Kat Geralis Home Team Wilmington DE Real Estate News Archives

Did you know the majority of today's homebuyers aren't aware of closing costs? You may find that you have prepared for homeownership with your down payment and even have your first month's mortgage ready in your bank account, but this very important set of costs is commonly overlooked. 

As your local real estate experts in Greater Wilmington DE and Southeastern PA, the Kat Geralis Home Team has included a few key notes on closing costs below so you are better equipped to make the biggest, most important purchase of your life!

What Are They?

Closing costs are recurring and non-recurring fees connected to both your lender and other parties in the sale—for instance, an attorney, inspector and title company—and are to be paid upfront at the closing table. Unless you have financed them ahead of time or worked your offer to arrange for the seller to pick up the tab, unfortunately there is no way around these costs.

Closing costs typically include:

• Homeowners insurance
• Title insurance
• Loan origination
• Home inspection
• Appraisal
• Document prep
• Property line survey
• Title search and recording
• Loan underwriting
• Wire transfer

How Much Will They Cost?

Closing costs tend to range between two and five percent of the total purchase price of the home. 

How Can You Prepare?

It is true that you may not know how much you will owe in closing costs until you find a home in Delaware or Pennsylvania and meet with a lender, but you can still gather a general idea based on your price range alone. Is your budget for a new home around $150,000? You can expect to pay between $3,000 and $7,500 in closing costs.

Once you've met with your lender in Wilmington, Newark, Chester County or Delaware County, you can estimate how much you will owe in closing costs given your loan product, loan amount and the interest rate you are offered. You can use a mortgage calculator to estimate your monthly payment and how that will fluctuate depending on if you've decided to finance the closing costs into it. 

Buying a home for the first time in Greater Wilmington and Southeastern PA is both an exciting and uncertain time. Let the Kat Geralis Home Team walk you through the process, every step of the way, so you can feel more at ease and enjoy the prospect of finding your dream home!

Give us a call today for more information about buying a home or available properties in the area! We even offer FREE First-Time Home Buyer Seminars!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
Wilmington Real Estate
Wilmington Homes for Sale
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In just a few days, it will officially be the start of a new season in Wilmington DE and Southeastern Pennsylvania and aside from cooler temperatures and falling leaves, the calendar is changing too! This September and October are filled with fall-themed events around the area, including a fall arts and crafts festival, Oktoberfest, and more!

Below are a few ways you can celebrate fall in Chester County, Delaware County, Greater Wilmington DE and Southeastern PA:

Delaware Saengerbund Oktoberfest
September 15-17, 2017
Friday 5 PM to 11 PM; Saturday 12 PM to 11 PM; Sunday 12 PM to 6 PM
Delaware Saengerbund
Newark DE

Friday night's parade marks the beginning of the three-day festival celebrating all things German food and culture! The parade will feature the Muenchner Kindl, or Munich Child, a symbol of the city of Munich, which will lead the march. Food for the festival will span everything from grilled Bratwurst and Weisswuurst or veal sausage, to pretzels and Rollmops or marinated herring with rye bread. You can also enjoy potato salad and sauerkraut made by the the Ladies organization in the Delaware Saengerbund kitchen. 

Art & Craft Fall Festival
September 30, 2017; 11 AM to 5 PM
Woodside Farm Creamery
Hockessin DE

This FREE fall festival will feature arts and crafts from local artists, including original paintings, prints and more. Meet the artists and stroll around, enjoy a free sample of Woodside's newest ice cream flavor, and take home some of their homemade fudge, farm fresh cheeses or one of the farm-grown mums or pumpkins for your entryway! There will be free parking and activities for the kids like pumpkin painting and scarecrow making!

Autumn Leaf Train Ride to Hockessin
October 7 through November 5, 2017
Held Saturday and Sunday; 12:30 PM and 2:30 PM
Greenbank Station
Wilmington DE

It's a beautiful time of year in Delaware and Pennsylvania, so why not take it all in with a special train ride? Bring a camera and enjoy a trip that follows the entire length of the railroad (17 miles round trip!) to Hockessin where you will spend thirty minutes picking up treats for the train ride back or visiting the local shops.

Apple Picking at Hopewell Furnace
September and October
Hopewell Furnace
Elverson PA

What better way to celebrate fall than with apple picking? Over the next two months, visitors are able to pick apples not commonly found in today's orchards from the park's historic orchard. 

