Kat Geralis Home Team Wilmington DE Real Estate News Archives

In past months, the outlook for new construction homes has been less than significant, but it seems the month of August saw a major turnaround. With an improving job market and low mortgage rates, home builder optimism soared, thus boosting their outlook for sales.

According to the National Association of Home Builders, builder confidence in the single-family home market rose two points in August. With the number rising to 55, it was the second consecutive month at a level over 50, indicating that builders are viewing the market conditions are more positive than negative. The builder confidence index was previously expected to hold steady at a 53, according to economists, but builders are growing increasingly optimistic given the job market and mortgage rate factors.

Declining affordability for homebuyers had pinched home builders in the earlier part of the year, but NAHB Chief Economist is confident the new construction market will see improvements, including further increases in confidence, as we move forward.

"Factors contributing to this rise include sustained job growth, historically low mortgage rates and affordable home prices," he said. In addition, these favorable conditions are also prompting more serious homebuyers to enter the market.

What does this mean for you as a Wilmington, DE homebuyer? With builder optimism at a seven-year high, you can confidently move forward as a local homebuyer— it's time to team up with a buyer's agent to begin your new construction home purchase. 

Many Delaware homebuyers make the mistake of buying a home directly from the builder, while a buyer's agent can work on your behalf oftentimes with much better results. A salesman will look out for the best interests of his own company, while a buyer's agent looks out for you! Your buyer's agent will also ensure you're not overpaying for a property, given other comparable homes in the area, which is a common new construction blunder for those that forgo working with an agent entirely.

We're happy to help you along every step of the homebuying journey— whether you're interested in an existing home in the Wilmington or Newark area or new construction properties. Contact us today to see what's available!

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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The local Wilmington DE real estate market saw an improvement in 2013, with housing prices improving, more homeowners gaining positive equity in their homes, and builder confidence on the up and up. Forbes recently released a list of predictions for the coming year and as it turns out, 2014 will be another great year for real estate in the Wilmington and Newark DE area. 

More Inventory
2013's housing market saw a shortage of homes for sale in Wilmington and going forward, homebuyers will see a change in inventory numbers. According to Realtor.com, inventory has been softening since February and will continue to do so in 2014. "New construction and rising prices should bring more homes, both new and old, on to the market in 2014, helping inventory return to traditional levels," the industry insider reported.

Mortgage Rates Will Increase
Mortgage rates have been seen rising in Wilmington real estate and will continue to increase. In fact, by the end of 2014, mortgage rates will be hovering around the 5 percent range— but homebuyers should note, rates near 5 percent are still relatively low. In Forbes' list of housing predictions, a prediction is included from Zillow which suggests "rates will hit 5% by the end of 2014–well up from the 4′s and 3′s of late, but still well within normal levels." 

Home Prices Will Rise
In 2014, real estate insiders Redfin and Zillow are predicting home prices will rise somewhere between 3 and 5 percent. This is a similar increase to what Wilmington homebuyers saw in 2013 where prices jumped 5 percent and in some hotspot areas in the country, more than 20 percent. This coming year, with mortgage rates increasing and more expensive home prices, the rate at which these prices climb will begin to slow and stabilize in local housing markets. This is also driven by more homeowners moving out of the underwater status in their homes and more new construction powered by builder confidence in the area.

Fewer Homeowners Will be Underwater
Again, more homeowners are regaining positive equity in their homes and this trend is set to continue through 2014. According to Realtor.com, "rising prices helped 2.5 million homeowners with underwater mortgages regain positive equity status during the second quarter of 2013," and while millions of homeowners are still underwater in their homes, that number will shrink significantly in 2014.

