Kat Geralis Home Team Wilmington DE Real Estate News

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
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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
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Now that 2015 is here, the real estate market has turned a corner! The economy is helping to strengthen the market and return it to normal levels. Mortgage rates are still trending lower, but as you can see from these updated market stats, prices are rising and will continue to do so!

As we move forward into the new year, Wilmington homebuyers will notice home prices rising along with mortgage rates— especially as we hit mid-year. The median sales price in New Castle County is up 1% from last year, with the average sales price up 5.3%. 

Monthly inventory is also trending upwards as home sellers continue to grow more confident in the market. Are you looking for a home in the Wilmington or Newark area? The KG Home Team is happy to provide a list of available homes!

These market stats can provide a brief snapshot of the latest levels and prices in New Castle County and we're here to provide more details. Do not hesitate to contact us with any questions about the current real estate market in the Greater Wilmington area!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
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It's a new year and that means new goals for many Wilmington, DE area residents. One of these goals may include buying a home— making the switch from renting to homeownership! It's an exciting time for Wilmington area buyers to jump into the market with lower down payment programs and now lower FHA mortgage insurance premiums.

However, that doesn't mean there aren't still preparations to make. Starting a budget and saving for your down payment are helpful, but renters should also take the following steps into consideration:

Research the total costs of homeownership
Buying a home in Wilmington, Newark DE is a big step and it's important that potential buyers understand all of the costs involved. When you rent a home, one payment covers your monthly housing costs. When you own a home, your payment covers your principal, interest, taxes and insurance. 

Use a mortgage calculator to help determine how much home you can afford when you factor in each of these components of a monthly mortgage payment.

Know the tax benefits of homeownership
When you file a tax return, your mortgage interest and property taxes are deductible. Making these deductions can lower the cost of homeownership. For instance, if your monthly payment with principal, interest, tax and insurance factored in is $1,500, tax deductions could bring it down to around $1,200.

Research the cost difference between renting vs. buying
In order to get a true comparison of the costs of renting and buying, you need to look at the homeownership costs after tax benefits. 

A $300,000 home that costs around $1,200 per month after taxes could be compared to a home that rents for $1,200 per month. If the home was larger or in a better area than the rental property, buying the property would seem logical. However, remember that you would need a large down payment to support this math.

The Kat Geralis Home Team is here to help you make a smooth transition from renting to owning a home in the Wilmington, Delaware area. We even offer FREE first-time homebuyer seminars!

Contact us today with any questions you have about the home buying process and how to get started!

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Now that the holiday season is over, it's time to explore homebuyer opportunities for 2015! But don't wait until spring— there are many benefits to buying a home now versus later. With mortgage rates and home prices rising, waiting until spring could cost you more than you think!

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
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2015 is already being called the "Year of the First-time Homebuyer" and with the new programs rolling out from Fannie Mae and Freddie Mac, more Wilmington area homebuyers will indeed be flocking to the market.

First-time homebuyers have been held back for the majority of this year by strict lending requirements and the large 20 percent down payment hanging over their heads. But with Fannie's program beginning on December 13 and Freddie's on March 23, 2015, the two will begin backing mortgages with 3 percent down. 

The new year will be a chance for thousands of Wilmington, DE area first-time homebuyers to enter into the market, finally able to make a home purchase. Despite their ability to take on a mortgage in the past, buyers were simply unable to come up with the 20 percent down payment. These new programs will put homeownership within their reach and thus, give the strength of the real estate market another welcome boost.

Do you count yourself among the first-time homebuyers in New Castle County? Here are the requirements you can expect from Fannie and Freddie's new 3 percent down mortgages:

• A credit score of at least 620
   
• The purchase of private mortgage insurance
   
• Documentation of assets, income and job status
   
• Homeownership counseling

Both Fannie and Freddie's programs are for fixed-rate loans doled out to first-time homebuyers and those looking to refinance their current mortgage. 

2015 is already looking bright for the real estate market and the KG Home Team can help along the way! Contact us today with questions you might have about obtaining a mortgage and buying a home in Wilmington or Newark, DE. We're a top-ranked team ready to go to work for you!

