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When you've found your dream home in Delaware or Pennsylvania, the next step will be meeting with your local lender to submit your mortgage application. Pending you've already been pre-approved, the rest of your home buying journey should be smooth and simple— however, there are a few reasons your application could end up in the rejection pile. 

Below are four reasons why a Delaware or Pennsylvania lender may reject your mortgage application this year:

You Changed Jobs
Lenders like to see at least two solid years of consistent employment before they will agree to approve your mortgage loan. And while you may not always be in charge of your career moves—IE. you were laid off—it is best to wait until after your closing to change jobs if you can help it.

You Don't Have Enough Credit
You may think credit cards are a no-go when it's time to buy a home in Delaware or Pennsylvania and you are entirely correct— for the most part. Your credit score and history are major factors that lenders will research in their decision process, but it's a lack of credit (not just poor credit!) that can be worrisome for them. If you haven't yet built up your credit history, remember that it is OK to carry some debt on your credit cards, so long as you pay them off on time. 

You Have Poor Credit
As mentioned above, lenders will be looking at your credit score to confirm you are capable of managing debt and paying your bills on time. However, if your credit score is too low, not only will you not qualify for favorable loan programs, but your application could end up rejected altogether. Take some time to research your own credit score and clean it up as much as possible before applying for a mortgage.

You Opened a New Credit Line
While we've established that it is important to have a credit history, you'll want to avoid opening anything new while you're in the process of buying a home in Delaware or Pennsylvania. New credit lines can signal a major red flag to lenders who want to see that you're responsible with debt management. Opening a new line of credit will drop your credit score and could imply that you're more of a spender than a saver.

Ready to start the home buying process in Delaware and Pennsylvania in 2019? Give the Kat Geralis Home Team a call today! 

We even offer FREE First-Time Homebuyer Seminars!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty

Homes for Sale
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Have you sat down and made a list of your new year's resolutions yet? It's always a fun exercise to take stock of your goals for the year ahead and make a plan on how to achieve them. For many in Delaware and Pennsylvania, you might find that they are personal or health related, but one of them might be buying a home!

There are dozens of steps to take to successfully become a homeowner in 2019 and as your local Delaware and Pennsylvania real estate experts, the Kat Geralis Home Team is happy to help you make that a reality! Below are 5 new year's resolutions to make in order to buy a home in the new year:

Eliminate indulgences
It might not be your favorite path to homeownership, but cutting indulgences can be a quick and simple way to save for a down payment. For instance, could you stand to cut cable and instead use Netflix? Or on the same note, is there a streaming service you could cancel? You might want to cut dining out and your morning coffee runs, instead packing your lunch and brewing coffee at home. These little indulgences can mean big savings if they're avoided!

Start a home savings account
You can't save specifically for your home if you don't have anywhere for it to go! Open a savings account specifically for your new home. Get into the habit of making weekly or monthly deposits—whatever you can afford—and watch your down payment grow!

Do a mortgage test run
The only way to truly know if you can swing being a homeowner in Delaware and Pennsylvania, is to do a test run. Try saving like a homeowner—meaning you set aside your monthly housing expenses and an amount for your emergency fund—and see if you can live with your new budget. 10% of your mortgage payment is a good rule of thumb to account for maintenance fees, so start there.

Pay all bills on time
There is nothing that can raise a red flag quicker to a lender than unpaid bills. If you intend to get approved for a mortgage in 2019, it is best to make sure you pay all of your bills on time. Not only does this keep your credit score high, but it shows lenders you are capable of managing a monthly payment.

Visit open houses
This may seem counterintuitive if you're not yet ready to buy a home in Delaware and Pennsylvania, but attending open houses allows you to see what properties are available in your price range. This gives you a more realistic approach to the market and could even motivate you to save more!

Ready to make your dream of owning a home a reality this year? Give the Kat Geralis Home Team a call today! We even offer FREE First-Time Homebuyer Seminars!