Ready to take advantage of the seller's market and sell your Wilmington home? Let us help you with your selling options and move closer to purchasing your next home— 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

Many homebuyers have the mindset that moving to a new home in the Wilmington or Newark DE area is a hassle during the winter months, but what they might not know is that buying real estate this time of year is actually beneficial! For home sellers, here's why you'll want to sell your Wilmington home before spring:

Serious Buyers
This homebuyers in the Wilmington DE real estate market this holiday season are serious about buying a home. You can be assured there will be less "looks" and more serious inquiries at this time of year as spring is technically where more homebuyers come out to simply begin their searches.

Less Inventory
During the holidays, there will be less inventory for homebuyers to choose from. And the lower the number of homes for sale in Wilmington, the more likely a serious homebuyer will be to choose your home from those available. 

All about the Homebuyer
When it comes to buying a home during the holiday season, homebuyers are more emotional which means they are more likely to become attached to a home that catches their eye. Some homebuyers are also interested in buying Wilmington real estate before the end of the year for tax purposes. It's all about the homebuyer this time of year! 

You Can Capture the Market
January is a time when many employees begin new jobs and you as a home seller can capture that market by having a home for sale during the next month. Also, due to the limited inventory of Wilmington homes, you can place a higher price tag on your home and expect to see a sale price at or close to that number. You as a home seller have power during the holidays.

Ready to begin your Wilmington, DE home search or sell your current home? Let us help you discover your real estate options and move closer to purchasing your next home— 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

Finding the perfect home in Wilmington DE can be challenging— especially if you have an extensive home feature wish list. Have you been searching for homes for sale in Wilmington DE or Newark DE? Let us help you with your homebuyer questions and make the right decision in purchasing Wilmington real estate. Below are a few homes for sale in Wilmington and Newark— take a look and contact us with any questions or to view more properties in the Wilmington/Newark real estate market. We even offer FREE first-time homebuyer seminars!

1402 Clinton St
Wilmington DE 
4 bedrooms | 3 bathrooms | 1 half bath
3125 square ft.

Price: $600,000

SUPER! City-Chic home loaded with updates & close to Rockford Park! Newer construction, contemporary floor plan w/over 3000 SF. Dramatic 2-story entry with turned staircase lead to formal Living Dining rm. Bright space w/tall designer windows, Hardwood floors throughout, track & recessed accent lighting. Spectacular Gourmet kitchen with upgraded cabinets, quartz counters, oversized island with 5-burner Dacor cooktop & breakfast bar, Dacor wall ovens; informal dining area with slider to lovely screened porch overlooking backyd landscaping & fenced yard. Adjoining cozy family room with woodburning fireplace. 

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402 Saint Regis Dr
Newark DE 
4 bedrooms | 2 bathrooms | 1 half bath
2300 square ft.

Price: $315,000

PRICE REDUCED! Come see this BEST BUY in Chapel Woods! Colonial style home w/Contemporary design, situated on a private lot. Enter into the 2-story Foyer w/vaulted ceilings. Formal Living & Dining rooms feature NEW hardwood floors. Tastefully decorated w/neutral colors, abundantly bright and open floor plan. Kitchen features large breakfast room w/ NEW wrap around counter space and large pantry. Newer appliances include smoothtop range, dishwasher and microwave. Relax on the large, rear deck overlooking tall, mature trees and fully fenced yard. 

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2 Michael Townsend Ct
Newark DE
4 bedrooms | 2 bathrooms | 1 half bath
2775 square ft.

Price: $399,900

Price REDUCED 20k! MASTERPEICE HOME located in the sought after Preserve at Lafayette! This gorgeous brick colonial features a dramatic 2-story foyer,9' ceilings and many special upgrades throughout. The open floor plan is perfect for entertaining. You will be captivated by cathedral ceilings, beautiful hardwood flooring, crown molding and chair rail that accentuate the home. The gourmet kitchen boasts upgraded 42" cabinetry, center island, Stainless appliances and Corian countertops. A separate family room with gas fireplace and a home office are added bonuses.

View Property

Want to see more properties like these? Ready to begin your Wilmington, DE home search? Let us help you discover your real estate options and move closer to purchasing your next 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

It’s getting hotter and hotter outside. That can only mean that it’s time to get your house ready for the summer months. So here are some important tips every Delaware homeowner should keep in mind to usher in this steamy season.

