Kat Geralis Home Team Wilmington DE Real Estate News Archives

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
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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
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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
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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
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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
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Homebuyers in today's real estate market may have fewer properties to choose from than they have in the past, but they do have two important choices— existing home or new construction. Existing, as you may have guessed, are lived-in homes while new construction offers the option to be the first owner, occupant and at times, choose your own fixtures and features.

New construction homes are growing increasingly more appealing to buyers in Greater Wilmington and Southeastern Pennsylvania, but many do not know the first place to start. As your local real estate expert in Wilmington and Newark DE, Chester County and Delaware County PA, I am sharing three things to keep in mind if you're considering a brand-new home this year:

1. New construction homes are not always listed
Finding homes for sale in Delaware and Pennsylvania can be done easily online, but know that new construction properties are not always listed in the MLS. If you are interested in a new home, it is best to work with your real estate agent to gather all possible options that may not be present via a home search.

2. Builders do not have an attachment to the properties
A home seller in an existing property often has lived there for many years and has dozens of memories tied to the place. As a result, you may find that the home price is too high or other questions or issues come up when working with the owner, simply because they are not ready to let it go or are having a hard time doing so. 

With new construction homes, there is no emotional attachment to the property. In fact, your financial situation and negotiations on behalf of your agent are all that the builder (or sales rep) will focus on when selling.

3. Discounts may be available
Your real estate agent will know how—and if— you can negotiate discounts when purchasing a new construction home in Wilmington or Newark DE, Chester County or Delaware County PA. For instance, discounts may be available to buyers that get into contract early on in the sales process or at the end, when upgrade packages can be worked into the deal. 

If you're interested in buying a new construction home this year, the KG Home Team is on your side! We will work on your behalf, with your best interests in mind— unlike buyers who work directly with a builder. Contact us today for more information on available properties and the current real estate market. 

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
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Whether you're relocating to the Greater Wilmington area for work or simply ready to move to a new home, there are dozens of factors that help to determine the location of your next home. And as the spring real estate market begins to heat up in Delaware and Southeastern Pennsylvania, you will want to make sure you cover all of your bases before deciding on a property.

Below are four factors that Wilmington DE, Chester County and Delaware County PA homebuyers will need to look into further before purchasing a home in a given neighborhood:

Crime statistics
In your home search in Greater Wilmington, you may have found a home that looks perfect— but how much do you really know about the area? It's important to research crime statistics before falling in love with a property and lucky for buyers, it's relatively easy to do. Local government websites typically keep a crime database where residents can look into crimes on a specific street or in a specific area. You can also break the crimes down by type so you can determine the seriousness of each. 

School districts
Homebuyers with children will be increasingly concerned about the school district a Delaware or Pennsylvania home falls into. Compare homes across school districts and keep in mind that those in great districts tend to appreciate faster and could help you sell quickly in the future.

Property taxes
Before you decide to purchase a home in Wilmington, you will need to consider all factors surrounding the property, including property taxes. Include down payment, closing costs, and annual property taxes into your budget to get a better idea of how much home you can afford. It is also wise to compare property taxes in different areas to see how they differ and which realistically fit into your price range.

Your credit score
We've mentioned in the past the importance of your credit score when buying a home. For instance, the better the score, the better the loan terms and lower mortgage rate you may be able to secure. As you search for homes in Delaware and Pennsylvania, especially keeping certain neighborhoods in mind, decide if you will need to raise your score to keep your mortgage both affordable and attainable. Sooner is always better when it comes to improving your credit score!

Do you have questions about which neighborhood might be the best fit for you? The KG Home Team has years of expertise in helping Wilmington, Chester County and Delaware County PA buyers find the best home and we are happy to help!

Give us a call today!

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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In past blog posts, I have shared Tell-Tale Signs It's Time to Sell Your Wilmington Home as well as 2 Ways to Sell Your Wilmington Home for Top Dollar. But the Groundhog made a very important prediction this past week and if we're truly in for an early spring in Delaware, homeowners will need a boost to list their properties before the season arrives!

We are less than six weeks away from the official beginning of spring and yet, the busy home buying season may be upon us sooner than we think! Many Wilmington area homeowners believe spring is one of the best times to sell, but these next few weeks also have their own set of advantages:

Less Competition
As I mentioned above, many homeowners think spring is the only time to sell a home successfully and as a result, there is a rush of new properties on the market when the new season rolls around. Listing your Greater Wilmington DE home now means you have less competition from the numerous sellers that will list their homes from March through June. What's more, there is a lack of inventory in the real estate market that has homebuyers desiring more to choose from. Placing your home on the market now could put you in the running for a quick sale if your property is what today's motivated buyers are looking for!

