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July 2017 Newsletter

Mistakes That Will Keep You From Selling Your Wilmington DE Home

With buyer demand soaring and inventory still trending lower, the ball is in the seller's court in the local Wilmington DE and Southeastern PA real estate market. But that doesn't mean you can simply place a "For Sale" sign in your yard and the offers will begin to pour in. There are several mistakes that can actually hold you back from selling your Delaware or Pennsylvania home and as your local experts, we've included them below!

If you plan to sell your Chester County or Delaware County PA home this summer, be sure to avoid the following:

1. Overpricing
In order to attract buyers and prompt them to write an offer, your home needs to be priced well from the beginning. Overpricing can cause buyers to pass over your property entirely, given their search parameters, or wonder why they seem to be getting less in your home than they would in another of a similar price. Always consult with your agent on your listing price before determining the best.

2. Using poor listing photos
Buyers today first begin their home search online and poor listing photos could turn them away before they even make it to the front door. Make sure you have professional photos used in your online listing— they should be crisp, bright, and showcase your home in its best possible condition.

3. Not de-cluttering
When buyers enter your Greater Wilmington home, they should be able to focus on the property itself, not the furniture or knick knacks on display. Take the time to de-clutter before you allow buyers inside, or even before you list, to ensure the best results.

4. Not being flexible
If you do have offers on your home, at least consider a counter offer before rejecting one entirely. Holding firm without being flexible could just cause your home to "sit" on the market longer than it needs to and force buyers to walk away.

The Kat Geralis Home Team has helped numerous sellers earn top dollar for their homes and we can help you do the same! Give us a call today to get started finding your home value and preparing your property for the market.

Types of Debt That Will Affect Your DE or PA Mortgage Approval

Whether you've just started house-hunting in Greater Wilmington or Southeastern Pennsylvania or have already found your dream home, the next step is moving on to the mortgage application. Starting early is key as you may need to amend your credit report errors and score in order to increase your chances of approval with your lender. And what's more, there are certain types of debt that will have a major impact on your ability to secure the loan.

Below are three types of debt that will affect your mortgage approval in Wilmington, Newark, and beyond:

Student Loans
While they are considered unsecured debt, student loans are not necessarily harmful to your credit score if you make your payments on time. In fact, because of the lengths of the loans, they may even help to boost your score! Just keep in mind that these do affect your debt-to-income ratio (DTI), so a large loan amount may have an impact on the outcome.

Auto Loans
These loans are considered secured debt as the bank can take ownership of your vehicle if you don't pay on time. Auto loans are also harder to get approved for than credit cards, so lenders may look kindly upon the fact that you've already been approved for one.

Existing Mortgages
Mortgage loans also fall into the secured debt category as the bank can take ownership of your property should you not be able to pay. It's important to not miss a payment as this can ultimately cause a lender to turn you down for a new loan, however, if you make payments on time, a mortgage can boost your credit score! Existing mortgages play a major role in your DTI, so if possible, try to pay down as much as you can before taking out another.

Do not hesitate to contact the Kat Geralis Home Team with any questions you have about the mortgage approval process, available properties in the area, or the local market! We're here to help!

Existing Home Sales Report

According to the National Association of Realtors® (NAR), sales of existing homes made a strong comeback in September pushed by first-time buyer transactions which hit 34% of sales. This level hasn't happened in over four years. Closings last month increased in all major regions, while distressed sales fell to a new low of 4% of the market.

Total existing-home sales (transactions for single-family homes, townhomes, condominiums and co-ops) grew 3.2% to a  seasonally adjusted annual rate of 5.47 million in September from a downwardly revised 5.30 million in August. Sales now sit at the highest pace since June (5.57 million),  0.6% higher than one year ago (5.44 million).


Existing Home Sales By
Region

NAR's chief economist, Lawrence Yun, said the two-month existing home sales slump pivoted solidly in September. "The home search over the past several months for a lot of prospective buyers, and especially for first-time buyers, took longer than usual because of the competition for the minimal amount of homes for sale," Yun said. "Most families and move-up buyers look to close before the new school year starts. Their diminishing presence from the market towards the end of summer created more opportunities for aspiring first-time homeowners to buy last month."

Housing Data Takeaways

  • The median existing home price (all housing types) in September was $234,200, a rise of 5.6% from September 2015 ($221,700). September's price bump is the 55th consecutive month featuring year-over-year gains. 
     
  • Nationally, total housing inventory at the end of September grew 1.5% to 2.04 million existing homes available for sale, but this is 6.8% lower than a year ago (2.19 million) and has now dropped year-over-year for 16 consecutive months.

    Lawrence Yun remarked, "Inventory has been extremely tight all year and is unlikely to improve now that the seasonal decline in listings is about to kick in...Unfortunately, there won't be much relief from new home construction, which continues to be grossly inadequate in relation to demand." 
  • First-time buyers nationally drove 34% of sales in September equaling the highest proportion since July 2012; this is up from 31% in August. First-time buyers comprised 30% of sales across 2015.
     
  • Freddie Mac data shows the average commitment rate for a 30-year, conventional, fixed-rate mortgage rose slightly in September (for the first time since March), to 3.46% from 3.44% in August. The average commitment rate across 2015 was 3.85%.

Kat Geralis Home Team Real Estate