Kat Geralis Home Team Wilmington DE Real Estate News Archives

The idea of cutting your monthly mortgage payment down by refinancing your loan may sound intriguing to you as a Delaware or Southeastern Pennsylvania homeowner, but there is much more to consider before diving in. In fact, there are cases in which refinancing does not truly pay off for the homeowner. But don't worry! As your local real estate experts, you can count on the Kat Geralis Home Team to help you make the best decision for your situation. 

Below are four factors to consider before making the decision to refinance your mortgage: 

Refinancing is not free
Just as you likely paid some closing costs when you purchased your home in Wilmington, Newark and the surrounding areas, you will be required to again with refinancing. Closing costs are typically 2 to 5 percent of your loan amount and will need to be paid up front when you refinance. While your lender may offer a no closing costs refinance, be aware that it may come packaged with a higher interest rate. It's always wise to consider all of your options!

The savings should pay off quickly
When deciding if a refinance is right for you and your Delaware or Pennsylvania home, you need to look at the savings. Refinancing makes the most sense when your interest rate is more than 100 points above the current interest rates. The savings from your refinance should also recoup itself in under two years. For example, if your refinance cost you $2,800 and you end up saving $179 per month, the savings would be recouped in 15 months. It pays to crunch the numbers! 

You may be able to cancel PMI
As we've talked about in the past, private mortgage insurance (PMI) is required for buyers that put down less than 20 percent on their new home. However, if you've gained enough equity in your home over the past years, a refinance may mean you're able to cancel your PMI. Just remember the loan balance needs to be 80 percent or less of your home's value. 

Refinancing resets your loan
Perhaps one of the most important factors to consider is that a refinance is essentially hitting the reset button on your home loan. If you've had your loan for many years and have reached the point where you're paying down the principal instead of interest, refinancing may not be the best idea as you will likely reverse this dynamic.

Questions about selling your home in Greater Wilmington, Newark, Chester County or Delaware County PA? Do not hesitate to give the Kat Geralis Home Team a call today!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
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No matter if you live in Southeastern Pennsylvania, Newark or Wilmington Delaware, first-time homebuyers are tempted to commit the same common real estate mistakes. We know that the homebuying process can feel overwhelming and if you've found "the one," you may feel rushed into making a big decision. However, the last thing you want is to feel buyer's remorse!

As your real estate experts in Wilmington and Newark, DE, Chester County and Delaware County PA, the Kat Geralis Home Team has outlined three of the real estate mistakes we see most often among first-time buyers. Remember, if you know how to spot them, the less likely you are to run into the same pitfalls!

Not seeking professional advice
Are you self-employed? Are you worried you don't have enough for a down payment? Concerned that you won't qualify for a mortgage? Don't toss out the idea of buying a home just because you think it's not an option for you! It's always wise to seek professional advice, whether that be with your real estate agent or with a local lender, before you decide to make a home purchase. Only the experts will be able to review your specific situation and provide you with a buying timeline or realistic price range for a property. Don't make the assumption yourself!

Looking at homes out of your budget
As I mentioned above, don't make assumptions about your budget or price range until you have the facts in order! You can use a mortgage calculator to determine what a comfortable mortgage payment may be each month given your other debts and expenses, but until you meet with a lender, you won't know for certain. Be careful not to start looking at homes that may be out of your budget as you will only get your hopes up and be disappointed later. 

Not gathering mortgage quotes
Not only are you able to gather different mortgage quotes from lenders in the area, but it is highly recommended! Each lender may present you with a different mortgage rate, terms and conditions and locking in the first you receive could mean leaving money on the table. Gather quotes from a few lenders on the same day and compare each one before making your decision.

If you're preparing to buy a home in the Greater Wilmington area or Southeastern PA, do not hesitate to contact the Kat Geralis Home Team! We have helped numerous buyers with their real estate goals, walking them through the buying process and finding them the perfect property! We even offer FREE first-time homebuyer seminars!

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
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When shopping for homes in Delaware and Pennsylvania, there are dozens of features to look over and factors to consider. For instance, how many bedrooms does the property have? What does the yard look like? How close is the home to your workplace? What are the school districts like? All of these questions, while important, can cause your mind to fog over and you to forget to inspect some of the following real estate red flags. 

Sure, the home inspection is in place to help you identify problems with a potential property in Wilmington, Newark, Chester County or Delaware County, but why wait until then to start looking? Below are five home problems you can spot before you move forward with the homebuying process.

