Kat Geralis Home Team Wilmington DE Real Estate News Archives

When it comes to buying a home in Wilmington, Delaware and the surrounding communities, many do not know what is actually involved. From how much of a down payment you need to your credit score, numerous would-be buyers hold off as they do not think they will qualify. 

But that shouldn't stop you this year as the KG Home Team will walk you through everything you need, including the factors mentioned above, and these 5 documents that will be necessary to move forward with your Wilmington DE, Chester County or Delaware County PA home purchase:

Recent paychecks
When determining your ability to take on a mortgage, your Delaware or Pennsylvania lender will want to see proof of income. In most cases, your last two pay stubs will do the trick! In others, they may want as much as two years worth, so be prepared!

Proof of debts
Lenders will also want to know how much you have in debt, including credit cards, student loans and car loans. Leaving any debts out can cause your approval to be delayed or worse, rejected.

Bank statements
Homebuyers are typically required to provide bank statements to their lender as part of the standard procedure. Lenders will check that all income and financial transfers were completed legally.

Pre-approval letter
We have stated in the past that a pre-approval can speed things along, especially when competing with other buyers for your dream home in Wilmington or Newark. This document details how much home you can afford and proves your buying power.

Proof of insurance
After you've put an offer on a home in Greater Wilmington, you will need to provide proof of homeowner's insurance. Printed copies of the policies will do as your lender will need to keep these on file.

Do not let your previous ideas about what is required to purchase a home hold you back this year! The KG Home Team is here to answer any questions you have and walk you through the process as seamlessly as possible! We even offer a FREE Homebuyer E-Guide!

Give us a call today!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
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What many homeowners may not realize is that the late fall and winter can bring more success in selling your home than any other season! In fact, you may find that you sell your Wilmington area home for more money during these seasons. 

But how? What are the secrets to selling your Delaware home for top dollar? Aside from partnering with the right real estate agent, it's all in the details. The KG Home Team is happy to share a few tips for making the most of your home sale this year— and as always feel free to reach out to us with any questions!

Price It Slightly Low
Many homeowners think that the key to leaving room for negotiations is pricing their home over market value. However, what this actually does is lessen the demand for your home. Pricing should be done in order to maximize demand for your Wilmington DE home. This way, you may actually have multiple buyers bidding on your home instead of just one trying to negotiate the price.

Buyers today tend to be well-informed and pricing your home either at or just below market value will have them sensing a deal. They are more likely to bid on a Delaware home that is priced slightly on the lower side, especially given low inventory in many local real estate markets.

Work with a Real Estate Professional
When selling your home, you may get the idea that doing it yourself and forgoing a real estate agent will save you money. However, the exact opposite is true! Homes typically sell for more money when sold by a real estate agent than by sellers trying to avoid paying a commission. 

For instance, the Economists' Outlook Blog reported that the median selling price for all For Sale By Owner (FSBO) homes last year was $210,000. However, those homes sold with the help of a real estate agent had a median selling price of $249,000— just about $40,000 more than those that went the FSBO route!

We are here to help you achieve home sale success, so before you put selling your home on the back burner—waiting until spring or summer to list—remember these expert tips for scoring top dollar! Pricing your home just below market value can drive up demand and it always pays to work with a real estate agent. 

Overwhelmed in looking for an agent in the Greater Wilmington area? Just look what our clients are saying about us!

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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Buying a home now offers many opportunities to Wilmington area homebuyers, especially given that mortgage rates still reside at historically low levels! And while the real estate market continues to evolve in New Castle County, here's what has been happening over the past quarter.

The third quarter saw an increase in median sales prices, rising to $247,408— up over 3 percent from last year. The number of closed sales on Wilmington DE area homes also continues to rise—a total of 1,770 homes closed in this quarter—up nearly 19 percent from this time one year ago.