​Longwood Gardens Chrysanthemum Festival
October 7 through November 19, 2017
Longwood Gardens
Kennett Square PA

Mums are a symbol of the fall season and Longwood Gardens has a special festival dedicated to the autumn beauty! Explore the Conservatory filled with thousands of mums, fashioned into orbs, spirals, pagodas and more. This October, the Thousand Bloom Mum will show off more than 1,500 flowers arranged on one single stem and with longer hours, the foliage glows with lanterns on seven specific nights in October. Outdoors, the gardens will also be open for visitors to marvel at the fall colors including the Pumpkin Playground!

You can count on the Kat Geralis Home Team to introduce you to the surrounding areas, as well as walk you through the processes of buying a home and selling a home. Contact us today for more information about the local real estate market!

Happy fall! 

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
Wilmington Real Estate
Wilmington Homes for Sale
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By now, you've likely watched a reality TV show about buying a fixer upper home and thought to yourself, "that looks pretty easy." It is indeed exciting to mull over the prospect of making a home feel fresh and new again, but what the real reality will reveal is that fixer upper homes require much more time and money than their television slots allow.

Below are four questions to ask before you decide to purchase a fixer upper home in Wilmington DE or Southeastern PA:

What are the costs?
It can be a thrill to think about what a home in need of repair could be, but it is essential to consider all costs when buying a fixer upper in Wilmington, Newark or the surrounding areas. The last thing you want is to be surprised by mounting bills when the deal is done. In addition to the purchase price, look into costs like monthly maintenance, taxes, insurance, and how much equity you may have in the home once all of the work is completed. It never hurts to consider resale right off the bat!

Is everything sound?
You will want to have an inspector come in and check if the structural elements, as well as running systems are in working order or if they need replaced. The inspector will be able to tell you what needs replaced immediately and what can stand to wait. Remember, it never hurts to ask the age of systems like electrical and how much longer they have left. If you need a recommendation for an inspector in the area, your real estate agent is a wealth of resources! 

What is the scope of work?
One of your next steps when buying a fixer upper in Wilmington DE and Southeastern PA will be getting bids from contractors. Reality TV shows can make it seem simple to tear down walls, but there is so much more involved than what is actually shown. Gather bids from several contractors before choosing one and be sure to check references. While cost-effectiveness is important, trustworthiness will always play a major part.

Are there tax incentives?
Certain renovation projects come with tax incentives, depending on the work and the area in which the home is located. After all, you will be boosting the value of the property! Check which incentives may be available to you once you've completed all work.

Do not hesitate to give the  Kat Geralis Home Team a call today for more information about buying a home in Chester County or Delaware County or for a list of available homes in the area!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
Wilmington Real Estate
Wilmington Homes for Sale
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Now that we’re in the midst of summer, the real estate market has seen a rapid increase in buyer demand! Buyers are out in droves in Greater Delaware and Southeastern Pennsylvania, ready to find their dream homes, however they are also being met with limited inventory. How do you know what the market is like in your area? You can always count on the Kat Geralis Home Team to keep you updated with how the current real estate market in Wilmington, Newark, Chester County, Delaware County, New Castle County and beyond is behaving. Just take a look at the following statistics!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
Wilmington Real Estate
Wilmington Homes for Sale
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It is no secret that mortgage rates won't be this low forever and as a result, many Greater Wilmington DE homeowners are thinking about refinancing. Refinancing can indeed save you thousands if you strike while rates are low, however, this is one real estate topic that comes packaged with dozens of myths.

Below are three common refinancing myths that end up holding Southeastern Pennsylvania homeowners back from saving money on their loan:

1. You're Too Late to Refinance
If hearing about rising rates has caused you to hit pause on your decision to refinance, think again! You most definitely have not missed your chance to save on your mortgage. As long as your lender confirms that refinancing will indeed lower your monthly payment and you are on the same page with the costs associated with the refinance, now is still a great time to make it happen!

2. You Won't Qualify
Even if you are trying to improve your credit or have recently switched jobs, you may still be able to qualify for a refinance. Don't let this hold you back from inquiring! The best course of action is to meet with a local lender to discuss your options and your eligibility as many requirements are beginning to loosen again and you could be surprised!

3. You'll Have to Reset the Term to 30 Years
If a refinance could be favorable for you, but you've already paid off decades of your home loan, don't jump right into thinking the term will be reset to the 30 year mark. Perhaps the best move during your refinancing is not the standard 30-year loan, but a shorter term ARM (adjustable rate mortgage). Consider your future plans and the time you plan to live in your current home as a shorter loan could still allow you to save and when the higher rate sets in, you may be ready to sell and move on!

