trends, recent sales, and expert guidance in our fast-changing real estate market!

One year ago, the State of Delaware had one of the highest foreclosure rates in the nation. This prompted our State lawmakers to create the Automatic Residential Foreclosure Mediation Program, which became effective as of January 19, 2012.

In December 2011, Delaware foreclosure filings affected 1 out of every 485 homes, according to data by RealtyTrac.

New Castle County had the highest rate of filings. Foreclosures in the State were also swift, averaging only 106 days to process. The average sale price of a foreclosed home was $121,100.

As of November 2012, Delaware foreclosure filings affected 1 out of every 1,166 homes, according to RealtyTrac. Kent County took over the top spot for the highest rates of foreclosure.

While our foreclosure process remains efficient, the timeline can now range up to 6 months. Meanwhile, the average sale price of a foreclose home has improved to $162,140.

Who gets the credit for the improvement? We all do! There are six things that have helped make a difference for distressed homeowners in Delaware:

• Delaware's mandatory mediation program
• Improvements in the regional economy
• Improvements in the short sale process
• Federal involvement with large banks to promote alternatives to foreclosure
• Improvements in Delaware home values
• Slowing rate of new defaults

It's important to note that it took a combination of the above to bring us to the improvement we have today. We must also acknowledge that foreclosure remains a concern in Delaware, and we will be dealing with distressed properties for the foreseeable future.

If you are a homeowner in Wilmington or Newark who is struggling with mortgage payments, or you want to sell your home but you have negative equity - let me help! I have extensive experience in short sales and foreclosures, and I can guide you through the options that are available. I also have tips on avoiding foreclosure on my website.

Have a few questions, or just want to talk about your situation? Contact me today! I will be happy to help you.

Homeowners in Wilmington and Newark, DE who have negative equity and a personal hardship are about to get more help. Starting November 1, 2012, short sales will get easier for mortgages involving Freddie Mac and Fannie Mae. 

The best news for Wilmington and Newark home sellers is that you no longer have to be behind in your mortgage to be considered for a short sale! If you have a personal hardship, you can qualify for a short sale before you are in risk of foreclosure.

For the purpose of a short sale, here are the recognized hardship categories. Bear in mind that having one of these doesn't give you a clean sweep, but gives you a case to apply for a short sale:

• Divorce
• Death of borrower or co-borrower
• Business failure
• Disability
• Job loss
• Natural disaster
• Excessive financial obligations
• Job relocation 50 miles away or more
• Military with Change of Station orders

There are a few more changes taking effect that will speed up the short sale process. Namely:

• Mortgage services will be authorized to directly approve qualifying short sales
• Second-lien holders will be given financial incentive to allow the short sale
• Home sellers in risk of foreclosure will have a streamlined process with reduced paperwork

One caveat: home sellers who have sufficient financial assets will be asked to make a contribution to the short sale. In return, no deficiency judgment will be filed for the difference between the sale proceeds and the outstanding loan balance.

Short sales will become more feasible and a bit quicker under the new guidelines. This is terrific news for the Wilmington and Newark real estate markets, as short sales use current market value in the transaction, unlike post-foreclosure sales that can be deeply discounted. Short sales preserve neighborhood home values and prevent the blight that can follow abandoned homes.

This doesn't mean that short sales are the right decision for everyone. As your professional Wilmington and Newark, DE real estate agent, I understand that selling your home can be a difficult decision, especially when your life has been disrupted by other events. This is why I provide professional guidance with compassion, so that you can make the best decisions.

If you owe more on your home than what it is worth, my experience in short sales and foreclosures can help you! It's never too early to talk to me, so please contact me today with any questions you may have!

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