If you’re on the fence about buying a home in Delaware or Pennsylvania, you might be surprised to know that what’s been holding you back is a complete myth!
There are dozens of myths flying around the Delaware and Pennsylvania real estate market surrounding everything from necessary credit scores to the documents you need to qualify for a mortgage.
As your local real estate experts, we’re debunking some of the most common home buying myths below so you can buy a home with confidence this year!
Myth: You need a perfect credit score
Many would-be homebuyers are held back from the process simply because they don’t think their credit score is high enough. According to real estate industry resource Keeping Current Matters, the average credit score of all approved loans was 726. Don’t assume you won’t be approved! Your first step should always be meeting with a lender to determine which home loan programs you qualify for in Delaware or Pennsylvania.
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Now that we've entered into the new year, it's time to take a look at where real estate is headed in 2021! There will be much to look forward to in the coming months, and we are excited to report one of them is the real estate market!
As your local real estate experts in Delaware and Pennsylvania, the Kat Geralis Home Team is including below three of the most important reasons we can be optimistic about real estate in 2021.
The economy will only improve
According to Tim Duy from the University of Oregon, “There is nothing fundamentally ‘broken’ in the economy that needs to heal…there was no obvious financial bubble driving excessive activity in any one economic sector when the pandemic hit…With Covid-19 cases surging again, it is understandably hard to look optimistically to the other side of this winter…Don’t let the near-term challenges distract from the economic stage being set for next four years.”
Interest rates will stay low
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With the rising costs of rent in the Delaware area, it is no longer a wise financial decision for local residents to choose renting over buying. Not to mention, mortgage rates are still historically low! In fact, they've hit record lows more than five times this year!
However, if this is your first time buying a home in Delaware, you need to be ready to assume the responsibility of homeownership. Here are four questions to ask yourself to determine if now is the right time for you to buy:
Can you afford the costs?If you have been saving for a downpayment and other costs over the past few years, you'll be in great shape in the new year. You should have enough to cover 20% of the home's purchase price to secure the best mortgage rate and avoid private mortgage insurance (PMI).
It is also wise to be prepared to pay closing costs which can typically range from 2 to 5% of the home's purchase price.
Can you afford the payment?You may have found the perfect home ik ...

House hunting can be a lot of fun for new buyers in the Delaware real estate market, but your judgement can also quickly get away from you. It is easy to focus more on features of the home rather than costs like upkeep and utilities and buyer's remorse can set in after you've signed on the dotted line.
But as your local real estate experts in the Delaware area, it is our priority to ensure buyer's remorse never sets in! The Kat Geralis Home Team will work with you to determine your wants versus needs as well as what is realistic for you in terms of price and home size.
In the meantime, keep in mind the following four common sources of homebuyer's remorse, especially as you tour available properties in the Delaware area:
Awkward layout
The kitchen is one of the most important areas of the home and buyers underestimate the layout all too often. Walk around the space and think about your usual cooking habits and food prep patterns. You may think that kitchen island will bek ...

Buying a home in the Delaware area can be an overwhelming decision, especially if it's your first time navigating the real estate market and in 2020, no less.
And since this is likely the largest purchase you will ever make, it's important that you try to avoid the common mistakes that homebuyers have encountered before you. That's where our team comes in! We have included a list below of five things not to do when buying a home in Delaware, so you can enjoy a smooth process and settle into your new home with no worries!
Don't shop without an agent
Navigating the real estate market can be tricky, so why go it alone? Let the Kat Geralis Home Team be your guide to homes for sale in Delaware and beyond! You will want an agent who has your best interests in mind, who knows the in's and out's of the market, and has the knowledge of the industry to find you your dream home, at the best possible price, in the most efficient amount of time. Buying a home can be a full-time job in itself ifk ...