And while these factors all point to a returning, healthier real estate market, buyers in the Greater Wilmington area will still be met with low inventory as they conduct their home search. The number of homes for sale saw a decline of around 9 percent, to 2,602 homes. Inventory also remains around a 5 months supply, down 22 percent from this time last year.

There are still numerous benefits to be rewarded from buying a home during this time of year, so do not hesitate to contact the Kat Geralis Home Team! As a top-ranked team in Wilmington, DE, we can answer any questions you have about the real estate market, buying or selling a home! 

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

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As you contemplate whether now is a good time to buy a home, consider this— Where will home prices be next year? Waiting to buy can end up costing you much more than if you took advantage of real estate market conditions at the present time. Home prices are projected to continue rising through 2016, up nearly two percentage points from current prices in Delaware.

In a past blog post, we shared how to find the right mortgage for your personal situation, but do you know what it takes to get there? Many Delaware homebuyers in today's real estate market do not know what is necessary to qualify for a mortgage and as a result, avoid purchasing a home altogether.

But the KG Home Team is here to help! Do not let your ideas about qualifying for a mortgage keep you from taking advantage of the currently low interest rates and opportunities the upcoming fall season can bring.

Consider the following your checklist for preparing to buy a home in the Greater Wilmington area this year:

Credit Score
A large amount of today's homebuyers believe you need perfect credit to buy a home in Wilmington, DE, but that is just not the case. With a credit score of 720 or higher, you will be eligible for the best mortgage rates. However, a lower score can also allow you to qualify for a mortgage loan. The best idea is to meet with your lender to discuss your options and how a down payment can help your approval.

Down Payment
While there are loan programs in place that allow buyers to purchase a home with zero percent down, it is a good idea to meet your lender with a down payment saved. Your loan-to-value ratio (LTV) is another factor that determines your eligibility and the more favorable the ratio (how much the property is worth to how much you plan to borrow), the more qualified you will become.

Solid Employment History
Your job history is just as important as the aforementioned requirements as it tells the lender you are able to repay the loan. Homebuyers in Wilmington and Newark who have been at the same job for two years or more will help the process to move along with less bumps than someone who frequently hops from job to job. 

Lower Debt-to-Income Ratio
Lenders will want to know your total monthly debts, including car loans, rent or other mortgage, credit card bills and student loans. This plays a part in your debt-to-income ratio (DTI) and should not account for more than 40 percent of your monthly income. If yours is too high, take the time to pay down high interest credit cards or loans.

Budget Range Idea
Working with a mortgage calculator is one way to find how much home you can comfortably afford. Input numbers like down payment, private mortgage insurance (PMI) if your down payment is less than 20 percent, homeowner's insurance and taxes. After adjusting these numbers, you should be able to find where you'd like to be in terms of monthly payment and either work toward that amount by further saving or visit with your lender to discuss loan programs.

As your local real estate experts in Wilmington, DE, we are here to help you prepare to buy a home this year! Contact us today with any questions you might have! We even offer FREE first-time homebuyer seminars!

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The New York Times agrees that homeownership is one of the best ways to build wealth! For instance, did you know that the average net worth of a homeowner is 36x greater than that of a renter? And now, buying a home while interest rates are low can help you get started building your financial legacy on the right foot!

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

As excited as we are about the warm, summer temperatures that have just arrived, the season also tends to bring its fair share of storms. Certain parts of the country are already experiencing bouts of bad weather and therefore, it's prime time to prepare your home in Wilmington, DE for any that may be coming our way.

Take this weekend to check off the following on your storm prep to-do list. With these tips, you can both secure your home and avoid any surprises that can come from Mother Nature this summer.

• Emergency plan. Draft an "emergency plan" with any notes or procedures your family should follow in case of inclement weather. Designate a room in which everyone should meet during a storm.
   
• Make repairs. Secure all broken or loose fence posts, reattach gutters or shutters. The last thing you want is for strong winds to blow these into your home or cause damage to your vehicles.
   
• Secure landscaping. Broken or loose tree limbs should be hauled away now before the storm season gets underway.
   