We look forward to hearing from you!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty

Homes for Sale
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5 Delaware and Pennsylvania Real Estate Reality TV Myths

by Katina Geralis

Now that it's winter in Delaware and Pennsylvania, we're all staying indoors a little more and perhaps you're even watching a few real estate reality TV shows— we've all seen a few by now! As these shows grow in popularity, it's important to keep in mind that not everything you see on your screen is actually reality. Much of what takes place is staged and filmed in a much shorter timeline and as your local real estate experts in DE and PA, we've included a much needed reality check for you below!

Myth: Buyers only choose from 3 homes
In nearly every reality TV show based on homebuyers, there are typically three homes toured before the buyer makes a decision and chooses one. While there may be a small percentage of buyers that truly buy one of the first few homes they see in Delaware and Pennsylvania, remember that the average homebuyers tours at least 10 homes during their search, according to the National Association of Realtors.

Myth: The show takes place in real time
It may seem unrealistic that the homebuyers can go through the entire buying process, from search to closing, within a 30-minute time slot and that's because, it is. Real estate reality shows often follow buyers who are farther along in the process and have already chosen a home to buy, in an attempt to speed up the process for viewers.

Myth: These homes are still for sale
As mentioned above, real estate reality shows are often filmed months in advance of their air date. So  if you've spotted a home that you love on your favorite show, keep in mind that unfortunately many of the homes shown are already sold and off the market. The properties are staged for TV for the "home search" phase.

Myth: Your home will sell at the open house
Many times homeowners on TV will hold an open house and then choose from the dozens of offers that result from the traffic. Please remember that just as many homes sell from regular showings and if you hold one, your property may not hook a buyer from the first open house. This is just a small piece of the puzzle when marketing Delaware and Pennsylvania homes.

Myth: Removing a wall is easy
Every homeowner today wants an open concept floor plan and thus, real estate reality shows typically show demo teams knocking down walls to make it happen. In reality, removing walls may not always been in your budget or even possible for your specific home. If the wall is load-bearing, there is much more structural work that comes into play and that can be more costly than you think!

Don't get too caught up in real estate reality TV myths if you're a new homebuyer in Delaware or Pennsylvania! It's always wise to consult the pros first! Give the Kat Geralis Home Team a call today for more information about next steps in the buying process or for a list of available homes.

We even offer FREE First-Time Homebuyer Seminars!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty

Homes for Sale
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How to Buy a Delaware or Pennsylvania Home Before the Holidays

by Katina Geralis

Tis the season for holiday chaos in Delaware and Pennsylvania! Your schedule is likely full of festive gatherings, tree trimming, and traveling to visit with friends and family near and far. Right now, buying a new home and settling in before the new year may seem like a challenge, but don't be so quick to write it off! Buying a new home during this busy time of year can be done and you just need an expert real estate agent and a handful of helpful tips to get the job done!

Below are four tips to help you buy a home in Delaware or Pennsylvania before the holidays:

​Get pre-approved
Don't get off on the wrong foot by touring homes that are outside of your budget. Instead, take the time to get pre-approved with a mortgage lender! This way, you'll know exactly how much home you can afford, as well as whether to not you even qualify to buy a home.

Team up with an expert agent
Your real estate agent should both know the DE and PA market well, as well as have a large network of experts at their disposal. For instance, when you have a specific timeline in mind to buy a home—like during the holidays—your agent should know exactly which local professionals to bring in to complete the transaction, from lenders to inspectors.

Get documents in order
You can never be too organized as a Delaware or Pennsylvania homebuyer. Put together all of the documents you will need to buy a home— tax returns from the past two years, W2's or pay stubs, as well as two months worth of bank statements from all accounts. Keep them in a separate folder just for your purchase as this will speed up the process when the documents are needed!

Stay on track
If you're under contract to buy a home, you will want to stay on top of everyone to keep the transaction moving. When you work with the right real estate agent, they will also play an important role in this. Considering all of the parties involved in the transaction, it may be many days before someone gets the document they need or answers a certain question. If you haven't heard back in a timely manner, always check in with that person to stay on track!