Take Care of Your Air

As soon as it starts feeling warm outside, you might automatically want to pump up your air conditioner. But before you do, it’s important to change or clean the air filter first. This is not just a one-time thing either. You’ll need to change the filter every couple of months while the system is in use. Your owner’s manual should have all the details on the type of filter you need and the steps involved in the changing process.

Now is also the time to do an annual performance check. Have a professional inspect your air conditioner and furnace. The company that installed your unit or another heating, ventilation and air conditioning specialist can get this done for you.

Window Washing

Take full advantage of all the sunny days to come in Wilmington and Newark by washing your windows. First, remove the curtains and blinds. Then clean the windows and window trim both inside and out. You can start with brushing or dusting. If your windows are really dirty, wipe them down with a rag and some soapy water. For the outside of the windows, use a hose and rinse off all of the soap.

You can also get a good quality squeegee to make sure you get all the dirt and grime off the glass surfaces. You also might want to try some TSP (trisodium phosphate). This is a powdered stain remover and degreaser you can get at any hardware store.

By using a few drops of TSP, you will have a streak-free finish on your windows. Be sure to read all of the instructions on this cleaner, though. In a hot solution, you run the risk of taking the gloss off paints and there is the chance it can darken aluminum or wood. So use caution! If your house has two floors, you might consider hiring a professional to clean those upper story windows.

Screen Cleaning

The glass isn’t the only part of your window that deserves a thorough cleaning. Screens get filthy and dusty, too. So be sure to give them some loving care with a soft cloth and brush off the dirt. You can also gently scrub them with soapy water and then hose them off. You can leave them outside to dry in the sun.

When taking them out of your windows, be gentle. You don’t want to tear them. But for small rips, you can easily use some needle and thread to fix them right up again.

Exterior Attention

The exterior paint on your Wilmington home is designed to prevent deterioration caused by dirt, sunlight and dampness. On average, a paint job will last six to eight years. But you can extend that lifespan by addressing the exterior of your home. Trim shrubs that tend to brush against siding or windows. Make sure there is at least two feet between your home and plants to protect from damaging insects and moisture.

You might think about hiring a professional to power wash your house, too. Unless you know how to use this machine, you could dislodge shingles or siding. And that’s the last thing you’d ever want to do.

Furthermore, if you see blistering or peeling paint anywhere on your house, don’t ignore it. Make sure to schedule a paint job before fall.

As you can see, there is a lot to do when it comes to maintaining your home. If you would like more information or tips, I’m here to help. Also, I’m available to guide you through every step of the home buying process here in Wilmington. So feel free to contact me at any time. I look forward to meeting you!

A recent article by Inman News predicts that short sales will be more numerous this year, due to streamlined rules and a recovering economy. This means lenders will be busy and organized short sale applications will have the best chance of success.

If you are a Wilmington or Newark homeowner who lacks equity and needs to sell, these short sale tips will help you get started! Also, please see my prior blog posts on September 6 and January 24 for more information!

1. Ask your mortgage lender about their short sale requirements. They will send you the paperwork to get started. Please remember that it isn’t enough to be underwater in home value; you must also have a qualifying hardship.

2. Your mortgage lender may ask for copies of your recent bank statements, paycheck stubs, tax returns and a list of your household expenses. Be cooperative and send in the requested documentation asap.

3. If you have other liens against the property, from a second mortgage, or an unpaid debt or tax obligation, let your mortgage lender know. 

4.  If the ownership of the home had any changes since your original purchase, as the result of a divorce or other situation, declare this up front. Lien and title issues can be time-consuming to resolve.

5. Work with a Certified Distressed Property Expert who has the professional experience to help you!

6. Share information about your home’s condition with me. Honestly is the best policy. Also, if you have made repairs or upgrades that should be considered, share that too!