Backwards insulation
As you tour a Greater Wilmington area home, take note of the insulation in the attic (if the property has one). Is the foil side of the insulation facing up below your feet? If so, it may have been ruined by moisture coming up. The foil side of insulation—or the vapor barrier—should be facing the main rooms of the home, not the attic. On the flip side, if the foil side is facing you on the ceiling, that is nothing to worry about.

Varying pipe styles
In the basement, you may notice pipes running in and out of the property. You can also find these elsewhere in the home, like under the sink or in the kitchen. If you happen to find multiple styles of piping, it doesn't always mean an issue is present, but likely the past owners replaced sections piece by piece. This is one area to ask your inspector about if varying styles are indeed present.

Slow drains
You've probably been advised to flush toilets and run all faucets when touring homes in Wilmington, Newark and beyond— and for good reason. Slow drainage can signal a larger issue with the plumbing of the home, either with clogged drains, poor installation or worse, a sewer line problem. 

Fewer vents
When outside, you should notice one vent pipe that lines up with the kitchen and one for each bathroom. Any fewer vents to the outdoors could mean an area isn't vented correctly and a larger expense down the road. You'll also want to make sure the vent does not end in the attic which can mean moisture build-up issues.

Bubbling walls or ceilings
Does it look like the paint is bubbling or the ceiling seems to sag in one spot? Beware! While it could simply mean the paint is old and chipping away, it could also point to water damage. On the ceiling, it may be from damaged roof tiles which could be a significant cost to a new homeowner. Consult your inspector if you identify these red flags.

Not sure if a home is the right one for you in Delaware or Pennsylvania? Give the Kat Geralis Home Team a call today! We can help you identify the best location, size and price for your next home in the area!

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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For Delaware and Pennsylvania residents, buyers and sellers alike, it is no secret that the real estate market is ever-changing. As always, if you've found yourself wondering how the current real estate market is behaving in New Castle County, you can count on the Kat Geralis Home Team to keep you updated with the latest statistics!

For the third quarter of 2016, there were 2,544 homes for sale— an 9 percent decrease in inventory from this time last year and a trend that continues around the country. However, the median sales price remains unchanged and the number of home sales (+0.1%) has slightly increased from this time in 2015!

And while the median sales price has not changed much from last year in New Castle County, the average sales price for the second quarter is up 1.8 percent to $251,112. But home sellers need not worry too much about lower inventory once again as the percentage of the original price received does come in at 95% (+0.2%)— up slightly from 2015!

As you can see from the graphics above, inventory for the third quarter posted a 12.4% drop from September 2015 to a 4.8 months supply—but home sales are still succeeding! Buyers are still present in the New Castle County real estate market and with mortgage rates still at historic lows, now is still a great time to move on to your dream home! Just remember, these updated statistics are a brief snapshot of levels in the local real estate market, so do not hesitate to contact us with any further questions you have!

Our top-ranked team is here to help with all of your real estate goals this year, from finding your dream home in Greater Wilmington, Chester County or Delaware County PA to selling your current home and moving on!

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

It is not uncommon for first-time homebuyers, or even seasoned Delaware and Pennsylvania buyers, to become frustrated in their home search. Perhaps you're having a hard time finding exactly what you want in a property or are finding that you're missing out on properties that hit the market and are quickly sold. What is a buyer to do? Adjust your search!

The Kat Geralis Home Team has helped numerous buyers through their search and ultimately land upon their dream home in Wilmington, Newark, Chester County and Delaware County PA. Below are five ways in which you may need to adjust your home search if you start to find the process challenging.

Reconsider the neighborhood
If you've been looking in the same neighborhood for some time, but are not having luck finding the perfect home in your price range, it's unlikely that it will pop up in the near future. Or if it does, you may face serious competition among other buyers. It may be worth expanding your home search to other select neighborhoods to see if an ideal property is available. 

Reconsider doing work to the home
Many buyers today are looking for turn-key homes that require minimal work. However, it may be the case that your price range does not allow for a newly-renovated home. Be open to looking at homes that require a little TLC. You may find that a fresh coat of paint, new flooring or even new appliances can make a world of difference. 

Reconsider your timeline
With low mortgage rates, buyers may be feeling pressure to move up their home purchasing timeline. But don't be too quick to make a move on a home you aren't completely in love with or one that doesn't exactly meet your needs. If you don't feel like things are going well in your search, it may be worth saving for another year and then buying. 