• Protect electronics. Install surge protectors for your expensive electronics and appliances as a lightening strike can quickly destroy them. 
   
• Create a storm kit. Gather flashlights, batteries, bottled water, snacks and a weather radio and place in your designated storm room for safe keeping.
   
• Prep for insurance claims. Take digital photos of your home, valuable, vehicles and the like to keep off site for potential insurance claims down the road.
   
• Store vehicles and furniture. Bring outdoor furniture into storage or secure it on your patio. Also, bring all vehicles into your garage to avoid storm damage.

Summer is such a fun season in Wilmington and Newark, Delaware, with sunshine, events at the Riverfront and more time for enjoying recreational activities. Don't let storms get in the way of your enjoying the summer or your new home in New Castle County. 

As always, the KG Home Team is happy to help walk you through the home buying and home selling process this year. From recommending local mortgage experts to providing a list of available homes in Wilmington, do not hesitate to contact us!

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Homebuyer demand is growing increasingly strong this season! Not only is competition increasing as well, but the real estate market is getting a much needed boost. However, the one thing that is lagging behind is housing inventory. If you're planning to sell your home this year, now is the time!

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 it's May, most of us likely have our sights set on summer— Warmer weather, a schedule free from school and more fun events to attend. Wilmington, Delaware is a great place to spend the spring and summer months with numerous activities, events and attractions to visit with the whole family. 

Whether you're relocating to Wilmington or Newark DE, simply visiting for the weekend or wanting to get out and explore the community, consider the following 8 things to do and see. There's something for everyone on the list!

• DuPont Environmental Education Center

FREE! Hands-on activities and exhibits are housed in this 4-story nature center located on Wilmington's Riverfront.

• Delaware Center for Contemporary Arts

FREE! With rotating exhibitions among its seven galleries, this local museum has been called "one of the most innovative and prominent organizations of its kind on the East Coast," by the Philadelphia Inquirer. 

• ​Delaware Museum of Natural History

Here you can find life-size dinosaurs, an African watering hole, undersea adventure and even get up close to a jaguar! 

• Brandywine Park

Enjoy a stroll, have a picnic, bike from Brandywine Park to Rockford Park. 

• Wilmington & Western Railroad

The railroad has become one of the East Coast's premier scenic tourist railroads and is ready to celebrate its 50th season this year. 

• The Riverfront

A great place to catch a baseball game, have dinner, watch a movie or enjoy the entertainment planned for the day.

• Hagley Museum

An example of early American industry situated on 235 acres along the banks of the Brandywine. 

• Downtown Wilmington

Visit the Farmer's Market opening May 6, ride the Wilmington Trolley, tour local shops and businesses. Downtown is a hub of creativity! 

The KG Home Team is proud to call Wilmington, DE our home and we know you will be too! As your local real estate experts, we can provide local suggestions and fill you in on what it takes to become a homeowner in New Castle County. 

Contact us today!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
Contact Me
Find me on Facebook

As more homebuyers decide to make the transition from renting to homeownership, it's becoming clear that much of the real estate market is uncharted territory for them.

The home buying process goes beyond just searching for your dream home— it involves a saving for a down payment, getting pre-approved and it's also important you are prepared to file a mortgage application. 

Now that doesn't mean all mortgages are created equal. As a homebuyer in Wilmington, Delaware—especially a first-time homebuyer—you will want to find the best mortgage for you and your personal situation. How can you tell you've chosen correctly? Keep the following in mind:

• Fixed-rate mortgages

A fixed-rate mortgage, just as the name suggests, has the same interest rate throughout the life of the loan. This type of mortgage is great if interest rates begin to climb, however, if they fall, you will be stuck with the same payment.

• Adjustable-rate mortgages

Think of this as the opposite— the mortgage with a rate that changes throughout the life of the loan. An adjustable-rate mortgage usually begins with a low, short-term interest rate (which will stay low if rates follow suit) and yet if rates rise, your payment could do the same.