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Keeping up with the varying news about the real estate market can be exhausting. That's why we're here! Leave it to the pros and stop trying to decipher which real estate headline actually makes sense for the Wilmington market. Remember that real estate is local— we can provide details on the state of real estate in your community at any time!

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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First-time homebuyers in Wilmington, DE today may be sitting on the fence, wondering if now is the time to spring into the real estate market or continue renting. According to the U.S. Census' 2013 American Community Survey, this is the third consecutive year housing costs have taken a downward turn and with mortgage rates also low, owning a home is still the better choice.

For renters in the Wilmington Delaware area, it is not uncommon to spend more than 30 percent of their income on housing. In fact, nationwide, this is true of nearly half of all renters— compared to just 26 percent of homeowners who spend more than 30 percent on housing.

But for homeowners everywhere, that number is falling. Realtor Magazine reported the amount of those spending 30 percent or more on housing fell to 39.6 million homeowners, down from 40.9 million the year before. Considering all of the costs involved with owning a home in Delaware, first-time homebuyers should be able to recognize the opportunity in today's real estate market.

It is renters who make up the category of those considered "severely burdened" by housing costs. Rents are rising—as much as 5 percent last year, reported a study from the Harvard Joint Center of Housing Studies— and in most places, incomes just cannot keep up.

Housing affordability in the Wilmington area tends to favor homeowners, especially given the currently low mortgage rates. If you're paying more than 50 percent of your income toward rent in Wilmington or Newark, we can help!

We are seasoned in working with first-time homebuyers and even offer FREE first-time buyer seminars to walk you through the process, including how to save for a down payment. If you have questions about buying a home in the greater Wilmington area, we'd love to hear from you!

You won't want to miss out on this opportune time in the real estate market, so do not hesitate to contact the KG Home Team today!

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If you're on the other side, ready to move out of your current home, know that NOW is a great time to sell! The number of potential buyers looking at real estate has remained strong this fall and inventory has dropped, which equates to less competition for homeowners selling today.

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
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The current state of affairs within the housing industry has many wondering what lies ahead in 2015. Changes are being made to match the current trends within the industry— not only the number of new homes being built but also what’s inside newly-built homes.

• Reduced 4 or more bedroom homes
• More master suite walk-in closets
• Changes in use of space outside of main living quarters, such as more porches and 2 car garages
• Better utilization of space by replacing formal dining rooms with eat-in kitchens
• Larger laundry rooms
• Less mudrooms, hobby rooms or game/media rooms
• A wide variety of interior color choices

According to new research from RealtyTrac, saving enough money for a down payment—typically 20 percent— could take as long as 12 years for first-time homebuyers. Based on median home prices and the current personal savings rate of 5.6 percent, buyers would need to wait until they're 42 years old to purchase a home. 

Saving 20 percent for your first Wilmington, Delaware home can be overwhelming, especially when you have additional debt from credit cards or student loans. However, there are other ways to help you save up to buy Wilmington real estate. 

Consider these 4 easy ways to save for a down payment and if you're still feeling uncertain about buying a home, contact the KG Home Team! We're happy to answer your questions and even offer FREE first-time homebuyer seminars!

​Shop around for better rates
With expenses like car insurance, renter's insurance, cable, internet and a cell phone plan, the costs can put a damper on your saving for a home. Start shopping around for better prices to bring the numbers down. Simply switching to a new provider could help you save hundreds more per month.

Monitor your spending
If you haven't yet, make a budget to help you pin-point your monthly costs and develop a better timeline for buying a home in the Wilmington area. Where is your money going each month? Are there places you could cut back? For instance, dining out is one expense many prospective homebuyers could stand to eliminate.

Negotiate your rent
Rent is likely the largest expense you have per month and the one that would allow you to save more for a down payment. If you're in good standing as a tenant, consider speaking to your landlord about lowering your rent or perhaps downsize to a smaller apartment and deposit the difference in rent into your savings account.

Negotiate your student loan payments
Depending on the type of loan you have, you may be able to scale back on your payments. Speak to your lender or student loan provider about repayment options, including income-based repayment. Lowering your payment each month could allow you to save more for a Wilmington home.