Get creative with financing
Oftentimes it's the down payment that is holding Wilmington DE buyers back from their ideal home or target price point. Consider getting creative with the financing options available to you— perhaps down payment assistance, special loan services from your lender or even gifted funds from a family member. If you find the perfect home, but are just a small percentage of a down payment away, it is worth exploring.

Discuss compromise
Throughout the homebuying process, it is common for couples to disagree on what they want in a home. One person may want a large yard, while the other finds an updated kitchen a necessity. If you are unable to find a home that meets both of your requirements, you may want to have a conversation and discuss what you are willing to compromise on in order to find the best fit.

If you feel your home search is not leading you to your dream home in Delaware or Pennsylvania, do not hesitate to contact the Kat Geralis Home Team! We are here to help you find the best property for your wants and needs!

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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Today's real estate market conditions including low inventory, rising home prices and low mortgage rates have many Greater Wilmington DE residents wondering if now is the time to buy. You may even be swayed by the assumption that spring and summer are the best times to make a move— but before you make the decision to stay put until warmer weather rolls back around, the Kat Geralis Home Team has a few reasons why you might like to move up your buying timeline.

Prices are lower in the fall
According to a price analysis survey, taking into account millions of home sales over the last 15 years, October is the best month to find a deal on a home! Homebuyers who purchased properties during this time of year were reported to have paid 3 percent less than market value, which can translate to well over $5,000 in savings! Don't assume that spring and summer are the only times to find the right home for you in Greater Wilmington and the Brandywine Valley! 

You have less competition
Just as you may have assumed that the warmer months are the best times of year to make a real estate move, many others are right with you. As a result, you will have much less competition when shopping for a home during the fall! There may not be many properties to choose from, but with buyers holding tight until the new year, you have many opportunities to score a deal!

The holidays are coming up
October is already here and the holidays are just around the corner! Buyers all over Delaware and Pennsylvania will want to settle into a new property before the family gatherings and events pick up steam. On the opposite side, sellers would like to do exactly the same! Especially if the seller has had their home listed since summer, they may be increasingly motivated to move out in time to host Thanksgiving in their new place.

The tax credit
If you purchase a home before the end of the year, you are still eligible to claim the tax credit on your next return. New homeowners will be able to take deductions like closing costs, mortgage interest and even property tax!

Fall is a great time of year to purchase a home in Wilmington and Newark DE and Chester County and Delaware County PA. It's even being called one of the best due to its lower prices, decreased competition and proximity to the holidays! Give the Kat Geralis Home Team a call today for more information about buying a home in Delaware or Pennsylvania this fall!

We're here 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

This time of year is quite popular for Delaware and Pennsylvania residents to make a move! If you've been wondering what the current real estate market is behaving like in New Castle County, you can count on the Kat Geralis Home Team to keep you updated with the latest statistics!

For the second quarter of 2016, there were 2,476 homes for sale— an 11 percent decrease in inventory from this time last year and a trend we're seeing around the country. However, both the median sales price (+0.5%) and the number of home sales (+5.4%) have increased from this time in 2015!

But while the median sales price has increased in New Castle County, the average sales price for the second quarter is down 1.2 percent to $242,066. But home sellers need not worry too much about lower inventory as the percentage of the original price received does come in at 95.2%— the same for this time last year!

As you can see from the graphics above, inventory is indeed trending lower—with the second quarter posting a drop from 2015 to a 4.6 months supply—but home sales are still succeeding! Buyers are still present in the New Castle County real estate market and with mortgage rates still at historic lows, now is still a great time to move on to your dream home! Just remember, these updated statistics are a brief snapshot of levels in the local real estate market, so do not hesitate to contact us with any further questions you have!

Our top-ranked team is here to help with all of your real estate goals this year, from finding your dream home in Greater Wilmington, Chester County or Delaware County PA to selling your current home and moving on!

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

Buying a home in Greater Wilmington, Chester County and Delaware County PA can be both an exciting and overwhelming process. In fact, it's easy for buyers to get so caught up in the commotion of finding the perfect property, applying for a mortgage and securing a loan that they forget to ask their real estate agent important questions.

As your local real estate experts in Delaware and Pennsylvania, the Kat Geralis Home Team has provided five essential questions to ask your agent before buying a home— a few you may be inclined to overlook in all of the home buying hustle!

Has the home had any upgrades, major renovations or additions?
If the sellers of a home in Wilmington, Newark or the surrounding areas have made any major changes, you will want to know what they did and how much it cost them. Why? This gives you a sense of how much money they have invested into the property and how much they intend to get out of it in the sale. And before you begin to stress about having to match what they spent on the upgrades, keep in mind that return on investment varies by which renovation or upgrade was made.