2018 may almost be over, but don't let that stop you from buying a new home in Delaware or Pennsylvania! Give us a call today for a list of available properties as well as next steps for home buying or selling your current home!

We even offer FREE First-Time Homebuyer Seminars!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty

Homes for Sale
Visit My Website
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4 Mistakes to Avoid When House Hunting in Delaware and Pennsylvania

by Katina Geralis

While you may have seen dozens of real estate reality TV shows that make it look as simple as touring three homes and then choosing the best one, there is so much more to house hunting in Delaware and Pennsylvania. In fact, there are a few rules of thumb to follow in order to avoid any buyer's remorse or financial obstacles down the road.

As your local real estate experts in Delaware and Pennsylvania, the Kat Geralis Home Team has put together four mistakes to avoid when house hunting this year to make your experience as smooth as possible:

Don't Skip the Pre-Approval
Working with a lender on your mortgage pre-approval should be your first step in your DE or PA home purchase process. In the event that you find a home you want to pursue, a seller will likely not entertain any offers without a pre-approval. This step shows the seller you are serious about buying and can give you an edge over other buyers who may not have a pre-approval completed.

Don't House Hunt on Your Own
There are many perks to working with a real estate agent, so don't make the costly mistake of going it alone this year! Remember that your agent has done this before and knows the in's and out's of crafting the perfect offer and corresponding with all necessary parties in a transaction. Navigating a home purchase alone can be a full-time job in itself— why not leave it to the pros?

Don't Wait Too Long to Act
If you see a home in DE or PA that you love, don't wait! Buyer demand has been strong over the past few months and it hasn't slowed down yet! You won't want to let your dream home slip through your fingers because you waited a week to get in for a showing. Work with your agent to make sure you are timely in viewing the property and writing your offer if you've found "the one!"

Don't Get Distracted by Home Features
When you tour a home, it can be easy to get distracted by updates like new appliances, light fixtures, and even trendy items like sliding barn doors. But don't get too carried away! It is important to envision how you and your family will live in the space— does it have enough bedrooms? Are there enough bathrooms? Does the layout suit your needs? Is there enough outdoor space? Home features like lighting and hardware are simply decorative, while major structural components like layout and square footage will affect your daily life and are what you will need to focus in on.

Ready to buy a home in Delaware or Pennsylvania but don't know how to get started? Contact our team of local experts today! We will walk you through every step in the process!

We even offer FREE First-Time Homebuyer Seminars!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty

Homes for Sale
Visit My Website
Contact Me
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How to Determine Resale Value in Delaware or Pennsylvania Homes

by Katina Geralis

No matter how long you intend to be in a home in Delaware or Pennsylvania, it is always important to consider the resale value. Remember, your home is an investment and the last thing you want is to have a hard time selling the property when you're finally ready to move on. Not only is that more of a homeowner headache for you, but it could also mean more money spent!

As your local experts, we've listed below four ways to determine the resale value of a property while you're house hunting in Delaware and Pennsylvania this year:

It's in a great neighborhood
You've heard the term, "location, location, location," in real estate and for good reason! If the property is near grocery stores, restaurants, coffee shops, and shopping, chances are it will have great appeal to future buyers. One thing to avoid is a home in a commercial area or an underdeveloped neighborhood far from such amenities as the above.

It's in a great school district
Homebuyers today are willing to compromise on their home wish lists for great school districts. Regardless if you have children, take a good look at the district your potential new home falls into and whether or not a buyer would be swayed to purchase the property or if there is a much better school system located elsewhere.

It's in a quiet area
No homeowner likes a noisy neighbor— or a noisy intersection in their backyard! A home located near a high-traffic area or busy street will not have the same resale value as one that's located in a more hushed neighborhood. Always consider the sound factor when house-hunting in DE or PA. If you don't, you could pay for it later!

​You don't have to spend too much on repairs
While it may not cross your mind if you're planning to stay put for years to come, be sure to consider how much you'll have to spend on repairs in a potential home. You'll always want the amount you'll be able to sell the property for to outweigh your upkeep costs. If the property requires you to break the bank to get it running smoothly, it may not be worth it if you'll only be there a short time.