• 30-year mortgages

As a homebuyer in the Wilmington and Newark area, you have likely heard about 30-year mortgages. This is a common route, but you also have the option of taking on a shorter term mortgage; for instance, a 10, 15 or 20 year loan. The loans with the shorter payback period will allow you to pay less interest, but the payments will be higher than the standard 30-year mortgage.

Now, Wilmington homebuyers, it's also important you shop around for a lender. Don't be too quick to settle on the first company to offer you a mortgage. Interest rates and terms can vary widely among lenders and you will need to compare these to find the best deal. If you don't know where to begin shopping, the Kat Geralis Home Team would be glad to provide recommendations!

The spring real estate market is heating up and will only continue to do so as we progress into April. You will be competing with numerous other motivated buyers this season, so do not wait to get a jump on the mortgage process. The earlier you start, the earlier you can settle into the home of your dreams in Greater Wilmington!

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If buying a home is on your mind this spring, you are already on the right track toward building long-term wealth! Today, financing costs are generally low and with the rising cost of rent in Wilmington and Newark, real estate is the best possible investment you can make. 

Stop throwing your money away in the "renter's trap!" It's time you start building wealth the right way!

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

In the past, Wilmington and Newark DE area home sellers have had to compete with a large inventory of distressed properties—both foreclosures and short sales. Now, the amount of foreclosures and short sales available has dropped significantly in most markets and for home sellers, spring seems to be the time to list with the competition gone.

However, 2015 holds new competition and Delaware homebuyers are viewing it as the better option over what is available in the current real estate market.

New construction 

Newly-constructed homes accounted for 16% of all homes sold in 2014, according to the National Association of Realtors' Profile of Home Buyers & Sellers. New construction homes in the Wilmington area not only offer them the ability to customize and choose the home's design, but also free them from the burden of existing home issues.

As the new competition on the real estate block, new construction also offer Wilmington area buyers the following that existing homes do not:

• No need for renovations
• No need for repairs that existing homes may require
• Amenities in new construction communities— for instance, a swimming pool, clubhouse, fitness center or golf course
• Green or energy-efficient appliances, windows and other eco-friendly features
• An alternative to the lack of existing homes inventory in the real estate market

One of the main reasons new construction is emerging as a strong competitor for home sellers is the current lack of inventory. In fact, the number of those who cited a lack of existing homes in the survey is likely to increase this year.

Existing home inventory is currently sitting at a 4.7 month supply, while it needs to be at 6 month supply to maintain a "normal" market by historical standards. In comparison, the inventory of new construction homes available is currently pegged at a 5.4 months supply.

So, what can you do to avoid the competition as a Wilmington or Newark DE home seller? List now! Many homeowners are waiting until spring to list their properties and acting now could put you ahead of this rush of homes soon to hit the market.

As your Greater Wilmington real estate experts, the KG Home Team can walk you through the home sale process every step of the way. Do not hesitate to contact us with any questions and if you're ready to get started, we're here to help!

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While home sales did indeed stumble in January, compared to December, we can see that existing homes sales have outpaced last year every month. In fact, this January's sales numbers were 200,000 homes greater than January of last year. 

Also better when referencing last year's numbers are pending home sales. The number of houses going into contract has done better in the last five months as compared to last year at this time.

What does that mean for you? Don't be afraid to list! Demand is currently 3 times greater than last year and today's housing inventory is not enough to support the motivated buyers. This may be the perfect time to get the best price for 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

While the winter season has been named one of the best times to sell your Wilmington, DE home, many homeowners are taking to remodeling instead. Home projects, when planned correctly and according to the real estate market, can boost your home value and pay off when you decide to sell. 