What is the home's history?
Before you purchase a home, you will want to research its sales history. Find out the last time the home sold and how much it sold for in order to get an idea of what the sellers may expect a buyer to pay. However, it's also key to remember that home values are based on comparable properties and the current market which could be quite different depending on the last time the property was for sale.

How old are the major features?
Home features like the roof, furnace, A/C, plumbing and electrical are all crucial to research prior to signing on the dotted line for a home. These can all be quite costly to fix should any problems arise, so you will want to know their age and if they've been repaired or replaced recently.

What are the property taxes?
The property taxes of a home in Greater Wilmington DE, Chester County and Delaware County PA can make a big impact on your mortgage payment— so budget accordingly! Take into account what the sellers paid, but also remember that these are based on the value of the home which could be affected by your ultimate purchase price.

How much are the monthly maintenance fees?
If you're looking into buying a townhouse, condominium or single-family home in a homeowners association, take the time to research their monthly fees. You can also ask the sellers in advance what the average utility bills look like in order to factor them into your budget.

Wondering what else you're forgetting to ask when house-hunting in Delaware and Pennsylvania? Give the Kat Geralis Home Team a call! We will ensure all of your questions are met and you are prepared with all of the necessary information to avoid any later hiccups in the homebuying process.

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

Summer is almost over, but that doesn't mean your chances of selling your Wilmington or Pennsylvania home are also dwindling. This summer has created the perfect environment for home sellers to find success and even, top dollar! So if you've been thinking about selling and the idea of waiting for fall crossed your mind, the Kat Geralis Home Team has provided five reasons why you will want to make it happen now!

There is high demand
With lower inventory, the ball is in the seller's court in Delaware and Pennsylvania! Buyer demand remains high, with buyers ready, motivated and financially able to purchase a home this summer. Listing your home now will allow you to take advantage of the demand in the real estate market.

The process will move quickly
Home sales have been on the rise— in fact, Fannie Mae recently announced that they expect home sales to outpace 2007 levels by late summer! Selling your Greater Wilmington, Chester County or Delaware County PA home now will allow you to avoid longer closing times caused by banks bogged down with loan applications. 

You have less competition
As I mentioned above, the real estate market is experiencing lower inventory than there has been in past months and for home sellers, that means less competition! But this won't last for long— many homeowners have been unable to sell in past years due to negative equity and are now ready to make a move. Soon these homes will make their way to the market and the number of choices for buyers will increase. Don't wait for more inventory to arrive before you list!

Now is the time to move up
Do you need a larger home with more space? There will not be a better time to move up in Delaware or Pennsylvania! Both mortgage rates and home prices are increasing and simply waiting to buy the same home a year from now will cost you significantly more than if you made the move today. Just remember, CoreLogic expects prices to appreciate by 5.3 percent over the next year. 

You're ready to go
If your current home just isn't cutting it anymore in terms of space or features or location, it's time to take advantage of what the real estate market has for you! 

Give the Kat Geralis Home Team a call today for more information about homes for sale in Chester County, Delaware County PA or Greater Wilmington DE. We're here 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

Now that spring has arrived, many homeowners and potential homebuyers are wondering if now is the right time to make a move. The KG Home Team is always happy to provide information about the local real estate market, including these updated market statistics for New Castle County Delaware!

For the first quarter of 2016, there were 2,362 homes for sale— a 4.4 percent decrease in inventory from this time last year. And while New Castle County is indeed experiencing the low inventory that can be found throughout much of the country right now, both the sales prices of homes in the area and the number of closed sales are up from 2015! 

The average sales price for the first quarter of 2016 was $230,441—up 2.5 percent from last year—and the number of closed sales totaled 1,230— up 9 percent from last year! Home sellers in New Castle County DE were also reported to have received 93.5 percent of the original price at closing, which is an increase of .4 percent from 2015!

As you can see from the infographics above, buyer demand is high despite the lack of inventory in the local market; the first quarter is showing inventory at a 4.5 months supply, 15.9 percent lower than last year's inventory during the same time.

It is a great time to be a home seller in Greater Wilmington and Southeastern PA, with sales prices and closed sales increasing, in addition to a great time for buyers with mortgage rates still at historic lows! Remember, these updated statistics provide a brief snapshot of levels in the local real estate market, so do not hesitate to contact the KG Home Team with any questions about homes for sale in the area!

Our top-notch agents are here to help with any of your needs this year, from finding your dream home in Delaware or Pennsylvania to selling your current property! 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