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3 Common Mistakes First-Time Homebuyers Make in Newark and Wilmington DE

Thursday, December 8, 2016
by Katina Geralis

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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4 Reasons to Buy a Wilmington DE or Pennsylvania Home This Fall

Thursday, September 29, 2016
by Katina Geralis

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

Millennials Love Working with Wilmington DE Real Estate Agents

Thursday, August 20, 2015
by Katina Geralis

Did you know Millennials (the age group of those born between 1980 and 1995) love working with real estate agents? According to the National Association of Realtors 2015 Home Buyer and Seller Generational Trends Report, Millennials are the largest homebuying generation in the U.S. and work with real estate agents more so than any other generation.

For instance, the Home Buyer and Seller Report found the following interesting statistics surrounding Millennials' real estate behaviors:

And despite the vast number of Millennials using an agent to buy or sell a home, they have the lowest percentage when it comes to using an agent again or recommending them to others (63 percent of home sellers).

Why is that? As stated by real estate news platform Inman, Millennials are harder to please than any other generation. They grew up with smartphones and the internet, thus they are different than any other real estate consumer.

Millennials are looking for the following in a real estate agent:

  • Texting, but also phone calls
    More than any other generation, Millennials appreciate when their real estate agent communicates via text message. However, 75 percent of them also appreciate phone calls.
  • Homes online
    Millennials appreciate browsing homes online more so than any other generation. The majority (58 percent) use iPhones, while 32 percent use Androids.
  • Website information
    Millennials are more likely to use website information in their home search as well as throughout the buying and selling process. They want real estate agents who provide this readily and easily!
  • Honesty and trustworthiness
    More than a quarter of this group of homebuyers look for agents who are both honest and trustworthy.

We understand how overwhelming choosing a real estate agent can be and The Kat Geralis Home Team is proud to provide all of the above to homebuyers and sellers in the Greater Wilmington DE area! If you are searching for a highly-rated real estate agent to walk you through the process this year, do not hesitate to reach out to us! 

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Millennials are also now putting less down on their future homes! In fact, 64 percent of Millennials put down less than 20 percent, with 36 percent putting down less than 5! Don't let the down payment factor hold you back from purchasing a home this year— homeownership is well within your reach.

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

How to Search for Homes in Wilmington, Newark DE

Friday, May 30, 2014
by Katina Geralis

The home search is only the beginning, it's also the most important aspect of your Wilmington real estate journey. It all starts with getting a feel for price ranges and what's available in your desired neighborhoods of Newark and Wilmington, then moving on to what you like and desire in a home and finally, touring those homes to find your best fit. With these home search tips, you'll be well on your way to finding a new home this summer. First-time homebuyer? No problem! We even offer FREE first-time buyer seminars to help!

Make a Homebuyer Wishlist
One of your first tasks as a homebuyer in the Wilmington and Newark area should be to sit down and make a wish list. Establish priorities for available homes— do you want a certain number of bedrooms, but would settle for less if the home had a finished basement? Things like this all add up in the bigger picture of the Wilmington real estate market. Credit.com suggests to "make a list of the ten most important criteria for a new home. Then divide your list items equally under two categories: "top priority" and "nice to have." After you've made this list, take it with you as you search for homes. Delaware homebuyers can oftentimes get distracted when house-hunting and it's helpful to refer back to the list.

Start Your Search, Two Places
Keeping your homebuyer wish list in mind, you can start searching for properties, narrowing down by price range. Homebuyers should start their home search online, but also in person as homebuying is an emotional process that requires buyers to experience a property for themselves. Once you've made a list of available homes that interest you, then go with your Realtor to view the property up close and personal. Refer back to your homebuyer wish list and take notes while you're inside the homes. You can then go back to see what you did and did not like about each property.

Consult Your Realtor
No matter what stage of the homebuying process you're in, it's always helpful to have a real estate agent on your side. Remember, they've done this before, numerous times. If you have questions, consider your Realtor your communication hub and sounding board— every question or concern can go through them. While you may have started your home search online, know that your real estate agent has an "in" per se, their finger on the pulse of the real estate market in your community. They're a great resource for finding Wilmington, Newark homes that may have just come on the market or will be going up for sale soon. And as always, "if you discover a listing you like, you can pass it along for your agent to evaluate," adds Credit.com. "It's important to develop this partnership!"

The KG Home Team is here to help at every stage of your homebuying journey in the Wilmington, DE area. Contact us today to get started and go over homes that may meet your wish list— summer is shaping up to be an exciting time in the market, so don't delay!

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

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