Wilmington Delaware DE Real Estate, Newark DE Real Estate, Katina Geralis, exp Realty, Kat Geralis Home Team

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Featured Listing

For Sale: $525,000

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March 2018 Newsletter

3 Things You May Not Know About New Construction Homes in Wilmington and Newark DE

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.

What's Your Credit Score?

Your credit score is a composite snapshot of your credit history. A high credit score takes time to cultivate, and is not likely to rise much in a short period of time. Generally speaking, you want to make sure you pay your bills on time, keep outstanding debt levels to a reasonable amount for each account, and avoid closing accounts you've successfully paid-off and managed. Don't lose hope if you have less than perfect credit, there are still good loan programs out there for responsible borrowers. We have a list of preferred local lenders who can help you find the best financing programs for your specific needs.

Contact us and take advantage of today's low interest rates!

Here are some great resources to learn more about credit scores, and to get a free credit score and report:

Investing in Real Estate

Existing Home Sales ByRegion

Today's low interest rates and rising home prices have created some great investment opportunities!

Investing in real estate has unique advantages over other types of investments. Let's take a look at some of the reasons why real estate investment should be on the "short list" for many investors:

  • Interest in mortgage loans are tax-deductible. Investors can lower their tax liability while increasing their equity.
  • Renters pay down your mortgage loan. Investors reap the benefits of rental income, which offsets your mortgage cost and build equity.
  • Real Estate values increase over the long term. Real Estate is limited and will always be in demand. 
  • 1031 exchanges are available to defer taxable income when you are ready to sell.

Many investors are taking advantage of these great market conditions. Have questions? Give us a call. We are happy to help!


Kat Geralis Home Team Real Estate