Ready to start your Delaware or Pennsylvania home search? Let the Kat Geralis Home Team be your guide to the real estate market! We've helped numerous buyers find their dream homes and we're here to help you do the same.

We even offer FREE First-Time Homebuyer Seminars!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty

Homes for Sale
Visit My Website
Contact Me
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4 Real Estate Red Flags Your DE or PA Home Inspection Might Miss

by Katina Geralis

Regardless of how many times you have been through the process of buying a Delaware or Pennsylvania home, it is easy to get distracted by such features as updated bathrooms, spacious backyards, and even items like light fixtures and appliance colors. There is so much more that should go into your decision to purchase a specific property in DE or PA— including real estate red flags that even your home inspection could miss!

As your real estate experts in Delaware and Pennsylvania, we have rounded up four red flags to keep an eye on while shopping for homes so you can anticipate costs and ultimately weigh your options:

Leaks
Depending on the age of your potential new home, any leaks could have dried up with the water being turned off and not arise until it is fully functioning again. The best place to spot leaks is under cabinets where you could notice water damage or moisture around drain traps. Remember, if the leak is not present on the day of your inspection, the inspector will likely not be able to point it out!

Structural Damage
This is a major red flag for any homebuyer in Delaware and Pennsylvania and while your inspector will know what a roof and foundation should look like, they will not be able to tell you how bad a problem is or how much it will cost. They will likely refer you to a structural engineer who will be able to break down cost to repair and when indeed you need to remedy the problem.

Electrical Issues
This is another red flag that could be more prevalent depending on the age of your home. Your inspector may point out disconnects in the electrical or wires that need updating to comply with current codes, however they will not always be able to list the exact source of the disconnect. You will need to bring in an electrician to identify specific costs and dig a little deeper to find the root of the problem listed in the inspection report.

HVAC Problems
Any problems with your HVAC system can be quite costly, but keep in mind that your system may be functioning properly while temperatures are moderate but could fail once they begin to take drastic turns— for instance, in the deep winter or heat of summer. The only way to identify potential problems is to hire an HVAC specialist who can assess how much longer your HVAC system has left or if parts look in need of repair or replacing.

Contact the Kat Geralis Home Team today for a list of available homes in your area or for more information on the home buying process!

We even offer FREE First-Time Home Buyer Seminars!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty

Homes for Sale
Visit My Website
Contact Me
Find me on Facebook

5 Things That Can Slow Your DE or PA Mortgage Closing

by Katina Geralis

Once you've found the perfect Delaware or Pennsylvania home, made an offer, and had it accepted, you'll need to make it through the mortgage closing before you are handed your keys. You may be anxious to officially become a homeowner, but the time it takes to close is dependent on a variety of factors— some of which are in your control!

If you're planning to buy a new home in Delaware or Pennsylvania, you'll want to familiarize yourself with the following things that can slow down your mortgage closing:

Making big purchases
You may be excited about your new home, but resist the urge to buy new furniture and decor until after the closing. Making big purchases on credit cards can signal a red flag to lenders who will pull your credit just before closing to ensure it is still the same. A large purchase shows you've acquired more debt and could threaten your mortgage qualifications.

Outstanding HOA fees and fines
While this one may not be entirely in your hands, note that the previous homeowner's outstanding fees or fines owed to the homeowner's association can cause closing delays. You may be able to negotiate these costs with the seller prior to the sale or worst case scenario, you'll need to pay them. 

Document delays
Your lender will require many different documents for verification of income, including your pay stubs, tax documents, bank statements, and they'll likely even get in contact with your employer. Be sure to provide these documents as soon as they ask for them or you could see a delay in closing.

Titles and liens
If there is a lien against the property or the title has the wrong signature, it will need to be resolved before the closing can move forward. 