New Construction on the Rise
Getting closer to the spring season means more new construction of single-family homes in Delaware is beginning to increase. According to a new study by Harris Poll, 41 percent of buyers would prefer to buy a new home, while just 21 percent would buy an existing home. Listing your home now could mean less competition among new construction properties as well!

Strong Buyer Demand
Buyers no longer hibernate during the winter months and as a home seller, you shouldn't either! Foot traffic shows buyers are still out looking for homes now and in addition, browsing properties online, on mobile apps and in email listing alerts.

Moving Up Will Cost You Later
If you're planning to move to a larger home in the Greater Wilmington area soon, you might like to do so sooner rather than later. Prices are expected to rise by 5.4 percent over the next year and waiting to purchase a new home could end up costing you more in both your down payment and potential mortgage payment. It is also not guaranteed that mortgage rates will remain this low for the remainder of the year— listing your home now is a wise way to get things moving.

The KG Home Team has been voted a 5 Star Real Estate Agent year after year and consistently ranks in the Top 1% of REALTORS in the State of Delaware. Let us be your guide as you consider moving to a new home this year!

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

2016 is already being heralded as a breakout year for homebuyers in New Castle County. Whether or not it's your first time buying a home, current real estate market conditions—like low mortgage rates and increasingly high rents—are contributing to this year being an optimal time to make that move and become a homeowner in the Wilmington area. 

It's also shaping up to be an excellent year for current homeowners! In fact, the lower number of homes currently for sale will give new Wilmington DE home sellers the chance to give their property more attention in a market with high demand. 

Of course, market conditions will vary by location, but according to the latest real estate market statistics, here's what we have been seeing in New Castle County:

December saw an increase in both the median sales price, coming in at $215,000 and a 7.5% change over December 2014, and average sales price, coming in at $234,000 and a change of 1.3% from the previous year. The number of closed sales also rose to 441, up 5.3% from the year prior. 

However, as mentioned above, buyers in the market will be met with fewer choices as inventory trends lower. There were 2,142 active single-family homes for sale in December in New Castle County, a volume nearly 5 percent lower than the year prior. 

If you're wondering about the first steps to take toward buying a home or would simply like more information about available properties in the Wilmington or Newark area, do not hesitate to reach out to us! The KG Home Team has been voted a 5 Star Real Estate Agent year after year and we are here to help make the process as easy as possible!

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

The new year is here and it's time to kick those winter blues that may be starting to drift in after the busy holiday season! But lucky for you, the Greater Wilmington area has many fun events and activities to take advantage of this month that will keep them out of sight.

The KG Home Team is happy to share just a few of the many ways you can get out and explore Wilmington and Newark DE in January— Be sure to add the following to your calendar:

Riverfront Ice Skating
When: Through February 28, 2016
Times: Monday through Thursday 4 PM to 9 PM, Friday 4 PM to 10 PM, Saturday 11 AM to 10 PM and Sunday 11 AM to 9 PM
Where: Riverfront Wilmington, Wilmington DE

Don't let the colder temperatures keep you inside when you can enjoy the beautiful Wilmington Riverfront during the winter months! The Horizon Riverfront Rink is sponsored by local businesses and through the end of February, offers a fun activity the whole family can enjoy! The rink can be found in the Justison Landing Green at 308 Justison Landing. Skate rental is $3 per pair and admission is $5 for children 12 and under, $8 for ages 13 and up.

​Band of the Royal Marines
When: January 13, 2016; 8 PM
Where: Grand Opera House, Wilmington DE

The Royal Marines Band, wearing their iconic white helmets, presents some of the most memorable drills, music and visual performances you will ever see. The band will perform classics, Big Band, contemporary pieces and even solo numbers in this January event (their first US tour ever!) at the Grand Opera House. You won't want to miss this as the Royal Marines Band is one of the most versatile and skilled ensembles in military music!

2016 Wilmington Coin Show
When: January 14 through 16, 2016; 10 AM to 6 PM
Where: Nur Shrine Temple, New Castle DE

There is free admission to the 2016 Wilmington Coin Show where over 50 dealers will display US, world, ancient, currency, tokens, medals and more!

Downtown Newark Restaurant Week
When: January 18 through 24, 2016
Where: Downtown Newark, Newark DE

A great opportunity to explore not only Newark, but the local restaurant scene! Participating locations will offer two and three course prix menus for both lunch and dinner, ranging in price from $10 two-course lunches to $28 three-course dinners.

Delaware Symphony Orchestra Chamber Series
When: January 26, 2016; 8 PM
Where: Hotel DuPont, Wilmington DE

Enjoy a night surrounded by the sounds of Beethoven, Mozart and Schoenberg as performed by the Delaware Symphony Orchestra conducted by David Amado.

We hope you are enjoying your start to 2016 and as always, feel free to reach out with any questions about the Wilmington area real estate market, buying a home or selling your current property!

We can help you make this your best year yet by settling into a fresh, new space. 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