Blog :: 03-2020

Workaround for COVID-19

 

Fannie and Freddie Give Appraisers

a Workaround for COVID-19

 

In a move to help move purchases, sales, and refinances through the system, Fannie Mae and Freddie Mac have issued new options for appraisers. Here's a video explaining some of the workarounds:

 

 

 

Typically, appraisers would need to do an interior and exterior inspection of the house that's being bought or refinanced. The new rules allow for exterior only inspections so that appraisers don't need to go inside the house. The inspection is accompanied by "desktop underwriting" in which appraisers use other sources of information and databases to get more information about particular houses as well as the local area.

 

Here's a link to Fannie Mae's site with more information.

 

At Green Light Real Estate, we think this is a great idea. It is up to individual banks and credit unions as to whether they will allow this, and individual lenders may have additional requirements for this workaround. In general, this should help move transactions forward, and help prevent the inevitable backlog of appraisals and loan underwriting that will happen when the COVID-19 slowdown has ended.

 

We are cooperating fully with appraisers and lenders. Honestly, we spend so much of our professional lives researching real estate, and we have several databases at our disposal to help answer questions about property. We also have great relationships with the different town clerks who are keys to getting supplemental property information. The point is, we're doing whatever we can to keep peoples' transactions moving forward. Because at the end of the day, what people really want is to get into their new house, or to finalize the sale.

 

Be well, stay safe, and take care of the people around you.

We're getting through this together.

 

 

 Follow us on Facebook, Instagram or check out our listings on www.GreenLight-RealEstate.com

    Comments

    1. No comments. Be the first to comment.

    March Market Report

    So, How’s the Market?

    March 2020

    Photo by Kevin Wiegand

     

    We’ve just about made it through another winter, and into another mud season. Congratulations to us all--hearty, brave, unflinching Vermonters!

     

    By the Numbers--Snapshot

     

       Sales Past 12 Months   Median Sale Price   Median Days on Market 
     Barre City  92 $149,450 33
     Barre Town  93 $191,000 41
     Montpelier  72 $261,500 17
     U32  89 $269,000 46
     Nfld/Wmstwn  88 $177,550 40

     


    We’re still seeing a strong market in Central Vermont, that’s kind of old news.

    So, with this month’s real estate report, we’re going to look at how these numbers have changed over time.

     

    Five Year Numbers--Median Sale Price

    3/2015 to 3/2016

    3/2016 to 3/207

    3/2017 to 3/2018

    3/2018 to 3/2019

    3/2019 to 3/2020

    Total % Change Over 5 Years

    Barre City

    $129,950

    $145,000

    $135,700

    $141,250

    $149,450

    15.01%

    Barre Town

    $185,000

    $172,000

    $196,100

    $200,515

    $191,000

    3.24%

    Montpelier

    $216,000

    $210,000

    $245,000

    $245,000

    $261,500

    21.06%

    U32

    $211,000

    $247,500

    $226,375

    $269,125

    $269,000

    27.49%

    Nfld/Wmstn

    $159,500

    $172,370

    $164,950

    $199,000

    $177,550

    11.32%

     

    Since 2015, sale prices in Central Vermont have risen substantially. It is interesting that every single market had years of increases and years of decreases. On the whole, though, it’s clear that home prices are going up.

     

    Days on Market

    Home sales in Barre City have very steadily sped up, moving from a median days on market of 96 in 2015 to 33 days by March 2020. That’s an incredible change! Also, the bump up in days on market for U32 towns deserved a little more research. If we take out the two properties that took the longest to sell (770 days and 437 days--both with out of area real estate brokerages), the median days on market greatly improves.

     

    Aside from numbers…

    The teams from Green Light Real Estate and Stone and Browning Property Management got together at Cornerstone in Barre. It’s always good when we get to know the people we work with at different companies. And not only was it a great lunch, but Tasha Adams won a drawing for a $25 gift card for liking and commenting on Facebook!

     

    As we get further into spring, the Montpelier and Barre area real estate markets are really going to start heating up. If you or anyone you know is thinking that 2020 is the year to buy or sell a house, give us a call or an email. The experienced team at Green Light Real Estate can help you put a plan together to give you an edge over other buyers and sellers.

      Comments

      1. No comments. Be the first to comment.