The KG Home Team can help you every step of the way as a first-time homebuyer. If you have questions about down payments, mortgages or the current real estate market, do not hesitate to contact 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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So you bought a home in Wilmington, DE in 2006. It lost 20-40% of its value, but today you could break even, hopefully. You want to buy a new home, but don't really have any equity, what should you do?  You're not too confident in the housing market, but you know rates are great? The real question should be, "What would you pay today to put income in your pocket and a roof over your head for the rest of your life?"

Today you have a once in a lifetime opportunity to buy a new home in Wilmington or Newark, keep your old home and own them both in 15 years! What would your life look like if you owned two homes in 15 years? You could use the income from one to live in the other, have a roof over your head for life and have a retirement income! Act now— this opportunity will go away within 1-2 years max.

Interest rates are going up! We have been at a 100 year low and you won't be able to create wealth like this ever again in your lifetime!

That's right, when rates are back to 6.5-7%, you will not qualify to keep your old house and buy another. You might be lucky to even buy one home on a 30-year mortgage, let alone a 15-year mortgage. The choice is yours.

Option One:
Stay put, be conservative, wait to see what is going to happen with the real estate market. Keep your "old" house, hunker down, wait and see if rates really will go up?

Option Two (The Smart Choice):
You purchased your existing Wilmington home in 2006, paid $255,000, it went up, then down, then down some more, now it is back up to a little less than you owe. Why sell? Keep it, rent it for the monthly payment at 5.5%. Your payment is $1636 and fair market rent should be at least that. Pay $600 a month extra in addition to rent and you own it in 15 years!

Your new home is $300,000. Instead of doing a 30-year mortgage at 4.25% with a payment of $2026, do a 15-year loan at 3.5% and pay an extra $695 per month!

To recap: For $2,600 more per month over 15 years, you can own both houses, earn an income of $2,000 per month for the rest of your life and own your home free and clear. With the leverage of reverse mortgages, you could have $4,000-$5,000 per month with no house payment for the next 15-20 years!

If you have been wrestling with yourself, your spouse, your parents or relatives— BUY NOW! You will forever be a genius.

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Your real estate agent with the Kat Geralis Home Team can help you navigate the current real estate market and take advantage of mortgage rates. We cover all of the bases when selling your home, so you don't have to— just one of the many reasons to avoid For Sale by Owner this year. 

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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The real estate market has seen significant changes and pushes in the right direction this fall, all pointing to signs of a stronger, more positive future. For instance, mortgage rates dropped to their lowest point in over a year and are now hovering just under 4%. But that's not the only factor to sing about this season— new and existing home sales are also at their highest levels of the year.

According to the National Association of Home Builders, the sales of newly-built single family homes have edged up for the third consecutive month. Rising just 0.2 percent in September to an annual rate of 467,000 units, new home sales are now at their highest level since June 2008. The NAHB chief economist also acknowledged the slow-growing inventory of new homes as a sign of confidence among home builders.

While the inventory and sales of new construction homes does vary by location, the Kat Geralis Home Team is happy to provide you with more information on these properties in and around Wilmington, Delaware. 

On the existing home front, sales saw quite the turnaround in September as they climbed to the highest pace of the year. Every region except for the Midwest reported gains in existing home sales and given low mortgage rates, a healthy real estate market should continue as we near the end of the year.

"Traditional buyers are entering a less competitive market with fewer investors searching for available homes," said the National Association of Realtors' chief economist. However, they "may also face a slight decline of choices due to the fact that inventory generally falls heading into winter."

Existing home sales, rising to the tune of 2.4 percent in September, coupled with increases in newly-built single family home sales are two strong signs of confidence among both builders and homebuyers.

If you're ready to take advantage of the current real estate market conditions in the Wilmington, DE area, the KG Home Team is happy to help. Having just been ranked the #1 Keller Williams agent in Delaware, you can be certain you're working with the best!

Contact us today!

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Many homebuyers have misconceptions about how much down payment is necessary to purchase a home. 15 to 20 percent? Don't be too quick to assume! As it turns out, you may not need nearly as much as you think— you could become a homeowner with a down payment in the single digits!

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