Questions about the local real estate market, selling your home, or recommendations for lenders in the Wilmington DE, Newark DE, or Southeastern PA area? Give the Kat Geralis Home Team a call today!

We look forward to hearing from you!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
Contact Me
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When shopping for a home in Greater Wilmington and Southeastern Pennsylvania, you likely have a long list of must-haves to check off of your list. Examining everything from the number of bedrooms to the yard size becomes a priority and it is easy to overlook other important features like the resale value or even your commute time. 

As your local real estate experts in Wilmington DE and Newark DE, the Kat Geralis Home Team has included five things you will not want to overlook as you prepare to buy a home this year:

Resale value
Even though you're looking at homes for right now, it's important to look ahead for the purposes of resale value. If there is a feature of the house that doesn't bother you, but may bother another homeowner, you will want to decide if you're willing to fix it (and the costs) or if it will potentially affect your resale. 

Neighborhood at night
You may love the neighborhood a certain property in Greater Wilmington DE is in, but what about what the area looks like in the morning or at night? What is the noise like once everyone is home from work and school? Is there more traffic noise at a specific time you will need to consider? If you're interested in a home, visit at all hours of the day to get a good idea of what you'd be buying into.

Commute time
Buying a home in a new location of Chester County or Delaware County PA means the distance to your workplace may be longer. Before you jump into the mortgage application process and commit to a new property, factor in how long it will take you to get to work each day.

Bedrooms to bathrooms
The number of bedrooms in a new home in Delaware or Southeastern Pennsylvania is likely one of the first things you check for, but you'll also want to look into the number of bathrooms. Many bedrooms and one single bathroom could be problematic for families— or if you host guests often, you may want a powder bath available to keep your own bathroom private.

Room to grow
As I mentioned above with resale value, homebuyers should always be thinking one step ahead. Consider how much space a potential home has for your growing family or if you may need more storage in the future. The last thing you want to overlook is a lack of space and find you have to move sooner than you had hoped.

Give the Kat Geralis Home Team a call today for more information about homes for sale in Greater Wilmington Delaware or Southeastern Pennsylvania!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
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With buyer demand soaring and inventory still trending lower, the ball is in the seller's court in the local Wilmington DE and Southeastern PA real estate market. But that doesn't mean you can simply place a "For Sale" sign in your yard and the offers will begin to pour in. There are several mistakes that can actually hold you back from selling your Delaware or Pennsylvania home and as your local experts, we've included them below!

If you plan to sell your Chester County or Delaware County PA home this summer, be sure to avoid the following:

1. Overpricing
In order to attract buyers and prompt them to write an offer, your home needs to be priced well from the beginning. Overpricing can cause buyers to pass over your property entirely, given their search parameters, or wonder why they seem to be getting less in your home than they would in another of a similar price. Always consult with your agent on your listing price before determining the best.

2. Using poor listing photos
Buyers today first begin their home search online and poor listing photos could turn them away before they even make it to the front door. Make sure you have professional photos used in your online listing— they should be crisp, bright, and showcase your home in its best possible condition.

3. Not de-cluttering
When buyers enter your Greater Wilmington home, they should be able to focus on the property itself, not the furniture or knick knacks on display. Take the time to de-clutter before you allow buyers inside, or even before you list, to ensure the best results.

4. Not being flexible
If you do have offers on your home, at least consider a counter offer before rejecting one entirely. Holding firm without being flexible could just cause your home to "sit" on the market longer than it needs to and force buyers to walk away.

The Kat Geralis Home Team has helped numerous sellers earn top dollar for their homes and we can help you do the same! Give us a call today to get started finding your home value and preparing your property for the market.

We look forward to hearing from you!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
Contact Me
Find me on Facebook

Whether you've just started house-hunting in Greater Wilmington or Southeastern Pennsylvania or have already found your dream home, the next step is moving on to the mortgage application. Starting early is key as you may need to amend your credit report errors and score in order to increase your chances of approval with your lender. And what's more, there are certain types of debt that will have a major impact on your ability to secure the loan.

Below are three types of debt that will affect your mortgage approval in Wilmington, Newark, and beyond:

Student Loans
While they are considered unsecured debt, student loans are not necessarily harmful to your credit score if you make your payments on time. In fact, because of the lengths of the loans, they may even help to boost your score! Just keep in mind that these do affect your debt-to-income ratio (DTI), so a large loan amount may have an impact on the outcome.