Down payment
If your down payment is coming via gift from a friend or family member, the closing could be slowed slightly. In addition, if the lender requires the buyer to put down more on the home and the buyer does not have immediately have the extra funds, the date could be pushed out several weeks or months.

Contact the Kat Geralis Home Team today for a list of available homes in your area or for more information on the home buying process!

We even offer FREE First-Time Home Buyer Seminars!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty

Homes for Sale
Visit My Website
Contact Me
Find me on Facebook

3 Questions to Ask Mortgage Lenders in Delaware and Pennsylvania

by Katina Geralis

Buying a home in Delaware or Pennsylvania is likely one of the biggest decisions (and purchases!) you will make in your lifetime and as a result, you will want a team of experts on your side to see you through the process. One of the most important is, of course, your real estate agent and the other is your lender. 

Your lender will help you secure financing to purchase a home in Delaware or Pennsylvania and be available to answer all of your questions surrounding debt, closing costs, and even your buying timeline. But remember, not all lenders are the same, so it is key to ask a few questions in order to find the best fit for you:

Is now the right time for me to buy?
Depending on your specific financial situation, it may be in your best interests to put in an offer on your dream home now or wait until next year when your buying power is stronger— and a great lender will tell you that! The right lender will clearly explain how your debts and down payment can affect your buying power—or your ability to qualify for a mortgage and favorable rate—and how that will play into your timeline.

What credit score do I need to qualify?
A great lender will share what they are looking for in terms of credit score and credit history in order to provide financing to a homebuyer. To take it one step further, they may even comb through your credit report to show what debts are worth paying off before applying for a mortgage in order to secure the best rate. 

What are the closing costs?
Depending on the loan program you choose, you will need to pay a few closing costs before anyone hands over your new keys. A great lender will outline the different loan programs you may qualify for and what the closing costs might be for that specific program. The lender should also be able to share how you will pay such costs, whether by check or via electronic transfer.

There are many facets to homebuying in our area and you can count on us to make sure you're aware of them all! Contact the Kat Geralis Home Team today for a lender recommendation or a list of available homes in Delaware and Pennsylvania

We even offer FREE First-Time Home Buyer Seminars!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty

Homes for Sale
Visit My Website
Contact Me
Find me on Facebook

Spring is just around the corner here in the Greater Wilmington DE area and many buyers will soon make a break for the real estate market, ready to find their dream home. And while of course you have a variety of options when it comes to what your new home will include—open concept, updated kitchen, large backyard, extra storage space—there are ultimately two types of properties to choose from: Existing and New Construction.

Existing homes may have the character you're looking due to their age, but if you ultimately decide that a new construction home in Wilmington DE or Southeastern PA would be the best fit, there are a few things you should note.

There are not always in the MLS
As a buyer, you may not know that new construction homes cannot always be found in the MLS, or the real estate websites you use to search for available properties. Builders often have a team working on-site and advertise through local media to get the word out about their homes. If you have decided on a new construction home, let your real estate agent know so they can round up the best options for you!

Early discounts might be available
Depending on where you come in on the sales process, you may find that a builder is happy to offer you a discount or lower price on a property in order to meet their quota and drive future sales. However, don't be distracted too much by the lower price as you are then locked in to the project and may risk losing your down payment should you decide to cancel the transaction before the build actually begins.

Upgrade discounts may also be available
As I mentioned above, certain points in the sales process may allow buyers to negotiate easier. For instance, toward the end of the building project, builders are often more willing to compromise in order to wrap up their sales. A lower sales price may not be in the cards, but they may offer you an upgrade discount where you are able to choose a pricer finish like hardwood flooring or stainless appliances instead of standard finishes. Depending on what you choose, the upgrades could make for a better deal than an initial drop in price! 

Contact the Kat Geralis Home Team today to get started on your home search in Wilmington or Newark, DE or Southeastern PA! We are here to help you find the perfect property that suits your needs and budget, no matter what type of property you desire.

Happy house hunting!

Katina Geralis
DE and PA Real Estate Expert
eXp Realty

Wilmington Real Estate
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