7. Stay in contact so the process keeps moving. I will do everything possible to help you, and I will follow up with your lender regarding the short sale process. But there may be times when your lender needs additional documentation from you, or needs to ask you a question. Make sure your lender has your current phone number and mailing address, and pay attention to everything they send to you.

Short sales can be a good solution to a difficult problem. As your professional Wilmington and Newark, DE real estate agent, I understand that selling your home can be an emotional decision, especially when your life has been disrupted by other events. This is why I provide professional guidance with compassion, so that you can make the best choices.

If you owe more on your home than what it is worth, my experience in short sales and foreclosures can help you! It's never too early to talk to me, so please contact me today with any questions you may have!

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

There was good news for Delaware homeowners in the recent budget deal passed by Congress. While debates still continue over other fiscal policies, the Mortgage Debt Relief Act of 2007 has been extended! I'll explain why it matters to Delaware short sellers and homeowners alike!

Say for example you do a short sale, and the bank has a loss of $40,000. If your lender forgives this debt, you're off the hook, right?

Not in the view of the IRS. They consider forgiven debt as "income" because you received the benefit of the money without paying it back. Imagine having to pay income tax on $40,000 when you've already been through a hardship! This is exactly why the Mortgage Debt Relief Act is so important, as it keeps the IRS at bay.

The MDRA is also important to Delaware home owners! It makes short sales an attractive alternative to foreclosure - and short sales do not impact the market as harshly. When a bank sells a foreclosed home, the price can be discounted up to 30%. The discounted sale becomes a part of the market comparisons used by property appraisers. Homes located near foreclosures witness a steep drop in value as a result. Even if you are not planning to sell your home immediately, it can take years for your home value to recover.

Short sales are the better alternative because they list for current market value and are not discounted as sharply, if at all. They also keep homeowners engaged in a solution, which prevents home abandonment and neighborhood blight!

If you are a homeowner in Wilmington or Newark who is struggling with mortgage payments, or you want to sell your home but you have negative equity - let me help! I have extensive experience in short sales and foreclosures, and I can guide you through the options that are available. I also have tips on avoiding foreclosure on my website.

Need more information about buying a Wilmington or Newark home? As your experienced real estate professional I'm here to help you! I can also refer you to FREE home buying seminars! Take a look at the upcoming schedule, and register for the date you prefer!

Contact me for neighborhood price trends, recent sales, and expert guidance in our fast-changing real estate market!

After going through a foreclosure, short sale or personal bankruptcy, you may doubt your ability to qualify for another mortgage in the future. After all, getting a mortgage is more difficult than it used to be, even for those who never experienced one of these circumstances. If you've had a foreclosure, will you ever be able to buy another home in Delaware?

In a word - yes! The housing market decline affected an unprecedented number of homeowners. It simply doesn't make sense for mortgage lenders to bar people forever. In cases where the foreclosure, short sale or personal bankruptcy was beyond your control, it's only fair to earn consideration after a reasonable period of time. The Wall Street Journal recently published examples of loan types and waiting periods, which I'm sharing here!

In the case of a Chapter 13 bankruptcy, you may be eligible for a new FHA mortgage in 1 to 2 years, after the bankruptcy has been completed. After the bankruptcy, you'll  need to show good credit and a strong work history, and have funds for a down payment. FHA loans usually require as little as 3.5% down, though a lender may ask you for more to strengthen your loan application.

If you once had an FHA-backed mortgage, but experienced a foreclosure or short sale, you will need to wait at least 3 years before being eligible for another FHA loan. It's important to show good credit and work history after such events, and have enough money down to qualify.

If you had a mortgage backed by Freddie Mac or Fannie Mae, and experienced a short sale or foreclosure, you may be waiting up to 7 years before you are found eligible for another such loan. Because so many new mortgages are currently packaged  for sale to these entities on the secondary mortgage market, you can expect some hurdles no matter what type of mortgage you had before.