Auto Loans
These loans are considered secured debt as the bank can take ownership of your vehicle if you don't pay on time. Auto loans are also harder to get approved for than credit cards, so lenders may look kindly upon the fact that you've already been approved for one.

Existing Mortgages
Mortgage loans also fall into the secured debt category as the bank can take ownership of your property should you not be able to pay. It's important to not miss a payment as this can ultimately cause a lender to turn you down for a new loan, however, if you make payments on time, a mortgage can boost your credit score! Existing mortgages play a major role in your DTI, so if possible, try to pay down as much as you can before taking out another.

Do not hesitate to contact the Kat Geralis Home Team with any questions you have about the mortgage approval process, available properties in the area, or the local market! We're here to help!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
Wilmington Real Estate
Wilmington Homes for Sale
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As a buyer in Delaware or Southeastern Pennsylvania, it is essential to consider all costs association with your new home. Everything from maintenance to renovation, repairs and closing costs should be factored in to ensure that you do not have any surprises or worries down the road. But if you're purchasing a new construction home in the Greater Wilmington area, it's also important to be aware of the costs you'll have after the closing.

Below are four costs you will have after the purchase of your new construction home in Greater Wilmington, Chester County or Delaware County PA: 

Utilities
Yes, all homeowners will have utilities to factor into their budget, but if you're moving up to a larger home, you will need to research how much more yours will cost. If you're relocating to Delaware or Pennsylvania, you may also have a deposit or set-up fee for installing new services like cable or bringing in new equipment that may have already been in place in an existing home.

Window Coverings
Remember that when you purchase a new construction home, you are the first owner! There are no window coverings to work into your offer. You will want to take measurements of the windows and note how many when adding up your costs. Plus, it's key to start early as lead time for receiving new window coverings could take longer than expected, leaving you with no privacy upon move-in!

Appliances
With some builders, you will be able to work an appliance package into the overall purchase price of the property. However, that is not always the case! After you've inquired with the builder about what is and is not included in the price, it's time to sit down and decide all of the appliances you will need and how much they will run you. You will want these in place on your move-in date!

Landscaping
You've probably been dreaming about the interior of your new Delaware or Southeastern PA home and as a result, the exterior has not even crossed your mind. Landscaping outside of your new construction home may look pristine, but is the backyard on the same level? Make sure you know if the landscaping will be finished by the builder or if that is an additional cost for you. What's more, if you will live in a homeowners' association, note if there is a timeline to have landscaping completed. 

Does a new construction home feel like the best fit for you this year? Give the Kat Geralis Home Team  a call today for more information about available properties or how you can get started on your home buying journey!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
Contact Me
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If there are two spaces that can help sell your Greater Wilmington home, it is the kitchen and the bathroom. Buyers today are looking for homes that require little updating and if your home fits the bill, you could already be well on your way to home sale success! But how can you be sure your property has what buyers are looking for?

Let's start with the bathroom! Below are four bathroom trends that could risk turning off Delaware and Pennsylvania homebuyers this year:

The all white bathroom
This may have been the trend in past years, but buyers today are shying away from the all white space. White tile, white floors and white paint in the bathroom can be tricky to keep clean, especially with moisture in the room. But you don't need to completely renovate your bathroom to get around this— you can easily paint and bring in color with towels or even swapping out hardware and light fixtures.

Wacky color schemes
While buyers are looking for color in their bathroom, it's essential to not get too carried away. Outlandish color schemes like mustard yellow, bright pink or even purple can be too much. Introduce subtle colors, sticking to soft hues as much as possible.

Medicine cabinets
This bathroom feature does provide more storage, but it can take up valuable space, especially in small rooms. If you have a medicine cabinet in your Chester County or Delaware County PA home, you might consider replacing it with open shelving or with a simple mirror instead.

Oversized tub
This may make your bathroom feel smaller and buyers will notice. In fact, the desire for bathtubs has been on the decline in recent years, with more buyers preferring a spacious shower. You do not need to remove your tub, but if you're thinking of replacing this feature, be realistic about its size. 

You can count on the Kat Geralis Home Team to walk you through the home sale process, from finding your property value to preparing for showings to negotiating the best offer. Give us a call today for more information! 

Katina Geralis
DE and PA Real Estate Expert
eXp Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
Contact Me
Find me on Facebook