So whether you're simply ready to upgrade your kitchen or bring up the value of your home in Wilmington or Newark, keep in mind the following projects that have the highest return on investment (ROI) at resale:

Your front door
Year after year, replacing the front door continues to provide one of the healthiest returns on investment for Delaware homeowners. Replacing your current door with a steel door can average up to 98 percent ROI— the highest return when looking at Remodeling Magazine's Cost vs. Value Report.

In addition, replacing your front door is one of the least expensive projects in the report, coming in at an average of $1,230. It requires little maintenance and can even qualify as an energy upgrade depending on the door you choose.

The siding
Next in terms of ROI is replacement siding. Swapping out the siding on your Wilmington area home can recoup you as much as 84 percent at resale. In fact, by keeping your old, worn-down siding, you could assume a loss of 10 percent on your home's value.

Just by looking at the Top 10 Projects for Long-term ROI in the Cost vs. Value Report, you will notice three of them are related to siding. New siding is also the one home improvement project that does wonders for your curb appeal— important if you're considering selling your home in the near future.

Kitchen upgrades
There is no need to do a complete kitchen overhaul this year— these types of renovations took a hit in terms of ROI in recent years. Minor kitchen upgrades including new cabinets, countertops, flooring and appliances can recoup you an average of 82 percent. The Cost vs. Value Report suggests an investment of $19,000, including labor, to make these changes and notice the benefits at resale.

The deck or patio
More homebuyers in recent years have expressed a desire for outdoor space. Decks are coming back around in terms of ROI and even beating out bathroom remodels. One reason decks and patios are a smart investment this year is the low cost— ranging anywhere from $8 to $30 per square foot. Adding a wooden deck addition to your Wilmington home could bring an ROI of 80 percent.

As your local New Castle County real estate experts, the KG Home Team knows what homebuyers are looking for and where your money would best be invested if you're looking to sell. Contact us today to get an idea of your home value and where the property could benefit from renovations.

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Over the past year, real estate has been heading in the right direction and both buyers and sellers are beginning to notice. In fact, for the first time in 9 years, Americans have a positive view of real estate as a whole. 

It is this growing confidence on both sides of the fence—homebuyers and home sellers— that will contribute to a busy year for the Wilmington DE market. Do not hesitate to get started if you're serious about buying or selling this year as waiting even just a few months could cost you more money in the long run!

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 the weather has turned colder, selling your Wilmington home may not seem so easy. Homebuyers are not out in droves like they are in the spring and it takes a few strategic staging moves to make them feel comfortable during the winter months.

Yet the snowy season has been named the best time to sell your home for a reason— the homebuyers that are house hunting in Wilmington and Newark are motivated and ready to buy. Curb appeal and landscaping won't be first on your list, but here are four other important points to consider when listing your property:

Make sure you can easily navigate the property
With snow and ice, driveways and sidewalks can be a hazard for New Castle County homebuyers. Be sure to clear these and any back walkways before they arrive. And be prepared! You never know when buyers will want to look at your home— keep walkways clear to avoid last minute shoveling.

Turn on the heat
A cold home is not inviting and that can affect a buyer's perception of your Delaware home. Turn on the heat and make sure the home is warm and cozy before buyers arrive.

Play up your winter home features
Do you have a fireplace? Wilmington and Newark homebuyers will love to see this in the winter! Chat with your real estate agent ahead of time to ensure they are comfortable with using the fireplace as this can really create a welcoming feel for buyers.

Show the outside features
Even though there may be snow on the ground, it's important to show homebuyers your outdoor features like a deck, pool or patio. Keep these clear of snow and ice to allow buyers to view these from indoors. You will want them to get the whole picture when they tour the property.

With the right team, you can sell your home during the winter months! Contact the Kat Geralis Home Team today to get started!

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More home sellers will soon return to the real estate market as equity continues to build. In fact, equity has returned to 85% of homes under $200,000 and 94% of those above $200,000.

Have you recently regained equity in your home? Beat the spring and summer busy seasons and list your home now! The Kat Geralis Home Team can get your listing in front of the right homebuyers and help you sell successfully!

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