Will there be questions, extra paperwork and larger down payments required? Possibly. The most important thing to remember is that you can recover from a foreclosure, short sale or bankruptcy and buy a home again. You just need to stabilize your income, set aside some money, and pay your bills on time, consistently. From there it's a matter of letting time heal the credit wounds.

As your professional Wilmington and Newark, DE real estate agent, I can refer you to reputable lenders who can examine your situation and prepare you for future homeownership. And when you're ready to look at homes for sale in Wilmington or Newark, my professional guidance will help you find the right home within your budget!

Because I have experience in short sales and foreclosures, I always take the time to counsel my clients and keep their best interests at heart. Whether you are buying or selling a home in Wilmington or Newark, I'll be here to help you! Please contact me 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
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A recent survey by Redfin examined home seller moods in 20 metros, including Washington D.C. and Baltimore, MD. The survey targeted homeowners who would like to sell their home, but have not entered the market.

Here are a few insights from the would-be home sellers:

• 80% believe home prices will be higher in 1 or 2 years.
• 13% believe now is a good time to sell a home.
• 49% are concerned about today's economy.
• 32% intend to list their home for more than the market suggests.

However, 61% of the respondents believe that now is a good time to buy a home!

This is where a bit of logic has to be realized; you can't expect to get top dollar for your home next year, while paying today's prices on your next home. You must also consider the escalating scale of closing costs, commissions and taxes, along with possible changes to mortgage interest rates and economic conditions.

Trying to time the market is not a valid strategy for selling your home. Nor will you get top dollar by pricing your home above the market. Tactics like these tend to backfire!

If you are a homeowner in Wilmington or Newark, when should you sell your home?

• When you need to sell. This could be due to a personal hardship, life event, or circumstance.
• When you want to sell. Reasons like wanting a larger home, moving closer to family, or a new job.

It isn't wrong to make a profit on the sale of your home; but it's wise to make sure your expectations are based on market facts, not speculation. Also, your reasons for selling will direct your sense of urgency and therefore your marketing strategies. This is where I come in!

As your professional Wilmington and Newark, DE real estate agent, I understand that selling your home is a personal decision. This is why I provide professional guidance with compassion, so that you can make intelligent, informed choices about your next move!

It all starts with a simple phone call. Let me know your home selling goals, and I'll tell you how I can help. From there, we do a comparative market analysis and talk about numbers. Any decision to sell, or stay, is yours to make.

Remember too, my experience in short sales and foreclosures can help you if you are struggling with your mortgage. It's never too early to talk to me, so please contact me today with any questions you may have!

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

Newark's college-town charm will be on full display during the University of Delaware Homecoming Week, October 15 through 21! UD Homecoming is a proud tradition, giving alumni the opportunity of relive memories, reunite with friends, and enjoy the best in college football with the Fightin' Blue Hens. Here's just a few of the highlights:

Kick things off Friday, October 19, with "Blue Hens on Main!" The party starts at the Trabant University Center, then travels to favorite haunts on Main Street, and eventually returns to the Center for a late-night breakfast buffet. Bus service will be available. Only $15 per person, registration required.

The big game is Saturday, October 20, when the Fightin' Blue Hens take on Rhode Island at the Delaware Stadium! Alumni can opt for the Homecoming Alumni Social Package, and general admission is available to the public. Go Blue Hens!

After the game, change things up with classical music! A violin and piano recital featuring the talented Xiang Gao will take you through masterpieces written by Bach, Beethoven and Brahms. The public is welcome; general admission is $25.

There's more happening throughout Homecoming Week than what can be listed here, so visit the University of Delaware Homecoming pages for the complete schedule of events!

Being UD alumni myself, I look forward to Homecoming Week. And as your real estate professional, "homecomings" are my specialty! If you are looking to buy a home in Newark, I can give you the home field advantage!

Contact me for neighborhood price trends, recent sales, and expert guidance in today's fast-changing real estate market.

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